ATG
Banned
+5,233|6500|Global Command
10% of Americans late on mortgage or in foreclosure.


" News of the likely government takeover Friday followed a report by the Mortgage Bankers Association that more than 4 million American homeowners with a mortgage, a record 9 percent, were either behind on their payments or in foreclosure at the end of June. "


Watch. This is going to be a 25 billion dollar bailout, but the stock market will reel tomorrow.

They announced this on a weekend to help prevent a massive panic on Wall  Street.

WASHINGTON (AP) - The historic takeover of Fannie Mae (FNM) (FNM) and Freddie Mac (FRE) (FRE), which could come as soon as Sunday, moved to the forefront of the presidential campaign Saturday as candidates and congressional leaders seized on the enormous implications for taxpayers and the economy
If Bill Gates could write a check and bail these companies out why is it that it will be treated as a economy threatening event?

http://apnews.myway.com//article/200809 … R0600.html
jord
Member
+2,382|6649|The North, beyond the wall.
So wait, I should invest now?
S.Lythberg
Mastermind
+429|6417|Chicago, IL
my tax dollars paying for others irresponsibility...
Blehm98
conservative hatemonger
+150|6434|meh-land

S.Lythberg wrote:

my tax dollars paying for others irresponsibility...
actually, it's more for the bank's irresponsibility, because the banks are the ones that get the hit if everyone forecloses, and they largely pushed getting huge loans one could possibly hope to afford
government doesn't wanna let the banks get punished for their mistakes, so they'll do it again and again
S.Lythberg
Mastermind
+429|6417|Chicago, IL

Blehm98 wrote:

S.Lythberg wrote:

my tax dollars paying for others irresponsibility...
actually, it's more for the bank's irresponsibility, because the banks are the ones that get the hit if everyone forecloses, and they largely pushed getting huge loans one could possibly hope to afford
government doesn't wanna let the banks get punished for their mistakes, so they'll do it again and again
irresponsibility all around, banks ignoring credit scores, and people borrowing well beyond their means...

The thing is, I haven't done either, and neither have my parents, so the thought of them using my tax dollars to repair it is slightly infuriating.  I understand that the failure of the banking system would affect me as well, but once again I find myself in a situation where I am being punished for the idiocy of others.
ELITE-UK
Scratching my back
+170|6445|SHEFFIELD, ENGLAND

S.Lythberg wrote:

my tax dollars paying for others irresponsibility...
Is it really the peoples fault? When all this started banks got scared and raised the re-payments that was required of the people who had a mortgage..so really its that banks fault isnt it?
usmarine
Banned
+2,785|6732

So its ALL the banks fault?

not that people should think ahead and not go for the easy money in order to buy a home.  i mean, god forbid we blame people and not whitey.
ATG
Banned
+5,233|6500|Global Command

usmarine wrote:

So its ALL the banks fault?

not that people should think ahead and not go for the easy money in order to buy a home.  i mean, god forbid we blame people and not whitey.
Of course there is some blame to be placed on the homeowner.


But it is not the home owners fault that the median price of homes got way out ahead of median incomes.

Home owners did not have a hand in artificially inflating the value of the houses. This was done by the people getting the money up front on a mortgage deal; the agents, the appraisers and the brokers.


Banks were doing just fine with the ARMS;
getting two or three years of mortgage payments, reclaiming the house and selling it to the next loser.


Next up BIG THREE SEEK BAILOUT.

Goddamnit I hate being right all the time.

http://www.breitbart.com/article.php?id … _article=1
usmarine
Banned
+2,785|6732

ATG wrote:

Home owners did not have a hand in artificially inflating the value of the houses.
then they are retards for falling for it
ATG
Banned
+5,233|6500|Global Command

usmarine wrote:

ATG wrote:

Home owners did not have a hand in artificially inflating the value of the houses.
then they are retards for falling for it
And you have no idea what you are talking about.


BAnks have the power. I had excellent credit. I had some money to put down. I was encouraged by the bank in that the only loan I could get without a cosigner had an ARM.
90% of looans written in the last three years had ARMS.

Are all these familes lazy stupid suckers or are they getting fucked.

Think about.
usmarine
Banned
+2,785|6732

you should see that the market is way to high for an area, and not buy.  have some self control.
jsnipy
...
+3,276|6493|...

usmarine wrote:

So its ALL the banks fault?

not that people should think ahead and not go for the easy money in order to buy a home.  i mean, god forbid we blame people and not whitey.
You know better, self accountability died in this country years ago.
ATG
Banned
+5,233|6500|Global Command

usmarine wrote:

you should see that the market is way to high for an area, and not buy.  have some self control.
I waited for five years.

I knew in my heart there was a bubble that was going to burst.



But I bought at the peak, because nobody could see the peak.


This bailout may actually save in 130k on my mortgage and get me locked in a lower rate, lucky me.

It's either they make a deal with me, or I buy a house in my wifes name ( more space, a newer house for LESS money ) and walk on this one.


Oh well. I'm not paying 410k for a home I'm now told is worth 225k
Why should i?
It doesn't make financial sense and EVERYBODY is doing what's best for their family.

Should I hold some moral ground and die poor?



I think not.
S.Lythberg
Mastermind
+429|6417|Chicago, IL
sigh:  Takeover may happen today

why must you test my faith in you, America?
ATG
Banned
+5,233|6500|Global Command
Why the 25 billion figure?
Why are the Big Three Auto Makers asking for exactly the same amount of money?

It's corporate entitlement.

Jesus Christ, you watch.
Tomorrow is going to be an epic day on Wall Street.


jsnipy gets best avatar/sig combo eva

https://i35.tinypic.com/t8t9ut.jpg

Last edited by ATG (2008-09-07 09:56:56)

Mekstizzle
WALKER
+3,611|6592|London, England

usmarine wrote:

you should see that the market is way to high for an area, and not buy.  have some self control.
Agreed. Although people need homes. Sometimes people have no option. As for the people who want to get on the "properly ladder" and all that shit as a way of getting rich quick, fuck them. As far as I'm concerned, there's nothing wrong with house prices crashing. It'll mean that first time buyers and people that actually need a home for themselves/their family will be better off.
ATG
Banned
+5,233|6500|Global Command

Mek-Stizzle wrote:

usmarine wrote:

you should see that the market is way to high for an area, and not buy.  have some self control.
Agreed. Although people need homes. Sometimes people have no option. As for the people who want to get on the "properly ladder" and all that shit as a way of getting rich quick, fuck them. As far as I'm concerned, there's nothing wrong with house prices crashing. It'll mean that first time buyers and people that actually need a home for themselves/their family will be better off.
And those that bought ten years ago are just seeing their retirements getting wiped out.

Most people use the equity as a tool for economic advancement. It ain't about getting rich it's about REAL ESTATE.

It's supposed to have REAL value, not be some house of cards created by bankers subject to getting blown over by something like a media hell bent on getting their guy elected pushing negative news 24/7.

It seems a tad short sighted to be mad at the home-owners.

Read this guys book, or at least skim the article.



Because frankly to say "  have some self control " or quote it, given the scale of this scam, is to look like a ignoramus, utterly baffled by facts.

As Bitner portrays it, a complicated mixture of factors led to the subprime boom and bust. Some of his colleagues credited the Federal Reserve's easy money policy. One friend boasts that Alan Greenspan’s rate cuts during the early 2000s helped him earn more in four years than he had in his entire career. Ratings agencies like Fitch, Moody's and Standard and Poors also played a part by giving investors confidence to buy repackaged securitized mortgages, which gave big mortgage companies seemingly limitless capital to lend out.

His biggest criticisms, though, are reserved for mortgage brokers and appraisers. As Bitner describes it, lenders like his company, which underwrote loans offered up by brokers and resold them to giants like Countrywide, spent much of their workdays trying to spot the stupid tricks brokers routinely used to get unqualified borrowers approved for loans. They'd say a buyer intended to live in a house when it was really an investment property. They'd falsify the buyer's income by having a relative pose as his employer, or use scanners and software to forge W-2 forms. They'd find ways to hide debts (like a car payment) by looking for a credit report that omitted key data. They also routinely gamed the appraisal system, encouraging appraisers to look for "comparables" that were far nicer homes in better neighborhoods—all in an effort to drive up the appraised value of the home they were mortgaging.

Last edited by ATG (2008-09-07 10:21:37)

SealXo
Member
+309|6506

jord wrote:

So wait, I should invest now?
no, you should have last week when it doubled.

ATG wrote:

Watch. This is going to be a 25 billion dollar bailout, but the stock market will reel tomorrow.
way more than that

Last edited by SealXo (2008-09-07 10:46:53)

PureFodder
Member
+225|6256

Dean Baker wrote:

After having debated the economists at Fannie and Freddie more than a dozen times over the past six years, I am going to take the opportunity to say that I was right and they are bankrupt.

Their economists consistently dismissed the possibility that there was a housing bubble and were enraged at the suggestion that these two corporate giants could face financial problems. Of course there was a housing bubble and it was inevitable that it would collapse and impose serious strains on Fannie and Freddie.

As I said back in September of 2002:

"If housing prices fall back in line with the overall rate price level, as they have always done in the past, it will eliminate more than $2 trillion in paper wealth and considerably worsen the recession. The collapse of the housing bubble will also jeopardize the survival of Fannie Mae and Freddie Mac and numerous other financial institutions."
They were told it was coming and were too dumb to do anything about it.

It's now time for those in charge to become poorer people.
God Save the Queen
Banned
+628|6314|tropical regions of london

usmarine wrote:

So its ALL the banks fault?

not that people should think ahead and not go for the easy money in order to buy a home.  i mean, god forbid we blame people and not whitey.
blame whitey
Kmar
Truth is my Bitch
+5,695|6571|132 and Bush

ATG wrote:

U.S. Mortgages to be Nationalized For Now
..no
Xbone Stormsurgezz
Reciprocity
Member
+721|6551|the dank(super) side of Oregon
time to deputize all those real estate agents.
Kmar
Truth is my Bitch
+5,695|6571|132 and Bush

Fannie Mae=Federal National Mortgage Association
Freddie Mac=Federal Home Loan Mortgage Corporation

ATG wrote:

They announced this on a weekend to help prevent a massive panic on Wall  Street.
Their stock went worthless long long ago. Anybody who follows the economic news beyond the headlines knew this was coming.. especially the investors.
Xbone Stormsurgezz
usmarine
Banned
+2,785|6732

jsnipy wrote:

usmarine wrote:

So its ALL the banks fault?

not that people should think ahead and not go for the easy money in order to buy a home.  i mean, god forbid we blame people and not whitey.
You know better, self accountability died in this country years ago.
true
Kmar
Truth is my Bitch
+5,695|6571|132 and Bush

And a market bailout ensures that the lesson is not learned.
Xbone Stormsurgezz

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