Here's your bill for $3,333 -

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KC Scott

Here's your bill for $3,333 -

Post by KC Scott »

This is from a stock newsletter I receive:

Big Reversal This year especially since March we have become rather accustomed to the reversals that either wipe out the gains or losses from the previous day or two. This week we saw the same but on a grander scale. The first three days of the week dropped the Dow about 800 points and on Thursday the Dow hit new multi-year lows but from that point rallied 1024 points to the Friday high. Fed chairman Ben Bernanke in the last 9 months has often stated that we have no big problems. Even in March he said that problems in the subprime market seem likely to be contained. Of course just about every independent financial blog and newsletter have been saying right along that this is a huge problem and will take perhaps years to work through. Seems finally there was a change of heart and on Thursday night there was an emergency meeting of the leaders of congress where they were told that the financial system was facing eminent collapse. Nice that after al of these months someone woke up. Recently the Government, meaning all of the USA taxpayers bought the majority of Fannie May and Freddie Mac and then Lehman Brothers and this past week they announced they would spend at least $85 billion to buy about 80% of AIG. This is such a mountain of bad debt that it may run as high as $1 Trillion (1 thousand billion) - that is about the cost of two Irag wars or roughly $3,333 for every adult and child now in the USA or $13,200 for a family of four. The government also said it would set up a plan (perhaps similar to the Resolution Trust Corp) that would give them broad power to buy the bad debt of any U.S. financial institution for the next two years. The hope is that when they buy up toxic mortgages that no one wants they can hold them long enough until they may become profitable. Guess who is going to be in charge of all of this? Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke if you can believe it. The national debt ceiling is the limit this nation can spend itself into the red and it was $6.4 trillion in 2003. By 2006 it was raised to $8.9 trillion and in July congress raised it to $10.6 trillion. Now it seems it will have to be raised at a minimum to $11.3 trillion. Of course this is only the preliminary figure so this new raise could double of so in time.

I was thinking, as long s the government has decided that it is ok for it to buy private companies and nationalize them so to speak, hope they don't just buy the losers - why not pick up some good solar companies then pass some laws that homeowners have to use at least partial solar. I am sure there are a lot of companies the taxpayer would prefer to own. (tongue-in-cheek)

The current administration, who has the highest disapproval rating of any presidency in the 70-year history of the Gallup Poll, had a plan years ago that every one should own a house whether it was a good idea or not and it seemed not so important that the buyers had the income to buy or if they bought at any reasonable price. In the past banks cared about who they gave mortgages to and they required sizable down payments and thorough credit and income reviews. However, with presidential backing Fannie May and Freddie Mac could basically buy the mortgages from banks so the banks need not care so much about checking to see if the buyer could afford the house or in getting large down payments. Since the Government's Treasury Secretary and the private sector's Federal Reserve are suppose to provide for a smooth working financial system they were absolutely to blame for this mess. Technically I suppose it was congress who is to blame for doing nothing years ago but Bernanke and Greenspan before him were either asleep at the switch or just doing what the president wanted instead of doing what their real job is supposed to be. Regardless they failed miserably and now are being given more power - great, and on this news the market rallied. So our man here in the picture who was in dismay over the falling chart is just as much so at the rising one.

(If you would like to learn more about how money is simply created by banks and this whole system of "smoke and mirrors" Watch Paul Grignon's excellent "Money as Debt" we put up on the site)

Of course something had to be done to prevent a run on the banks and maybe they did the right thing as they had less choices because they waited a year before acting. What many people though do not like at all is that in this current scenario all Americans (USA) are having to pay the bill for mismanaged and greedy companies who in the proper course of things should be allowed to fail and go out of business. That is how a normal market works. It used to be that the forestry service would try to put out all forest fires. They learned though that this is not a good idea as it allows forests to grow artificially too much and they then get out of hand. When fires are allowed to burn the soil is nourished and the ground is opened up to allow much sunlight and when new growth begins it is rapid and strong. The natural state of economies are to go up and down and if they get out of balance way too much on one side they often correct to the opposite side as well but then build a solid foundation. To try and control this natural process can lead to even more problems later.

Stunning........

How come more of America isn't mad as hell about this?

Maybe they just don't get it. We're paying for the unbriddled greed and mismanagement of the past 8 years.

When I told people 18 months ago there would be a financial meltdown of this magnitude, they thought I was fucking nuts.
I was a early - but the results are still there.
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Re: Here's your bill for $3,333 -

Post by War Wagon »

KC Scott wrote: How come more of America isn't mad as hell about this?
You're part and parcel of the cause, money changer, yet you're the first to whine.

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Re: Here's your bill for $3,333 -

Post by Mister Bushice »

Whitey, you are truly the biggest most ignorant troll here, but I'll play.

Deregulation.
A total lack of oversight
meltdown

You can blame it on the home owner who just wanted to buy a house for the family, but the fucking lenders, who overlooked the fact that the buyer could not afford it, yet TOLD them they could, amplified by a government willing to look the other way while home financing became a day at the horse track for a decade has got us to this point right now.

People are stupid and they will believe a sales pitch if it is done with the necessary figures and the right amount of smokescreen ( 'sup "an inconvenient truth" gore?)

Our government (not JUST Bush, the whole fucking LOT of those assholes) Sold this lie to the American people during the Clinton Administration, Bush Magnified it, and it got out of hand.

And that is where we are today.

Ignore the truth. Listen to the people like Bsmack who say "I bought a 45 year old 1200 square foot house that needs work, but I'm happy with that so the rest of you shitheads should have done EXACTLY the same thing as me. It wasn't my fault shit got this bad".

Same old NIMBY Bullshit, with a twist.


Ignorant. Shithead. You. are. Whitey.
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Re: Here's your bill for $3,333 -

Post by PSUFAN »

Bushice, I agree with your initial summary, but this started well before Clinton.

There was a concerted effort during the Reagan years to make it possible to loot banks and government appropriations via deregulation. That exactly what happened - and the consequences are really beginning to be felt now in a variety of crucial sectors.

Venerable financial institutions are falling now, because even within their august board rooms there has been an erosion of integrity...and that has led the entire economy down a path to perdition.
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Re: Here's your bill for $3,333 -

Post by Cuda »

Image

Simple; they send me the bill, I tear up the bill.
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Re: Here's your bill for $3,333 -

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Just curious...what's that about the Bush Administration in 2003, mvscal?
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Re: Here's your bill for $3,333 -

Post by PSUFAN »

Well, that one sure got buried...
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Re: Here's your bill for $3,333 -

Post by BSmack »

Mister Bushice wrote:Ignore the truth. Listen to the people like Bsmack who say "I bought a 45 year old 1200 square foot house that needs work, but I'm happy with that so the rest of you shitheads should have done EXACTLY the same thing as me. It wasn't my fault shit got this bad".
Nobody has ever regretted living below their means. You should try it sometime. Then again, if this market tanks any more, you might have no choice.
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

Doesn't matter who is to blame. We're here now. What do we do about it ?
I can live off beans, rice, salmon and tuna in my cave with my Go Ruck. I'm not afraid of letting the market correct itself naturally.


I wonder if it's too late to get a no money down, interest only loan on some land in West Virginia. :lol:
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Re: Here's your bill for $3,333 -

Post by BSmack »

Tom In VA wrote:Doesn't matter who is to blame. We're here now. What do we do about it?
Didn't you know Tom? We're going to be a socialist country. The only question will be if the profit is socialized or just the risk to big lenders.
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Re: Here's your bill for $3,333 -

Post by PSUFAN »

I've been looking east of Elkins, on rt. 33 Tom. You may laugh...but that is some nice land over thataway.
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

PSUFAN wrote:I've been looking east of Elkins, on rt. 33 Tom. You may laugh...but that is some nice land over thataway.
You up for a Co-Op type arrangement ?

Take a look at some of these and let me know which one you want.

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Re: Here's your bill for $3,333 -

Post by Dinsdale »

Sounds complicated, Tom.

'Round these parts, Commando Jethro buys an aluminum shipping container and buries it.

Makes for a nice grow room in between nuclear wars and whatnot.
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Re: Here's your bill for $3,333 -

Post by Dinsdale »

mvscal wrote: How many more lessons do we need before it sinks in that legislating your tree-hugging social consciousness is catastrophically bad public policy?


Agreed.


But at this point, due to the sheeple permitting and even condoning the current overthrow of the United Fucking States of Fucking America, it's going to take a loooong time to get the government out of the business world (where it has no business being).

But since the Sheeple sat idly by while the tards they elected were actually passing legislation that...

and I'm still struggling to wrap my brain around this...

but since the Sheeple elected people who PASSED LEGISLATION/ADOPTED TREATIES THAT FUCKING OUTLAW AMERICAN JOBS, it was probably wise to make sure that foreign interests didn't come in and buy up Americans' houses out from under them.


Horrrrrrible decisions over the previous decade or so finally came to roost. It wasn't a matter of whether Clinton sold us down the river... he did... at this point, it's just a matter of to what degree.


Nice job pulling those levers in the voting booth, asshats. Well done. Nice to see all those bumper stickers out there telling the world how you enjoy NeoAmerica, and are voicing your enthusiasm in your desire to see more of the same.
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

One day, the homeless dude on his soapbox saying the world is gonna end ... is going to be right.

Was it strategic brilliance on the part of the socialist democrats ? Put us in a situation such that socializing the remaining bastions of capitalism is THE ONLY answer ? Is the next step embracing facism ? White Supremecists and Black Supremecists, the People of the Sun (Azatlan) and sleeper cells are frothing at the upcoming instability and total collapse that is about to ensue.

With my ear to the ground I can hear rumblings.

http://www.dailymail.co.uk/news/article ... tions.html#

Here to help my brothers and sisters at the oneboard. I offer you:

http://www.rosettastone.com/personal/la ... e-mandarin

Only $549 will get you this comprehensive language-learning solution, enhanced with Audio Companion™ CDs, includes everything you need to learn Chinese at home and on the go.

As you fend off the masses of barbarian hordes don't forget. Save one for yourself, just in case.


I only hope we get to see those naked pics of Palin before all this is over and the internet is unplugged.
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

The first ripple .... and nothing's been signed yet.

http://www.breitbart.com/article.php?id ... _article=1

Oil spikes $25 a barrel on anxiety over US bailout

The Law of Unintended Consequences is strong with this one.


Somebody need's to find that guy Murphy and put him in Gitmo for awhile.
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Re: Here's your bill for $3,333 -

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Re: Here's your bill for $3,333 -

Post by Mister Bushice »

mvscal wrote: Why did Democrats join in 100% lockstep solidarity to derail all attempts to get some oversight over these activities? I mean beyond the obvious fact that they were bought lock, stock and barrel by the mortgage industry.
You can't dump this JUST on the Dems. The republicans had a majority up thru 2003 and beyond - did they just flap their lips then sit down and do nothing?

Recognition followed by a lack of oversight is even fucking worse. So many people here wanted to blame the greedy homeowner. I've said the banks, lenders, and government agencies are the ones that have blood on their hands for misleading the people they are supposed to represent, you just proved it.
Now this milk is spilled, so the question moving forward is do we, as a nation, permit the same cast of characters to do the exact same thing to the energy industry and healthcare that they did to the financial sector?

How many more lessons do we need before it sinks in that legislating your tree-hugging social consciousness is catastrophically bad public policy?
Oh, they're not done with the housing industry, not by a long shot.

Bush's Bailout turns the FHA into realtors and co-homeowners as well.

The people who qualify for the bailout will have their mortgages converted to FHA at 10% below market, then their share of any earned equity will begin at 10% the first year, capping at 50% of the equity after 5 years.

So IOW if someone owns a converted home and stays in it for 30 years, pays off the mortgage (which has conservatively paid the FHA a 250% return on their investment over that time), and when they sell they will send the FHA a check for half the equity earned above the original set price.

Talk about an opportunity for government abuse. This will become a clusterfuck of fraud.
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Re: Here's your bill for $3,333 -

Post by BSmack »

Mister Bushice wrote:Recognition followed by a lack of oversight is even fucking worse. So many people here wanted to blame the greedy homeowner.
Stupid, or poorly informed would be a better adjective.
I've said the banks, lenders, and government agencies are the ones that have blood on their hands for misleading the people they are supposed to represent, you just proved it.
And if you took out one of those sub prime loans knowing full well that you couldn't afford the rate increase unless you were able to refi your way out from under the first mortgage, then you have blood on your hands as well. Sorry, but nobody was putting a gun to the head of these former homeowners and making them sign those shitty deals.
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Re: Here's your bill for $3,333 -

Post by Mister Bushice »

BSmack wrote:
Mister Bushice wrote:Recognition followed by a lack of oversight is even fucking worse. So many people here wanted to blame the greedy homeowner.
Stupid, or poorly informed would be a better adjective.
I've said the banks, lenders, and government agencies are the ones that have blood on their hands for misleading the people they are supposed to represent, you just proved it.
And if you took out one of those sub prime loans knowing full well that you couldn't afford the rate increase unless you were able to refi your way out from under the first mortgage, then you have blood on your hands as well. Sorry, but nobody was putting a gun to the head of these former homeowners and making them sign those shitty deals.
This is where you are the one who is poorly informed. You're blaming the victims exclusively, when the "poorly informed" part was the fault of those they dealt with in purchasing their homes, through misrepresentation and greed.

I've been through many purchases and refis thru the years. The very first one I almost got screwed over so I learned and I know what goes on and what I'm getting into ahead of time. Plus my best pal worked in the industry for years and had nothing good to say about anyone in it, using words like "scumbags" and "slime" to describe them.

The bottom line is that the lenders and agents are not much above the level of used car salesman.

Are people stupid? Most certainly, most are. However, many are just hard working individuals who do not understand the world of finance yet wanted to buy a house for their families, so they had to rely on people who are licensed to represent, expected to do the right thing.

Being convinced by these very people who are supposed to be representing them, or at the very least, expected to do THEIR job and turn people away that don't qualify instead of looking the other way and telling them that they do, and that the mortgage they've sign on to is perfectly fine and that they won't experience any problems with it is NOT the fault of the home purchaser.

But everything is ok in your little slice of slightly below average, so it's easy to point fingers where you want, hmmm?
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Re: Here's your bill for $3,333 -

Post by Dinsdale »

BSmack wrote:Sorry, but nobody was putting a gun to the head of these former homeowners and making them sign those shitty deals.

Fuck you, you fucking capitalist pig.


I hope the NeoAmerican government takes you out back and executes you for even suggesting such bullshit.


I believe these inflammatory, illegal statements are covered in the Personal Responsibility Prohibition Act of 2008.


Hmmm... let's see... yeah, you should probably be solely dependent on the advice of the guy who's getting a commision for selling you a loan... seems like a good idea, rather than reading the fine print yourself, and getting second opinions... I mean, it's not like it's a legally-binding contract with a bottom line that's equal to several times your annual income, so being thorough and diligent would be stupid, and very un-NeoAmerican.
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Re: Here's your bill for $3,333 -

Post by BSmack »

Mister Bushice wrote:
BSmack wrote:And if you took out one of those sub prime loans knowing full well that you couldn't afford the rate increase unless you were able to refi your way out from under the first mortgage, then you have blood on your hands as well. Sorry, but nobody was putting a gun to the head of these former homeowners and making them sign those shitty deals.
This is where you are the one who is poorly informed. You're blaming the victims exclusively, when the "poorly informed" part was the fault of those they dealt with in purchasing their homes, through misrepresentation and greed.
Did you even bother to read what I posted? Believe me, I had loan officers and realtors trying to sell me on houses that were WAY out of the price range I wanted to look at. They would say all sorts of shit to try to make me think I could afford to pay 30-40k more for a house. But I stuck to my guns and politely said "Thanks, but no thanks" to those homes to nowhere. And, when my wife and I got really serious about buying, we contacted people we trusted who we knew had knowledge of the Rochester real estate scene and asked them for the names of realtors they would go to. And finally, we found someone who took us to see house we liked that were in our price range.

And I'm sorry, but if you don't possess the necessary education to be able to understand what is going on when you apply for a loan or write a purchase offer, then I have a document you should get more familiar with. It's called a lease.
I've been through many purchases and refis thru the years. The very first one I almost got screwed over so I learned and I know what goes on and what I'm getting into ahead of time. Plus my best pal worked in the industry for years and had nothing good to say about anyone in it, using words like "scumbags" and "slime" to describe them.

The bottom line is that the lenders and agents are not much above the level of used car salesman.
So fucking what? Just because you have scumbags working the mortgage markets doesn't mean the fools who buy what they peddle are any less responsible for their actions.
Are people stupid? Most certainly, most are. However, many are just hard working individuals who do not understand the world of finance yet wanted to buy a house for their families, so they had to rely on people who are licensed to represent, expected to do the right thing.
Sorry, mortgage brokers represent the lenders they work for, not you. If you ever think otherwise, you are a fool.
Being convinced by these very people who are supposed to be representing them, or at the very least, expected to do THEIR job and turn people away that don't qualify instead of looking the other way and telling them that they do, and that the mortgage they've sign on to is perfectly fine and that they won't experience any problems with it is NOT the fault of the home purchaser.
If you went into default simply because the adjustable rate fairy came a knocking, then it is YOUR FAULT.
But everything is ok in your little slice of slightly below average, so it's easy to point fingers where you want, hmmm?
I know this much. Next month's mortgage payment will be made. And the month after that. And I won't have to go crying to the bank for better terms or extensions. And even if I were to lose my job, I won't be out on the street begging for a bailout from Uncle Sam.

BTW, I'd hardly call my crib "below average". But then again I'm not a stuck up Cali bitch.
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

Saw a couple of houses in my area SOLD.

It's a cycle. Of course, there will be winners and losers. But I don't see any "victims". I see people taking risks, sometimes they win, sometimes, they lose.


I thought that's what it was all about.
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Re: Here's your bill for $3,333 -

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Tom In VA wrote:

I thought that's what it was all about.
You've obviously never heard of the Hokey Pokey.

You'll never make it on the Plains of Abraham at this rate.
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Post by Tom In VA »

Well added to all this the City of Manassas and Prince William really buttfucked themselves in the mouth by "getting tough on immigration". While our undocumented residents didn't pay FICA and Federal taxes, they sure spent a lot of money while they were here, paying local taxes and state sales tax on merchandise and services.

Then when they got out of dodge running from Cletus they just up and left. Many of the homes in foreclosure in this area are due to that MORESO than the housing bubble (although that had a profound impact as well, it was a deadly combo)
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Re: Here's your bill for $3,333 -

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Tom In VA wrote:Saw a couple of houses in my area SOLD.

It's a cycle. Of course, there will be winners and losers. But I don't see any "victims". I see people taking risks, sometimes they win, sometimes, they lose.

I thought that's what it was all about.
The Bank yanked these neighbors house out from under them about 6 weeks ago.

The mortgage interest they had was classified as "Predatory", but they were also first time buyers so when they got it they thought they could re-fi it in a year or two down to a better percentage. So they called the bank to try and work things out. Both parents worked, but with the gas prices and the cost of living, it started to hurt.

The bank told them to fuck off, and that they already had a buyer for the house, and to get out by the end of the month if they weren't going to pay the current payment balance. So they just let the house go.

3 weeks later an agent was showing the house. A week after that, a for sale sign went up.

If the bank had just talked to the people and negotiated to a more reasonable rate (they were in the 9.5 or above % range, but had never missed a payment), the bank would still be getting the mortgage income, the people would still be in their own home, the values here would have benefited or remained stable, and those people wouldn't have a major credit ding to deal with for 10 years.

Instead EVERYONE lost. The house is still vacant.

This was just stupid, considering the bank would have recovered 300% or more of the original loan value over the course of the loan.

And you wonder why the housing market is collapsing?
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Re: Here's your bill for $3,333 -

Post by Mister Bushice »

mvscal wrote:
Mister Bushice wrote:at the very least, expected to do THEIR job and turn people away that don't qualify instead of looking the other way and telling them that they do,
You still don't fucking get it. Check back in when you get a clue.

You can start your remedial education with the Community Reinvestment Act of 1977 and the 1995 revision.
WTF? There was nothing in that law that allowed credit institutions to go all George Jefferson on the citizenry. They were supposed to operate within specified guidelines, and NOT write high risk loans but provide low and moderate income borrowers with home loans.

The revisions certainly set that ball rolling, but it was lack of oversight that turned it into an avalanche.

So Guillermo the tile setter down the street was allowed to buy a house that was Waaay over his head and he would not have been approved for the same loan 12 years ago because they would have required full docs on that shit back then. However somewhere around 2000-01 they tossed THAT requirement out the window so, despite the fact he had a somewhat unpredictable job as a subcontractor, was the sole source of family income, and had 5 kids, they gave him a stated income jumbo loan.

yet, he got the loan, a hefty 9.7% on a $450,000 mortgage. Work dried up, gas went up, house went POOF!!

And THAT abides by the CRAs stated sound banking practices? :meds:


Guillermo was told it would be fine, he could easily refinance it down to a lower rate with no problem in a year. Or two.

If those lending institutions had followed that law, he would be in a house several hundred thousand dollars cheaper, several thousand square feet smaller and four decades older, like Bsmacks house.

The dude was expecting to be dealt with fairly, but he was preyed upon.

Bsmack reset of "ignorant people who don't understand real estate practices but expect to be dealt with fairly because of laws such as the one quoted above deserve to be screwed" in 3,2,.....
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War Wagon
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Re: Here's your bill for $3,333 -

Post by War Wagon »

PSUFAN wrote:...this started well before Clinton.
Actually, the current mess we're in started in 1999 with the Gramm-Leach-Bliley Act (do your own Google search, you'll get about 159,000 hits) which Congress passed and Clinton signed into law, repealing the Glass-Steagel Act of 1933.

This change allowed banks to speculate on securities, rather than just forcing them to manage risks.

But there's plenty of blame to go around from both sides of the aisle. See Greenspan in 2003 and 2004 holding the discount rate well below what the market would have normally dictated, shoveling huge amounts of cash into the banking system that would have been better left in the federal till.

I'm sure there were many KC $cotts and Bitch$hices running around Wall Street at the time who thought this easy credit was simply fabulous, and now they're crying over spilt portfolios and foreclosed investment property mortgages.

Fannie May, Freddie Mac, AIG, and the entire economy are a casualty of the legislators who whored themselves out to banking interests in 1999.

And it's the taxpayer who gets left holding the bag bailing these suckers out.
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Tom In VA
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

Caveat Emptor Bushice.

The risks of capitalism.

I don't understand what they didn't just lock a rate at something Bill could afford. Seems something coming in is better than nothing. I guess even the banks didn't foresee the plunge. Or maybe they did. Maybe this is all by design, who knows.
KC Scott

Re: Here's your bill for $3,333 -

Post by KC Scott »

War Wagon wrote: I'm sure there were many KC $cotts and Bitch$hices running around Wall Street at the time who thought this easy credit was simply fabulous, and now they're crying over spilt portfolios and foreclosed investment property mortgages.

Sorry to burst your fantasy 201K Wagon, but I'm not suffering a bit.

And you do know this is true. :hfal:

I just sit back and watch, and proifit when it goes down, or up as the case may be.

But it's not like I didn't try and tell people - hey don't kill the messenger.....
If you need some spare work, I'll have leaves that need raking in another couple weeks.

-------------------------------------------------------------

Hey MVS - how's that "The market will never crash like that" thing working out for you?
Still watching that Dow Jones Average every day?

:mrgreen:

---------------------------------------------------------------

Like I said - it wasn't a matter of if, but when it went tits up.
So I was 8 months early?

I can buy shares of the S&P 500 at 2005 Prices now - guess that kinda trumps that whole Buy and Hold Thingy huh?

:lol:

Glad this thread evoked the responses I expected - anyone wanna know what happens next?
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Mister Bushice
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Re: Here's your bill for $3,333 -

Post by Mister Bushice »

No. We all know. mvscal will respond with "You're a fucking idiot".

If the Stock Market was as predictable as this hole, we'd all be millionaires.

Oh and - Whitey ?

I took ADVANTAGE of the real estate market, I am not SUFFERING from it. I started out with ZERO real estate in 1995 and now I own a lot, and I haven't lost a single property, nor will I .

har.

Oh, sorry. "talk like a pirate day" was last week.

I didn't invest like Scott did, because I was not all that market savvy nor am I a risk taker, but I moved a chunk of money out of several properties into Gold mostly, some into oil (wish I did more - at the time it was trading at $53 a barrel on the futures market - fuck me for not dumping more in. Oh well. I'm all whitey up in that decision, eh?)

This whole thread - for me - was about how every lending institution from the top on down fucked people over for profit, and no law on the books, nor any of those regulations yapped about in Congress years ago did anything to stop it.

Bush gets NO CREDIT for sayin "something should be done", then not doing anything.

and mvscal - save your bullshit. I know what the laws intent was, but the implementation was unregulated from the get go and no one did a damn thing to stop it even when they saw the writing on the wall, and now shitheads like Bsmack want to blank-check blame the victims of this and not the perpetrators, because the victims "should have known better".

Pile of steaming shit right there.
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Re: Here's your bill for $3,333 -

Post by BSmack »

Mister Bushice wrote:So Guillermo the tile setter down the street was allowed to buy a house that was Waaay over his head and he would not have been approved for the same loan 12 years ago because they would have required full docs on that shit back then. However somewhere around 2000-01 they tossed THAT requirement out the window so, despite the fact he had a somewhat unpredictable job as a subcontractor, was the sole source of family income, and had 5 kids, they gave him a stated income jumbo loan.

yet, he got the loan, a hefty 9.7% on a $450,000 mortgage. Work dried up, gas went up, house went POOF!!
A tile setter was buying a half a million dollar plus house?

And it never dawned on him that he was out of his league?

Shut the fuck up NOW.
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Tom In VA
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

Well gee Scott, what's with the suspense. Sure, of course I'm interested in what you have to say. What's next ? More importantly, how long to I have to pack and start heading north toward's Marty's Country ?
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Re: Here's your bill for $3,333 -

Post by Cuda »

Mister Bushice wrote: The Bank yanked these neighbors house out from under them about 6 weeks ago.

The mortgage interest they had was classified as "Predatory", but they were also first time buyers so when they got it they thought they could re-fi it in a year or two down to a better percentage. So they called the bank to try and work things out. Both parents worked, but with the gas prices and the cost of living, it started to hurt.

The bank told them to fuck off, and that they already had a buyer for the house, and to get out by the end of the month if they weren't going to pay the current payment balance. So they just let the house go.

3 weeks later an agent was showing the house. A week after that, a for sale sign went up.

If the bank had just talked to the people and negotiated to a more reasonable rate (they were in the 9.5 or above % range, but had never missed a payment), the bank would still be getting the mortgage income, the people would still be in their own home, the values here would have benefited or remained stable, and those people wouldn't have a major credit ding to deal with for 10 years.

Instead EVERYONE lost. The house is still vacant.

This was just stupid, considering the bank would have recovered 300% or more of the original loan value over the course of the loan.

And you wonder why the housing market is collapsing?
mvscal was wrong- you're a lying sack of shit AND a fucking idiot

For at least the last YEAR- if not the last year and a half- lenders nationwide have been fucking bending over backwards to keep from having to foreclose. They've already got more real estate than they want on their books. Renegotiate the loan? Absofuckingloutely!

They never missed a payment? I'll call bullshit on that alone. These days you don't get foreclosed unless you haven't made a fucking payment in 6 months- in some parts of the country you can be up to 2 fucking years in arrears! It's even common for the lender to agree to take a half-payment for a few months and agree to a short-sale, provided the property is being actively marketed during that time. Shit, they'll even overlook a "due-on-sale" clause if the property is sold as long as the payments are current- which means the owner can sell and carry the financing with a wrap-around note (like I said- the lenders have already GOT all the real estate they want as it is; they don't want more if they don't have to)
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Re: Here's your bill for $3,333 -

Post by BSmack »

Cuda wrote:They never missed a payment? I'll call bullshit on that alone. These days you don't get foreclosed unless you haven't made a fucking payment in 6 months- in some parts of the country you can be up to 2 fucking years in arrears! It's even common for the lender to agree to take a half-payment for a few months and agree to a short-sale, provided the property is being actively marketed during that time.
That is exactly how my Brother in-law got his house. Some little old lady was on the brink of foreclosure and made a deal with her bank to give her 3 extra months so that she could sell the house. She made it out from under the house with nothing to spare, but she also doesn't have a foreclosure on her credit report.

Bushice, you are so fucking retarded on this issue you've got me agreeing with Cuda.
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Mikey
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Re: Here's your bill for $3,333 -

Post by Mikey »

Crazy fucking Calis are all living in Fantasyland.

:meds:
KC Scott

Re: Here's your bill for $3,333 -

Post by KC Scott »

mvscal wrote: KC Scrote is a fucking liar.

viewtopic.php?f=41&t=19426
mvscal wrote:
KC Scott wrote:Take this for what it's worth....
Jack fucking shit.
mvscal wrote:
poptart wrote:I thought the market had it's correction a few months ago.

What factors lead you to your conclusion that a big drop is coming, Scott .... ?
It did and he's talking straight out of his ass.
mvscal wrote:
Not Exactly Gordon Gekko wrote:Really?
Really.

Let's get one thing straight first. I don't a fuck about you or your position and I'm certainly not about to disclose my own personal financial position in a place like this. That's not going to happen. I "put it on the line" where it counts....in the real world.

Your belief that the market is about to crash is not supported by a single indicator. You might want to consult different witch doctor next time or perhaps bring him some fresh chicken bones or whatever voodoo bullshit he's using to forecast the market.
mvscal wrote:The bottom line is that it's none of your motherfucking business. Whatever personal information I share or withhold is done at my whim. It's abundantly clear to me that you are an idiot, so I would have absolutely no interest in "proving" anything to you.

You come in here spouting a bunch of retarded chicken little bullshit and then expect people to take your gibberish seriously? Well I suppose Wank Wagon does...then again, he's having a good day if he can tie his own shoes.

Get a fucking clue and check back in after you've finished stuffing your cash into coffee cans and burying it in the back yard. Don't forget to stock your bomb shelter.
mvscal wrote:I back my positions with facts and sources not feelings.
mvscal wrote:
KC Scott wrote:Yep - Nice move Up today - It's a suckers Rally
:lol:

Oh...OK. Pay no mind to the paltry few negative indicators and ignore those numbers staring you right in the face.

Dumbfuck.
You Still haven't told us what's Going up.
Nor am I going to. I'm simply here to go on record as saying that you are a pitifully clueless dipshit. Hopefully you'll take a few equally clueless knobs over the cliff with you.

I understand that you're new to trading and you really think you've got it going on, but you aren't impressing anyone who actually does know what they're doing.

You want some free financial advice? OK. Don't take stock tips from trolls.

So that's only from pages 1-3 of that thread - Am I still lying???

:lol:
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Re: Here's your bill for $3,333 -

Post by Cuda »

Not only did The Market not crash when KC Scott say it would, The Market hasn't crashed.

For fuck sake, you'd think a self-proclaimed stock expert would know the fucking difference between a credit-crunch and a fucking Market Crash
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KC Scott

Re: Here's your bill for $3,333 -

Post by KC Scott »

mvscal wrote:Yes, you are lying out your ass. I did not say the market would never crash. I said it would not crash according to your prediction....and it didn't. Not only did the market not crash when you said it would, it continued bullish for about six months after your stupid prediction.
Dude, you really have some issues admitting your wrong don't you? :doh:

I missed 8 months of gains and save 20% of capital compaered to where I got out - yea, I'm an idiot. :lol:

Sorry brah, but playing semantics won't help you out of this.
Cuda wrote:Not only did The Market not crash when KC Scott say it would, The Market hasn't crashed.

For fuck sake, you'd think a self-proclaimed stock expert would know the fucking difference between a credit-crunch and a fucking Market Crash

BWAHAHAHAHAHAHAHAHAHA

Damn you girls are fucking hilarious.

The Market is at 2005 levels and it hasn't crashed?

What color is the sky on your planet?
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Tom In VA
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Re: Here's your bill for $3,333 -

Post by Tom In VA »

What's next Scott ?

I'm being serious. You seem to know your shit enough to provide some insight to all this shit - which sounds greek to me - so I'm hoping you can dumb it down for me. It's a bit late to be making a foot hike to the Plains of Abraham as the winter is approaching. I need to know.
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