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Originally posted by Scytherius
reply to post by camaro68ss
25 years of Conservative economics ... and here we are.
Originally posted by iNkGeEk
reply to post by OutKast Searcher
But the banks had to approve the loans that they KNEW the buyers were not going to be able to afford. The "sub-prime" loans were a slight of hand to get people approved on houses that they would never had been able to afford normally. the banks fed the buyer a line of "well, IF the rates were to increase you payments would go up a bit, but i doubt they ever will", then 3 mths later the payments more than tripled.
so i don't think you can blame the homeowners for being fleeced by greedy banks. the homeowners are hiring the lawyers because they are fighting to keep a roof over their head. they were lied to and are trying to prove that.
gordon gekko was wrong....greed is NOT good.
Originally posted by inforeal
Why are you folks always so arrogant and disrespectful to people. The guy gives us some inside info and you know it all's mock him.
Well, the info to me makes sense and if folks knew anything about the economy they would understand that this OP is talking truth.
For two years economists have been warning us that there was going to be a second round of foreclosures on regular mortgages and now it seems to be coming.
Good OP!
Originally posted by OutKast Searcher
I'm curious who everyone is blaming for this?
Do you blame the banks?
Or do you blame the lawyers and home owners?
I blame the lawyers and home owners. They aren't paying their agreed upon mortgage...and they hire a lawyer to use a technicality to be able to stop a foreclosure. So they are responsible for creating this huge stockpile of houses that will eventually go on the market. It isn't a matter of IF these houses will eventually be officially foreclosed and put on the market...it is WHEN. And it sounds like the WHEN may come for all of these homes at one single time. It comes down to PERSONAL responsibility...and these home owners have none...and it will be the ruin of our country.
The one thing I disagree with from the original information is that the banks going out of business...I think the banks are wanting to be able to write these down as a loss...that will be good for the banks.
Originally posted by WhiteDevil013
Originally posted by inforeal
Why are you folks always so arrogant and disrespectful to people. The guy gives us some inside info and you know it all's mock him.
Well, the info to me makes sense and if folks knew anything about the economy they would understand that this OP is talking truth.
For two years economists have been warning us that there was going to be a second round of foreclosures on regular mortgages and now it seems to be coming.
Good OP!
The moral of this story: Buy your ammo online.
Or, actually go out and socialize, then casually pass on information you received and be mocked.
The funny part is, OP probably lost half of the readers as soon as they read the words "buying ammo, local gun shop"
I'm surrounded by diehard liberals here in CA who look at you like you're Jared Loughner if you even mention owning a firearm.
Unrealistic, judgmental, idealists.
Hope Obama bails you out when society collapses and the riots start. I suppose you can always just speak condescendingly at the gangs of people who are taking your food and your wife.
edit on 14-7-2011 by WhiteDevil013 because: (no reason given)
Did the home owner hold a gun to the banks head and demand the mortgage?
The banks knowingly created the problem. It used to be that one had to prove they could afford the mortgage and put down a lot of money to show good faith in repaying it. What happened to that concept? The lenders changed the rules because it would make them richer.
This wouldn't have happened had the banks not been greedy and created mortgages they knew wouldn't be repaid and sold it off to some sucker with a AAA rating attached to it.
Both are responsible but the banks are the ones that created the mess in the first place. They had the money to lend and the RESPONSIBILITY to reasonably be sure it was going to be repaid. They shirked this responsibility in favor of scamming someone else down the line and pocketing more and more money. Screw them!