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Originally posted by JasonT
This time, I'll save money first before buying a home in the future so I can pay for it outright without those vultures at the banks stealing my money through interest and getting lippy with me as if I don't know what I'm on about.
Originally posted by burdman30ott6
Both parties in the OP are crooks and perfectly exemplify what is wrong in this country and what started this depression, IMO.
On one side we have a shysterous banking system which continued to happily loan more and more money to people unable to ultimately pay it back, which artificially inflated the values of homes well past what they should have been worth. Then, as an added slap in the face, they greedily demanded and readily accepted tax payer dollars (given by the third POS party in the equation, the D.C. political racket) to make sure they didn't lose on their risk.
On the other side, we have someone dumb enough to believe the house they bought was worth the inflated price they took a loan out on AND greedy enough to purchase the already inflated value home with the belief that property values would continue to be driven up. Furthermore, this other party is fully exemplifying the worst trend in America today, and probably the #1 cause of the collapse outside of smarmy politicians by taking an attitude that they are somehow "owed" a get out of jail free card and believing they should be entitled to forgiveness/excuse of a legitimate, legally agreed upon debt.
Did the loan officer have any right to be rude to you? No, he did not. He's a representative of a corporation and as such he should always conduct himself in a professional, non-condescending manner. However, the rest of America has every right to be rude to you over this because you sir are costing us and our future generations trillions of dollars with this kind of selfish, take no responsibillity attitude. Because your house depreciated, you demand debt forgiveness or else you'll walk away and let the rest of the country pay for your greediness? I think it is safe to say that when you purchased the house as an investment, you anticipated it would appreciate in value, correct? Did you also plan on spreading any profits from that hoped appreciation around to the rest of the community and tax payers? No? Then you are a hypocrite! As a side note, I would like to defend my venom against you by pointing out that you, yourself, acknowledged in the OP that this was in no way a situation in which you are no longer ABLE to pay your mortgage... if that was the case, that you had lost a job, suffered a financial setback, or even simply got in over your head, then I'd have some sympathy for you and would agree that there should be mechanisms available to help you, but you simply are saying that you aren't willing to oblige legitimate debts you took on when the percieved benefits to you outweighed the risks. You gambled and you lost the hand, blow your nose, dry your eyes, act like a damn man and get over it.
Originally posted by HappilyEverAfter
reply to post by nikiano
B.O.A. "became" my bank when all this financial fiasco went down, without! me ever wanting it to be my mortgage holder, I went from Indy Mac, to CountryWide, to now B.O.A.
Consumption without Contribution
Of course banks seek to guarantee "their own survival and profit before anything else."
I wouldn't put MY MONEY at any bank who didn't... Would you?
Honestly, you need to rethink your perspective, imo.
Or when speaking at the UN Business Council in Sept 17 1994
"This present window of opportunity, during which a truly peaceful and interdependent world order might be built, will not be open for too long - We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order." David Rockefeller
Money is Created by Banks: Evidence Given by Graham Towers to Canadian Parliament: freedomprime.blogspot.com...
Q. But there is no question about it that banks create the medium of exchange?
Mr. Towers: That is right. That is what they are for... That is the Banking business, just in the same way that a steel plant makes steel. The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. Each and every time a bank makes a loan (or purchases securities), new bank credit is created — new deposits — brand new money. Broadly speaking, all new money comes out of a Bank in the form of loans. As loans are debts, then under the present system all money is debt.
The [Eisenhower ] administration announced at the outset that it would re1y on monetary policy exclusive1y for its economic regulation and would respect the complete independence of the Federal Reserve to carry out these policies as it saw fit .....
Thirteen years have now passed since the accord and the liberation of the Federal Reserve. What have been the results? The major result is shockingly obvious. Interest rates have climbed steadily, with slight interruptions.. The period has been marked, then, by a continual shift of income to the banks, other major financial institutions, and individuals with significant interest income. The rest of the country provided this incom.... Excerpt from A PRIMER ON MONEY: Committee on Banking and Currency, House of Representatives 1964
The US Circuit Court ruled The Federal Reserve Banks are private. Lewis v. United States, 680 F.2d 1239 (1982).
"Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities for purposes of the FTCA, but are independent, privately-owned and locally controlled corporations." [Lewis vs. U.S., 680 F. 2d 1239, 1241]
The Grace Commission Report:
"With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government."
Originally posted by lernmore
Originally posted by elevatedone
Perhaps I'm biased.
I work in the financial / credit world.
That's it, no more stars for you... ever!
Now if I can just figure out how to take back the other two.
To the OP:
I almost ended up in the same predicament. I was renting a nice house for a decent price that I had remodeled, back in 2005. I had been there 5 years. I really wanted to own the home since I had so much of my own time and money invested into making it a great place to be.
When the owner decided to sell, they gave me the first chance, and offered to take $25,000 off the asking price. Even with the discount, it still came out to almost $500,000.00 and was still well within the average home price for that house in that area.
That's when I decided to do a little more research into the home prices close to me. I think I used zillow.com, and explored my neighborhood. Back then you didn't have to register or anything, just type in an address, not sure about now...haven't looked in 4+ years.
Once you typed in an address, you got a birds-eye view of the houses in the neighborhood and info on when they were last sold, for how much etc. That's when I discovered the "graph of doom".
What it showed was the average price of homes in my area over the last three years, which had a steady incline. Then I clicked on the "ten year" link and almost fell over.
(yes, I almost fell over even though I was sitting down) What previously looked like a ramp now looked like an EKG caught in the middle of a heartbeat. The home prices had gone up in my area 30% in the previous 3 years!
I took a piece of paper, using it as a straight edge on my monitor and came to the conclusion that the home I wanted to purchase shouldn't be worth more than about 360,000.00 should the market correct itself.
I then realized something was seriously wrong. Nobody I knew had their wages increase in such a fashion, and certainly not mine. There was no way that this kind of increase could continue and I wanted to find out why this was happening.
The more I found out, the more that 10 year graph looked like an earthquake than an EKG. Even some of my own friends were in houses they shouldn't have been able to afford. (not saying you fall in this category, just generalizing)
Ever since the Federal Reserve was created back in 1913, time after time after time, bubbles get created and then they burst. As much as I wanted that house, there was no way I was going to be a victim of this one.
As bad as I feel for the OP, the truth is, all the tools were there to easily discover that the home you were buying should in no way be worth what they were asking...period. Anyone who bought a home between 2002 and 2005 probably feels the same way you do, or worse, and the bankers are laughing their asses off because they kept all that money they were supposed to inject back into the economy.
The thought also crossed my mind that I'd eventually be out-priced and never be able to afford the home I wanted, the way prices kept rising, and almost got suckered into it out of fear. Thankfully, in my case, it was just too damn obvious. All you had to do was look.
Hope it works out for ya,
I also work in the finance word suing banks for mis sold insurance lol.
Can i have some stars please! lol
Originally posted by nikiano
Originally posted by zerbot565
if buying a house that is over priced you can but blame your self.
I bought my house at $160,000.
Hardly overpriced for Scottsdale, Arizona.
The two houses for sale on my street are now selling for $80,000 and $90,000. They have been on the market for over 2 months....nobody is buying.
My real estage agent said that the house values in Arizona will be going down again after November, most likely, becasue that is when the 8k incentive for new home buyers ends. She said right now, most houses are going UP a little bit. (My house value continues to fall...go figure. So, in December, my house value will probably plummet.)
[edit on 9-9-2009 by nikiano]
Originally posted by nikiano
Selling someone's mortgage without getting the mortgage buyer's permission should be illegal. If they had asked me, I would have said NO WAY....I have worked with B of A in the past and found them to be corrupt. Which is why I now bank with another bank.
On that, we agree. At the very least, there should be a mechanism in place for you to have voided the loan and walked away without penalty when the loan changed hands if you were unsatisfied with the new holder.
Originally posted by Bombeni
reply to post by nikiano
Right now the main thing I would look at is whether your actual monthly payment is within your budget. Interest rates have been so low that mortgages are usually cheaper than renting a decent 2 bedroom apartment. Could you find a cheaper place to live and maintain the same conditions you live in now? Probably not.