Idiot Homeowners to blame?

2009-07-08 19:47:59

#1

ATG: Banned; +5,233|6819|Global Command

Or the source of the entire mortgage mess?

Criminals. Crooks in suits.
Goddamn them all to hell.

http://www.reuters.com/article/bondsNew … 3920090707

2009-07-08 19:49:42

#2

S3v3N: lolwut?; +685|6808|Montucky

yes goddamn them all to hell.

2009-07-08 19:50:08

#3

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6443|what

Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.

2009-07-08 19:54:39

#4

LividBovine: The Year of the Cow!; +175|6669|MN

AussieReaper wrote:
Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.

Only 'cause the government let them!

"The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation" - Barack Obama (a freshman senator from Illinios)

2009-07-08 19:55:56

#5

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6443|what

LividBovine wrote:
AussieReaper wrote:
Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.
Only 'cause the government let them!

Cause of deregulation.

2009-07-08 20:00:39

#6

ATG: Banned; +5,233|6819|Global Command

A good friend is down three months. They will accept nothing but payment in full and if he sends one months mortgage they say they will send it back.

I don't understand how the fed flooding banks with cash does anything for anybody atm, except for the crooks in the suits.

And yes, there are some asshole homeowners lettings houses fold too.

It all just stinks.

2009-07-08 20:02:43

#7

LividBovine: The Year of the Cow!; +175|6669|MN

AussieReaper wrote:
LividBovine wrote:
AussieReaper wrote:
Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.
Only 'cause the government let them!
Cause of deregulation.

And bailouts. Point was, originally, all the above are at fault. Remember?

"The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation" - Barack Obama (a freshman senator from Illinios)

2009-07-08 20:05:54

#8

13urnzz: Banned; +5,830|6787

got a letter in teh mail today. some new bureaucracy . . .
anyways, all my fuckin equity'z gone, douche's ringin teh phone of the hook about refinancin, and i'm alla sudden upside-fucking-down in ma mortgages. i'll do it if they swallow.

2009-07-09 00:12:06

#9

Varegg: Support fanatic :-); +2,206|7100|Nårvei

LividBovine wrote:
AussieReaper wrote:
Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.
Only 'cause the government let them!

So the government told banks to lend out more money to people that couldn't afford it?

Banks, financial advisors etc etc ... sold a product to their customers that they didn't need and eventually couldn't afford and why? ... and they did it because selling that product yielded the highest bonuses ...

Plain and simple fact is they tricked people into a deal they couldn't afford and of course the dream of having a larger house than necesary didn't make it any better ...

So a reluctant yes to the OP ... idiotic homeowners are partially to blame but they are only a small part of a bigger problem ...

Wait behind the line ..............................................................

2009-07-09 00:53:20

#10

Kmar: Truth is my Bitch; +5,695|6890|132 and Bush

There is no one source.

Xbone Stormsurgezz

2009-07-09 01:12:35

#11

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6443|what

LividBovine wrote:
AussieReaper wrote:
LividBovine wrote:

Only 'cause the government let them!
Cause of deregulation.
And bailouts. Point was, originally, all the above are at fault. Remember?

All the above did contribute, but who had the least bargaining power in all of this?

The home owners. And they are the ones who are continuing to suffer.

2009-07-09 01:23:19

#12

Kmar: Truth is my Bitch; +5,695|6890|132 and Bush

I'd say there is plenty in the industry that continues to suffer.

Xbone Stormsurgezz

2009-07-09 03:57:45

#13

FEOS: Bellicose Yankee Air Pirate; +1,182|6701|'Murka

Varegg wrote:
LividBovine wrote:
AussieReaper wrote:
Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.
Only 'cause the government let them!
So the government told banks to lend out more money to people that couldn't afford it?

Yes.

Varegg wrote:
Banks, financial advisors etc etc ... sold a product to their customers that they didn't need and eventually couldn't afford and why? ... and they did it because selling that product yielded the highest bonuses ...

Because 1) their customers were stupid/greedy/watched too many "get rich in real estate by flipping houses" shows; 2) banks were rated by the government based on how many mortgages they provided to low income individuals.

Varegg wrote:
Plain and simple fact is they tricked people into a deal they couldn't afford and of course the dream of having a larger house than necesary didn't make it any better ...

See above. Not always trickery. I'm sure there was some, but the majority were people just signing up for something without thinking it through...that's not being tricked. That's being short-sighted.

Varegg wrote:
So a reluctant yes to the OP ... idiotic homeowners are partially to blame but they are only a small part of a bigger problem ...

The bigger picture problem was the packaging of the high-risk mortgages into securities and using those to back other investments. If we had had one or the other, the economic mess would be much, much less than it is today.

“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

2009-07-09 04:01:36

#14

usmarine: Banned; +2,785|7051

Varegg wrote:
So the government told banks to lend out more money to people that couldn't afford it?

yes. minority votes ftw

2009-07-09 05:20:16

#15

Varegg: Support fanatic :-); +2,206|7100|Nårvei

usmarine wrote:
Varegg wrote:
So the government told banks to lend out more money to people that couldn't afford it?
yes. minority votes ftw

Bull crap ... the government isn't that stupid risking total financial collapse because of minority votes ...

Wait behind the line ..............................................................

2009-07-09 05:23:27

#16

usmarine: Banned; +2,785|7051

Varegg wrote:
usmarine wrote:
Varegg wrote:
So the government told banks to lend out more money to people that couldn't afford it?
yes. minority votes ftw
Bull crap ... the government isn't that stupid risking total financial collapse because of minority votes ...

you can say shit...its ok.

well its not just votes. its so their friends in the banks can get rich and they could get sweat loans.

2009-07-09 05:23:27

#17

Varegg: Support fanatic :-); +2,206|7100|Nårvei

FEOS wrote:
Varegg wrote:
LividBovine wrote:

Only 'cause the government let them!
So the government told banks to lend out more money to people that couldn't afford it?
Yes.

Varegg wrote:
Banks, financial advisors etc etc ... sold a product to their customers that they didn't need and eventually couldn't afford and why? ... and they did it because selling that product yielded the highest bonuses ...
Because 1) their customers were stupid/greedy/watched too many "get rich in real estate by flipping houses" shows; 2) banks were rated by the government based on how many mortgages they provided to low income individuals.

Varegg wrote:
Plain and simple fact is they tricked people into a deal they couldn't afford and of course the dream of having a larger house than necesary didn't make it any better ...
See above. Not always trickery. I'm sure there was some, but the majority were people just signing up for something without thinking it through...that's not being tricked. That's being short-sighted.

Varegg wrote:
So a reluctant yes to the OP ... idiotic homeowners are partially to blame but they are only a small part of a bigger problem ...
The bigger picture problem was the packaging of the high-risk mortgages into securities and using those to back other investments. If we had had one or the other, the economic mess would be much, much less than it is today.

True enough ... several factors played significant roles leading to this situation ... some more than others but one factor alone wouldn't have caused all this mess ... the greed we speak of here was as mentioned on both sides of the table and often at the same time ...

Wait behind the line ..............................................................

2009-07-09 05:26:01

#18

Varegg: Support fanatic :-); +2,206|7100|Nårvei

usmarine wrote:
Varegg wrote:
usmarine wrote:

yes. minority votes ftw
Bull crap ... the government isn't that stupid risking total financial collapse because of minority votes ...
you can say shit...its ok.

well its not just votes. its so their friends in the banks can get rich and they could get sweat loans.

Stimulating banks is important for the economy ... this time they just went to far not regulating a poorly designed system ...

Wait behind the line ..............................................................

2009-07-09 05:28:54

#19

Mekstizzle: WALKER; +3,611|6911|London, England

LividBovine wrote:
AussieReaper wrote:
Well I think it's the banks that are the most responsible. They knew the loans were risky, and they tried to get away with it by selling grouped loans to businesses as financial backed security. The home owners lose. The businesses lose. The banks keep on rolling.
Only 'cause the government let them!

Only 'cause God let them!

Ah, there we go, now it's nobody's fault but God's.

2009-07-09 05:39:31

#20

usmarine: Banned; +2,785|7051

Varegg wrote:
usmarine wrote:
Varegg wrote:

Bull crap ... the government isn't that stupid risking total financial collapse because of minority votes ...
you can say shit...its ok.

well its not just votes. its so their friends in the banks can get rich and they could get sweat loans.
Stimulating banks is important for the economy ... this time they just went to far not regulating a poorly designed system ...

it wasnt stimulating. it was giving poor (usually black people) houses for votes. plain and simple. sure there were other benefits for the rich people. i mean, all the mortgage people and real estate people made bank off this scam. but the root cause was some stupid social experiment.

2009-07-09 05:43:05

#21

Varegg: Support fanatic :-); +2,206|7100|Nårvei

usmarine wrote:
Varegg wrote:
usmarine wrote:

you can say shit...its ok.

well its not just votes. its so their friends in the banks can get rich and they could get sweat loans.
Stimulating banks is important for the economy ... this time they just went to far not regulating a poorly designed system ...
it wasnt stimulating. it was giving poor (usually black people) houses for votes. plain and simple. sure there were other benefits for the rich people. i mean, all the mortgage people and real estate people made bank off this scam. but the root cause was some stupid social experiment.

An American friend of mine living in Norway compared the mortgage crisis with a deepthroat BJ gone wrong ... he wanted it deeper and she gagged totally loosing interest in finishing the job ...

Wait behind the line ..............................................................

2009-07-09 06:19:20

#22

Bertster7: Confused Pothead; +1,101|6871|SE London

FEOS wrote:
Varegg wrote:
Plain and simple fact is they tricked people into a deal they couldn't afford and of course the dream of having a larger house than necesary didn't make it any better ...
See above. Not always trickery. I'm sure there was some, but the majority were people just signing up for something without thinking it through...that's not being tricked. That's being short-sighted.

Isn't taking advantage of peoples short-shightedness tricking them?

2009-07-09 06:43:52

#23

Locoloki: I got Mug 222 at Gritty's!!!!; +216|6930|Your moms bedroom

I dont blame Homeowners in the traditional sense, I blame "homeowners" who are the prospectors and houseflippers. They are the ones who were buying houses out of control, re-selling them for 20K more than they bought, and buying more houses to do the same with. They shouldve made that shit fucking illegal or put a cap on how much the value of a home, (not property) can increase in one year. By doing this they increased the value of houses that nothing had been done to and overinflated the market with houses that were being sold for 20-30k more than they were worth. I dont mind if your buying land, putting up a house and selling it if you have a buyer. I do have a problem with you buying land, building a shit ton of houses, and hoping someone buys it. The funny thing now is that, yeah, at the time you were making a killing off it, now your probably claiming chapter 5 and getting handouts from the government. The houses you built/fixed are sitting vacant, and you probably can't find another job because right now no-one wants to spend the money to take risks on new jobs/products/facilities/new builds when they are losing in the stock markets.

These scams are considered mortgage/real-estate fraud

a good read, especially since it covers the wide range of scams that people have been employing, I wouldnt consider this the root of the problem because we are seeing crashes in every state from Maine to California.

Last edited by Locoloki (2009-07-09 06:59:47)

2009-07-09 07:17:38

#24

Agent_Dung_Bomb: Member; +302|7026|Salt Lake City

usmarine wrote:
Varegg wrote:
usmarine wrote:
you can say shit...its ok.

well its not just votes. its so their friends in the banks can get rich and they could get sweat loans.
Stimulating banks is important for the economy ... this time they just went to far not regulating a poorly designed system ...
it wasnt stimulating. it was giving poor (usually black people) houses for votes. plain and simple. sure there were other benefits for the rich people. i mean, all the mortgage people and real estate people made bank off this scam. but the root cause was some stupid social experiment.

Wrong again. The numbers have already been hashed out. Those banks that followed the guidelines for low income housing loans, that kept those loans within the community and followed the guidelines for lending did not have significant foreclosure issues. This issue came as a result of people buying homes on ARMs and hoping to get some equity in the house (with massive year over year home price increases) so they could refinance with lower fixed rates. It was the result of prospectors buying up homes in droves to flip them on the same principle of massive value increases (supply and demand kicked in here) and banks that were easily able to dump mortgages, regardless of their risk factor, and made more money pushing sub-prime mortgages even when the buyer qualified for a traditional loan.

You have yet again bought into the Limbaugh diatribe that the conservatives like to spew so they can blame everyone but themselves. The fact that massive deregulation that began with Reagan has nothing at all to do with this...yeah right. There is certainly fault on both sides of the political isle, but repeating the lies of conservative pundits like Limbaugh and Hannity don't change the real facts.

Last edited by Agent_Dung_Bomb (2009-07-09 07:19:21)

2009-07-09 07:23:30

#25

usmarine: Banned; +2,785|7051

if you say so

BF2S Forums Idiot Homeowners to blame?

AussieReaper wrote:

LividBovine wrote:

AussieReaper wrote:

AussieReaper wrote:

LividBovine wrote:

AussieReaper wrote:

LividBovine wrote:

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LividBovine wrote:

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Varegg wrote:

LividBovine wrote:

AussieReaper wrote:

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usmarine wrote:

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FEOS wrote:

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LividBovine wrote:

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usmarine wrote:

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usmarine wrote:

LividBovine wrote:

AussieReaper wrote:

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usmarine wrote:

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usmarine wrote:

Varegg wrote:

usmarine wrote:

FEOS wrote:

Varegg wrote:

usmarine wrote:

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