Didnt banks get financial aid? And this is the reward?

Discussion in 'Economy' started by Grace, Apr 5, 2011.

  1. Grace
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    Grace BANNED

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    The foreclosure mess isn’t going away - Yahoo! News

    Vid in link ^

     
  2. editec
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    editec Mr. Forgot-it-All

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    The recent meltdown was another massive transfer of wealth from the middle class to the BANSTER CLASS.

    That isn't obvious?

    We're in an undeclared CLASS WAR, folks.

    And those of you who labor for your daily bread are losing.
     
  3. mudwhistle
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    mudwhistle Diamond Member

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    Aren't we talking about the packaging of mortgages from one financial institution to another? My home loan has been transferred twice since I closed on the refi. First it was Homestead Savings and Loan, then Bank of America, now it's Chase Manhattan.

    We have no control over who buys our mortgage. Only when a bank services it's own loans, and they declare this at closing, can you count on them hanging on to it.

    Sometimes it seems they want us to default on our mortgage because a new lender starts screwing up the payments when you have more then one property. I've had to refinance a few of my properties because the lame ass lender who bought the mortgage started screwing up every one of my payments.
     
  4. editec
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    editec Mr. Forgot-it-All

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    You know the MYTH about how the DEMS caused the housing crises?

    How the GOP warned against it?

    Every heard of the AMERICAN DREAM DOWNPAYMENT ACT of 2003?

    George W. Bush signed that bill in 2003. It encouraged lenders to subsidize loans to subprime borrowers (NINJA LOANS).

    FANNIE and FREDDY were pressured by HUD to suppor the subprime market, too.

    Now who's every heard of this on FOX news or seem it mentioned on this board?

    Anybody?

    I've been reading this board for a couple years now, and not one GOP conservative has ever mentioned this law.

    Gee, I wonder why?
     
  5. California Girl
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    California Girl BANNED

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    We don't live in a class based society. So there is no 'class war'. That's just some bullshit politicians use to create 'enemies' for you. Only fucking idiots fall for that shit.
     
  6. mudwhistle
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    mudwhistle Diamond Member

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    I heard about it a couple of years ago.

    It provided $200 million for down-payments for first time buyers. Amendments encompassed FHA and HUD.

    Seems like people may have taken advantage of the law.
     
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    High down payment requirement gonna price many out of the housing market...
    :confused:
    Proposed rules could shut many out of housing market
    6/8/2011 - Bankers, community advocates protest tough down payment requirements
    See also:

    Fed sees economy faltering in several regions
    High gas prices, effects of Japan quake are putting brakes on the recovery
     
    Last edited: Jun 8, 2011
  8. sparky
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    sparky VIP Member

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    Another episode of 'the house don't loose'......
     
  9. waltky
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    waltky Wise ol' monkey Supporting Member

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    Federal funds help Arizona's jobless keep their homes...
    :clap2:
    Arizona's jobless able to keep homes with help of federal funds
    Jun. 28, 2011 - Qualified homeowners can get up to $2,000/month to pay their mortgages for as long as 24 months
     
  10. flacaltenn
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    flacaltenn USMB Mod Staff Member Gold Supporting Member

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    Grace:
    My recollection of events is that MANY of the large banks initially refused to be in TARP. Till the admin put them in room and strongly suggested that anyone of them refusing to participate might get negative ratings from the govt. AND-- when many of the banks WANTED to repay the loans and get OUT of TARP, the current administration wouldn't talk to them..

    They were strongarmed into accepting loans and then once they bit -- weren't allowed to repay and get out.
     

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