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2008-12-29 12:43:46
Pug
UR father's brother's nephew's former roommate
+652|6540|Texas - Bigger than France

Lotta_Drool wrote:

Pug wrote:

Lotta_Drool wrote:

Very good point, the bank bought all these houses and it is their fault any way you look at it.  Why would the banks care though because Corporations don't need shelter for a family and the government bails them out.  Hell, they only could make money on the deal, our debt is their wealth.
I don't agree with this statement.

You could of rented.
Yes, my choices were to rent my whole life or buy an over priced house.  I choose to cut spending on other things so my family wasn't raised in an apartment.

What was over priced in 1970 is a deal today though.  Just like $4.00 gas last summer will probably be a bargin this summer or the next.
Then just keep cutting spending.  There is no problem with living in an apartment btw.

Also keep in mind that it's a great time to get a job if you have a job already - whenever a company cuts staff, they'll usually hire a couple back from other sources.  If you can skip over to a higher paying job while this is happening.  An employer's going to think better of hiring someone who's currently got a job then someone who's been laid off.  Of course, this is only great if you haven't been with the current company for more than five years...
2008-12-29 12:44:54
usmarine
Banned
+2,785|6760

Lotta_Drool wrote:

You should rent or something and raise your family with the mexicans learning spanish in the public school system.
lol
2008-12-29 12:48:41
Pug
UR father's brother's nephew's former roommate
+652|6540|Texas - Bigger than France

Lotta_Drool wrote:

usmarine wrote:

Lotta_Drool wrote:

it was a fucking roof over my families head in a world where the cost of the fucking roof had been going up my entire life.

I hope your perfect world stays perfect and isn't fucked up by a depression brought on by my irresponsibility.


WHY DID YOU BUY GASOLINE AT $4.00 A GALLON?
townhome?  condo?  apartment?  rent a house since it was over priced?  i duuno, tons of options rather then taking something you know is fucked up.
Do you have a house?  They were all over priced in 2004 when I got mine.

You should rent or something and raise your family with the mexicans learning spanish in the public school system.
Realistically, this is the exact problem illustrated.

Credit overrun due to unrealistic budgeting.
2008-12-29 13:16:38
Freke1
I play at night... mostly
+47|6545|the best galaxy
I think 3 things are worth mentioning:
1. Nobody saw it comming.
2. It reinforces itself. This is very unfortunate.
3. It is not the first or the last crysis. Good times/bad times will come back.
https://bf3s.com/sigs/7d11696e2ffd4edeff06466095e98b0fab37462c.png
2008-12-29 15:15:23
ATG
Banned
+5,233|6527|Global Command
Funny how those defending the crooks writing loans and the sleezy banks all seem to be in the industry, or renters. Or stupid.
2008-12-29 15:16:22
usmarine
Banned
+2,785|6760

ATG wrote:

Funny how those defending the crooks writing loans and the sleezy banks all seem to be in the industry, or renters. Or stupid.
who is defending them?

Last edited by usmarine (2008-12-29 15:16:49)

2008-12-29 16:19:01
bad-man
now say you sorry
+34|5846|one windy city

LividBovine wrote:

I am sick and tired of people blaming everything but themselves for anything that goes wrong with something they have absolute control over if they choose to use it.
abso-fucking-lutely !!!
2008-12-29 16:20:02
ghettoperson
Member
+1,943|6648

usmarine wrote:

ATG wrote:

Funny how those defending the crooks writing loans and the sleezy banks all seem to be in the industry, or renters. Or stupid.
who is defending them?
Liberals.
2008-12-29 16:40:14
Dilbert_X
The X stands for
+1,810|6104|eXtreme to the maX

Freke wrote:

I think 3 things are worth mentioning:
1. Nobody saw it comming.
2. It reinforces itself. This is very unfortunate.
3. It is not the first or the last crysis. Good times/bad times will come back.
1. A lot of people saw it coming, we made a pile of cash (I could retire now) selling our house at the peak.
2. Kind of.
3. Eventually, in the meantime the smart ones are profiting out of the situation (money doesn't just disappear, it moves around). When the good times come back the rich will be even richer and the poor will still be working.
Русский военный корабль, иди на хуй!
2008-12-29 17:00:41
Lotta_Drool
Spit
+350|6181|Ireland

Pug wrote:

Lotta_Drool wrote:

usmarine wrote:


townhome?  condo?  apartment?  rent a house since it was over priced?  i duuno, tons of options rather then taking something you know is fucked up.
Do you have a house?  They were all over priced in 2004 when I got mine.

You should rent or something and raise your family with the mexicans learning spanish in the public school system.
Realistically, this is the exact problem illustrated.

Credit overrun due to unrealistic budgeting.
What does this illistrate?  I can afford my home fine and have no problems other than if I lose my job I won't be able to replace it due to the banks fucking up the economy.  In this case, yes if I lose my job I will most likely lose my house.  Now go fuck yourself.
2008-12-29 18:13:11
TrollmeaT
Aspiring Objectivist
+492|6671|Colorado
Bail outs are not the answer, last I checked we were capitalists, unfortunately everyone has forgotten what that means. So we go on "fixing" problems with more problems. If it wasn't so sad I'd be laughing.
The latest I hear is that UAW won't let the workers take a pay cut, good I hope they all close down then because $40 an hour for assembly line work is fucking ridiculous. Why are we suddenly teaching people that if they fail the government will come to the rescue with our money.
Mean while the government looks as if it wants to get in every business it can, this sounds very familiar.

Last edited by TrollmeaT (2008-12-29 18:14:15)

2008-12-29 19:33:47
blademaster
I'm moving to Brazil
+2,075|6644

usmarine wrote:

sergeriver wrote:

usmarine wrote:

people took on stupid loans.  thats what ya get.
Banks gave stupid loans.  That's what you get.
people dont have to take what banks give them.  nobody is forced to buy a house.
u both have a point but banks shouldnt give money to people if their credit sucks ars....

Last edited by blademaster (2008-12-29 19:40:13)

2008-12-29 19:37:08
AussieReaper
( ͡° ͜ʖ ͡°)
+5,761|6151|what

blademaster wrote:

u both have a point but banks shouldnt give money to the people if their credit sucks ars....
And then move all the risk to the business investors.
https://i.imgur.com/maVpUMN.png
2008-12-29 19:41:37
blademaster
I'm moving to Brazil
+2,075|6644

TheAussieReaper wrote:

blademaster wrote:

u both have a point but banks shouldnt give money to the people if their credit sucks ars....
And then move all the risk to the business investors.
sure why not let them sort it out!!!!
2008-12-29 19:46:23
ATG
Banned
+5,233|6527|Global Command

blademaster wrote:

sure why not let them sort it out!!!!
Because look at what they do when given free rein.
2008-12-30 06:18:50
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6694|NJ
remember it's not just the banks who were being predators, it's also the counties who swooped in and got there piece of the pie.. I write loans(only had two foreclosures) and one thing I've never thought of while writing the loans was the taxes doubling when the country government swooped in and reassessed homes.. Now in the economic crisis that we're in that is making it harder for people to qualify for loans(not enough room in equity if any) or even to buy homes..

Americans are not cash rich, we've been living off credit for the longest time(8 years) because our economy hasn't been strong in a long time.
2008-12-30 07:09:55
Pug
UR father's brother's nephew's former roommate
+652|6540|Texas - Bigger than France

Lotta_Drool wrote:

Pug wrote:

Lotta_Drool wrote:


Do you have a house?  They were all over priced in 2004 when I got mine.

You should rent or something and raise your family with the mexicans learning spanish in the public school system.
Realistically, this is the exact problem illustrated.

Credit overrun due to unrealistic budgeting.
What does this illistrate?  I can afford my home fine and have no problems other than if I lose my job I won't be able to replace it due to the banks fucking up the economy.  In this case, yes if I lose my job I will most likely lose my house.  Now go fuck yourself.
Why do people fail to pay their mortgages?  Because they have too many expenses and living on credit.  You've made a few comments that have to do more with the stigma surrounding certain financial decisions rather than a budget-friendly choice.  If you and many others are making the same decisions...based on stigma rather than whether people can afford their lifestyle...is that the bank fucking up the economy?

Sure there's plenty of people who have defaulted because of a lost job...but how much is because people are employed but are unwilling to sacrifice luxury items to afford the fucked up loan they willingly signed?
2008-12-30 07:12:00
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6694|NJ
Pug right now? with the slump in the speding during holiday times, I'm going to say not that many..
2008-12-30 12:15:51
Lotta_Drool
Spit
+350|6181|Ireland

Pug wrote:

Lotta_Drool wrote:

Pug wrote:


Realistically, this is the exact problem illustrated.

Credit overrun due to unrealistic budgeting.
What does this illistrate?  I can afford my home fine and have no problems other than if I lose my job I won't be able to replace it due to the banks fucking up the economy.  In this case, yes if I lose my job I will most likely lose my house.  Now go fuck yourself.
Why do people fail to pay their mortgages?  Because they have too many expenses and living on credit.  You've made a few comments that have to do more with the stigma surrounding certain financial decisions rather than a budget-friendly choice.  If you and many others are making the same decisions...based on stigma rather than whether people can afford their lifestyle...is that the bank fucking up the economy?

Sure there's plenty of people who have defaulted because of a lost job...but how much is because people are employed but are unwilling to sacrifice luxury items to afford the fucked up loan they willingly signed?
The banks create the MONEY and DEBT used to buy these houses.  How the fuck can it not be their fault if they are doing so irresponsibly.  Many people got fuck filthy rich flipping houses and the banks backed them.  These same people couldn't give a rats ass if after 20 years of flipping houses they got caught with 3 or 4 Mortgages they will default on and still be rich.

The Banks allowed this behavior, they drove this behavior, they profitted from this behavior, and they are being rewarded with bailouts.

The real victims are the families who bought a house for twice it was worth, worked their asses off for 3 years spending every dime to make payments to the banks, and then lost their house or job or both due to the financial wreck the banks created by preditory lending and house flipping.
2008-12-30 12:43:52
Pug
UR father's brother's nephew's former roommate
+652|6540|Texas - Bigger than France

Lotta_Drool wrote:

The banks create the MONEY and DEBT used to buy these houses.  How the fuck can it not be their fault if they are doing so irresponsibly.  Many people got fuck filthy rich flipping houses and the banks backed them.  These same people couldn't give a rats ass if after 20 years of flipping houses they got caught with 3 or 4 Mortgages they will default on and still be rich.

The Banks allowed this behavior, they drove this behavior, they profitted from this behavior, and they are being rewarded with bailouts.

The real victims are the families who bought a house for twice it was worth, worked their asses off for 3 years spending every dime to make payments to the banks, and then lost their house or job or both due to the financial wreck the banks created by preditory lending and house flipping.
I see what you're saying, but at the same point they are responsible for signing up for a financial commitment they can't serve.  No one forced them to sign the papers.

Look at this way - there's plenty of these poor folks who willingly put no money down and purchased a house two or three times more than they could afford.  So in a sense, they "rented" for a little while.

At no point do I completely dismiss your argument, but I hold the homeowner responsible as well.  I also believe people WANTED these crappy loans.

Acting like that magically these lending vehicles arrived overnight is wrong.  The consumer wanted it.  It gets granted.  Blaming the banks & the government is easier than blaming ourselves.  Predatory?  If it's called that because some poor guy can service a mortgage he can't afford, a mortgage he willingly signed, then how exactly was it created?  Its created because the consumer wanted it.

And the government and the banks allowed it to happen - to make people happy.
2008-12-30 13:19:00
ATG
Banned
+5,233|6527|Global Command

Pug wrote:

Lotta_Drool wrote:

The banks create the MONEY and DEBT used to buy these houses.  How the fuck can it not be their fault if they are doing so irresponsibly.  Many people got fuck filthy rich flipping houses and the banks backed them.  These same people couldn't give a rats ass if after 20 years of flipping houses they got caught with 3 or 4 Mortgages they will default on and still be rich.

The Banks allowed this behavior, they drove this behavior, they profitted from this behavior, and they are being rewarded with bailouts.

The real victims are the families who bought a house for twice it was worth, worked their asses off for 3 years spending every dime to make payments to the banks, and then lost their house or job or both due to the financial wreck the banks created by preditory lending and house flipping.
I see what you're saying, but at the same point they are responsible for signing up for a financial commitment they can't serve.  No one forced them to sign the papers.

Look at this way - there's plenty of these poor folks who willingly put no money down and purchased a house two or three times more than they could afford.  So in a sense, they "rented" for a little while.

At no point do I completely dismiss your argument, but I hold the homeowner responsible as well.  I also believe people WANTED these crappy loans.

Acting like that magically these lending vehicles arrived overnight is wrong.  The consumer wanted it.  It gets granted.  Blaming the banks & the government is easier than blaming ourselves.  Predatory?  If it's called that because some poor guy can service a mortgage he can't afford, a mortgage he willingly signed, then how exactly was it created?  Its created because the consumer wanted it.

And the government and the banks allowed it to happen - to make people happy.
You are ill-informed. The government wanted the banks to create a new set of guidelines to write loans to poor people and minorities. They did that with little oversight or protection. Loan agents make thousands for writting a loan, the " closing costs ". That created a easy path to the loan writters to make large sums of money, as many more qualified for loans under the governments urging. Greed being what it is, there were many companies caring only about the short term profit with no moral qualms about screwing people, or writting farcical loans.
2008-12-30 13:37:54
Lotta_Drool
Spit
+350|6181|Ireland

ATG wrote:

Pug wrote:

Lotta_Drool wrote:

The banks create the MONEY and DEBT used to buy these houses.  How the fuck can it not be their fault if they are doing so irresponsibly.  Many people got fuck filthy rich flipping houses and the banks backed them.  These same people couldn't give a rats ass if after 20 years of flipping houses they got caught with 3 or 4 Mortgages they will default on and still be rich.

The Banks allowed this behavior, they drove this behavior, they profitted from this behavior, and they are being rewarded with bailouts.

The real victims are the families who bought a house for twice it was worth, worked their asses off for 3 years spending every dime to make payments to the banks, and then lost their house or job or both due to the financial wreck the banks created by preditory lending and house flipping.
I see what you're saying, but at the same point they are responsible for signing up for a financial commitment they can't serve.  No one forced them to sign the papers.

Look at this way - there's plenty of these poor folks who willingly put no money down and purchased a house two or three times more than they could afford.  So in a sense, they "rented" for a little while.

At no point do I completely dismiss your argument, but I hold the homeowner responsible as well.  I also believe people WANTED these crappy loans.

Acting like that magically these lending vehicles arrived overnight is wrong.  The consumer wanted it.  It gets granted.  Blaming the banks & the government is easier than blaming ourselves.  Predatory?  If it's called that because some poor guy can service a mortgage he can't afford, a mortgage he willingly signed, then how exactly was it created?  Its created because the consumer wanted it.

And the government and the banks allowed it to happen - to make people happy.
You are ill-informed. The government wanted the banks to create a new set of guidelines to write loans to poor people and minorities. They did that with little oversight or protection. Loan agents make thousands for writting a loan, the " closing costs ". That created a easy path to the loan writters to make large sums of money, as many more qualified for loans under the governments urging. Greed being what it is, there were many companies caring only about the short term profit with no moral qualms about screwing people, or writting farcical loans.
Pug I see what you are saying, but the banks made money hand over fist off those people that couldn't afford the loans granted too them.  House values have been rising since the '80s and the banks flipped those loans for profits when people defaulted.  It wasn't until the banks couldn't flip those houses for a profit that their was SUDDENLY A PROBLEM even though the banks had been giving bad loans and preying on those people for years.  The banks have all along been giving loans to people knowing they would foreclose on them in a few years because it was a bad loan.  Two income families with a house payment that is 50% of their income???  They would gleefully collect hundreds in interest from them for years watching them struggle only till one of them lost their job and they could take the house, charge them penalties on the resale, and leave them with nothing.

The monetary system is the most evil corrupt thing ever created.  The people who work and create the wealth get nothing while the banks get everything.  The rich get richer.  Fuck the banks, the system, to hell with them all.
2008-12-30 13:39:47
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6694|NJ
Well the high risk loans would still be working if prices were still going up and we had an economic base to support it.. We've been living on Bubbles since the mid 90's it's just when this one popped it was a lot more damaging then the IT bubble..

Everyone in the know, knew what was going on. Everyone including those who "were being taken advantage of" were actually making money. ATG did you buy your house 2 years ago?
2008-12-30 13:47:30
Lotta_Drool
Spit
+350|6181|Ireland

cpt.fass1 wrote:

Well the high risk loans would still be working if prices were still going up and we had an economic base to support it.. We've been living on Bubbles since the mid 90's it's just when this one popped it was a lot more damaging then the IT bubble..

Everyone in the know, knew what was going on. Everyone including those who "were being taken advantage of" were actually making money. ATG did you buy your house 2 years ago?
good point.  I knew it was happening and told my wife this would happen due to the unsecure debt load with credit and inflated house prices.  We held off on get a house for 4 years because I kept saying there was going to be a depression.  I had been expecting this 10 years before it happened.  After 9-11 with the economic recovery I said " fuck it ".  Oregon was looking to be like California and prices kept going up so I finally told my wife it was now or never, the world was becoming have and have nots and so we would never be able to own a home because the market was becoming like California.  So we bought a place 4 years before the crash.  Talk about timing.  If I would have got a place 8 years back I would have saved about $30K.
2008-12-30 15:11:25
ATG
Banned
+5,233|6527|Global Command
I bought August 2006, six months before the crash.

 

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