Unite to quit paying on mortgages

[miller]

Foxfyre's Avatar
Foxfyre

Do you have the power to force banks to lend you money?

It would help if you people understood the spectacular crime committed by the bankers to generate fees and bonuses. I guess I need to spell this out.

CNBC Rick Santelli stated, "Do you people want to pay your neighbors mortgage?" What Rick didn't ask is, "Do you people want to pay for all the losses the bankers created when they gambled the depositors cash?"

TARP forced us to pay for the banks losses and the embezzlement they call "bonuses". America is a country of assholes. Paying bankers for destroying the entire banking system a $40 billion bonus is way beyond stupid. What happened to the toxic assets?

The bankers never denied they knew they were making loans to people the bankers knew could never pay. They allowed loans with false or even no documents. Now America is going to deal with millions of families busted up and thrown into the street.

Keep paying the crooks bonuses and throw the suckers into the street. That's a great economic policy. Thanks Foxfyre's Avatar
Foxfyre

 

[RadiomanATL]

Don't do drugs, kids.

 

[Toro]

what?! what?!

i can't hear you!

 

[Foxfyre]

Foxfyre's Avatar
Foxfyre

Do you have the power to force banks to lend you money?

It would help if you people understood the spectacular crime committed by the bankers to generate fees and bonuses. I guess I need to spell this out.

CNBC Rick Santelli stated, "Do you people want to pay your neighbors mortgage?" What Rick didn't ask is, "Do you people want to pay for all the losses the bankers created when they gambled the depositors cash?"

TARP forced us to pay for the banks losses and the embezzlement they call "bonuses". America is a country of assholes. Paying bankers for destroying the entire banking system a $40 billion bonus is way beyond stupid. What happened to the toxic assets?

The bankers never denied they knew they were making loans to people the bankers knew could never pay. They allowed loans with false or even no documents. Now America is going to deal with millions of families busted up and thrown into the street.

Keep paying the crooks bonuses and throw the suckers into the street. That's a great economic policy. Thanks Foxfyre's Avatar
Foxfyre

???? How did Foxfyre or my avatar get into this? And the line that seems to be attributed to me, I didn't say. Please be careful in quoting people so that you don't misrepresent their words or intent.

I am of the school that there should be consequences for borrowing more than you can realistically repay. I am of the school that if most people were not people of character who see it as their civic or moral duty to keep their word and repay their debts, the entire system would quickly collapse or we would go back to the straight barter system. I am of the school that it is wrong to encourage people to default on their contractual agreements that they made in good faith.

I have no problem with the government securing our rights and making it difficult or impossible for anybody to intentionally screw anybody else with impunity. Toward that end bank regulation, anti trust laws, and commerce must be regulated as necessary to secure our rights.

Anarchists trying to bring down the financial system is not a good idea toward that end.

 

[miller]

I'm of the school that knows for a simple fact that the lender is in total control of making the loan. I keep saying that but all of you choose to ignore that obvious fact.

The loan officer's job is to not loan the depositors' funds to bums that they are positive can never repay the loan. Until you understand this simple process there can be no debate.

I had no idea that all you people completely don't know this. That is step one.

I'm really shitty on computers. I made a harmless mistake with firefox. firefox is on a different thread I wrote.

When you can't understand the simple fraud that created the entire mortgage meltdown, my solution will never make any sense. Only brainwashing could prevent understanding the fraud.

 

[elvis]

I'm of the school that knows for a simple fact that the lender is in total control of making the loan. I keep saying that but all of you choose to ignore that obvious fact.

The loan officer's job is to not loan the depositors' funds to bums that they are positive can never repay the loan. Until you understand this simple process there can be no debate.

I had no idea that all you people completely don't know this. That is step one.

I'm really shitty on computers. I made a harmless mistake with firefox. firefox is on a different thread I wrote.

When you can't understand the simple fraud that created the entire mortgage meltdown, my solution will never make any sense. Only brainwashing could prevent understanding the fraud.

yeah they're in total control. That's why several large banks failed two years ago......

 

[Intense]

I'm of the school that knows for a simple fact that the lender is in total control of making the loan. I keep saying that but all of you choose to ignore that obvious fact.

The loan officer's job is to not loan the depositors' funds to bums that they are positive can never repay the loan. Until you understand this simple process there can be no debate.

I had no idea that all you people completely don't know this. That is step one.

I'm really shitty on computers. I made a harmless mistake with firefox. firefox is on a different thread I wrote.

When you can't understand the simple fraud that created the entire mortgage meltdown, my solution will never make any sense. Only brainwashing could prevent understanding the fraud.

You are only as good as your word. How about you think on that a while.

 

[editec]

Here's a novel idea. How about we focus on economic policies that encourage businesses to hire so that we can have full employment again?

Grand idea. How about we rethink our entire trade policy?

That would more than encourage businesses in invest in job producing industry.

My guesstimate is a return to the trade policies of the 50s (the 1850s) would probably create 30,000,000 industrial jobs.

Then how about we reinstate time honored policies of requiring an investment to buy real estate. 10% down is not unreasonable. 20% better. And require the down payment to be money you own or save up, not a loan from somebody else. People who have an investment in their property generally will pay for it if they can. And those who have the financial discipline to come up with the down payment usually have the discipline necessary to manage their finances so they don't default.

That was and continues to be entirely up to the banks.

Just as it was up to the banks (not the government, the banks) to allow NINJA mortgages.

 

[Wry Catcher]

Thanks Chanel. Same here. ALL debts must be repaid. Monetary ones or personal ones.

Maybe I'm wrong on this, but virtue and business seem an unlikely pair. Consider, when a business loses money it's ownership walks away, and has no or few obligatons to its employees or those who provided resources during their good times (banks, suppliers, etc.); hence the popularity of LLC's.
Some business and industry find moving off shore is good for the bottom line, not so good for long-term employees who are laid off or our economy in general.
Isn't the bank or institution 'guilty' of the same mistake of the homebuyer? Both bet on the property maintaining value or appreciating - both were wrong, yet banks being to big to fail were rescued.
Of course I find the OP's plan absurd, but the broader question is why haven't banks forgiven homeowners underwater by reducing interest rates or otherwise mitigating the plight of homeowners?

Banks and Insurance Companies are not your friends, nor are they in business to help you - notwithstanding their copious advertising otherwise.

 

[miller]

When victims are being robbed, raped, or assaulted do you look the other way?

We can't fix the trade policy because you people keep electing the Democratic Republican Crime Family who collects bribes from the privileged rich who steal jobs from the Americans they used to pay and transfers their work to slaves in China. You people refuse to create a legit 3rd party.

We can fix the banker thieves by refusing to pay mortgages. We can force the banker crooks to negotiate a new deal to stop the foreclosures. First you need to understand a whole series of crimes being allowed by law enforcement.

It was all done wide open. Teaser rates, no documents, false documents, free instant money for home owners. Keep the equity expanding by false appraisals. Extorting appraisers to keep prices rising or they lose their business. Paying off S&P and Moody's for AAA ratings on garbage. None of this is complicated.

 

[miller]

I THOUGHT THIS WAS AS WEIRD AS IT CAN EVER GET.

In Sudan when a girl gets raped they stone her to death.

Maybe they don't know that rape is a crime. I'm learning that you Americans don't know fraud is a crime. You ought to start stoning the families being thrown into the street by the banks when they foreclose on their mortgage.

The mortgage meltdown was the cliff America went over in 2008. Now you people keep falling into a bottomless pit. There is nothing that will wake up the 98% of the people who vote for the Democratic Republican Crime Family. They take their bribes from the banker crooks to keep them from being charged for fraud.

Uniting to quit paying mortgage bills was my suggestion to force the banker crooks who destroy your deposits on bad loans for fees and gamble your deposits on derivatives. If they took your deposits to the casino to shoot craps would you get the picture? They tell you derivatives are complicated. Craps have 11 possibilities. Derivatives have two possibilities (up and down). Which game is more complicated? The game with 2 outcomes or the game with 11 outcomes?

I've been trading derivatives since 1969. I know more about derivatives than all 25,777 members on this forum put together. I get paid to hedge (not speculate) with derivatives. There is never any risk when derivatives are used to hedge. The banks went broke speculating with derivatives and purposely financing mortgages for customers that they knew could never pay off the loans. They sold the mortgages and then bought them back. That's what they learned at the Harvard Business School.

That's as crazy as stoning a girl who got raped.

 

[Foxfyre]

Here's a novel idea. How about we focus on economic policies that encourage businesses to hire so that we can have full employment again?

Grand idea. How about we rethink our entire trade policy?

That would more than encourage businesses in invest in job producing industry.

My guesstimate is a return to the trade policies of the 50s (the 1850s) would probably create 30,000,000 industrial jobs.

I would have to go back and review those policies. Lotsa water under the bridge since Economics 101. But it would require legislation prohibiting government from favoring one business over another, showing favoritism in issuing contracts etc., we have to relax regulation that is not absolutely necessary to protect unalienable rights, and we have to have a government that doesn't favor and protect self-serving unions that aren't benefitting much of anybody other than their own inner circle.

Then how about we reinstate time honored policies of requiring an investment to buy real estate. 10% down is not unreasonable. 20% better. And require the down payment to be money you own or save up, not a loan from somebody else. People who have an investment in their property generally will pay for it if they can. And those who have the financial discipline to come up with the down payment usually have the discipline necessary to manage their finances so they don't default.

That was and continues to be entirely up to the banks.

Just as it was up to the banks (not the government, the banks) to allow NINJA mortgages.

No it was not entirely up to the banks. Congress can easily pass legislation requiring reasonable fiscal management of the monies the banks control. It has been Congress, however, who first began pressuring banks to make mortgage monies more available to the less affluent and who pressured Fannie and Freddie to guarantee the resulting risky loans and start buying them up when the troubles first started developing. Some of that pressure was flat out threats.

And Congress could have stopped Fannie and Freddie from bundling those loans and reselling them to the financial institutions by making it very lucrative for those financial institutions to buy them. And with the resulting real estate boom, wildly inflating values, it was really tempting for outfits like AIG to get in on the cash cow and voila!!! We have all of the nation's biggest financial institutions on the hook for a LOT of really bad loans.

Of course no such pyramid scheme can sustain itself indefinitely and this one didn't. When the first defaults began tumbling into a full fledged avalanche and then a tsunami, all of a sudden all those big institutions were holding more worthless paper than good. Financial crisis, TARP, etc. etc. etc. We know how it went down from there.

So the answer is not in punishing the financial institutions. The answer is is demanding responsibility, acccuntability, and transparency from those charged with regulating those financial institutions. Do that, and we fix the problem. Right now it ain't fixed. It's just treading water, and we will see another violent downturn unless they get smart real fast.