Your Overtime Has Just Been Cut

[kaz]

And applaud the government for forcing the raising of wages when the government should keep their noses out of it. Plasma thinks this is a great thing until he loses his job because of government mandates forced his employer to cut back or close down. Plasma just doesn't think ahead...

And in the meantime, workers should just be thankful for the job their employer has so generously bestode upon them in these troubled times and shut the fuck up.

Have you heard about phrase "worth every penny"?

You never gonna hear those people bitch about their pay.

We know two things about people who are bitching about their pay:

1) Their priority is how much they are paid.

2) We know no one is willing to pay them a nickle more because they would take it.

Which means, they are at best fairly paid, and at worst overpaid. But since no one will pay them more, they aren't underpaid.

 

[kaz]

Whether it was "overt Clinton policy" or not "overt Clinton policy"...it was not a cause or factor in the housing bubble and rupture.

The boom and bust was GLOBAL...

A study by the Federal Reserve shows that more than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions. The study found that the government-sponsored enterprises were concerned with the loss of market share to these private lenders — Fannie and Freddie were chasing profits, not trying to meet low-income lending goals.

Clinton's policy was to lower lending requirements so more people qualified.

The meltdown was triggered by large numbers of loans to sub-prime borrowers.

The price of housing was inflated because there were more borrowers with access to easy cash to buy houses.

And you don't see a connection? Seriously?

Seriously...NO. The meltdown was caused by a glut of speculators using ARM loans from PRIVATE lenders outside government regulations.

How Speculative Madness Changed the Housing Market - WORLD PROPERTY CHANNEL Global News Center

Terms of Endearment: How the Speculative Madness Was Financed - WORLD PROPERTY CHANNEL Global News Center

How Widespread Mortgage Fraud Toppled the U.S. Housing Market - WORLD PROPERTY CHANNEL Global News Center

Percentage of option ARM loans. Note that this only includes option ARM, and does not include
interest-only loans or other ARM products. Who knows how high that number would be if it did.

Do YOU see a connection? NONE of those areas are low income, middle class neighborhoods...

Full size map

I used to live a town over from Danbury, and it is clearly middle class. I don't see how option ARMs prove your point even if it did. People couldn't make their payments, no one said the issue was exclusively ARMs. I am thinking you're thinking they couldn't make the payment when the interest rates increased, that isn't really true. The economy hicupped and they couldn't make their payments, then it cascaded and the floor fell out.

Clinton was the root cause. W came in and said wow, that's not a good idea. Then he kept doing it. They both are responsible. It's an endless battle with liberals that when you and the Republicans do the same thing, they are guilty and you are innocent. You're just sheep.

 

[Bfgrn]

Clinton's policy was to lower lending requirements so more people qualified.

The meltdown was triggered by large numbers of loans to sub-prime borrowers.

The price of housing was inflated because there were more borrowers with access to easy cash to buy houses.

And you don't see a connection? Seriously?

Seriously...NO. The meltdown was caused by a glut of speculators using ARM loans from PRIVATE lenders outside government regulations.

How Speculative Madness Changed the Housing Market - WORLD PROPERTY CHANNEL Global News Center

Terms of Endearment: How the Speculative Madness Was Financed - WORLD PROPERTY CHANNEL Global News Center

How Widespread Mortgage Fraud Toppled the U.S. Housing Market - WORLD PROPERTY CHANNEL Global News Center

Percentage of option ARM loans. Note that this only includes option ARM, and does not include
interest-only loans or other ARM products. Who knows how high that number would be if it did.

Do YOU see a connection? NONE of those areas are low income, middle class neighborhoods...

Full size map

I used to live a town over from Danbury, and it is clearly middle class. I don't see how option ARMs prove your point even if it did. People couldn't make their payments, no one said the issue was exclusively ARMs. I am thinking you're thinking they couldn't make the payment when the interest rates increased, that isn't really true. The economy hicupped and they couldn't make their payments, then it cascaded and the floor fell out.

Clinton was the root cause. W came in and said wow, that's not a good idea. Then he kept doing it. They both are responsible. It's an endless battle with liberals that when you and the Republicans do the same thing, they are guilty and you are innocent. You're just sheep.

Try to use your brain...if you are buying a homestead, you are making a long term commitment. You are going to seek out a mortgage along conventional lines. Were there some stupid people who got sucked in by predators...yea.

If you are a speculator, you are NOT making a long term commitment. You are going to seek out a low or no down payment 'gimmick' because you never plan on living there. You are in it to sell, make money and buy again. But the Ferris wheel stopped and these people jumped out. And a plethora of private lenders catered to these wealthy speculators.

I was selling heavy construction equipment in northern Florida when the crisis began. I remember meeting one of my customers in Yulee who was working in an exclusive housing project adjacent to a golf course. We drove around the project in his pickup truck before I took him to lunch. More than HALF of the homes were bought by speculators...doctors, lawyers and wealthy businessmen looking to make a fast buck.

 

[The T]

Find another job that suits your needs. Start your own business, work from home, you're not tied to job you hate so much with umbilical cord. Plenty of options, but you chose to bitch about it.

And applaud the government for forcing the raising of wages when the government should keep their noses out of it. Plasma thinks this is a great thing until he loses his job because of government mandates forced his employer to cut back or close down. Plasma just doesn't think ahead...

And in the meantime, workers should just be thankful for the job their employer has so generously bestode upon them in these troubled times and shut the fuck up.

'Bestode' Gracie? Please...

 

[zeke]

Clinton's policy was to lower lending requirements so more people qualified.

The meltdown was triggered by large numbers of loans to sub-prime borrowers.

The price of housing was inflated because there were more borrowers with access to easy cash to buy houses.

And you don't see a connection? Seriously?

Seriously...NO. The meltdown was caused by a glut of speculators using ARM loans from PRIVATE lenders outside government regulations.

How Speculative Madness Changed the Housing Market - WORLD PROPERTY CHANNEL Global News Center

Terms of Endearment: How the Speculative Madness Was Financed - WORLD PROPERTY CHANNEL Global News Center

How Widespread Mortgage Fraud Toppled the U.S. Housing Market - WORLD PROPERTY CHANNEL Global News Center

Percentage of option ARM loans. Note that this only includes option ARM, and does not include
interest-only loans or other ARM products. Who knows how high that number would be if it did.

Do YOU see a connection? NONE of those areas are low income, middle class neighborhoods...

Full size map

I used to live a town over from Danbury, and it is clearly middle class. I don't see how option ARMs prove your point even if it did. People couldn't make their payments, no one said the issue was exclusively ARMs. I am thinking you're thinking they couldn't make the payment when the interest rates increased, that isn't really true. The economy hicupped and they couldn't make their payments, then it cascaded and the floor fell out.

Clinton was the root cause. W came in and said wow, that's not a good idea. Then he kept doing it. They both are responsible. It's an endless battle with liberals that when you and the Republicans do the same thing, they are guilty and you are innocent. You're just sheep.

I was a mortgage loan officer all during the housing collapse.

In the world of non conforming lending, borrowers were qualified at the discounted start rate on a lot of those ARMs. When the first adjustment to rate came due, some of those interest rates increased 5%. And that adjustment did cause people to default because they couldn't afford the adjusted payment.

I do agree that Clinton was at fault for the housing collapse. But for different reasons than yours I believe. Clinton should have never signed into law the Graham, Leach, Bliley Act.

What a disastrous law.

 

[kaz]

Seriously...NO. The meltdown was caused by a glut of speculators using ARM loans from PRIVATE lenders outside government regulations.

How Speculative Madness Changed the Housing Market - WORLD PROPERTY CHANNEL Global News Center

Terms of Endearment: How the Speculative Madness Was Financed - WORLD PROPERTY CHANNEL Global News Center

How Widespread Mortgage Fraud Toppled the U.S. Housing Market - WORLD PROPERTY CHANNEL Global News Center

Percentage of option ARM loans. Note that this only includes option ARM, and does not include
interest-only loans or other ARM products. Who knows how high that number would be if it did.

Do YOU see a connection? NONE of those areas are low income, middle class neighborhoods...

Full size map

I used to live a town over from Danbury, and it is clearly middle class. I don't see how option ARMs prove your point even if it did. People couldn't make their payments, no one said the issue was exclusively ARMs. I am thinking you're thinking they couldn't make the payment when the interest rates increased, that isn't really true. The economy hicupped and they couldn't make their payments, then it cascaded and the floor fell out.

Clinton was the root cause. W came in and said wow, that's not a good idea. Then he kept doing it. They both are responsible. It's an endless battle with liberals that when you and the Republicans do the same thing, they are guilty and you are innocent. You're just sheep.

I was a mortgage loan officer all during the housing collapse.

In the world of non conforming lending, borrowers were qualified at the discounted start rate on a lot of those ARMs. When the first adjustment to rate came due, some of those interest rates increased 5%. And that adjustment did cause people to default because they couldn't afford the adjusted payment.

I do agree that Clinton was at fault for the housing collapse. But for different reasons than yours I believe. Clinton should have never signed into law the Graham, Leach, Bliley Act.

What a disastrous law.

My point was not that ARMs were not a big part of the problem, my point was his map just showed the percent of loans that were ARMs. I am saying that doesn't prove his point. What you are saying is definitely true. But that wasn't the only problem. When people lost jobs or their hours were cut, they also couldn't make the loan payments. It. They didn't just qualify for loans with ARMs to qualify they also just qualified with the relaxed underwriting rules. They had little buffer and they weren't primo lending mindset.

Also, W continued the same policy, I'm blaming him too. I'm just saying liberals blaming him and letting Slick off the hook are full of it.

I don't particularly see the issue with Graham, Leach, Bliley. I worked in Financial Services in and outside New York. I don't see how that caused the collapse. Government pushing relaxed rules and then funding it clearly led to housing bubble. There were a lot of things that went wrong when it collapsed, but the massive housing market correction was the big kahuna.

 

[The Rabbi]

I was a mortgage loan officer all during the housing collapse.

In the world of non conforming lending, borrowers were qualified at the discounted start rate on a lot of those ARMs. When the first adjustment to rate came due, some of those interest rates increased 5%. And that adjustment did cause people to default because they couldn't afford the adjusted payment.

I do agree that Clinton was at fault for the housing collapse. But for different reasons than yours I believe. Clinton should have never signed into law the Graham, Leach, Bliley Act.

What a disastrous law.

You're a fucking liar. I had a mortgage company for about 7 years. All the adjustables had caps, usually 2% a year in any direction, to prevent exactly that. Because the companies knew if they increased rates by 5% people would default.
You've never been anything but stump broke trailer park trash.

 

[Unkotare]

There it is. Liberals view work as an 'unfair' imposition; something that gets in the way of their 'real lives.'

And that about says it all.

i like my family....guess you dont

Find another job that suits your needs. Start your own business, work from home, you're not tied to job you hate so much with umbilical cord. Plenty of options, but you chose to bitch about it.

It's not his job he hates, it's work in general. The very definition of...

 

[The T]

Find another job that suits your needs. Start your own business, work from home, you're not tied to job you hate so much with umbilical cord. Plenty of options, but you chose to bitch about it.

And applaud the government for forcing the raising of wages when the government should keep their noses out of it. Plasma thinks this is a great thing until he loses his job because of government mandates forced his employer to cut back or close down. Plasma just doesn't think ahead...

He'll blame Bush, the Koch Brothers, or greedy corporations.

He's one of the plethora of twerps that thinks businesses exist just to hand out jobs and nothing else.

 

[FA_Q2]

I used to live a town over from Danbury, and it is clearly middle class. I don't see how option ARMs prove your point even if it did. People couldn't make their payments, no one said the issue was exclusively ARMs. I am thinking you're thinking they couldn't make the payment when the interest rates increased, that isn't really true. The economy hicupped and they couldn't make their payments, then it cascaded and the floor fell out.

Clinton was the root cause. W came in and said wow, that's not a good idea. Then he kept doing it. They both are responsible. It's an endless battle with liberals that when you and the Republicans do the same thing, they are guilty and you are innocent. You're just sheep.

I was a mortgage loan officer all during the housing collapse.

In the world of non conforming lending, borrowers were qualified at the discounted start rate on a lot of those ARMs. When the first adjustment to rate came due, some of those interest rates increased 5%. And that adjustment did cause people to default because they couldn't afford the adjusted payment.

I do agree that Clinton was at fault for the housing collapse. But for different reasons than yours I believe. Clinton should have never signed into law the Graham, Leach, Bliley Act.

What a disastrous law.

My point was not that ARMs were not a big part of the problem, my point was his map just showed the percent of loans that were ARMs. I am saying that doesn't prove his point. What you are saying is definitely true. But that wasn't the only problem. When people lost jobs or their hours were cut, they also couldn't make the loan payments. It. They didn't just qualify for loans with ARMs to qualify they also just qualified with the relaxed underwriting rules. They had little buffer and they weren't primo lending mindset.

Also, W continued the same policy, I'm blaming him too. I'm just saying liberals blaming him and letting Slick off the hook are full of it.

I don't particularly see the issue with Graham, Leach, Bliley. I worked in Financial Services in and outside New York. I don't see how that caused the collapse. Government pushing relaxed rules and then funding it clearly led to housing bubble. There were a lot of things that went wrong when it collapsed, but the massive housing market correction was the big kahuna.

It seems to me that act did nothing more than increase the amount of cash available to fuel the false mortgage loans further. I think that it more accelerated the process rather than causing the meltdown itself. We would have gone on longer in a false economy but fell just as hard without it IMHO.

 

[Bfgrn]

Private sector loans, not Fannie or Freddie, triggered crisis

WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

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

• Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

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

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets reported Friday.

Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don't lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.

It's a process called securitization, and by passing on the loans, banks have more capital on hand so they can lend even more.

This much is true. In an effort to promote affordable home ownership for minorities and rural whites, the Department of Housing and Urban Development set targets for Fannie and Freddie in 1992 to purchase low-income loans for sale into the secondary market that eventually reached this number: 52 percent of loans given to low-to moderate-income families.

To be sure, encouraging lower-income Americans to become homeowners gave unsophisticated borrowers and unscrupulous lenders and mortgage brokers more chances to turn dreams of homeownership in nightmares.

But these loans, and those to low- and moderate-income families represent a small portion of overall lending. 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. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

In 1999, the year many critics charge that the Clinton administration pressured Fannie and Freddie, the private sector sold into the secondary market just 18 percent of all mortgages.

Fueled by low interest rates and cheap credit, home prices between 2001 and 2007 galloped beyond anything ever seen, and that fueled demand for mortgage-backed securities, the technical term for mortgages that are sold to a company, usually an investment bank, which then pools and sells them into the secondary mortgage market.

About 70 percent of all U.S. mortgages are in this secondary mortgage market, according to the Federal Reserve.

Read more here: Private sector loans, not Fannie or Freddie, triggered crisis | Economics | McClatchy DC

 

[The Rabbi]

That's why Fannie and freddie didnt need to be bailed out by the government?

Another Lo-Lo poster is heard from.

 

[Bfgrn]

That's why Fannie and freddie didnt need to be bailed out by the government?

Another Lo-Lo poster is heard from.

Is there a cognizant adult in your trailer park who can read and then translate into drool?

 

[FA_Q2]

But that does not make any sense, why would a bank purposefully make bad loans that the borrower could not pay back. That would mean that they lose money and go out of business. Oh wait,

Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don't lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.

They purchase those loans and assume 100 percent of all the risk while the banks do nothing more than reap the profits. And you are claiming that they are not the problem? How blind.


The system is asinine and Fanny/Freddie are the central cause to the crash. It was not really even because of the bad practices. That was nothing more than a symptom of the real problem – they assumed risk while the lenders reaped the rewards. When you allow politicians to play politics with the nation’s capital through these massive institutions and then assume all the risk for the banks what the hell do you think is going to happen. Take the government institution out of the mess and banks would have to assume their OWN risk. How many bad loans do you think are going to be underwritten then? How many institutions are going to purchase toxic assets?

Then, of course, just to top everything off those same banks get bailed out after they sell so many bad loans that they entire system comes crashing down.

 

[jillian]

The very first words of the constitution after the preamble are "all legislative powers herein granted shall be vested in a congress of the united states." That means the president and supreme court and bureaucrats have NO authority to write laws. But they do it all the time.]

it means no such thing.

but the constitution DOES say your guns are for a well-regulated militia.

funny how you don't like that part.

 

[FA_Q2]

The very first words of the constitution after the preamble are "all legislative powers herein granted shall be vested in a congress of the united states." That means the president and supreme court and bureaucrats have NO authority to write laws. But they do it all the time.]

it means no such thing.

but the constitution DOES say your guns are for a well-regulated militia.

funny how you don't like that part.

LOL. It means exactly that and I don't think you can point to a single thing that would contradict that statement.

The exec and judicial branches have ZERO authority to make law, PERIOD. The fact that you do not know that is striking. Apparently you do not understand our government at all.

Further, your asinine interpretation of the second completely ignores the fact that the amendment DIRECTLY states the 'right of the people.' A passage that you liberals ignore constantly. the SCOTUS disagrees with you, common English disagrees with you and the federalist papers define quite well what the militia is and stands for - also disagreeing with you. It takes willful ignorance of the law and past to demand that the second does not convey a right to bear arms.

 

[Bfgrn]

But that does not make any sense, why would a bank purposefully make bad loans that the borrower could not pay back. That would mean that they lose money and go out of business. Oh wait,

Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don't lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.

They purchase those loans and assume 100 percent of all the risk while the banks do nothing more than reap the profits. And you are claiming that they are not the problem? How blind.


The system is asinine and Fanny/Freddie are the central cause to the crash. It was not really even because of the bad practices. That was nothing more than a symptom of the real problem – they assumed risk while the lenders reaped the rewards. When you allow politicians to play politics with the nation’s capital through these massive institutions and then assume all the risk for the banks what the hell do you think is going to happen. Take the government institution out of the mess and banks would have to assume their OWN risk. How many bad loans do you think are going to be underwritten then? How many institutions are going to purchase toxic assets?

Then, of course, just to top everything off those same banks get bailed out after they sell so many bad loans that they entire system comes crashing down.

WRONG...try to pay attention, or get an adult to explain it to you.

Private-Label Mortgage Backed Securities

Private-label mortgage backed securities are securitized mortgages that do not conform to the criteria set by the Government Sponsored Enterprises Freddie Mac, Fannie Mae and Ginnie Mae. The mortgages that make up these securities do not have the backing of the government and as a result carry a significantly greater risk. Below is a diagram that represents the types of mortgages that would not classify as GSE conforming loans.

 

[Votto]

The very first words of the constitution after the preamble are "all legislative powers herein granted shall be vested in a congress of the united states." That means the president and supreme court and bureaucrats have NO authority to write laws. But they do it all the time.

http://www.nytimes.com/2014/03/12/u...0140312&nl=todaysheadlines&nlid=65366937&_r=2

MARCH 11, 2014

WASHINGTON — President Obama this week will seek to force American businesses to pay more overtime to millions of workers, the latest move by his administration to confront corporations that have had soaring profits even as wages have stagnated.

On Thursday, the president will direct the Labor Department to revamp its regulations to require overtime pay for several million additional fast-food managers, loan officers, computer technicians and others whom many businesses currently classify as “executive or professional” employees to avoid paying them overtime, according to White House officials briefed on the announcement.

Executive Branch: Writes and executes laws.

Legislative Branch: Suggests laws that will be changed by Executive Branch later on.

Judicial Branch: Rewrites laws passed by Executive Branch so they seem half way Constitutional.

 

[kaz]

Private sector loans, not Fannie or Freddie, triggered crisis

Dude, I already told you this is a strawman. No one is arguing that Fannie and Freddie directly underwrote the majority of the loans. In fact if that were the case, the Clinton administration wouldn't have had to threaten financial services companies with investigations and subpoenas to get them to relax their underwriting standards. And then the Fed flooded the market with endless virtually zero interest cash to fund it.

Your harping on this non-point doesn't even make sense in light of the discussion and the Clinton administration policy. When there were more buyers with government money, they bid up the price of housing, hence, "the bubble." And when the economy slowed down, the sub-primes got into the most, deepest and quickest trouble, housing fell and the bubble burst. The economic slowdown was global, but it was worse here because so much housing value collapsed because of Bill, Slick Willy, Clinton. Then W continued the policy.

Going back to Fannie and Freddie is still a strawman.

 

[zeke]

I was a mortgage loan officer all during the housing collapse.

In the world of non conforming lending, borrowers were qualified at the discounted start rate on a lot of those ARMs. When the first adjustment to rate came due, some of those interest rates increased 5%. And that adjustment did cause people to default because they couldn't afford the adjusted payment.

I do agree that Clinton was at fault for the housing collapse. But for different reasons than yours I believe. Clinton should have never signed into law the Graham, Leach, Bliley Act.

What a disastrous law.

You're a fucking liar. I had a mortgage company for about 7 years. All the adjustables had caps, usually 2% a year in any direction, to prevent exactly that. Because the companies knew if they increased rates by 5% people would default.
You've never been anything but stump broke trailer park trash.

Not only are you a fucking liar rabbit, everybody know rabbits can't write.

In terms of what you claim to know about mortgages, all I can say is how fucking stupid you really are.

Look up the 2/28 non conforming ARM loan. (also known as the "Predatory Arm) The one where the start rate is a teaser and after two years (the first adjustment cycle) the rate was adjusted to the index plus full margin.

And guess what the fucking margin was rabbit. 5% or better in some cases. And guess how much some peoples rates increased you stupid fucker. 5%.

You must of been thinking about those Fannie and Freddie loans tied to a one year T bill for an index and with a decent 2.75% margin and 2/6 caps on adjustments. Those loans are not nor were they the problem loans in the mortgage meltdown. You should know this shit being in the mortgage business and all. LMAO.

The adjustment verbiage on the non conforming loan was buried in the note and IF a borrower asked and was told the truth about how much the payment and rate would change, you know what the loan officer told the borrower; don't worry about it, we will refinance you when the time comes. You would know this shit IF you ever wrote a mortgage loan in your life. And I doubt anyone would lend on your house trailer.

But the idea of someone as stupid as you running a mortgage company is really laughable.
Thanks for the grins idiot.