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Banks over Homeowners - what has America come to?

MiddleClass

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"Treasury Secretary Tim Geithner is pushing a settlement with the big banks and Wall Street firms that caused the mortgage crisis—letting them get away with a slap on the wrist.:confused:

Wall Street bankers have not faced any serious punishment for the widespread fraud that crashed our whole economy—pushing bad loans, lying to investors, forging foreclosure documents—and banks are making profits again while homeowners continue to suffer.

Unbelievably, Geithner wants state attorneys general to agree to a sweetheart deal where these banks would pay only $20 billion—a fraction of what they could owe if fully prosecuted—and would get immunity from investigation and prosecution of the criminal greed, negligence, and fraud that caused this crisis. This would eliminate any leverage regulators have to pressure banks to help out the homeowners they've hurt."

Let your representatives know American homeowners should come first, not the greedy unethical banks. Tell Treasury Secretary Geithner, "No more sweetheart deals for Wall Street. Let states investigate and prosecute the crimes that crashed our economy."

Click here to let them know:
MoveOn.org Civic Action: No Sweetheart Deal for Wall Street on Mortgage Fraud
 

Truthmatters

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we are a country for corporate people now.

regualr joes are just here to fill the coporate peoples needs
 

saveliberty

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Remind me how many bankers were charged with crimes relating to the mortgage crisis? I guess what I mean is anything exceeding zero.
 

Claudette

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Yeah and remind me how many people bought when they couldn't afford a house????
 

ClosedCaption

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Yeah and remind me how many people bought when they couldn't afford a house????

Proper vetting of customers should have eliminated those folks.

Thats what she doesnt understand. The purpose of giving those loans to people who couldnt afford them was to resell them on Wallstreet. In the words of Damon Wayans "Mo money, Mo money, Mo money!"
 

Truthmatters

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The first logical thing to do when you want to buy a house and will need loans to do it ( you dont have cash to pay the whole price) is to go get prequalified.

They will tell you if you have good enough credit to get a loan and how much a lender would agree to loan you.


If they tell you htey would give you money and how much then they have told you you can afford a house.

They are the experts right?

So what doies the right do?

they blame the person who relied on the experts to tell them they could afford and house and how much of a house they could afford.
 
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Claudette

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Yeah and remind me how many people bought when they couldn't afford a house????

Proper vetting of customers should have eliminated those folks.

Your right. It should have and back in the day it would have. You used to have to have a pretty hefty down payment to buy a house. You used to have to have good credit to buy a house.

Fannie and Freddie did away with that.
 

Claudette

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The first logical thing to do when you want to buy a house and will need loans to do it ( you dont have cash to pay the whole price) is to go get prequalified.

They will tell you if you have good enough credit to get a loan and how much a lender would agree to loan you.


If they tell you htey would give you money and how much then they have told you you can afford a house.

They are the experts right?

So what doies the right do?

they blame the person who relied on the experts to tell them they could afford and house and how much of a house they could afford.


Seems to me anyone with common sense should be able to know whether they can afford to buy a house or not. They should know this no matter what anyone else is telling them.
 

dilloduck

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The first logical thing to do when you want to buy a house and will need loans to do it ( you dont have cash to pay the whole price) is to go get prequalified.

They will tell you if you have good enough credit to get a loan and how much a lender would agree to loan you.


If they tell you htey would give you money and how much then they have told you you can afford a house.

They are the experts right?

So what doies the right do?

they blame the person who relied on the experts to tell them they could afford and house and how much of a house they could afford.

Absolutely------if you can't decide if you can afford something by yourself you have no business buying it. Stop depending on other people to tell you what to do.
 

Truthmatters

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So you suggest that people just save for the full price of a house before tghey buy one?
 

OODA_Loop

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Signing an ARM without understanding its provisions is not being able to afford it.
 

Truthmatters

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The first logical thing to do when you want to buy a house and will need loans to do it ( you dont have cash to pay the whole price) is to go get prequalified.

They will tell you if you have good enough credit to get a loan and how much a lender would agree to loan you.


If they tell you htey would give you money and how much then they have told you you can afford a house.

They are the experts right?

So what doies the right do?

they blame the person who relied on the experts to tell them they could afford and house and how much of a house they could afford.


Seems to me anyone with common sense should be able to know whether they can afford to buy a house or not. They should know this no matter what anyone else is telling them.

Cash only for housing?

very few people could ever own a home
 

Zoom-boing

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The first logical thing to do when you want to buy a house and will need loans to do it ( you dont have cash to pay the whole price) is to go get prequalified.

They will tell you if you have good enough credit to get a loan and how much a lender would agree to loan you.


If they tell you htey would give you money and how much then they have told you you can afford a house.

They are the experts right?

So what doies the right do?

they blame the person who relied on the experts to tell them they could afford and house and how much of a house they could afford.

They will also tell you that you can afford waaay more house (mortgage payment) than is logical/doable/livable. Common sense should kick in if someone making not very much money gets pre-qualified for a big loan. Just because the bank says 'hey, sure . . you can afford that $300K house, zero down, just sign here' doesn't make it so.
 
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Jarhead

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Yeah and remind me how many people bought when they couldn't afford a house????

Proper vetting of customers should have eliminated those folks.

Thats what she doesnt understand. The purpose of giving those loans to people who couldnt afford them was to resell them on Wallstreet. In the words of Damon Wayans "Mo money, Mo money, Mo money!"

OK...here is the truth...unbiaised...and the totla truth.

The banks came up with a way to satisfy the government requirement of diversity in their lending practices.

NOT PERFORM AN INCOME CHECK...for if they performed an incoime check, man y would be denied the loans per the underwriters...and yes, to be politically incorrect, this would mean many black borrowers would be denied.

However, the bansk ALSO counted on something else...they counted on the borrowers lying about their income...for if they told the truth they would be denied just as they would have been if they had their income checked.

Now, all of a sudden, people are making money...the banks, the lenders, the brokers....and to offset the "valueable loans" they were bundled with the "questionable loans" and sold...in amny cases full circle...and everyone was making money.

Now...why wont they go after the banks?

Becuase the banks have made it quite clear......YOU GO AFTER US AND WE WILL GO AFTER ALL OF THOSE BORROWERS THAT LIED ON THEIR APPLICATIONS

What many of you dont know...that application is an affidavit...and when you close on the loan...ALL FOUR PAGES ARE SIGNED BY THE BORROWER AND NOTARIZED....and there is a disclaimer in normal sized font that SWEARS that the information that you as the borrower furnished is accurate to the best of your knowledge.

So in essence, the federal government would have to press charges against tens of thousands of people for lying on a sworn affidavit...

There...tyhat is why no one is going to be prosecuted.......they cant....or tens of thousands of individuals will be as well.
 

Truthmatters

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You want all Americans to have to understand finance to buy a home.

I guess that is how you see the world but there would be alot fewer people owning homes.

How is that good for the economy?
 

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