The Face of the Mortgage Meltdown and the Great Economic Collapse of 2008

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posted on Sep, 27 2008 @ 09:42 PM
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posted on Sep, 27 2008 @ 10:06 PM
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reply to post by Stormdancer777
 


That is quite a video link you got there, I wonder how much of this site will ignore it considering that beating on Bush is the only cool thing to do.

Shockingly, I don't think anyone will give Republicans in Congress an ounce of credit for attempting to reform Freddie and Fannie.



posted on Sep, 27 2008 @ 10:08 PM
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Originally posted by wutone
reply to post by Stormdancer777
 


That is quite a video link you got there, I wonder how much of this site will ignore it considering that beating on Bush is the only cool thing to do.

Shockingly, I don't think anyone will give Republicans in Congress an ounce of credit for attempting to reform Freddie and Fannie.


Yes, quite a video indeed, the truth right there for all to see.



posted on Sep, 27 2008 @ 10:11 PM
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Originally posted by llpoolej
And for those who think this is all George Bush, check out these stats


According to a 2003 New york Times article, President Bush tried to get Congress to do something. The following quote from Rep Barney Frank was in the NYT's article:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''


Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499
7. Johnson, Tim S D-SD $61,000
8. Conrad, Kent S D-ND $58,991
9. Davis, Tom H R-VA $55,499
10. Bond, Christopher S 'Kit' S R-MO $55,400
11. Bachus, Spencer H R-AL $55,300
12. Shelby, Richard C S R-AL $55,000
13. Emanuel, Rahm H D-IL $51,750
14. Reed, Jack S D-RI $50,750
15. Carper, Tom S D-DE $44,389
16. Frank, Barney H D-MA $40,100
17. Maloney, Carolyn B H D-NY $38,750
18. Bean, Melissa H D-IL $37,249
19. Blunt, Roy H R-MO $36,500
20. Pryce, Deborah H R-OH $34,750
21. Miller, Gary H R-CA $33,000
22. Pelosi, Nancy H D-CA $32,750
23. Reynolds, Tom H R-NY $32,700
24. Hoyer, Steny H H D-MD $30,500
25. Hooley, Darlene H D-OR $28,750


Another article from the same time frame www.audacityofhypocrisy.com... gress-blocked-it/

www.kxmc.com...

Though I am not a huge Fan of Bush, people blame things on him that are not his doing. Also not McCain's doing


Thank you, sir, for doing some research and offering at least some of the truth. Comments like "This is the spoils of deregulating the loan market and flooding the market with cheap credit. Greedy investment houses keen to package products for the like Ameriquest to flog off to virtually anyone. Not only where the poor and uneducated easy victims......" and most every other one in this thread, show how little unbiased investigating people on ATS do. Here's the final part that everyone is missing:

In a sane world, the economic collapse caused by mortgage loans SHOULD be the end of Socialism/Marxism in America, but the media and conservatives won't tell it like it is; I wish someone had the nuts to do it no matter the political cost. As usual, Socialism has failed, because it never can succeed. This whole mess started by the 2nd worst president in American history: Mr. Peanut, Jimmy Carter. In 1979 Carter signed into law the CRA, AKA the Community Reinvestment Act. en.wikipedia.org...
This Socialist abomination pretty much idled along until ex-President Pantload put it on steroids, and what is happening is the culmination of those efforts.

In 16 short years, the Great Society programs of Pres. Johnson made a crime and drug-infested wasteland of the inner cities. The black and minority family went by the wayside because oif welfare programs. At that time, using lending practices acquired by centuries of lending (read: fiduciary responsibility), the banks would "Redline" areas of the cities in which they would not make mortgage loans, mostly because they knew the income level of people there would most likely default on the loans. The government forced the banking industry to make loans there, or they would face stiff penalties and fines. Banks who put branches in those neighborhoods would actually receive "credits" from the government. In 1979, instead of the Dems admitting their errors, Carter signed the CRA into law.
The CRA pretty much idled along until Clinton. At that time more laws were passed that would allow the banks to bundle the bad/borderline loans along with good loans, and sell them to the larger houses like Lehmans, etc. I've watched the mortgage market work towards this bubble for over 5 years.
Since 2000, Bush Jr. has called for investigations and reforms no less than 17 times, and the Dems wouldn't do it (they'd have to admit the errors of their ways). Since 2005, McCain has called for reforms 5 times, and the Dems wouldn't do a damn thing. This entire thing is at the feet of the Democrats, and yet they try to blame Bush.

Since Johnsons Great society program started, American taxpayers have paid over 6 TRILLION dollars to end poverty, and all we have for it is 6 trillion worth of poverty; not including the costs of running the huge bureaucracy in it's distribution.
Obama, the "community organizer" (instigator) now has two of the people from Fannie Mae and Freddy Mac as two of his economic advisors. It's organizations like ACORN, which Obama worked for, who were both the cause of, and recipients of, those tax dollars, yet he can somehow stand there and complain that it's the failure of the free market, when it was government involvement of the free market that caused this whole mess. And you want these people to handle your health care???

Read about Obama and Bidens S 2433, which would put a global tax on America, with the UN in charge of it. reject-the-un.blogspot.com... If you're not scared when you're done, then you're mad, or a liberal. If you think the economic future of America is about to collapse now, wait and see what happens if the Dems get control, and S2433 passes. STOP OBAMUNISM!!

[edit on 27-9-2008 by zappafan1]



posted on Sep, 27 2008 @ 10:22 PM
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reply to post by Stormdancer777
 


I kind of like this truth as well

www.youtube.com...

It has some great Bush bashing party music too



posted on Sep, 27 2008 @ 10:26 PM
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I have another video, but I am afraid to post it.



posted on Sep, 27 2008 @ 10:26 PM
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Originally posted by wutone
reply to post by Stormdancer777
 


I kind of like this truth as well

www.youtube.com...

It has some great Bush bashing party music too


Yup that's a good one.



posted on Sep, 27 2008 @ 10:32 PM
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reply to post by wutone
 


wotone, I just am speechless, that it could go this far, it doesn't seem possible.




posted on Sep, 27 2008 @ 10:32 PM
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reply to post by wutone
 




Im sorry but I have to ask, did you guys not read the part in this OP where it states that Bush appointed an economic rapist to his staff as ambassador to a foreign country?

How about the part where it explains how he accepted over $12,000,000 in campaign contributions from the same evil bastard who ripped it off from hard working American families?


I realize that Democrats dropped the ball in regard to reforming Freddie and Fannie, and I am no Democrat supporter mind you. But this is a seriously poor choice of thread to be pouting about Bush getting knocked around or picked on.

He is a crook just like Arnall, just like Mozillo and just like the rest of the goons who made a killing off of fleecing poorly educated home owners. To stand up for Bush in a crisis such as this when there is OVERWHELMING evidence that he allowed this mess to happen, it is just unspeakable.

In the words of the crapulent Dr. Phil...denial aint just a river in Africa.



posted on Sep, 27 2008 @ 10:32 PM
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Ameriquest had tons of these guys making dirty loans and my brother-in-law was one of them. I never understood how he, an uneducated thug, could possibly be writing loans for people. He barely has a grasp of the English language.

But, his wife became a real estate agent, his in-laws were brokers, and they took people for the ride. They sold and wrote loans for hundreds of minorities in California that they knew would not be able to afford them. When I once asked him how he could do this to people he stated "they're adults they know what they are getting into".

Needless to say we do not have anything to do with them. On a better note though they almost lost everything when the bubble burst in California.



posted on Sep, 27 2008 @ 10:38 PM
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reply to post by BlackOps719
 


Bush appointed a lot of crooks to do a lot of things. I can't think of one President that did not appoint any crook. I can hardly come up with any President in recent memory that was not a crook themselves.

But Bush is going to become irrelevant to this issue in a few months. He will be gone, he isn't running for a third term here.

There are people in the government that are responsible for this mess that will STILL BE IN THE government long after Bush LEAVES the White House and still everyone likes beating on the Bush pinata.

Instead of beating on Bush, let's beat on the people who are still in office or who are running for office, I am sure that those efforts will be a lot more relevant.



posted on Sep, 27 2008 @ 10:41 PM
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reply to post by wutone
 





There are people in the government that are responsible for this mess that will STILL BE IN THE government long after Bush LEAVES the White House and still everyone likes beating on the Bush pinata.


Yes, are we going to put into office the very ones with their hand in the cookie jar?



[edit on 103030p://bSaturday2008 by Stormdancer777]

[edit on 103030p://bSaturday2008 by Stormdancer777]



posted on Sep, 27 2008 @ 10:44 PM
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reply to post by wutone
 




I agree, soon Bush will be just another stain on the history books of America and he will disappear to his hideout in Paraguay and live comfortably as he watches the American landscape implode on itself.


How about John Mccain?


He has two, count them TWO top advisors on his staff currently as we speak, who were paid lobbyists who worked on behalf of Arnall and ACC holdings to fight against legislature that would have curved these criminal lending practices that got us where we are today.

These two, as I have already posted about on page one of this thread, made off with hundreds of thousands of dollars working for the devil himself.

Now they are top advisors to the man who could very well be our next president, the man who will be expected to lead us out of this mess that they worked so hard to create.

Does anyone see a conflict of interest there at all? Not one response in regard to this topic, which to me is fascinating considering he will likely be steering this sinking ship by years end.



posted on Sep, 27 2008 @ 10:50 PM
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reply to post by Watcher777
 


What you just described in your life experience is the human greed factor in this whole mess.

Technically speaking, the people that obtained the loans are just as responsible for their situation as the person that granted the loans. I do know that it is the fiduciary duty of the loan agent to inform his client of all the aspects of the loan and how it will affect finances in the future. But it is also the responsibility of the person who wants the loan to clearly disclose his or her financial status and to judge for themselves if the loan agent is rushing the deal and whether or not to do some more investigation and self judgment.

But it seems that many who obtained sub prime loans were not ready to afford a home. Now that the market is correcting (harshly) this fact is becoming more and more evident. Unfortunately the market starting to screw with legitimate home buyers, thanks to the economic and financial slowdown caused by the sub-prime market players.



posted on Sep, 27 2008 @ 10:51 PM
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Just for giggles, here is an updated list of imploded lenders since January 1, 2007.

Like watching flies fall into a bucket, one behind the other. And some are or were gargantuam sized companies. IndyMac? New Century? Enormous firms that employed thousands of people.

What scares me most about this whole situation as we sit, there are literally NO jobs out there. I keep my eye peeled on all of the major employment sites and there just isnt much out there at all.

And the worst of this hasnt even gotten here yet.


This list is just, to me, awe inspiring how this could have happened.

286. Hometown Commercial Capital
285. Mid Atlantic Capital LLC
284. Kemper Mortgage, Inc.
283. Liberty Mortgage Funding Co.
282. Freddie Mac
281. Fannie Mae
280. Pacific Community Mortgage, Inc. - Gold Reverse, Inc.
279. Homecomings Financial, LLC
278. Thornburg Mortgage
277. CSB Mortgage
276. Carteret Mortgage Corporation
275. Accredited Home Lenders, Lone Star Funds - Wholesale
274. Western Residential Mortgage
273. Liberty Home Lending - Wholesale
272. Equipoint Financial Network, Inc.
271. Ideal Mortgage Bankers, Ltd. - Wholesale
270. Silver State Bank - Wholesale
269. Irwin Union Bank & Trust Co. - Wholesale
268. SunTrust Bank Equity Wholesale
267. Wachovia Mortgage, FSB - Wholesale
266. Lehman Brothers SBF
265. IndyMac Bancorp
264. Mortgages Ltd.
263. Wilmington Finance - Wholesale
262. Accredited Home Lenders, Home Funds Direct
261. Assured Lending Corp. - Wholesale
260. Homewide Lending Corporation
259. Vanguard Mortgage & Title, Inc.
258. Chase Home Equity - Wholesale
257. Chase Subprime - Wholesale
256. Evergreen Investment & Carnation Banc
255. Casa Blanca Mortgage/Shearson - Wholesale
254. Guaranty Bank - Correspondent
253. Citi Residential Lending
252. Montgomery Mortgage Capital Company
251. E*Trade Wholesale Lending
250. Shearson Financial Network, Inc.
249. American Bank Mortgage Group - Wholesale
248. AmeriBanc Corp.
247. Washington Mutual - Wholesale
246. Century Bank, F.S.B. - Wholesale
245. Diversified Mortgage, Inc.
244. National Wholesale Funding
243. Centennial Mortgage and Funding, Inc./Award Mortgage
242. Fidelity Home Mortgage Corp. - Wholesale
241. LMI Funding, Inc.
240. Millennium Mortgage - Wholesale
239. Origen Financial, Inc. (Correspondent)
238. CitiMortgage - Home Equity Wholesale
237. Bear Stearns Residential Mortgage
236. East West Mortgage Co. of VA
235. New Vision Residential Lending
234. Washington Savings Bank, F.S.B. - Wholesale
233. Macquarie Mortgages USA Inc.
232. Global Mortgage, Inc.
231. Unique Mortgage Solutions (UMS, LLC)
230. First Franklin - Merrill Lynch
229. First National Mortgage Sources
228. Resource Mortgage (Wholesale)
227. KH Financial
226. Lydian Mortgage
225. OMG Wholesale Lending
224. Saxon Mortgage (Wholesale)
223. Beazer Mortgage Corp.
222. E-Loan (Wholesale)
221. Allpointe Mortgage (Broker Program)
220. Popular Warehouse Lending
219. Allied Lending Corp. (Wholesale)
218. BF Saul Wholesale Lending
217. Community Resource Mortgage
216. Lehman/Aurora Loan Services
215. Residential Mortgage Capital
214. Maverick Residential Mortgage
213. Countrywide Financial Corp.
212. First NLC Financial Services
211. First American Bank (Wholesale)
210. Soma Financial
209. National City Corp. (Wholesale)
208. Heartland Wholesale Funding
207. Homefront Mortgage Inc.
206. PNC Bank H.E.
205. Family First Mortgage Corp.
204. First Fidelity Financial
203. BSM Financial
202. 1st Choice Mortgage
201. Wescom Credit Union
200. Coast Financial Holdings/Coast Bank
199. WaMu (Subprime)
198. First Madison Mortgage
197. Southern Star Mortgage
196. TransLand Financial
195. Secured Bankers Mortgage Company (SBMC)
194. ComUnity Lending
193. Delta Financial Corp
192. BayRock Mortgage
191. Empire Bancorp
190. Option One - H&R Block
189. Citigroup - FCS Warehouse
188. Charter One (Wholesale)
187. Wells Fargo - Home Equity
186. Paul Financial, LLC
185. Webster Bank (Wholesale)
184. Fieldstone Mortgage Company
183. Tribeca Lending Corp. (Wholesale)
182. WAMU Comm. Correspondent
181. Marlin Mortgage Company
180. Countrywide Specialty Lending
179. UBS Home Finance
178. MortgageIT-DB (Retail)
177. Edgewater Lending Group
176. ResMAE Mortgage Corp.
175. Citimortgage Correspondent (2nds)
174. AMC Lending
173. Liberty American Mortgage
172. Exchange Financial (Wholesale)
171. FirstBank Mortgage
170. Bank of America (Wholesale)
169. Diablo Funding Group Inc.
168. Honor State Bank
167. Spectrum Financial Group
166. Priority Funding Mortgage Bankers
165. BrooksAmerica Mortgage Corp.
164. Valley Vista Mortgage
163. New State Mortgage Company
162. Summit Mortgage Company
161. WMC
160. Paragon Home Lending
159. First Mariner Wholesale
158. The Lending Connection
157. Foxtons, Inc.
156. SCME Mortage Bankers
155. Aapex Mortgage (Apex Financial Group)
154. Wells Fargo (various Correspondent and Non-prime divisions)
153. Nationstar Mortgage
152. Decision One (HSBC)
151. Impac Lending Group
150. Long Beach (WaMu Warehouse/Correspondent)
149. Expanded Mortgage Credit Wholesale
148. The Mortgage Store Financial
147. C & G Financial
146. CFIC Home Mortgage
145. All Fund Mortgage
144. LownHome Financial
143. Sea Breeze Financial Services
142. Castle Point Mortgage
141. Premium Funding Corp
140. Group One Lending
139. Allstate Home Loans / Allstate Funding
138. Home Loan Specialists (HLS)
137. Transnational Finance Wholesale
136. CIT Home Lending
135. Capital Six Funding
134. Mortgage Investors Group (MIG) - Wholesale
133. Amstar Mortgage Corp
132. Quality Home Loans
131. BNC Mortgage (Lehman)
130. First National Bank of Arizona
129. Chevy Chase Bank Correspondent
128. GreenPoint Mortgage - Capital One Wholesale
127. NovaStar, Homeview Lending
126. Quick Loan Funding
125. Calusa Investments
124. Mercantile Mortgage
123. First Magnus
122. First Indiana Wholesale
121. GEM Loans / Pacific American Mortgage (PAMCO)
120. Kirkwood Financial Corporation
119. Lexington Lending
118. Express Capital Lending
117. Deutsche Bank Correspondent Lending Group (CLG)
116. MLSG
115. Trump Mortgage
114. HomeBanc Mortgage Corporation
113. Mylor Financial
112. Aegis
111. Alternative Financing Corp (AFC) Wholesale
110. Winstar Mortgage
109. American Home Mortgage / American Brokers Conduit
108. Optima Funding
107. Equity Funding Group
106. Sunset Mortgage
105. Nations Home Lending
104. Entrust Mortgage
103. Alera Financial (Wholesale)
102. Flick Mortgage/Mortgage Simple
101. Dollar Mortgage Corporation
100. Alliance Bancorp
99. Choice Capital Funding
98. Premier Mortgage Funding
97. Stone Creek Funding
96. FlexPoint Funding (Wholesale & Retail)
95. Starpointe Mortgage
94. Unlimited Loan Resources (ULR)
93. Freestand Financial
92. Steward Financial
91. Bridge Capital Corporation
90. Altivus Financial
89. ACT Mortgage
88. Alliance Mortgage Banking Corp (AMBC)
87. Concord Mortgage Wholesale
86. Heartwell Mortgage
85. Oak Street Mortgage
84. The Mortgage Warehouse
83. First Street Financial
82. Right-Away Mortgage
81. Heritage Plaza Mortgage
80. Horizon Bank Wholesale Lending Group
79. Lancaster Mortgage Bank (LMB)
78. Bryco (Wholesale)
77. No Red Tape Mortgage
76. The Lending Group (TLG)
75. Pro 30 Funding
74. NetBank Funding, Market Street Mortgage
73. Columbia Home Loans, LLC
72. Mortgage Tree Lending
71. Homeland Capital Group
70. Nation One Mortgage
69. Dana Capital Group
68. Millenium Funding Group
67. MILA
66. Home Equity of America
65. Opteum (Wholesale, Conduit)
64. Innovative Mortgage Capital
63. Home Capital, Inc.
62. Home 123 Mortgage
61. Homefield Financial
60. First Horizon Subprime, Equity Lending
59. Platinum Capital Group (Wholesale)
58. First Source Funding Group (FSFG)
57. Alterna Mortgage
56. Solutions Funding
55. People's Mortgage
54. LowerMyPayment.com
53. Zone Funding
52. First Consolidated (Subprime Wholesale)
51. EquiFirst
50. SouthStar Funding
49. Warehouse USA
48. H&R Block Mortgage
47. Madison Equity Loans
46. HSBC Mortgage Services (correspondent div.)
45. Sunset Direct Lending
44. Kellner Mortgage Investments
43. LoanCity
42. CoreStar Financial Group
41. Ameriquest, ACC Wholesale
40. Investaid Corp.
39. People's Choice Financial Corp.
38. Master Financial
37. Maribella Mortgage
36. FMF Capital LLC
35. New Century Financial Corp.
34. Wachovia Mortgage (Correspondent div.)
33. Ameritrust Mortgage Company (Subprime Wholesale)
32. Trojan Lending (Wholesale)
31. Fremont General Corporation
30. DomesticBank (Wholesale Lending Division)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ECC Capital/Encore Credit
24. Lender's Direct Capital Corporation (wholesale division)
23. Concorde Acceptance
22. DeepGreen Financial
21. American Freedom Mortgage, Inc.
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial



posted on Sep, 27 2008 @ 10:59 PM
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reply to post by BlackOps719
 


If that is the case, then bring it up. McCain's relationships to people involved within the financial industry is fair game and must be discussed.

But it is also fair to point out that McCain also was a cosponsor to S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 that would have reformed Fannie and Freddie and might have lessened or prevented the bailout situation and housing crisis that we have today. Additionally it is also fair to point out that the Senate democrats blocked the Fannie and Freddie reform bill.

What should be discussed aslo is Obama's ties, whether it be his friendly relationships with Franklin Raines and Jim Johnson or his fat contributions from Fannie and Freddie over the past few years. A poster showed us a nice list so I don't need to link.



posted on Sep, 27 2008 @ 11:01 PM
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reply to post by BlackOps719
 


BlackOps719......... I live in a small town of 1700 people in Northern Wisconsin, and there's jobs in the paper here. If one needs money they'll work.... even if it's something like McDonalds. This mess started, as stated, in 1979, yet you think Bush is the problem
Until the Dems took over congress, America had the best economy in the history of mankind, and gas was $2.15 The Demas ran on a platform of "we have a plan to cut the cost of fuel...." Now look where we are.



posted on Sep, 27 2008 @ 11:01 PM
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Originally posted by wutone
reply to post by Watcher777
 


What you just described in your life experience is the human greed factor in this whole mess.

Technically speaking, the people that obtained the loans are just as responsible for their situation as the person that granted the loans. I do know that it is the fiduciary duty of the loan agent to inform his client of all the aspects of the loan and how it will affect finances in the future. But it is also the responsibility of the person who wants the loan to clearly disclose his or her financial status and to judge for themselves if the loan agent is rushing the deal and whether or not to do some more investigation and self judgment.

But it seems that many who obtained sub prime loans were not ready to afford a home. Now that the market is correcting (harshly) this fact is becoming more and more evident. Unfortunately the market starting to screw with legitimate home buyers, thanks to the economic and financial slowdown caused by the sub-prime market players.




It was due to vast amounts of greed and stupidity all around. Borrowers and lenders alike are guilty as charged.

But to blame a poor person for wanting to buy their own home, especially when lenders and government programs are there encouraging them every step of the way to do so, is not the way to pinpoint who is to blame.

If ARM's, IO's and states income loans were never made available to the general public in the first place we would have no issue right now.

Who thought it was a good idea to sell a loan to a poorly qualified borrower than had not only no income verification requirements, but also had a super high adjustable rate that after two years explodes and the payment doubles??!!!??

Who thought it would be a good idea to give an already financially unstable individual a ticking financial time bomb? The same way you dont give a loaded M=16 to a five year old, you dont give a complex and sophisticated adjusting loan bomb to a guy with a 10th grade education and no way of truly understanding what the hell he is getting himself into.

All that borrower knows is what the AE tells him, which is "sign the loan...get the house". Thats it. How do I know? because I AM a loan officer and I do this every day for a living.

Irresponsible people doing irresponsible things on both ends of the spectrum. But the ones who knew what they were offering would be dangerous and volatile and because of greed and more greed went ahead and did it anyway.

THAT is who shoulders 99.8% of the responsibility of this mess. It isnt John Q. Lunchbox who only wanted to own his own home, it is the morally and ethically challenged clown who gave him the loan to begin with.



posted on Sep, 27 2008 @ 11:05 PM
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Originally posted by wutone
reply to post by BlackOps719
 


If that is the case, then bring it up. McCain's relationships to people involved within the financial industry is fair game and must be discussed.

But it is also fair to point out that McCain also was a cosponsor to S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 that would have reformed Fannie and Freddie and might have lessened or prevented the bailout situation and housing crisis that we have today. Additionally it is also fair to point out that the Senate democrats blocked the Fannie and Freddie reform bill.

What should be discussed aslo is Obama's ties, whether it be his friendly relationships with Franklin Raines and Jim Johnson or his fat contributions from Fannie and Freddie over the past few years. A poster showed us a nice list so I don't need to link.





Wutone I agree 100%, and anything you have that will tie Obama into this meltdown please by all means feel free to present it.

I am not biased in regard to political affiliation here, and in truth I dislike each of these candidate because they both have skeletons hanging on their necks.

But what I happen to have found so far is a lot of Republican kick backs and a lot of Bush administration people who have sat still on their watch and allowed this crash to happen.....even made money and benefitted from it.

If anyone has ecidence pointing to any candidate or whom ever, please post it. I would like to see it myself. Thanks.



posted on Sep, 27 2008 @ 11:05 PM
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reply to post by BlackOps719
 


I provided cost estimation services to some of those businesses.

Indy Mac was the most horrible. Not only did their lending standards stink, they also attempted to take over developments in order to pad their assets. I should have punched that VP in Pasadena when I had the chance.





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