posted on Feb, 25 2011 @ 04:28 PM
reply to post by apacheman
I know exactly what you're talking about. Thank you Chris Dodd and Barney Frank. They strong-armed the banks making it look like the politicians were
looking out for the little guy. Whatever happened to Chris Dodd’s Countrywide mortgage papers? Maybe Jimmy Hoffa has them. Anyway, the banks
approved anyone with a pulse. I hear about it every day at home.
My wife works for a real estate lawyer. This lawyer for years was counseling against his clients getting into these balloon mortgages, "exotics" as
you say. "You can lead a horse to water..." Not the best policy for a real estate law office, telling your clients to walk away from home purchases
but at least this guy could live with himself knowing he tried. Lo and behold, the balloon payments hit and these clients were back after a short time
crying the blues that they were losing their homes. "Help me refinance!" What could a law office do?
Many of these people were new to the country, often unsophisticated as you mentioned and at a disadvantage with the language. My wife is bi-lingual,
English/Spanish and thus her employment and intimacy with all the sad stories. These people got the straight dope and took their chances. Some of
their clients were just trying to get in on the "American dream" by moving up to larger homes, vacation homes, rental properties and so on. And so
greed was at play here too. In truth home ownership is not part of the American dream. Having an affordable place to live is.
With all of these people it was gambling plain and simple. Instead of a casino it was a mortgage company. Some of these people expected to refinance
prior to the balloon, it didn't happen. Some just refused to take the warning, the enticement of ownership was too strong and they thought there
would be more income coming down the line to handle the balloon. “We’ll rent out a room. We’ll rent the basement.” Things of that nature but
in truth most of them got out of multi-family dwellings and so the thought of going back was not serious. Most lived in bliss for a couple years at
best. Some of them actually knew that was all that they would get out of this. The majority of these people were naïve and couldn't believe that a
bank or mortgage company would do anything to hurt them. They knew too many people doing the same thing; it was like lemmings over the cliff. Now a
good percentage of the business in my wife’s office is involved with "short sales" as you can imagine.
It's the old adage "if it sounds too good to be true, it is". I don't blame the strikers but I don't have to like it. If I had a cushy union deal
I would scream bloody murder if it would help me keep it. I worked as a Teamster paying dues through college cleaning **** hole factories at night for
just over minimum. Never got a god damned benefit, raise or decent working conditions. Never saw another human let alone a union rep. They needed my
dues though. I'm sure I would have seen a rep if my dues lapsed. Just got the privilege of cleaning **** holes for my dues. You do what you gotta do.
Unions have become scams. It's been that way for a long time. If the members are getting these plump benefits I can only imagine what the officers
and the politicians are reaping. Like Dodd and Frank, they're not there out of the goodness of their hearts.