Bankers, who get rich and cause problems

Discussion in 'Economy' started by Working Man, Jan 27, 2008.

  1. Working Man
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    Working Man Member

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    Should these guys/gals be held accountable for the colapse in the housing market, by the manipulation of loans, and the rules that made this fiasco possible?? I don't see why the public has to pay, and be negatively effected by the mortgage scandals... It was not done in the best interest of the public, but for the enrichment of the players who stacked the deck. Make them pay, and pay hard.. Carelessness and greed should not be rewarded.. These MONEY men are "professionals", so, they should be held accountable to much higher standards.

    Now, do I feel bad for the dopes who bought homes, expensive homes, who couldn't afford them to begin with? Hell no!!! They are at fault too.. If they didn't understand the small print, then they shouldn't have entered the contract. Their lawyers who ok'ed the deals should be disbarred as well..

    Inflated property taxes don't come back down easy. In the mean time,, WORKING MEN, and WORKING WOMEN, who do try to live within their means are being hit from multiple angles. The REASONABLE working class should not be bled of their savings in order to bail out the rich and stupid.
     
  2. Toro
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    Toro Diamond Member

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    Basically, what you're saying is that we should collapse the financial system, and jack up interest rates to punishingly high rates then?

    I say yes. And it has nothing to do with the fact that I'm shorting the market and will profit handsomely if this happens.
     
  3. Paulie
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    Paulie Platinum Member

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    I agree about the financial system collapsing.

    It's probably what this country needs, to wake us the fuck up.

    I'll probably be called a liberal for saying that. But then again, Toro's signature sums up why that is.
     
  4. Skull Pilot
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    Skull Pilot Platinum Member

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    the only thing that caused the "mortgage meltdown" is the idiots who signed the dotted line an a mortgage they couldn't afford. It was just plain old stupidity and greed on the part of consumers and nothing else. CAVEAT EMPTOR buddy.
     
  5. Dr Grump
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    Dr Grump Gold Member

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    BS. The bankers are professionals. If they can't tell a layman like me who is no financial expert, that I can't really afford the house, they shouldn't be in the business. Those tossers get paid bonuses for the number of sign ups they get per month. So instead of giving you both the up and down side, they sugarcoat it all. Highly unprofessional and now coming to bite EVERYBODY in the arse. I don't think it's too much to expect a bank officer to be up front and honest about things. But they don't. Shit, down here, they'll throw money at you to get you to sign up...
     
  6. jillian
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    jillian Princess Supporting Member

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    Caveat emptor? Riiiiiiiiiiiiiiiiiiiiiight. Some yutz is given the opportunity to get funding to buy a house by some loan officer who doesn't tell him what Adjustable Rate Mortgage really means. Dude thinks he's going to pay $900 a month for his dream house. Two years later, it's at $1,800 a month and he can't pay his bills.

    Yeah, he should have known.

    Frankly, banks have no business giving money to people they know can't meet the freight. That doesn't absolve the people who can't pay from responsibility, but they'd have had to understand what a sub-prime mortgage is and what an ARM is. I doubt they understood either.
     
  7. Skull Pilot
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    Skull Pilot Platinum Member

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    STOP WHINING.

    When i got my mortgage, i was given all kinds of literature to read that explained EXACTLY what an ARM was. Didn't these idiots even bother to read the contracts and info available to them? Obviously not.

    And if you can't figure out if you can afford payments on a mortgage by yourself, you deserve to go bankrupt. My god an adjustable rate mortgage is just that ADJUSTABLE. Of couse he knew the payments would go up if he was too stupid to figure that out it's not my problem.
     
  8. Dr Grump
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    Dr Grump Gold Member

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    Yep, some people are too stupid and they get taken advantage of. You think it cool that people who are dumb get taken advantage of? I don't. Not only that though, the loan officers purposely undersell the bad side. Just because YOU can read doesn't make you're King Shit on the subject. It just means you can read.

    As for not being your problem, guess again buddy. IF - and it is an IF - there is recession in the near future like some predict, it is directly related to the sub-prime mortgage fiasco - and that'll affect the average folk. If you're some multi-millionaire, then you'll be fine..
     
  9. jillian
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    jillian Princess Supporting Member

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    Who's whining? Besides you that is. You do understand that the subprime market was targeted at people who already had credit issues and were generally lower income and not sophisticated, right? I don't think I said they had NO responsibility, but it certainly isn't only theirs. Banks don't lend money without assessing risk. They assumed the market would stay high and they'd foreclose and get the property to sell. They also figured they wouldn't take too much of a big hit because the interest is front-loaded.

    When con artists target someone, you don't blame the victim of the con.
     
  10. Toro
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    Toro Diamond Member

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    It was a lot more than that. It was the greed of Wall Street for creating all these shitty structured products. It was the morons at the likes of Countrywide Credit who stuck all these shitty mortgages on their balance sheet so its sleezy CEO could cash out $400 million in options before it collapsed. It was unscrupulous mortgage brokers who lied to clients, and who, along with the mortgage providers, sold products to their clients that clearly not were in their best interests, which is covered by the law. It was the ratings agencies who rated the structured products AAA that are now collapsing. It was the mortgage bond insurers who backstopped these AAA rated structures. It was the Federal Reserve that cut rates to idiotically low levels and failed when it came to their roll as the regulators of banks. It was the greedy investors who bought the rotten structured products so they could earn an extra 0.40%. And it was the failure of the belief in rationality, and the myopia of people who have no understanding or chose to ignore economic and financial history.
     

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