Foreclosures rise. It's all over

[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.

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.

Taxes suck but all in all I don't pay anymore than I did when we started. Some things like unemployment taxes and workers' comp have risen substantially though.

I still think taxes are too high but I thought that before we opened the business.

You know I don't think it's just a demand problem. People just don't have any confidence in the economic future and are only spending the bare minimum.

Quite frankly i can't blame them.

All in all we still might see a gain because some of our capital equipment leases are up this year and we won't have to service those leases any more. The past few years we've reinvested most of our profits in the business but this year we've put a cap on that and we're staying more liquid.

 

[Truthmatters]

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.

Pretty much.

they hate him because hes black and not a republican.

intelligence has nothing to do wtih their decisions

 

[GHook93]

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

I worked in that industry during the boom and many loan officers didn't have to convince the buyers or refinancers of anything! Many times they did, but most of the time (at least for purchasers) , they came in and said I found this house I want to buy and need a mortgage, can you do this for me. The loan officer complied, because the lenders guidelines allowed for it, because they needed to comply with the Community Reinvestment Act!

 

[Skull Pilot]

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

What political reason do I have?

And if you're dumb enough to believe that housing prices don't rise and fall then I've got a sure fire system that will allow you to pick winning Power Ball numbers.

I'll sell it to you for ten grand.

Would you fall for that?

Well you might.

 

[Truthmatters]

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?

Nope your lying.

they can appeal them.

that is not a blank slate.


Look Im not all jolly about this but I do understand there are mitigating circumstances here that MAY warrent his decisions on this trade agreement.


Never in my life has a president on eoither side done EVERYFUCKINGTHING the way I wanted it done.


that is a fucking idiots pipe dream

 

[Skull Pilot]

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.

Really?

Tell me what did Obama do that made my business profitable?

Did he give me money? Did he work for me for free?

Did he help me renovate the building?

Tell me what did Obama do?

If you're so fucking ovine minded to think that the president has anything to do with the success of the average small business then you deserve to be lamb stew.

 

[Truthmatters]

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

What political reason do I have?

And if you're dumb enough to believe that housing prices don't rise and fall then I've got a sure fire system that will allow you to pick winning Power Ball numbers.

I'll sell it to you for ten grand.

Would you fall for that?

Well you might.

I didnt because I pay very close attention to the market and always have even when I couldnt afford to buy a house at 17% interest rate.


believe what you will about the American people.

Its fine with me if you think all the cons I know who live in houses worth hundereds of thousands of dollars LESS than their market value.


you hate away

 

[Truthmatters]

Hmmmm sounds like you were doing pretty good under Obama

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

Really?

Tell me what did Obama do that made my business profitable?

Did he give me money? Did he work for me for free?

Did he help me renovate the building?

Tell me what did Obama do?

If you're so fucking ovine minded to think that the president has anything to do with the success of the average small business then you deserve to be lamb stew.

HAHAHAHAHAHAHAHAHAH


what did Robmoney do?

 

[Rat in the Hat]

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

Really?

Tell me what did Obama do that made my business profitable?

Did he give me money? Did he work for me for free?

Did he help me renovate the building?

Tell me what did Obama do?

If you're so fucking ovine minded to think that the president has anything to do with the success of the average small business then you deserve to be lamb stew.

HAHAHAHAHAHAHAHAHAH


what did Robmoney do?

What does Governor Romney have to do with this thread?

 

[LogikAndReazon]

The ghettos need more fannie mae mortgages that they cant understand or afford..............

For social justice !!!

 

[Skull Pilot]

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

What political reason do I have?

And if you're dumb enough to believe that housing prices don't rise and fall then I've got a sure fire system that will allow you to pick winning Power Ball numbers.

I'll sell it to you for ten grand.

Would you fall for that?

Well you might.

I didnt because I pay very close attention to the market and always have even when I couldnt afford to buy a house at 17% interest rate.


believe what you will about the American people.

Its fine with me if you think all the cons I know who live in houses worth hundereds of thousands of dollars LESS than their market value.


you hate away

A house can't be worth less than it's market value you idiot.

And when was the last time the interest rate was 17% anyway?

My beliefs on the sheepishness of the American people are based on years of observation. Denying the fact that the vast majority of people follow is naivete of the worst sort.

And I don't hate anyone. I just don't have time nor patience for people who can't think for themselves.

 

[ConservaDerrps]

Well, here's the thing, ShitMits. If your claim is that Obama is bad for business, you're pretty much a walking embodiment of how that's totally not true. If for 75% of the time he's been in office your business has flourished, it sounds like your industry took a turn, or maybe, just maybe, you fucked up. Aren't you Conservatives all about personal accountability? So why are you blaming SOMEONE ELSE for your business's fuck up? Just sayin'...Maybe you should pull yourself up by your bootstraps and not ask for a government hand out (tax break).

 

[Skull Pilot]

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

Really?

Tell me what did Obama do that made my business profitable?

Did he give me money? Did he work for me for free?

Did he help me renovate the building?

Tell me what did Obama do?

If you're so fucking ovine minded to think that the president has anything to do with the success of the average small business then you deserve to be lamb stew.

HAHAHAHAHAHAHAHAHAH


what did Robmoney do?

He did the same for me as Obama did.....absolutely nothing.

 

[g5000]

(1) Community Reinvestment Act: The Brain-child of Carter, got revived by Frank and supported by Clinton.

Someone blaming the CRA is a really good signal they haven't a clue. Please explain how the negroes of Iceland contributed to the global derivatives bubble.

You know, some dipshit bongwater drinking idiot in Congress asked Dick Fuld how much the CRA had to do with Lehman Brothers blowing up about two weeks after they had gone under. Fuld said, "De minimus".

But that does not stop the meme from popping up again and again and again like a Whack-A-Mole by people who are way out of their league.

(2) Give Fannie Mae and Freddie Mac the power to create an secondary market: The brain child of Dodds, supported by Frank and Clinton.

Now you are REALLY demonstrating your stupidity. The GSEs have been part of the secondary market since the 1930s. Fannie Mae was founded in 1938. Freddie in 1970.

Not only that, as the bubble grew, the GSEs share of the secondary market shrank.

The GSEs certainly contributed to the problem, but your understanding of the situation is laughable.

The GSEs, brainchild of Dodd...BWA-HA-HA-HA!!!

Shit, Newt Gingrich was a paid lobbyist of the GSEs all during the bubble! He couldn't sing their praises high enough as late as 2007.

The GSEs own politicians on both side of the aisle. Seriously. They touch EVERYONE.

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

Gramm (Republican)-Leach (Republican)-Bliley (Republican).

I absolutely agree the FSMA of 1999 played a large part in the crash, but I bet you could not give a coherent explanation why. You are just a parrot.

 

[tjvh]

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

Really?

Tell me what did Obama do that made my business profitable?

Did he give me money? Did he work for me for free?

Did he help me renovate the building?

Tell me what did Obama do?

If you're so fucking ovine minded to think that the president has anything to do with the success of the average small business then you deserve to be lamb stew.

HAHAHAHAHAHAHAHAHAH


what did Robmoney do?

What on Earth are you tripping on?

 

[Remodeling Maidiac]

Everytime I see a short school bus I think of TM. I sure hope those kids fare better than a racist slum lord.

 

[The Rabbi]

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.

I actually had one of those loans. It was a terrific product for the right borrower. Specifically people who made a lot of their money in a short time: commissioned sales, execs with high end of year bonuses, etc. It allowed the borrower to manage his cash flow. The underlying index, typically COFE, was a very stable index so not a lot of movement.
I can't help it if some people were too stupid to understand the loan. Or they thought they were getting something for nothing. Who looks at a $300k loan for $300/mo payment and doesn't think there's a catch there? Only fools.
No wonder the reporter blew you off. There are ignorant morons everywhere.

 

[BlindBoo]

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

I worked in that industry during the boom and many loan officers didn't have to convince the buyers or refinancers of anything! Many times they did, but most of the time (at least for purchasers) , they came in and said I found this house I want to buy and need a mortgage, can you do this for me. The loan officer complied, because the lenders guidelines allowed for it, because they needed to comply with the Community Reinvestment Act!

Private firms dominated the subprime market boom of 2004-06, and were not subject to the Community Reinvestment Act.

And at the height of the housing boom in 2005 and 2006, Republicans and their party's standard bearer, President Bush, didn't criticize any sort of lending, frequently boasting that they were presiding over the highest-ever rates of U.S. homeownership. Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication."

More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions

Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics

Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act | Political Correction

 

[Skull Pilot]

Well, here's the thing, ShitMits. If your claim is that Obama is bad for business, you're pretty much a walking embodiment of how that's totally not true. If for 75% of the time he's been in office your business has flourished, it sounds like your industry took a turn, or maybe, just maybe, you fucked up. Aren't you Conservatives all about personal accountability? So why are you blaming SOMEONE ELSE for your business's fuck up? Just sayin'...Maybe you should pull yourself up by your bootstraps and not ask for a government hand out (tax break).

All I said if Obama's policies were working then why are we doing worse than we did in 2008?

I never said he was bad for business. We are seeing a backwards slide but he thinks the private sector is doing fine.

My business by all accounts is in the black. it's my customers who are not. And really even if we are flat this year I'll still do just fine because I know how to handle my bottom line.

And where did I blame anyone. I merely stated the fact that I and many other business owner I know are seeing less business than we did in 2008.

So tell me if the economy is better then why are we seeing slow downs across several different areas of industry.

And what tax breaks have I asked for? I guarantee you that I pay a hell of a lot more in taxes than you do.

And why do you assume I am somehow supporting Romney? I have no plans to vote for him. So why don't you try to think beyond two dimensions?

 

[g5000]

I actually had one of those loans. It was a terrific product for the right borrower. Specifically people who made a lot of their money in a short time: commissioned sales, execs with high end of year bonuses, etc. It allowed the borrower to manage his cash flow. The underlying index, typically COFE, was a very stable index so not a lot of movement.

That's exactly right. ARMs were invented for just those kind of people.

When the industry started offering them by the millions to middle class borrowers, that should have been a HUGE red flag. To the SEC, to Congress, to the ratings agencies, to everyone in the industry.

I can't help it if some people were too stupid to understand the loan.

But the bank can. They deliberately pushed these onto people they knew did not understand them. They threw centuries of underwriting laws of the Universe out the window. Their entire model was based on extremely flawed assumptions, so a lot of it was stupidity on the part of the banks as well.

But there were those in the financial world who knew exactly what they were doing, and they created what they knew to be massives risks and transferred those risks to the rubes on the other end of the chain. Pension fund managers, insurance companies, college endowment funds, city treasurers, etc.

And this wasn't just home loans. This was commerical loans and sovereign debt as well.