Bank of America Is Peddling Car Loans(?)!

Discussion in 'Economy' started by mascale, Jun 20, 2009.

  1. mascale
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    mascale VIP Member

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    Soon the unemployed homeless (drug dealers) will qualify for adjustable rate home loans again!

    Whoever came up with concept, "homeless," will probably apply!

    Crow, James Crow: Shaken, Not Stirred!
    (The U. S. Senate recently passed a non-binding resolution with apologies(?) for the enslavement of African-Americans. The other slaves were not included: Speaking of the Ivy League Educated! They still miss a lot--the missing income tax payers, and missing Weapons of Mass Destruction, and the missing mortgage payments all to boot!)

    Who Knew?!?
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    YOU BRING UP SOME VERY SERIOUS ISSUES HERE. I COMMEND YOU! And, I do not think you are crazy.

    ----------------------------------------------------------​---------------
    The important thing to understand is that in April the Fed stopped buying all forms of paper from the Big Banks, so the quick mortgage money was not there any longer. The small banks were not allowed to sell their new mortgages to the FED.

    The Big Banks made Billions off of borrowing FED money at 0% interest and writing mortgages for 4.5% to people who had good credit ratings who wanted to lower their mortgage interest rates.

    Those people were willing to pay one and two 'points" for the opportunity. The accumulated points and temporary accumulated interest were all good quick profit to the Big Banks because they knew that they could take any new mortgage and sell it to the FED and make an instant profit.

    I knew what was going on and took advantage of that FED ruse (to put money into the bank's hands) and refinanced to 4.375% from my old rate of 6%, so I helped one of those Big Banks post those billions of profit for the first quarter.

    Now that those banks do not have that means of generating a quick profit, they have to find a way to make money the old fashioned way. They actually have to earn it. Say goodbye to Big Profit on the quick. Could that be called a Big Quicky?

    Bank of America posted those quick profits. Now, they have to make money selling car loans. Not that much profit in it, but you can always repossess the car if you know some good repo men. Have you noted that the B of A Board of Directors are all resigning. They don't want to be part of the coming announcement about their earnings for the second quarter. (What? No Refinances!!!)

    All the idiots who bought those new shares of BAC are going to be in the hurt once they realize how they have been duped by the FED and Obama and the Bank itself.

    Short the market. About 40 of the smaller banks that could not take part in the FED ruse are going to go bankrupt in the next few weeks. That cascade in failures and the coming earnings reports are going to cause another BIG fall in the market. After all, it is ALL about earnings.
     
    Last edited: Jun 20, 2009
  3. mascale
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    mascale VIP Member

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    But will BAC let the unemployed homeless qualify for loans, (many of whom have street money)!

    If not, why not? Doesn't everyone qualify for the American Dream in the Obama Administration, even now?

    "Crow, James Crow: Shaken, Not Stirred!"
    (Apologies Happen a lot in the federal legislatures of America: Clearly including in the Obama Administration, a least in half-time--if not in Rev. Jeremiah Wright's own religious case(?)!)
     
  4. strollingbones
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    strollingbones Diamond Member

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    no the old man wearing the shirtlesss av from 20 years ago doesnt think your crazy...ringing endorsement there
     
  5. Terral
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    Terral Terral Corp CEO

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    Hi Newbarth:

    Good stuff. I wanted to add that Bank of America is forcing refinance people into coughing up tens of thousands of dollars to adjust for the falling house prices. People with 5-year balloon loans are forced to refinance and the hole is getting deeper all the time.

    A relative of mine put down 40,000 bucks on a house three years ago and now she needs 30,000 more if the refinance deal went through today. Imagine what happens when interest rates go through the roof and the house price keeps falling. Somebody is in big trouble like many other Americans waiting for their housing refinance time bomb to explode . . .

    GL,

    Terral
     
    Last edited: Jun 21, 2009
  6. mascale
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    mascale VIP Member

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    Countrywide Financial used to know what suburban California cash crops were for. So now it turns out that even though it is now clear to anyone conscious that the economy doesn't work very well--still it is back to "The Rich Get Richer, and The Poor Get Poorer," and the narcotics raids continue on the true sources of California financial freedoms, even here in America.

    The exploding social problem of, "The rich get richer, and the poor get poorer:" Was actually solved on paper in the Ford Administration. Great Liar, Ronald Reagan--admired of O'bama, (who really doesn't look all that Irish to millions)--was elected twice on the promise of balancing the budget in the next four years. The "entrepreneurial spirt,' then as under Bush, was fueled by mega-deficit bucks for the defense contractors, and colored shoe laces for the poor. The 1986 Income Tax reform actually indexed and raised the standard deduction and personal exemptions. The Ivy League Clintons passed even more equal dollar tax credits. Unbeknownst to Ivy League GOP, when Bush came into office the likely spenders of an income tax cut--were no longer on the federal income tax rolls. States had even passed follow-along-the-Supreme-Leader, tax cuts of their own.

    Finally, USDEA came along--and the poor could no longer pay the mortgages, and the rich houses all came tumbling down. GOP had tried tax cuts I and II to no avail. Allah the Great finally blessed them with fanatics, keeping faith with the supporters widely known--of Allah.

    There was a religious awakening in America, that would be seen world-wide. The Ivy League GOP created trillion dollar bail-outs. The Ivy League Democrats created trillion dollar stimulus packaging. The Ivy League Federal Reserve had started that all about 18 months before.

    And the clergy could be heard in responsive readings: "Rolls In, Rolls In, Thank God How the Money Rolls In, Rolls In!"

    And so, to avoid the collapse of "The rich get richer, and the poor get poorer," banks that had passed the "Stress Test," actually repaid the bail-outs--to avoid the pay hike restrictions!

    Just Wait Until the Textbooks Report On all That! Everyone will think it was a revolution! Everyone, more likely, will know (that the mortgages really can be repaid in a liberal, Barack, O'bama Administration)."

    "Crow, James Crow: Shaken, Not Stirred!"
    (Brown-Nosing in the O'bama Administration is also well under way. There is now a bi-cameral, non-binding federal resolution, apologizing to Blacks for Slavery and Separate But Equal. Not included are any of the others, indentured slave European Colonists for example: Who will likely be rewarded with an equal, if separate, apology themselves. So Like Senator Harkin to remind all Americans: About how unions really work, espcially in a liberal, O'bama Administration!)
     
    Last edited: Jun 22, 2009

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