Blaming the homeowners for their own ignorance!

[Care4all]

Who should we blame for their ignorance ?

the ones who lied to them and were Predators taking advantage of them, who else would you blame in order for justice to be served??? Certainly not a victim? That wouldn't be justice at all....

And i am not saying all of these subprime borrowers were victims, but if they were, then the predator or perp should be punished and NOT the victim of the scam....

 

[dilloduck]

the ones who lied to them and were Predators taking advantage of them, who else would you blame in order for justice to be served??? Certainly not a victim? That wouldn't be justice at all....

And i am not saying all of these subprime borrowers were victims, but if they were, then the predator or perp should be punished and NOT the victim of the scam....

caveat emptor--it's really old

 

[Tech_Esq]

the ones who lied to them and were Predators taking advantage of them, who else would you blame in order for justice to be served??? Certainly not a victim? That wouldn't be justice at all....

And i am not saying all of these subprime borrowers were victims, but if they were, then the predator or perp should be punished and NOT the victim of the scam....

They are both guilty. Subprime vendors had products to sell. People who were buying a house needed a mortgage product. It really is incumbent on the buyer to understand how they are going to pay for what they are buying. They should at least have some idea of how they intend to pay the money back and find a loan product that somewhat matches that.

If they aren't smart enough to do that, then maybe renting is really best for them.

Editing to add.... Although, if there were companies that were actively dissuading people from using solid loan products in favor of using crappy loan products, they should be prosecuted for that. Mortgage banker's clients have a right to expect professionalism and honesty from their mortgage banker.

 

[DiamondDave]

I understand the frustration, but do you realize the shit soup you would make of the housing (and it is wishful thinking that only the housing market would be effected) market if you did that?

I hate the idea of bailing these bastards out too. But, that isn't the solution. I certainly am willing to listen to a more free market solution than what is going to happen though.

Then let it be shit soup.. it is a consequence of our freedom... having the choices involved with having those freedoms, does not always lead to a guaranteed good or feel good outcome....

We as Americans have always bounced back, recovered, and prospered.. .even if we take a hit, we'll do it again

 

[DiamondDave]

i seriously doubtthat the underpriveledged got in to an adjustable mortgage at 5.5 %, they probably got in an adjustable at around 7% because of their lower credit ratings, then once it started to adjust up, they are more than likely paying an 11% or 12% adjustable rate, because of their higher risk...

But what the hell do i know, this was how it was just a few years ago, when we refinanced our home in to an adjustable....the rate we qualified for, the 5.12% was due to the fact that both of our credit ratings, our FICO scores were close to 800 at the time....

I seriously doubt the disadvantaged had even built up their credit rating yet, thus the much higher percentage/rates for the adjustable loans....

My first mortgage that i ever took out was in 1981 or 82 and due to the recession and me being very young with no credit rating established, the mortgage interest rate was at 13.5%....for my conventional mortgage!!!

OUCH!!!!

So be it.. they are not OWED a high credit rating.. they are not OWED a good interest rate... if they have to think about losing the house or getting an 11% rate or whatever to keep it, that is their choice to do so.. as a result of their choice to get into this situation in the first place

 

[Shattered]

the ones who lied to them and were Predators taking advantage of them, who else would you blame in order for justice to be served??? Certainly not a victim? That wouldn't be justice at all....

And i am not saying all of these subprime borrowers were victims, but if they were, then the predator or perp should be punished and NOT the victim of the scam....

Is that a joke? The only ones who know truly what they can afford are your so-called victims. If you want to punish someone, punish BOTH (yes, that means the so-called victims, too). They stupidly signed a contract for something they knew damned well they wouldn't be able to afford if something happened, and they did it with open eyes, and a "Yes, I want it NOW!!" attitude.

 

[Care4all]

caveat emptor--it's really old

is this a RULE CHANGE or yours midstream?

VICTIMS are not punished by the justice system, why do you recommend a change now dillo, because these were the disadvantaged?

 

[Tech_Esq]

Then let it be shit soup.. it is a consequence of our freedom... having the choices involved with having those freedoms, does not always lead to a guaranteed good or feel good outcome....

We as Americans have always bounced back, recovered, and prospered.. .even if we take a hit, we'll do it again

LOL....were you listening to Chris Plant this morning?

I'm with the guy that said that I'm not so sure about this current population's ability to sacrifice and suffer. If we put them through a Great Depression type scenario, I'm betting on riots and civil war. I just don't think this population has much stomach for suffering.

 

[DiamondDave]

Care...

Only you, and ones like you cal them victims....

They made a choice.. they live with the consequences

And I don't see where they would be punished by 'the justice system'.. but rather by their credit, and lack of ability to have/get it because of their STUPID choices

**EDIT***.. referenced the wrong poster

 

[DiamondDave]

LOL....were you listening to Chris Plant this morning?

I'm with the guy that said that I'm not so sure about this current population's ability to sacrifice and suffer. If we put them through a Great Depression type scenario, I'm betting on riots and civil war. I just don't think this population has much stomach for suffering.

Don't even know who the guy is

 

[Shattered]

is this a RULE CHANGE or yours midstream?

VICTIMS are not punished by the justice system, why do you recommend a change now dillo, because these were the disadvantaged?

TRUE victims are not. These shits that you want to protect should be punished. They're just as responsible for fucking everything up for everyone else as the lenders, if not moreso. And you know who's going to have to pay for it? We are. In addition to my own fucking house, I'm going to have to pay for someone elses that I don't even know, because they were too god damned stupid and greedy.

 

[Tech_Esq]

Only you, and ones like you cal them victims....

They made a choice.. they live with the consequences

And I don't see where they would be punished by 'the justice system'.. but rather by their credit, and lack of ability to have/get it because of their STUPID choices

Dude, I think you replied to the wrong post. I have a permanent ban on the word "victim".

 

[DiamondDave]

Dude, I think you replied to the wrong post. I have a permanent ban on the word "victim".

I did quote the wrong one.. was already fixing it when you wrote this


Sorry

DD

 

[Tech_Esq]

Don't even know who the guy is

Never mind then. He's on WMAL after 9 am. I only referenced him because that was one of his points this morning. Just let the market do it's thing. If it causes pain for a while, this too shall pass. On the other side we'll all be stronger for it. Except those that don't make it, but stop fucking with the market.

 

[WillowTree]

Newt has it right


Former Speaker of the House Newt Gingrich said Tuesday that any lawmaker who votes for the Bush administration's $700 billion bailout package, which he called a “dead loser,” will face defeat in November.
Gingrich (R-Ga.) said he thinks Treasury Secretary Henry Paulson is trying to scare lawmakers into passing the bailout plan quickly and without thorough study



TheHill.com - Gingrich urges vote against 'stupid' Paulson plan

 

[HoleInTheVoid]

Newt has it right


Former Speaker of the House Newt Gingrich said Tuesday that any lawmaker who votes for the Bush administration's $700 billion bailout package, which he called a “dead loser,” will face defeat in November.
Gingrich (R-Ga.) said he thinks Treasury Secretary Henry Paulson is trying to scare lawmakers into passing the bailout plan quickly and without thorough study



TheHill.com - Gingrich urges vote against 'stupid' Paulson plan

Any chance of the lefties putting aside their mindless hatred of Newt to stop this $700B debacle?

 

[WillowTree]

Any chance of the lefties putting aside their mindless hatred of Newt to stop this $700B debacle?

don't know, they have mindless hatred of anything with an R.

 

[busara]

don't know, they have mindless hatred of anything with an R.

and the repubs have mindless hatred toward anything with a D. the partisanship goes both ways

 

[WillowTree]

cool beans, McCain was just on and said the price is ten thousand dollars per household....

 

[WillowTree]

that just makes me feel warm and fuzzy all over, I get to contribute ten thousand dollars towards somebody else's house...