Banks over Homeowners - what has America come to?

[Soggy in NOLA]

Yeah and remind me how many people bought when they couldn't afford a house????

They were told by a lender that the COULD afford to buy a house.

So.. you're admitting that these people are morons?

 

[hellofromwarsaw]

Oreo, it was PUBS who ended Glass-Steagel. Move ON from 1997 fer chrissakes LOL!

 

[Soggy in NOLA]

This is precisely the problem with you Fabian Socialists... you want to be led around by the nose so that when it goes wrong, you can walk away cloaked in victim-hood.

You're all bat shit crazy.

 

[Jarhead]

Well, the WORST crimes of lenders are no longer possible as they were under BOOOSH. Shhh, we'll go after the worst bastids when the Pub swine allow the recovery....fact.

you are funny.

You prefer to ignore the truth and want to make this a Bush and Republcans thing.

You are EXACTLY what the politicans of both sides like...someone who will believe the spin and never care to analyze the facts.

Well, I offered you non partisan facts....explained to you WHY the government is NOT going after the banks...supported the democrats when someone said they were letting the little guy die...showing how they are actually HELPING the little guy..

And you porefer to go with rediculous speculation becuase it allows you to slander the opposition.

You are funny.

 

[Jarhead]

Yeah and remind me how many people bought when they couldn't afford a house????

They were told by a lender that the COULD afford to buy a house.

So.. you're admitting that these people are morons?

Jeez...they were NEVER told by the lender that they could afford the house. They were told by the lender the amount of income they would need to be approved for the loan and be able to buy the house.

The borrower then LIED about their income...giving the lender the figure that the lender said they needed to get the loan.

Where the hell do people come up with this stuff?

 

[Jarhead]

Well, he was a fool of the system. LOTS of people were. And for the billionth time, it was mainly fraud on the part of lenders and no enforcement by Pub SEC, etc.

I beg to differ.

If you read my posts you would know who is at fault.

The original fraud was conmmitted by the borrower...and it is actually fiancnail fraud with a signed affidavit...they lied and swore they were telling the truth as it pertains to a financial transaction. That is serious stuff.

The second fraud was just as lethal but not nearly as "illegal".

Banks sold loans they were not sure were viable investments...so when these loans were deemed as AAA, they knew they likely weerent, but did not care to tell anyone...nor did they have the legal respoonsibility to tell anyone. They were not the ones who rated them....the rating agencies did. Unethical? yes. Illegal? No.

Now...you tell me....do you want your neighbors prosecuted for fiancnail fraud? For if you ask the government to go after the banks for beiung unethical, then the banks will insist the governemtn to go after the people for committing financial fraud.

Best is to leave it alone..as the government is doing.

The banks let the people lie.
The people lied and swore they werent
The banks make money.
The people screwed themselves over.

And now we all move on.

THE FEDERAL GOVERNMENT with THEIR POLICIES-- OPENED THE DOOR for FRAUD AND ABUSE.

And unfortunately we live in a society that when many see a crack in the system they will jump in there and take advantage of it. Unfortunately that's human nature for millions of people.

100% correct

 

[oreo]

Yeah and remind me how many people bought when they couldn't afford a house????

They were told by a lender that the COULD afford to buy a house.

So.. you're admitting that these people are morons?

Yes not only by mortgage bankers--but builders too

As an example I have a friend who is realtor.

She pre-qualified this one couple for a certain priced home. She took them all over looking for the right priced home for them. Well a builder got a hold of them and convinced them that they could purchase a BRAND NEW 600K home when my friend realtor stated they could really only qualify for 250K.

There was an argument the couple fired my friend--who would not participate in this fraud--the builder sold them the home--and they were foreclosed on 6 months later--and we the taxpayers got stuck with it.


Then a MAID that told the banker she was making 15K per month--this wasn't checked out--she got this enormous expensive custom home--based on LIES--and she was actually laughing about it when she explained it to a reporter--ON NATIONAL TELEVISION.

 

[Unkotare]

"Treasury Secretary Tim Geithner is pushing a settlement with the big banks and Wall Street firms that caused the mortgage crisis—letting them get away with a slap on the wrist.

Wall Street bankers have not faced any serious punishment for the widespread fraud that crashed our whole economy—pushing bad loans, lying to investors, forging foreclosure documents—and banks are making profits again while homeowners continue to suffer.

Unbelievably, Geithner wants state attorneys general to agree to a sweetheart deal where these banks would pay only $20 billion—a fraction of what they could owe if fully prosecuted—and would get immunity from investigation and prosecution of the criminal greed, negligence, and fraud that caused this crisis. This would eliminate any leverage regulators have to pressure banks to help out the homeowners they've hurt."

Let your representatives know American homeowners should come first, not the greedy unethical banks. Tell Treasury Secretary Geithner, "No more sweetheart deals for Wall Street. Let states investigate and prosecute the crimes that crashed our economy."

Click here to let them know:
MoveOn.org Civic Action: No Sweetheart Deal for Wall Street on Mortgage Fraud

When you say "homeowners" what exactly do you mean?



And exactly what kind of punishment would you like to see Barney Frank receive? (be careful, he might like it)

 

[naturegirl]

Jarhead, I want to thank you for all the truthful information you have provided in this thread. People like Tim Giethner should be put up against the wall and shot, without a blindfold. The guy is creepy, slimy and lies through his teeth. But I do agree, if they don't leave it alone the banks will make every effort to hunt down the borrowers and make the pay up, no matter how long it takes.

And Bush tried to warn congress in 2001, they ignored him. Barney Frank was at the helm of these lending practices.

[ame=http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1]Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube[/ame]

No matter who was President, this was going to happen. I'd bet the Dems are real happy their guy lost in 2004.

 

[Jos]

Billions Meant for Struggling Homeowners May Pay Down Deficit Instead

With housing prices dropping sharply [1], and foreclosure filings against more than 1 million properties [2] in the first half of this year, the Obama administration is scrambling for ways to help homeowners.

One place they won't be looking: an estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent.
Instead, Congress has mandated that the leftover money be used to pay down the debt.

Of the $45.6 billion in Trouble Asset Relief Program funds meant to aid homeowners, the most recent numbers available show that only about $2 billion has actually gone out the door.

The low number reflects how little the government's home loan modification and other programs have actually helped homeowners [3] deal with the foreclosure crisis.

The programs have been marked by poor oversight [4] and consistent under-enrollment [5]. Homeowners have been forced to navigate an often bewildering maze at banks marked by slow communication, lost documents and other mistakes [6].

Billions Meant for Struggling Homeowners May Pay Down Deficit Instead - ProPublica

PS dont mention the http://en.wikipedia.org/wiki/Savings_and_loan_crisis

 

[Jarhead]

Jarhead, I want to thank you for all the truthful information you have provided in this thread. People like Tim Gietner should be put up against the wall and shot, without a blindfold. The guy is creepy, slimy and lies through his teeth. But I do agree, if they don't leave it alone the banks will make every effort to hunt down the borrowers and make the pay up, no matter how long it takes.

And Bush tried to warn congress in 2001, they ignored him. Barney Frank was at the helm of these lending practices.

Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube

No matter who was President, this was going to happen. I'd bet the Dems are real happy their guy lost in 2004.

thanks for the compliment.
You see, I am a business planner and a human resources solutions consultant. Good at what I do...been doing it for over 2 decades. Former president of my trade association. When it comes to why companies are or are not hiring, I know the answer., It is what I do...and why I love those threads about "job creation".

However, my wife is a settlement attorney. A settlement attorney is the legal representation as it pertains to the lender in real estate transactions. She is not at all involved in the sale of the loan or the approval of the loan. She takes over once the loan is approved, she reviews the documents, ensures respa compliance, and attends the closing...again as a legal representative of the lender. She told me years ago that something was up. She started to watch what was happening...People were taking buses to her office for the closing but claiming they were making 150K a year. Possible? Sure. But truly believable? No way. She knew something wasnt right....and would say things to her banks..and they told her of the government mandates to show better equality as it pertained to race....

So now thast the shit hit the fan, she filled me in on whats going on.

Problem is...too many people on this board are only interested in making it a partisan issue...blame the GOP, blame the CRA blame the big evil banks...


This was created by the government, the banks had to do something, so they stopped the income check...the people lied...the banks started to make money off of the MBS's...and it snowballed.

Government had a dream they implemented
Greed of the people forced them to lie
Greed of the banks let them get away with it.

 

[Avatar4321]

On what planet are people who do not pay their mortgage victims? The banks allow them to borrow money for their homes and somehow the banks are the bad guy when they aren't paid back. So essentially they are "victims" for stealing from the "bad guy".

is personal responsibility that lost on you all?

 

[Jarhead]

On what planet are people who do not pay their mortgage victims? The banks allow them to borrow money for their homes and somehow the banks are the bad guy when they aren't paid back. So essentially they are "victims" for stealing from the "bad guy".

is personal responsibility that lost on you all?

their claim is that they are the victims becuase the banks allowed them to lie on their mortgage applications

Just like those who claimed they are the victims becuase they never read their credit card contracts....

 

[Avorysuds]

Well, he was a fool of the system. LOTS of people were. And for the billionth time, it was mainly fraud on the part of lenders and no enforcement by Pub SEC, etc.

they dont like facts

Is TM a scientist, college grad, homeowner, business owner, investor or anything that produces something of value...? No, but she sure likes to tell everyone else that is why they are wrong.

TM, sit back, ask questions and educate yourself. You’re lucky you have so many people willing to give information and tips to you, even people that don’t like you would still be willing to advise you as best they can. Get over your hate for conservatives and realize many here are very productive and have a lot of personal experience. Realize many people, Republican, independent or Democrats want the best for the country but many in all three of these groups understand how Obama is doing things always produces the same product, failure.

TM, humble yourself so you can evolve past the ant farm society mentality.

 

[OohPooPahDoo]

Yeah and remind me how many people bought when they couldn't afford a house????

The number of people who bought houses they couldn't afford is exactly equal to the number of loans that greedy shark agents were able to sell to sucker investors.

 

[OohPooPahDoo]

Yeah and remind me how many people bought when they couldn't afford a house????

They were told by a lender that the COULD afford to buy a house.

They are still doing it. Our agent tried to tell us we could afford more than what we asked approval for. He also tried to convince us to go through with buying a house after we had discovered the seller lied about the flood zone rating (and that the house had various features such as a live fucking wire hanging out the wall at eye level)

He also tried to fuck us on an interest point by trying to pass the same loan off on us after we found the house we actually bought and interest rates had dropped. I asked him "Hey, why hasn't our rate gone down? Its a different house, we're not bound by contract to keep the same loan, and rates are lower?" "Well gee, I was just gonna pass the same loan off you and hope you wouldn't notice."

 

[OODA_Loop]

Yeah and remind me how many people bought when they couldn't afford a house????

They were told by a lender that the COULD afford to buy a house.

They are still doing it. Our agent tried to tell us we could afford more than what we asked approval for. He also tried to convince us to go through with buying a house after we had discovered the seller lied about the flood zone rating (and that the house had various features such as a live fucking wire hanging out the wall at eye level)

Real Estate Agent is not a lender.

 

[OohPooPahDoo]

The first logical thing to do when you want to buy a house and will need loans to do it ( you dont have cash to pay the whole price) is to go get prequalified.

They will tell you if you have good enough credit to get a loan and how much a lender would agree to loan you.


If they tell you htey would give you money and how much then they have told you you can afford a house.

They are the experts right?

So what doies the right do?

they blame the person who relied on the experts to tell them they could afford and house and how much of a house they could afford.

To be fair - it is a shared responsibility.

Its a shame getting a loan doesn't work like buying the actual house. When you buy the house - you have an agent, the seller has an agent, each agent looks out for their clients interest - but is also bound by law and ethics. When you buy a loan, you go to a loan agent - and he only represents himself. He's not only trying to fuck you - he's trying to fuck the investors he's selling your loan to.

Mortgage contracts are absurdly long and complicated. Our mortgage is a 30 year conventional fixed, as standard as you get, and it was still a pain.

 

[OohPooPahDoo]

They were told by a lender that the COULD afford to buy a house.

They are still doing it. Our agent tried to tell us we could afford more than what we asked approval for. He also tried to convince us to go through with buying a house after we had discovered the seller lied about the flood zone rating (and that the house had various features such as a live fucking wire hanging out the wall at eye level)

Real Estate Agent is not a lender.

Our LOAN agent. You know - the guy who is friends with the banks and investors and gets the money for you? Like I thought that should be obvious by the context.

 

[Jarhead]

They are still doing it. Our agent tried to tell us we could afford more than what we asked approval for. He also tried to convince us to go through with buying a house after we had discovered the seller lied about the flood zone rating (and that the house had various features such as a live fucking wire hanging out the wall at eye level)

Real Estate Agent is not a lender.

Our LOAN agent. You know - the guy who is friends with the banks and investors and gets the money for you? Like I thought that should be obvious by the context.

UH....hello....he is a salesman....he is going to sell you.
What is wrong with that?
No one says you have to buy.

I someone walks into a TV store and the salesman convinces him to spend another 1000 to get the 52 incher...and it ends up that he used food money to spend the extra 1000.....is the salesman at fault?