Posted on 05/10/2010 6:26:23 AM PDT by blam
“No Banker in the world can FORCE anyone to sign the dotted line. NONE. It is a matter of WANTS. “
yes the bank WANTS you to take that loan so they can make a lot of money. Its a two sided deal. You seek to only put the blame on one side which is incorrect IMO.
“Am I for the bankers, yes. Each are in the business of making money,”
Many bankers knew the loans were overvalued and the property values were as well. They knew it and continued to make new loans. Countrywide commited outright fraud and got away with it.
Small local/regional banks tend to be a lot more honest and ethical. They don’t have the connections to the govt and ability to warp policy and law.
Again, there are two sides to the deal. The big banks have manipulated the market to where we are today. The execs in those banks had no downside and ran from their personal responsibility.
Our govt has sold us out and you are stuck on personal responsibility. Wake the heck up! They have changed the rules and they sure didn’t care about your wants when they did it.
I ask that same question at least once a week.
The cut and dry laws say they honor the contract by returning the house and suffering whatever other consequences that are usually suffered in order to get out from under the bubble mortgage.
If you are saying that they can’t even do what’s explicitly mentioned in the contract in the “default” section, then again I say screw you, bankster!
As an aside, I betcha rarestia works in the banking industry.
Great. If you bought in 2005 and paid less than 10% down You're underwater. If you bought in FL, CA, or NV, you're REALLY underwater. This is not about ability to read, this is about the bubble, it's causes and solutions.
Mail the bank the keys, as is demanded in the contract in the default section. Commitment honored. Any more questions?
NO one can force me into anything, and YOU? Maybe I am a born skeptic of business dealings, I don't trust any of them. Their bottome line is profit
I am not opposed to Profit taking by anyone, that is America. Yet I don't go to a Carnival and listen to the hawkers try to get me to participate in the Rigged game. My responsibility, simple as that.
Each person knows their own pocketbook, and should know how to close it.
"""""""Wake the heck up! They have changed the rules and they sure didnt care about your wants when they did it."""""
Now that is down right funny. No one ever cared about MY wants, and I knew how to control my wants, personnel responsibility and common sense is all it takes.
Changed the rules!!! borrowing is borrowing, pay it back, simple as that.
I think after 71 years of manageing my money/assets etc., and everything paid for, I am pretty well awake and now manageing my savings. I played the life game well, I paid back what I owed after voluntarily signing the dotted line to do so. It's kind of a spirtual thing as well for me.
Now I can do whatever I like in life because: I did what I had to to in order to do what I want to do. (I worked hard, saved and invested wisely, now I get to do what I want to do) That don't take a genius to figure out, it can still be done today.
Give up the I WANTS it now attitude. or else...... whatever poor and whinning.
“I think after 71 years of manageing my money/assets etc”
Have you been out in the world lately? You’re relying on a set of morals that existed when you grew up.
Its changed and BO is pushing us over the edge.
I’m amused by you, FRiend. I feel like you might be suffering from a similar issue? I’m not a bankster, I’m an engineer. I don’t work anywhere near a bank.
I bought in 2008, in Florida, and paid less than 10% down. I AM underwater, and that’s fine. Just because I’m underwater doesn’t mean I have the right to stop paying my mortgage. That’s not only childish but a violation of my mortgage contract. At some point the market will come back, and I’ll have equity in my home. I’m not trying to sell just because I’m underwater.
I understand it’s a bubble, but there are plenty of people who bought in the bubble and purchase WELL over their means. I know a family with an unemployed teacher and a father bagging groceries at a grocery store who bought a $450,000 home. The wife was already unemployed, and the man was in a rut at his union job. He fudged some numbers on his mortgage application to get the house, and now they’re completely unable to pay much of anything.
How is it that you can blame the banks for the problems in the market while many folks bought well above what they could legitimately and logically afford? This is not just a bank issue, this is a responsibility issue. That seems to be escaping your warrants in your conversation.
What are the actual housing needs for Americans in the next twenty years in the wake of the retirement of the baby boomers?
Your mortgage contract spells out what happens in a default scenario. Why is that?
One last. Do you believe in debtors prison? Why or why not?
It's not as cut and dried as you might think. The problem with the more affluent areas is they are very price sensitive and vacancy is usually higher than in more middle class areas. The credit reports are a good resource, but we disregard bad medical as well as some foreclosure issues do to divorce, illness, or death of a spouse.
Residential real estate got way over sold and until the 8-10% who shouldn't own homes are out the problem will persist.
” virtue of saying Bankrupt.
******************
“I DECLARE Bankruptcy!” -Michael Scott
http://www.youtube.com/watch?v=HuGIgf-ICHM
Agree 100% with your point that if you make a deal you must keep to it unless it is impossible to do so.
The problem is a very loose interpretation of the word “impossible” among people who want to rationalize things.
71 yrs old, out in the world????? I am still living as I type. I still run a business as I type, I still know whats going on in this world, for as I type I am tuned into Free Republic, where all the news that is worth anything is here.
Most of my financial dealings are in mind of what the Bible teaches. You owe a man, pay him. JUST THAT SIMPLE.
If you don't you are nothing but a thief, never mind what someone offered that you just can resist, the fact that you took it makes you the bottom line irresponsible person.
Stop blaming everyone else. Profit is a good thing, people pay their bills, make payroll, etc from PROFIT. I certainly don't call profit GREED, that is just horrible. That profit in the past has just gone round and round to make a living for everyone.
Greed? Maybe those purchasers were just GREEDY to have the WANTS for something they just could not or ever afford. That is the basic GREED.
I don't say YOU as to mean you (driftdiver) personally, just to mean irresponsible people.
“You are simply not going to win this conversation. “
I’m not going to lose it either.
I still run a business as well. I’ve worked extensively with large banks and have seen their business practices from the inside. Unethical, immoral, and greed are certainly words that come to mind.
“Most of my financial dealings are in mind of what the Bible teaches. You owe a man, pay him. JUST THAT SIMPLE”
Its also biblical that if you loan money improperly or immorally that you are wrong. The banks have done that. Usury comes from the bible.
“If you don’t you are nothing but a thief”
Sorry, you are wrong. The thieves created this mess and forced us to pay for their greed.
Many of the large banks and credit card issues knew exactly what they were doing. In my mind its no different than what companies did to people in the 1800-1900s with the work camps. Get people into a perpetual debt cycle that they could never get out of.
Well if you’re going to bring up the Bible...
We are well past time for a Year of Jubilee don’t you think? And why do you think God put that in there?
It’s pretty cut and dried. I could easily type out the rental ads around here that fly the big “No credit check” banner. It’s become ubiquitous. You might not be able to rent any house if you walk away from your mortgage, but you’ll certainly find a house to rent.
“These LOW-LIFES that just walk away from their mortgage are NOT going to be renters!!”
There’s a glut of rental properties on the market. Make a large enough security deposit and a landlord will rent to pretty much anyone.
No one can FORCE anyone to BUY anything, it is a choice they make because they are greedy.
""""I still run a business as well. Ive worked extensively with large banks and have seen their business practices from the inside. Unethical, immoral, and greed are certainly words that come to mind."""
You blame them and still CHOOSE to participate? Are you Greedy to make a profit in your business? Do you FORCE anyone to purchase what you Sell on which you expect to make a Profit? Do you Expect them to pay you as agreed?
*******Its also biblical that if you loan money improperly or immorally that you are wrong. The banks have done that. Usury comes from the bible.""""""
You are correct in that, and God will judge them appriorately, BUT, it is still the one who took the loan at the agreed price who is the Thief if they do not pay them back. You see the two of them made an agreement, pay it.
Bottom line responsibility is on the buyer. They go willingly because they have the WANTS.
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