To get your bonus once you sell the mortgage to some other poor bastard.Hurricane2k9 wrote:
But why give out a loan that people can't pay back?Macbeth wrote:
Honestly I don't have any ill will towards the bankers who sold people all sorts of dubious loans. I really blame the people who were too fucking stupid to realize they couldn't make payments on the mortgages they were taking out or the people who just generally just living beyond their means.Hurricane2k9 wrote:
Yes the almighty bankers have the country's best interests in mind the crisis was ALL the government's fault because of things like the Community Reinvestment Act and the bad practices of various banks had nothing to do with it
FFS I knew when I was 12 that you shouldn't take out a variable rate mortgage, how anyone could feel sympathy for such idiots is beyond me.
Because if they foreclose on the home, the bank gets the house. Odds are, even with a devaluation from a lot of foreclosures, they'll still make money in the long run because people made a down payment plus mortgage payments. If a person made payments for 2 years on a $300,000 mortgage and put down $30k at the start, the bank received $69k in payments before the house went into default. As long as the house didn't go below $250k in that time, the bank breaks even at the very least.Hurricane2k9 wrote:
But why give out a loan that people can't pay back?Macbeth wrote:
Honestly I don't have any ill will towards the bankers who sold people all sorts of dubious loans. I really blame the people who were too fucking stupid to realize they couldn't make payments on the mortgages they were taking out or the people who just generally just living beyond their means.Hurricane2k9 wrote:
Yes the almighty bankers have the country's best interests in mind the crisis was ALL the government's fault because of things like the Community Reinvestment Act and the bad practices of various banks had nothing to do with it
FFS I knew when I was 12 that you shouldn't take out a variable rate mortgage, how anyone could feel sympathy for such idiots is beyond me.
Last edited by JohnG@lt (2010-02-02 17:48:20)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Yeah, this too. They were packaging up mortgages into securities, parceling them up and selling them to investors. Investors were buying pieces of mortgages. More sales = bigger bonuses. Did they have a moral job to tell the investors the risks of what they were buying? Not really, it's on the investor to investigate it himself.Macbeth wrote:
To get your bonus once you sell the mortgage to some other poor bastard.Hurricane2k9 wrote:
But why give out a loan that people can't pay back?Macbeth wrote:
Honestly I don't have any ill will towards the bankers who sold people all sorts of dubious loans. I really blame the people who were too fucking stupid to realize they couldn't make payments on the mortgages they were taking out or the people who just generally just living beyond their means.
FFS I knew when I was 12 that you shouldn't take out a variable rate mortgage, how anyone could feel sympathy for such idiots is beyond me.
Last edited by JohnG@lt (2010-02-02 17:41:44)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
True, but didn't this plan kinda backfire?JohnG@lt wrote:
Because if they foreclose on the home, the bank gets the house. Odds are, even with a devaluation from a lot of foreclosures, they'll still make money in the long run because people made a down payment plus mortgage payments. If a person made payments for 2 years on a $300,000 mortgage and put down $30k at the start, the bank received $50k in payments before the house went into default. As long as the house didn't go below $250k in that time, the bank breaks even at the very least.Hurricane2k9 wrote:
But why give out a loan that people can't pay back?Macbeth wrote:
Honestly I don't have any ill will towards the bankers who sold people all sorts of dubious loans. I really blame the people who were too fucking stupid to realize they couldn't make payments on the mortgages they were taking out or the people who just generally just living beyond their means.
FFS I knew when I was 12 that you shouldn't take out a variable rate mortgage, how anyone could feel sympathy for such idiots is beyond me.
Yeah, in some places homes have lost half their value. That bank I described is now holding the bag on a $100k loss if the home value halved.Hurricane2k9 wrote:
True, but didn't this plan kinda backfire?JohnG@lt wrote:
Because if they foreclose on the home, the bank gets the house. Odds are, even with a devaluation from a lot of foreclosures, they'll still make money in the long run because people made a down payment plus mortgage payments. If a person made payments for 2 years on a $300,000 mortgage and put down $30k at the start, the bank received $50k in payments before the house went into default. As long as the house didn't go below $250k in that time, the bank breaks even at the very least.Hurricane2k9 wrote:
But why give out a loan that people can't pay back?
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
100K and mounting since they have to pay property taxes on it.JohnG@lt wrote:
Yeah, in some places homes have lost half their value. That bank I described is now holding the bag on a $100k loss if the home value halved.Hurricane2k9 wrote:
True, but didn't this plan kinda backfire?JohnG@lt wrote:
Because if they foreclose on the home, the bank gets the house. Odds are, even with a devaluation from a lot of foreclosures, they'll still make money in the long run because people made a down payment plus mortgage payments. If a person made payments for 2 years on a $300,000 mortgage and put down $30k at the start, the bank received $50k in payments before the house went into default. As long as the house didn't go below $250k in that time, the bank breaks even at the very least.
Oops. But shouldn't these guys have seen it coming? I mean, the value of homes couldn't have kept on going up and up and up forever.JohnG@lt wrote:
Yeah, in some places homes have lost half their value. That bank I described is now holding the bag on a $100k loss if the home value halved.Hurricane2k9 wrote:
True, but didn't this plan kinda backfire?JohnG@lt wrote:
Because if they foreclose on the home, the bank gets the house. Odds are, even with a devaluation from a lot of foreclosures, they'll still make money in the long run because people made a down payment plus mortgage payments. If a person made payments for 2 years on a $300,000 mortgage and put down $30k at the start, the bank received $50k in payments before the house went into default. As long as the house didn't go below $250k in that time, the bank breaks even at the very least.
Everyone wants to squeeze every last bit of profit out of a bubble before it pops. Nothing you can really do about that.Hurricane2k9 wrote:
Oops. But shouldn't these guys have seen it coming? I mean, the value of homes couldn't have kept on going up and up and up forever.JohnG@lt wrote:
Yeah, in some places homes have lost half their value. That bank I described is now holding the bag on a $100k loss if the home value halved.Hurricane2k9 wrote:
True, but didn't this plan kinda backfire?
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
well not worth the money if u got money to back it up also a lot of people go into careers just for the money, since they dont only have to support themselves but their entire family including other relatives so some people look at it differently.... then when they acquire good amount of money they may do something they like...Poseidon wrote:
I spent a good portion of my childhood being rich. From about the age I was 7 when my Dad's business skyrocketed to 14 when I moved back to live with my mom. It's not fulfilling.JohnG@lt wrote:
I guess making money isn't high on your list of post-grad things to doPoseidon wrote:
And that's why I'm going to Pace With a $68,000 scholarship nonetheless! And since with the divorce agreement with my mother, my father has to pay up to the cost of a state school per year (about $20k), I'm actually looking at having to pay less than the cost of going somewhere like Stony Brook. I live in Stony Brook as I've probably mentioned to you before, so I'd prefer to branch out somewhere else. I love this town, but I need to get away - hence Pace.
My current backup majors are Film Studies, Journalism (always wanted to be a game reviewer, anyone who went to Trackr would've known that), and Communication Studies.
I love to act like an ass here but I really do have quite a serious tone when it comes to my education.
I want something that gives me a guiding in life and not just a steady paycheck. I see teachers who say how they hate their job to death and honestly... I just don't fucking get it. How can you spend 40 fucking years in a career that you HATE? Sure, every job has it's ups and downs... but when it's a near constant down, it's just not worth the money anymore. I'd rather spend a few years in a down looking for a job I love than spend 40 years in a medium down earning a constant paycheck.
Bankers don't have 'half a brain'?JohnG@lt wrote:
Yeah, I'm with you on this. No one put a gun to their head and told them they had to sign off on the mortgage. Anyone with half a brain knew that the price of houses was way out of line with reality. Hell, I told my mom to sell her home two years ago when it was near the peak but she chickened out.Macbeth wrote:
Honestly I don't have any ill will towards the bankers who sold people all sorts of dubious loans. I really blame the people who were too fucking stupid to realize they couldn't make payments on the mortgages they were taking out or the people who just generally just living beyond their means.Hurricane2k9 wrote:
Yes the almighty bankers have the country's best interests in mind the crisis was ALL the government's fault because of things like the Community Reinvestment Act and the bad practices of various banks had nothing to do with it
FFS I knew when I was 12 that you shouldn't take out a variable rate mortgage, how anyone could feel sympathy for such idiots is beyond me.
The bankers were the stupid ones making loans they knew were highly risky, they were the ones with all the risk from the beginning and they knew it. Just because things go bad you can't then blame the people you knew weren't going to pay back the loans for defaulting. 100% the bankers decision, and 100% the bankers fault.
How is it 100% the bankers fault? Are people forced to take out loans?DrunkFace wrote:
Bankers don't have 'half a brain'?JohnG@lt wrote:
Yeah, I'm with you on this. No one put a gun to their head and told them they had to sign off on the mortgage. Anyone with half a brain knew that the price of houses was way out of line with reality. Hell, I told my mom to sell her home two years ago when it was near the peak but she chickened out.Macbeth wrote:
Honestly I don't have any ill will towards the bankers who sold people all sorts of dubious loans. I really blame the people who were too fucking stupid to realize they couldn't make payments on the mortgages they were taking out or the people who just generally just living beyond their means.
FFS I knew when I was 12 that you shouldn't take out a variable rate mortgage, how anyone could feel sympathy for such idiots is beyond me.
The bankers were the stupid ones making loans they knew were highly risky, they were the ones with all the risk from the beginning and they knew it. Just because things go bad you can't then blame the people you knew weren't going to pay back the loans for defaulting. 100% the bankers decision, and 100% the bankers fault.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
banker had welfare to rely on
Tu Stultus Es
Are bankers forced to give out loans?JohnG@lt wrote:
How is it 100% the bankers fault? Are people forced to take out loans?DrunkFace wrote:
Bankers don't have 'half a brain'?JohnG@lt wrote:
Yeah, I'm with you on this. No one put a gun to their head and told them they had to sign off on the mortgage. Anyone with half a brain knew that the price of houses was way out of line with reality. Hell, I told my mom to sell her home two years ago when it was near the peak but she chickened out.
The bankers were the stupid ones making loans they knew were highly risky, they were the ones with all the risk from the beginning and they knew it. Just because things go bad you can't then blame the people you knew weren't going to pay back the loans for defaulting. 100% the bankers decision, and 100% the bankers fault.
They are the ones with the money, they are the ones taking all the risks and they are the ones who are going to make all the profits. They got greedy by loaning to known risking individuals and paid the price. There is no one else to blame.
I'm glad you're over there on the other side of the Pacific. I won't have to cancel out your ignorant vote in future electionsDrunkFace wrote:
Are bankers forced to give out loans?JohnG@lt wrote:
How is it 100% the bankers fault? Are people forced to take out loans?DrunkFace wrote:
Bankers don't have 'half a brain'?
The bankers were the stupid ones making loans they knew were highly risky, they were the ones with all the risk from the beginning and they knew it. Just because things go bad you can't then blame the people you knew weren't going to pay back the loans for defaulting. 100% the bankers decision, and 100% the bankers fault.
They are the ones with the money, they are the ones taking all the risks and they are the ones who are going to make all the profits. They got greedy by loaning to known risking individuals and paid the price. There is no one else to blame.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
So when you purchase shares in a known failing company and then it goes bankrupt and you get nothing back its the companies fault you lost your money?JohnG@lt wrote:
I'm glad you're over there on the other side of the Pacific. I won't have to cancel out your ignorant vote in future electionsDrunkFace wrote:
Are bankers forced to give out loans?JohnG@lt wrote:
How is it 100% the bankers fault? Are people forced to take out loans?
They are the ones with the money, they are the ones taking all the risks and they are the ones who are going to make all the profits. They got greedy by loaning to known risking individuals and paid the price. There is no one else to blame.
Yep, sounds like you're so enlightened.
Last edited by DrunkFace (2010-02-02 21:22:11)
...as an accountant working in Toronto. It's not exactly a lofty goal, but it is something I've been working towards for a while now.
An athletic shoes salesman/nuclear technician.
Make X-meds a full member, for the sake of 15 year old anal gangbang porn watchers everywhere!
Ten years older.Where do you see yourself in ten years?
I hope you didn't take me seriously, JohnG@lt.
Kids are time-consuming and require effort to raise. Other might not derive as much utility from nurturing offspring as you seemingly would.
Hmm...suprising.Poseidon wrote:
HAH.JohnG@lt wrote:
God I hope not. Not only are you unable to get your points across coherently, like 99% of Ivy Leaguers you display the social skills of a gnat. Stick to your insulated social circle that requires a special tie to gain entrance and leave the rest of us common folk alone. I'll never understand what it is about people that go to Yale and Harvard that gives them such a naked sense of elitism. It's a goddamn overpriced school, idiot, nothing more.nukchebi0 wrote:
A published author, rich, and in a position of power.
As for myself, all I know is I wanna do something pertaining to law/law enforcement... could be a cop for a little while, I might try for law school, who knows.
The only thing I'm quite positive I'll be by 28 is married or living with someone. And if that occurs earlier, I'll most likely already have a kid. For some reason part of me doesn't understand how someone wouldn't want a kid.
Kids are time-consuming and require effort to raise. Other might not derive as much utility from nurturing offspring as you seemingly would.
Retired from my first career, well-entrenched in my second.
Pushing fifty. With a teenage daughter. Cleaning my gun.
Pushing fifty. With a teenage daughter. Cleaning my gun.
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
Good plan.FEOS wrote:
Retired from my first career, well-entrenched in my second.
Pushing fifty. With a teenage daughter. Cleaning my gun.
BTW Its 'guns'
Last edited by Dilbert_X (2010-02-03 04:00:58)
Fuck Israel
No. I just need to clean the one.Dilbert_X wrote:
Good plan.FEOS wrote:
Retired from my first career, well-entrenched in my second.
Pushing fifty. With a teenage daughter. Cleaning my gun.
BTW Its 'guns'
Last edited by FEOS (2010-02-03 04:04:16)
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
In my dreams going on a trip around the world.
In reality, still working every day of the week with no vacation time. Hopefully birth control will not fail me or in addition i'll also be raising a couple of snotty brats
In reality, still working every day of the week with no vacation time. Hopefully birth control will not fail me or in addition i'll also be raising a couple of snotty brats
DO ITS FAGGIT.FEOS wrote:
Retired from my first career, well-entrenched in my second.
Pushing fifty. With a teenage daughter. Cleaning my gun.
And this thread has turned into a banking thread lol...
Well shit pretty much everything good in life requires some effort. You don't want to continue the Nukchebi line?nukchebi0 wrote:
Kids are time-consuming and require effort to raise. Other might not derive as much utility from nurturing offspring as you seemingly would.