Posted on 09/15/2008 8:38:53 PM PDT by Orbiting_Rosie's_Head
PERHAPS the greatest scandal of the mortgage crisis is that it is a direct result of an intentional loosening of underwriting standards - done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.
(Excerpt) Read more at nypost.com ...
“Heck, bankers are unpopular, why not have the air force nuke New York City tommorrow at noon, just to teach ‘em a lesson?”
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If you modified that to remove NYC and make the target, specifically, the UN, I think we could have a vote and begin adjusting for a clean hit.
Your ignorance is all you have; that is very visible in your posts. Growling at those that understand is not going to improve your situation; it isn’t going away.
Here’s another provocative article- Village Voice of all sources- clams the democrats started the mess and tags Andrew Cuomo’s time in HUD as a major factor!
Note the tie in of lobby groups mentions ACORN
http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/
Andrew Cuomo started mess? articles tying in HUD and lobby groups (ACORN!)
I don’t get it. Just make it easier for people to pay back their loans rather than default?
If a renter can’t afford 2,000 a month for 15 years let him pay 1,800 for 30 years. Stretch it to 40 years.
As long as you have cash flow- you are buying time.
I’m no banker, but clearly there are some stupid mother F’ers making decisions.
Don’t give money to anyone. Re adjust the loans.
Everyone wins.
I knew you had a sense of humor hiding somewhere.
Jason, if you or others do NOT do some work at countering the democrat poo-flinging at Bush with some historical facts - the poo flingers who put the foxes like Jim Johnson, Franklin Raines, Tim Howard, Jamie Gorelick in charge of the hen house will be running the White House, the Congress and the Senate, plus every other agency of government.
Fact is, this is the result of cronyism and individual greed on possibly the largest scale in our lifetime, and a whole lot of it attributable to the likes of people who pursed Scooter Libby and now Sarah Palin like a pack of braying hyenas while hiding behind piles of megamillions looted and raped from our treasury while the GOP was either bought off or otherwise acquiesced in accepting this cronyism.
There is a point where buying becomes so demonstrably more costly than renting that you have to give up. That point is close to 30 years.
No Income No Job No Assets
A ninja loan is a type of subprime loan issued to borrowers with No Income, No Job, (and) no Assets. The phrase was coined by HCL Finance as a name for one of their finance products.
They were especially prominent during the United States housing bubble of the 2000s but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices.
Grown ups?
You act like a hysterical old woman.
Want to be treated like a rational person, try acting like one.
and thanks for calling me a kid, no one has done that since high school in 1969....
OK, on much of this I agree with you. But I think tonight a lot of people here lost some serious coin and they're concerned it could be worse tomorrow. It's not theoretical when it's the money you were going to use to send a child to college or take that early retirement package. And people here feel that our leaders set them up with bad banking policy. Policy that's functioned so badly it's like a thief stealing money out of our pockets. I am angry about this - and yeah - part of that is a desire to kick butt and take names.
More tomorrow.
Mac, I doubt we can even imagine how many of these so-called mortgaged properties do not even exist.
Think of this whole scheme as a Jesse Jackson wet dream, race pimping bureacrats into giving up billions in mortage money inventing spin off investment products no one understood, and anyone accused of racism if they resisted or hesitated. Meanwhile make sure the top cats are connected cronies, massive political contributors ot both sides of the aisle, and richly rewarded for making sure the books were cooked.
But if a bank can have cash flow, during times of failure, than they can buy time to reorganize assets.
It isn't hard. It is how we as the populous live every month. We as the populous, when times are hard, find ways to secure cash flow. The banks don't. They are rigid. They are like a retarded bull. A stupid retarded bull. They only bend the rules for gravy.
The problem is fixing itself it seems.
The financial loss seems to have mostly (the bulk of it) landed in Fannie and Freddy, as they are holding the paper. Therefore it has landed on the Feds.
The rest of the losses are hurting elsewhere because of the leverage problems, but they seem to be getting absorbed through equity losses.
Er, thats because anybody who is supposed to be working on this isn’t likely to be announcing what they are doing to all and sundry.
There can be no great national conversation on stuff like this. Spin-free technocrat sense is best used quietly, when we are talking about market interventions, interest rates, etc.
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