Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff
Have you EVER posted anything but outright garbage; EVER?
She spends ALL of her time doing just that.
I missed the part of the article that trashed America. I'm not aware of his other posts, but he's been around since 1998. That would be one hell of a sleeper troll lol.
Your comments have nothing to do with real estate prices in CA.
"They opted for an interest-only, adjustable-rate mortgage and counted on the value of their house continuing to rise as a way to build up equity. ..."
I stopped reading THERE.
An "interest only" ARM is NO way to build up "equity".
And yet both borrowers and breathless "journalist" cast this as some huge surprise.
The reality is that the borrowers were supplied with a Note and Truth-in-Lending which outlined (a) how the rate could adjust, (b) when it would first adjust, and (c) how to calculate the adjustments.
In short, the "journalist" is sexing-up the drama to sell papers, and the borrowers are quite dull indeed.
Please explain why this article is "garbage." It reports on a very real phenomenon - a lot of people took out risky loans. It's an interesting, and cautionary, story.
SHE loves to post articles derrogatory about all kinds of things "Americana," but really likes finding articles that make the United States military look bad.
And most people here know it. Sort of our very own "conservative" version of MurryMom.
It's hardboiled melodrama.
The Federal Government needs to create an "Office of Loan Approval for Staggeringly Naive People"...
True enough. Thomas Sowell, in his excellent economics books, explains the phenomenon.
People buy these upscale properties, get involved in the political systems to pass land protection and zoning legislation that drives the availability of housing down, and the price up into the stratosphere, serving their purpose of keeping others out. That is why people cannot buy homes out there.
They are all adherents of "The Last One Over the Bridge" syndrome.
It doesnt take a lot of effort on her part
What? Are you saying that California's socialism isn't a big reason that real estate prices are sky-high in California? By socialism, I include the anti-growth policies and anti-property-rights policies that prohibit builders from meeting the demand for new homes. One aspect of socialism is when government "manages" the economy with dictatorial edicts that stop the private market from meeting demand with new supply. That's what has happened in California -- property owners and builders who want to develop their land with new homes are told they can't, or they're allowed to build only a few houses where thousands would fit.
She may have been here a long time, but this IS what she does.
Do a search and read her posts and threads.
The loan wasn't the problem. Counting on ever-increasing housing prices was...
Well, the finance companies can be unsrupulous and the borrower can be stupid at the same time. I don't think rational business person thinks that these kind of lenders are good for the economy.
Now that's not good! Why in the hell would someone do that? Doesn't the military have enough critics, not to mention terrorists to kill?!?
In addition to the Note, the "Truth-in-Lending," and the "Federal Disclosure on Adjustable Rate Loans," apparently the government should also require another form called "Now Listen Here You Senseless Git!"
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