Foreclosures rise. It's all over

[Truthmatters]

If the sheep are so smart how come so many of them took out mortgages they couldn't afford?

If the people managing your retirement pension are so smart, how come they bought so many toxic structured products?

If the people managing an insurance company's investment fund are so smart, how come they bought so many toxic structured products?

If the people managing a college endowment fund are so smart, how come they bought so many toxic structured products?

If city treasurers are so smart, how come they bought so many toxic structured products?


Hmmmm...

Because you people are what you are....sheep.

You follow the flock with no concern other than your next blade of grass.

I never bought one dollar's worth of mortgaged backed securities Because I never had a good feeling about them.

When mortgages are bundled and sold off all the risk is gone and prudence gets flushed down the shitter.

so you claim NO republicans fell for the Bush mortgage scam?

hahahahahahahaha

 

[Skull Pilot]

If the people managing your retirement pension are so smart, how come they bought so many toxic structured products?

If the people managing an insurance company's investment fund are so smart, how come they bought so many toxic structured products?

If the people managing a college endowment fund are so smart, how come they bought so many toxic structured products?

If city treasurers are so smart, how come they bought so many toxic structured products?


Hmmmm...

Because you people are what you are....sheep.

You follow the flock with no concern other than your next blade of grass.

I never bought one dollar's worth of mortgaged backed securities Because I never had a good feeling about them.

When mortgages are bundled and sold off all the risk is gone and prudence gets flushed down the shitter.

so you claim NO republicans fell for the Bush mortgage scam?

hahahahahahahaha

Where did I say that?

BTW I am not a repugnantcan. You see unlike you, I can actually think beyond the two dimensional partisan belief system.

 

[JoeNormal]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

really?

then why am I and every other business owner I know doing worse this year than in 2008?

What kind of a business do you have?

 

[JoeNormal]

Right. The housing meltdown had NOTHING to do with predatory lending practices, despite what, oh, every independent assessment of the situation says. Of course some less than savvy people took out mortgages they shouldn't have; but by and large the overwhelming majority of the blame has to be one the lending institutions. Why? Because it's THEIR money they're lending. They're the ones who should be able to cut through the shit and figure out if the loan's a good one.

Oh that's right, they stopped caring if we all lost our houses as soon as mortgage-backed securities became a thing, huh? So now, instead of rooting for us ALL to succeed, they kind of don't care either way and then we get what we got.

Sometimes it really IS important to not have a half-baked, bullshit, rhetoric-filled explanation of the truth.

"Predatory lending practices"....that must be were an innocent man it walking down the street when the big evil bank yanks him into their doors and forces him to sign for a loan.

Because you know, banks just love lending their money to high risk folks at very low interest rates....

They do when they figure the only way the housing market is going to go is up.

 

[Truthmatters]

Because you people are what you are....sheep.

You follow the flock with no concern other than your next blade of grass.

I never bought one dollar's worth of mortgaged backed securities Because I never had a good feeling about them.

When mortgages are bundled and sold off all the risk is gone and prudence gets flushed down the shitter.

so you claim NO republicans fell for the Bush mortgage scam?

hahahahahahahaha

Where did I say that?

BTW I am not a repugnantcan. You see unlike you, I can actually think beyond the two dimensional partisan belief system.

Remember when you blame the consumer for the shit assed fakery a corporation screws them with you are talking about voters.


voters dont like being called idiots for being scammed by your corporate assholes.

OOppps .

Um yeah your right blame the little guy

 

[Skull Pilot]

And all the GOP have taken pledges to prevent any fixing from being done. But in spite of that, the economic picture is far brighter than when you people got down with us in 2008.

really?

then why am I and every other business owner I know doing worse this year than in 2008?

What kind of a business do you have?

I don't give out too much personal info.

Suffice it to say that we have posted gains every year since we opened in 2007. This is the first year we have not beaten every month of the previous year.

I don't know if we'll lose any ground this year yet but it's looking like we might be flat at best.

 

[Truthmatters]

If the sheep are so smart how come so many of them took out mortgages they couldn't afford?

Becuase like generations of Americans they trusted their mortage brokers preofessionalism.

Little did they know the Broker rules were kept from being implimented by Bush's SEC for 8 years so any criminal could sell loans and securities

So they get a pass and the "mortgage brokers" are to blame, because they're too stupid to realize they cannot afford an $800/ month Mortgage when they make $200/ week???? Yeahhhh... It's somebody else's fault.

have you heard of interest only loans?

 

[Papageorgio]

umm I already answered you dipshit

I'm not seeing how the new agreement would help Americans? Where in the policy do you see it helping Americans gain in the global market or do you believe this could hurt America in the long run.
Ron Wyden-D from Oregon thinks it is a bad idea and goes directly against Obama's campaign promise, do you believe that?

It does, now why should that make YOU angry?


You love the corporate agenda and should be happy with the changes.


Is it possible that you just dont like it becasue your a partisan hack?

I think that may be it.


Now these rules can be changed cant they.

Maybe he agreed to some shit to help get our economy going by encouraging some trade in the short term.

You know stimulating the economy at his own re election chances.

Gee what an idea.

Country over party.

Something you would know nothing about

Never said I was angry, I am questioning why the policy would be pursued, Ron Wyden is a Democrat and he believes the policy is bad, for the environment. What do you think, do you think the policy will hurt the environment like many environmental groups believe? I'm not seeing how the policy will help our economy to get going, what in this new policy do you see helping America immediately? From the looks of the policy, I believe it will hurt the country, what do you see in the new policy that would help America? What in the policy do you see that will help the "corporate agenda"?

 

[Truthmatters]

really?

then why am I and every other business owner I know doing worse this year than in 2008?

What kind of a business do you have?

I don't give out too much personal info.

Suffice it to say that we have posted gains every year since we opened in 2007. This is the first year we have not beaten every month of the previous year.

I don't know if we'll lose any ground this year yet but it's looking like we might be flat at best.

Hmmmm sounds like you were doing pretty good under Obama

 

[Skull Pilot]

so you claim NO republicans fell for the Bush mortgage scam?

hahahahahahahaha

Where did I say that?

BTW I am not a repugnantcan. You see unlike you, I can actually think beyond the two dimensional partisan belief system.

Remember when you blame the consumer for the shit assed fakery a corporation screws them with you are talking about voters.


voters dont like being called idiots for being scammed by your corporate assholes.

OOppps .

Um yeah your right blame the little guy

I don't give a flying fuck what voters like to be called. I am not running for office.

And when you sign the bottom line of a loan contract you are responsible for meeting the terms.

If you can't figure out a simple budget and make a prudent decision as to whether or not you can afford to take on more debt then tell me who's fault is that exactly?

 

[Truthmatters]

I'm not seeing how the new agreement would help Americans? Where in the policy do you see it helping Americans gain in the global market or do you believe this could hurt America in the long run.
Ron Wyden-D from Oregon thinks it is a bad idea and goes directly against Obama's campaign promise, do you believe that?

It does, now why should that make YOU angry?


You love the corporate agenda and should be happy with the changes.


Is it possible that you just dont like it becasue your a partisan hack?

I think that may be it.


Now these rules can be changed cant they.

Maybe he agreed to some shit to help get our economy going by encouraging some trade in the short term.

You know stimulating the economy at his own re election chances.

Gee what an idea.

Country over party.

Something you would know nothing about

Never said I was angry, I am questioning why the policy would be pursued, Ron Wyden is a Democrat and he believes the policy is bad, for the environment. What do you think, do you think the policy will hurt the environment like many environmental groups believe? I'm not seeing how the policy will help our economy to get going, what in this new policy do you see helping America immediately? From the looks of the policy, I believe it will hurt the country, what do you see in the new policy that would help America? What in the policy do you see that will help the "corporate agenda"?

TRADE you fucking lame brain

 

[Skull Pilot]

What kind of a business do you have?

I don't give out too much personal info.

Suffice it to say that we have posted gains every year since we opened in 2007. This is the first year we have not beaten every month of the previous year.

I don't know if we'll lose any ground this year yet but it's looking like we might be flat at best.

Hmmmm sounds like you were doing pretty good under Obama

It had nothing to do with Obama.

Last time I checked he didn't invest any of his money or time in my business.

 

[JoeNormal]

really?

then why am I and every other business owner I know doing worse this year than in 2008?

What kind of a business do you have?

I don't give out too much personal info.

Suffice it to say that we have posted gains every year since we opened in 2007. This is the first year we have not beaten every month of the previous year.

I don't know if we'll lose any ground this year yet but it's looking like we might be flat at best.

I was just curious. Many business owners blame taxation for all their troubles. It sounds like you at least acknowledge that demand is the problem.

 

[The Rabbi]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

I can't help but notice you did not quote some very important information which completely negates your claim.

The banks are getting to a place where they consider their foreclosure processing issues resolved, so they're confident enough to go ahead and push through more foreclosures," Blomquist said.

Blomquist noted the jump in foreclosure starts was not a sign that a new crop of borrowers was beginning to miss payments, citing figures from the Mortgage Bankers Association indicating new delinquencies fell in the first quarter of 2012.

Foreclosures had dropped because banks were freezing their process after they were caught committing massive fraud in the robo-signing scandal.

Now that the government has once again not put any of them in jail and gave them a slap on the wrist, they are resuming normal operations.

Hey you go spin why rising foreclosures are a good thing to the public. We'll see how that turns out.

 

[g5000]

In 2007, I was offered a 2-year ARM on a $320,000 house. I was told by the broker that the monthly mortgage payment for the first two years would be $300 a month.

Many people still believed at the time that in two years that house would be worth more than the current price. So buying it for $300 a month sounded very attractive to many people. You will find that not many people understand what "negative amortization" mean, much less recognize one when they see one.

But I recognized this type of loan as a MASSIVE negative amortization loan and immediately contacted someone in the media I know. But no matter how carefully I explained the full implications of what this meant for the entire mortgage industry, she did not get it. She missed out on the scoop of a lifetime. She would have been way ahead of the curve if she had reported on it then.

I also found an internal Wachovia memo which outlined their Pick-A-Payment program numbers. It was at that moment when I realized that this was going to blow up the world. It completely freaked me out.


Pick-A-Payment allows you three or four choices of payment each month. The lowest payment is a negative amortization payment. That means you aren't even covering the interest on the loan. So the difference is added to your principal. This means if you make the lowest payment, your principal (the total amount you owe) is growing each month.

The second lowest payment covers just the cost of your interest. Your principal never goes down. Some people like this payment because of the interest payment tax deduction you get from the federal government. And if they are going to flip the house, why pay down the principal?

The third lowest payment is a normal payment which pays off the loan in 30 years.

If there is a higher option, that pays off the loan in 15 years.


Well, statistics show that 80 percent of the people in a Pick-A-Payment loan make the lowest payment! That means 80 percent of borrowers are increasing their principal every month.

When the principal grows to 10 percent more than the original, in some cases 25 percent, the loan resets to a 30-year rate. This could mean a jump of as much as $2000 a month.

And that is the moment people start defaulting.

And it ain't just negroes, folks. Have you never driven around your own town and seen all the For Sale signs? Have you never looked up the number of foreclosures in your own town?

Only a fricking idiot thinks this was about lower income people. Shit, middle income people mean bigger loans, which means bigger profits. The middle class was the primary target! It is hilarious how high and mighty people get about how stupid these negroes were borrowing more money than they could afford, and yet are completely blind to the fact it was their own next door neighbors which got sucked in more than anyone else.

 

[Charles_Main]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

The worst thing is Most of these New Foreclosers are people who took advantage of the Government Programs and are Still losing their houses.

 

[ConservaDerrps]

What kind of a business do you have?

I don't give out too much personal info.

Suffice it to say that we have posted gains every year since we opened in 2007. This is the first year we have not beaten every month of the previous year.

I don't know if we'll lose any ground this year yet but it's looking like we might be flat at best.

Hmmmm sounds like you were doing pretty good under Obama

End thread. Lock it down. This is the winner folks.

 

[Truthmatters]

Where did I say that?

BTW I am not a repugnantcan. You see unlike you, I can actually think beyond the two dimensional partisan belief system.

Remember when you blame the consumer for the shit assed fakery a corporation screws them with you are talking about voters.


voters dont like being called idiots for being scammed by your corporate assholes.

OOppps .

Um yeah your right blame the little guy

I don't give a flying fuck what voters like to be called. I am not running for office.

And when you sign the bottom line of a loan contract you are responsible for meeting the terms.

If you can't figure out a simple budget and make a prudent decision as to whether or not you can afford to take on more debt then tell me who's fault is that exactly?

And here is how it went.

young couple comes in and can only afford a tiny house that makes them think , Damn we better wait to buy.

Loan person ( who makes money if he sells them a loan) says Oh waiting in this market means you will never buy a home becausse they just keep going up and will be doing that for the rest of your lives.

I have a great option for you, you can get one of our nes products line of loans that is interst only.

You buy this house today and live in it for a couple of years and then sell it at a huge pofit because the prices are JUST going to keep going up.

Then you will have a big down for your next home purchase.

You cant lose.

Guess what many young people got told by the "experts".


Then this loan gets bundled off secrectly in a security and sold to people who dont know the securities are packed with these grenades.


Pretending something other happened in that market doesnt make it true.

It just makes you look stupid and dishonest for political reasons

 

[Papageorgio]

It does, now why should that make YOU angry?


You love the corporate agenda and should be happy with the changes.


Is it possible that you just dont like it becasue your a partisan hack?

I think that may be it.


Now these rules can be changed cant they.

Maybe he agreed to some shit to help get our economy going by encouraging some trade in the short term.

You know stimulating the economy at his own re election chances.

Gee what an idea.

Country over party.

Something you would know nothing about

Never said I was angry, I am questioning why the policy would be pursued, Ron Wyden is a Democrat and he believes the policy is bad, for the environment. What do you think, do you think the policy will hurt the environment like many environmental groups believe? I'm not seeing how the policy will help our economy to get going, what in this new policy do you see helping America immediately? From the looks of the policy, I believe it will hurt the country, what do you see in the new policy that would help America? What in the policy do you see that will help the "corporate agenda"?

TRADE you fucking lame brain

So you haven't read anything on the new agreement?

We already have trade, the new pact that Obama wants, would allow foreign companies to ignore our environmental laws, it would allow them to ignore our labor laws and our consumer protection laws, it would also bind US corporations to US laws in all areas, despite the country they do business in. how does this help the average American worker? How does this help our environment? How will impact the products we as consumers buy when the product goes bad?

 

[GHook93]

Foreclosures up for first time in 27 months - Yahoo! Finance

NEW YORK (Reuters) - Foreclosure starts rose year-over-year in May for the first time in more than two years - though they fell on a month-to-month basis - as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

more at the source.

Numbers look bad. Three years of HAMP and a few billion dollars thrown at bailing out homeowners and the housing market still sucks, and will get worse. Will Obama run on his economic record now?

Republicans look at their handiwork and say, "A job well done!"

How many times do people have to tell you that the snowball started on Clinton's watch and most (not all) was pushed by Dodds and Franks so called "Provide the American Dream for Everyone (meaning homeownership)."

(1) Community Reinvestment Act: The Brain-child of Carter, got revived by Frank and supported by Clinton. These well intended but bone-headed piece of legislation was the main culprit of the meltdown. It REQUIRED all banks over a certain revenue theshold (basically all the national banks) to lend a certain percentage of their portfolio to the "lower echelon," or face stiff fines, lose tax benefits and loopholes relief and risk becoming NON-COMPETITIVE. It forced their hand. Banks had trouble doing this because the lower echelon had trouble making the debt to income levels work and coming up with a down payment. They had to "rework" their matrixes and then eventually toss them out to be in compliance with the CRA. The snowball began!

(2) Give Fannie Mae and Freddie Mac the power to create an secondary market: The brain child of Dodds, supported by Frank and Clinton. To help the CRA, these tools gave FM/FM the power to create an artificial "secondary market!" This move allowed banks, lenders and investors the ability to generate toxic loans make a killing upfront and then make a killing selling them on the secondary market. This allowed truly EVIL and IMMORAL companies like Ameriquest Mortgage, New Century Mortgage, Long Beach Mortgage, Full Spectrum Lending to originate absolute bogus/ripe-off loans and sell a ton of the to FM/FM making a huge profit, but flooding the market with toxic loans. They were taking all the business of the lower echelon away from the big banks who needed them to comply with the CRA. They had to start going down to the brainless levels of these IMMORAL lenders.

Note: Keeping only 10% of these toxic loans (along with class action lawsuits) were enough for allt he above subprime lenders to go out of business in 2008!

(3) GLB created an other issue, that was done on Clinton's watch!


Face it the snowball started on Clinton and Demcrats watch. Bush takes blame for NOT stopping the snowball, but the short-term effects of Clinton error policies created a good economy (for Clinton's 2nd term) and throughout Bush's regime, up until 2007/2008, so ending that wasn't an easy task!