The Home Loan Crisis -- Just more Republiscam Corruption!

[Neubarth]

. You are a twit.

And you are a worthless piece of Sh!t !

Now, that you have the childish name calling out of your system and I have reciprocated to make you happy in your totally perverse manner do you have any intelligent comments to make about the substance of the OP??

If not, go play with yourself.

Umm, I thought you were a minister..... Related to Fred Phelps perhaps?

Stop trying to change the subject. I am very much a realist. I preach sermons with cuss words in them. What is the difference between Fu<k and Sexual Intercourse? Sh!t and Defecation? **** and Vagina?

IT is a real world out there, not a pretend world.

 

[g5000]

So you're saying Dodd-Frank had absolutely nothing to do with it? I beg to differ, it had everything to do with it,

This is the problem, right here. The idea that the blame is an all or nothing proposition when it comes to a particular scapegoat.

Not only that, but Dodd-Frank was not even around before the crisis started! It was passed as a RESULT of the crisis.

Now if you are talking about the people, Chris Dodd and Barney Frank, of course they share some of the blame. They very effectively blocked legislation to reduce the GSEs portfolios in 2005, along with a handful of Republicans.

However, the GSEs made up less than half of the sub-prime market. They were following the lead of Wall Street. The GSEs were profit making ventures just like other firms, the only difference being their implicit government safety net. But they were still out there to make a profit.

The GSEs had suffered some corruption problems, and their operations were scaled way back early in the decade. This created a gigantic vaccum which Wall Street rushed in to fill. And Wall Street did not have any government regulations to stop them from throwing the underwritnig laws of the Universe out the window.

By the time the GSEs got back in a big way into the newly supercharged market, the sub-prime bubble was well underway. They were just riding along the wave created by Wall Street. They got caught up in the insanity with everyone else. Then when the Bush Administration tried to reel them in, Dodd and Frank cock-blocked him.

But no one was stopping Lehman Brothers or Bear Stearns or Morgan Stanley or JP Morgan or Goldman Sachs. None of them were subject to the regulations the GSEs were. They certainly weren't subject to the CRA. And in fact, the SEC unanimously voted to waive the capital reserves requirements for these five biggest firms, because they were brainwashed by the firms, the same way the ratings agencies were, that these firms had eliminated risk from the financial world with their structured products, when in fact those products had astronomically amplified the risks.

But you see, there are fools who aren't satisfied with that. And they go beyond rationality and begin looking for a way to put the whole crisis onto the backs of negroes. And they set their eyes on the CRA. And it is this ridiculous and obvious racist scapegoat which is flat-out wrong.

They can't see the forest for the trees. They can't see this was a GLOBAL crisis with property bubbles all around the world. They can't see the current European crisis which is the result of the exact same structured financial products that brought us all to the abyss a few years ago. They are stuck on their negro-fixation and this willful blindness prevents them from seeing the whole picture.

And when you can't see the whole picture, you can't properly identify the problem. And if you can't identify the problem, any "solutions" you offer are based on false premises and doomed to failure.

 

[Remodeling Maidiac]

And you are a worthless piece of Sh!t !

Now, that you have the childish name calling out of your system and I have reciprocated to make you happy in your totally perverse manner do you have any intelligent comments to make about the substance of the OP??

If not, go play with yourself.

Umm, I thought you were a minister..... Related to Fred Phelps perhaps?

Stop trying to change the subject. I am very much a realist. I preach sermons with cuss words in them. What is the difference between Fu<k and Sexual Intercourse? Sh!t and Defecation? **** and Vagina?

IT is a real world out there, not a pretend world.

It's not the words but the manner in which you direct them at other people. You're an idiot and part of the reason religion is often mocked.

Good day, fool

 

[g5000]

The mortgage departments of the large banks were writing loans for people who had no incomes, but enough cash to make the first month's payment. And both the corrupt banks and the home "buyers" were happy with that.

People who made no down payment (That used to be required when I bought my home.) were defaulting after one or two month's payment.

Why? Simple, they knew that the bank would not foreclose until they were three or four months behind in their payments (That is three or four months of FREE RENT!) In most states, The Foreclosure process takes months to complete and that is just more and more free rent.

This is not quite the case. The reason people were taking out loans they could not possibly afford under normal 30-year fixed terms is because house prices kept going up and through the magic of sub-prime financing they would not have to pay the kind of payment they would in a fixed term loan. The seller was telling them house prices were skyrocketing and that their house would be worth even more in a just a year or two. Banks were convincing even prime borrowers to take out sub-prime loans. This way, instead of being limited with payments they could afford under a 30-year fixed loan, they could borrow even more money with a sub-prime loan and have lower payments for a few years! And a bigger house than they could get with a fixed loan! The lenders were telling them they could easily refinance when the loans reset because their house would rise in value by then. And remember, the airwaves were flooded with non-stop messages telling people to get in on the boom. Everybody's doing it!

 

[Remodeling Maidiac]

[ You know the whole, glass houses thing.

Not at all. You are talking about a totally different issue unrelated to the Republiscam Rape of the Banking industry. Your issue is something for another post and quite frankly will be treated with scorn as almost nobody cares about minor sweetheart deals when compared to the Trillions of dollars in the Mortgage crisis..

Unrelated? Riiiiight......

Corruption is corruption no matter the scale.

This is the first thread of yours I've ever seen..........It will also be the last.

You neg me for this post claiming I am a pathological liar?

Lol, really? You've read what, perhaps a half dozen of my posts and come to this conclusion?

I did have you pegged right, you're an idiot and a class act.

Now go fuck your alter boy jackass.

 

[Neubarth]

Oh joy. Neubarth is back... just what i wanted to hear.

I usually do not come back for long, as the average IQ of the posters on this forum is very very very low. I do come back for a few days at a time until the stench of the low IQ becomes oppressive.

 

[Neubarth]

Not at all. You are talking about a totally different issue unrelated to the Republiscam Rape of the Banking industry. Your issue is something for another post and quite frankly will be treated with scorn as almost nobody cares about minor sweetheart deals when compared to the Trillions of dollars in the Mortgage crisis..

Unrelated? Riiiiight......

Corruption is corruption no matter the scale.
you're an idiot and a class act.

Now go fuck your alter boy jackass.

Class Act? Of Course!

You on the other hand are a deeply troubled individual. I will pray for you as you need help.

 

[Neubarth]

This is not quite the case. The reason people were taking out loans they could not possibly afford under normal 30-year fixed terms is because house prices kept going up and through the magic of sub-prime financing they would not have to pay the kind of payment they would in a fixed term loan. The seller was telling them house prices were skyrocketing and that their house would be worth even more in a just a year or two. Banks were convincing even prime borrowers to take out sub-prime loans. This way, instead of being limited with payments they could afford under a 30-year fixed loan, they could borrow even more money with a sub-prime loan and have lower payments for a few years! And a bigger house than they could get with a fixed loan! The lenders were telling them they could easily refinance when the loans reset because their house would rise in value by then. And remember, the airwaves were flooded with non-stop messages telling people to get in on the boom. Everybody's doing it!

I think you need to reword what you just wrote. The traditional 30 year fixed loans were a reality, it was just the guarantee that the buyer could afford the loan that was lacking. Nobody was bothering to confirm income. Hell, nobody was even asking.

 

[Liability]

Oh joy. Neubarth is back... just what i wanted to hear.

I usually do not come back for long, as the average IQ of the posters on this forum is very very very low. I do come back for a few days at a time until the stench of the low IQ becomes oppressive.

Newbarf is delusional.

He actually thinks highly of himself.