Blaming the homeowners for their own ignorance!

[Care4all]

You know, many on this board have blamed the mortgage ignorant home buyers for this mess we are in...and some of this blame, is understandable.

They did not take the time to make themselves knowledgeable enough, on the biggest purchase of their life, before buying the home and getting the adjustable rate subprime mortgage and many on here have said this is their own damn fault!

Well, I'll be damned!

Isn't that what we are doing ourselves RIGHT NOW?

Letting our gvt talk us in to mortgaging the biggest debt in our history, with no qurstions asked by us...told by paulson that his deal to bail out the banks MUST INCLUDE NO OVERsight by any gvt position or agency, and it has to be done RIGHT THIS SECOND?

AND all of us are just repeating what we are told, THAT it MUST be done right now? when we haven't even asked WHY and how will this fix anything and how many more trillions will it cost?

WE ARE SO IGNORANT OURSELVES, don't ya think another scam is being pulled and WE are no smarter than those subprime homeowners?

 

[HoleInTheVoid]

If the font were increased to 28 point this thread would be perfect.

 

[dilloduck]

You know, many on this board have blamed the mortgage ignorant home buyers for this mess we are in...and some of this blame, is understandable.

They did not take the time to make themselves knowledgeable enough, on the biggest purchase of their life, before buying the home and getting the adjustable rate subprime mortgage and many on here have said this is their own damn fault!

Well, I'll be damned!

Isn't that what we are doing ourselves RIGHT NOW?

Letting our gvt talk us in to mortgaging the biggest debt in our history, with no qurstions asked by us...told by paulson that his deal to bail out the banks MUST INCLUDE NO OVERsight by any gvt position or agency, and it has to be done RIGHT THIS SECOND?

AND all of us are just repeating what we are told, THAT it MUST be done right now? when we haven't even asked WHY and how will this fix anything and how many more trillions will it cost?

WE ARE SO IGNORANT OURSELVES, don't ya think another scam is being pulled and WE are no smarter than those subprime homeowners?

There are no options----how long have people been telling you that we are OWNED !

 

[Care4all]

we are being bamboozled, and we are letting it happen.

 

[dilloduck]

we are being bamboozled, and we are letting it happen.

good call !

 

[Care4all]

good call !

have you sent an email to your reps in washington yet, screaming bloody murder to slow this thing down?

 

[Silence]

do you think if the people DID speak up that the gov would suddenly stop what they are doing and listen?

not likely.

I do think the home buyers hold some of the responsibility. I know what I make a month, I know what I can afford... getting into a mortgage you can't afford is pretty stupid.

That said, I have a friend who had her mortage double in the last 6 months and now she's losing her house. She was very smart about her mortgage but the company she went through passed her mortgage onto another company and they revalued her home and raised her mortgage. I know nothing about that shit (I rent for a reason) so I don't know if that was something in the fine print that she missed or what...I do know she never missed a payment and now she's screwed. that's fucked up.

 

[dilloduck]

have you sent an email to your reps in washington yet, screaming bloody murder to slow this thing down?

uh---they are in on it. You haven't figured this out yet?

 

[Care4all]

uh---they are in on it. You haven't figured this out yet?

yeah, i figured...thus the email should tell them, WE KNOW!

we are ''on to you!'' lol

 

[dilloduck]

yeah, i figured...thus the email should tell them, WE KNOW!

we are ''on to you!'' lol

that outta scare the shit out of them

 

[I Missthe North]

we are being bamboozled, and we are letting it happen.

The sad thing is you are right and we can't do a damn thing about it. No matter who we elect we never see anything change because they are all eventually worked into the machine and stop caring about the people they are meant to represent. Could be time for another revolution if you ask me...

 

[Gunny]

You know, many on this board have blamed the mortgage ignorant home buyers for this mess we are in...and some of this blame, is understandable.

They did not take the time to make themselves knowledgeable enough, on the biggest purchase of their life, before buying the home and getting the adjustable rate subprime mortgage and many on here have said this is their own damn fault!

Well, I'll be damned!

Isn't that what we are doing ourselves RIGHT NOW?

Letting our gvt talk us in to mortgaging the biggest debt in our history, with no qurstions asked by us...told by paulson that his deal to bail out the banks MUST INCLUDE NO OVERsight by any gvt position or agency, and it has to be done RIGHT THIS SECOND?

AND all of us are just repeating what we are told, THAT it MUST be done right now? when we haven't even asked WHY and how will this fix anything and how many more trillions will it cost?

WE ARE SO IGNORANT OURSELVES, don't ya think another scam is being pulled and WE are no smarter than those subprime homeowners?

If the government is bailing them out, the government needs to provide oversight, regardless what Paulson thinks. Moron.

 

[Care4all]

The sad thing is you are right and we can't do a damn thing about it. No matter who we elect we never see anything change because they are all eventually worked into the machine and stop caring about the people they are meant to represent. Could be time for another revolution if you ask me...

funny thing is, i did not think this way, just this morning...

but all day due to posting on this topic today with various different poster on several threads, and 100,000 google searches later, i've done a 180!

we are being bamboozled! they are letting thousands of banks be a part of this....they let morgan stanley become a bank after the fact today, and gold sachs too...what the heck is THAT ABOUT?

damnit!

and WHAT in the world could be soooooo urgent, sooooooooo big of a problem, that this has to be done RIGHT NOW, RIGHT THIS MINUTE, without oversite that will ONLY will take $700 billion to SOLVE the problem?

we have a GDP of over 13 TRILLION ourselves let alone the rest of the world....and they are telling us that this USA bailout of $700 billion to a trillion is going to SAVE THE DAY of the entire world economy????

CUT ME A FRICKING BREAK!

WE are being bamboozled out of our money, damnit!

care

 

[Care4all]

that outta scare the shit out of them

this IS robinhood in reverse!

 

[greenpartyaz]

In a government owned by the corporations, do you think they will actually care? The steel door has been shut on the people! You can scream as loud as you want, but as long as there is no oversight and regulation, this is what you get. Thank you, Ronald Regan, George H.W. Bush, George W. Bush, Bill Clinton, for the mess you created!

 

[AVG-JOE]

You know, many on this board have blamed the mortgage ignorant home buyers for this mess we are in...and some of this blame, is understandable.

They did not take the time to make themselves knowledgeable enough, on the biggest purchase of their life, before buying the home and getting the adjustable rate subprime mortgage and many on here have said this is their own damn fault!...

I will mail $5.00 in U.S. currency ca$h to the first 5 people who can convince 10 people on this board that they read and understood the entirety of any loan in excess of $75,000.00 received from a licensed bank or mortgage company.

Even lawyers don't read those things!

Any bets on what this is going to cost me?

And we're the smartest people in the country, people who write on message boards in lieu of sleep!

Certainly people need to take responsibility! If we are going to live in a capitalist economy everyone needs to agree that the buyer needs to be wary, but come on... buyers, taxpayers, small business owners, citizens, et al also deserve comprehendible paperwork!

To some degree, our government has failed to protect us from what is becoming a very real domestic threat.

-Joe

 

[Jon]

I will mail $5.00 in U.S. currency ca$h to the first 5 people who can convince 10 people on this board that they read and understood the entirety of any loan in excess of $75,000.00 received from a licensed bank or mortgage company.

Even lawyers don't read those things!

Any bets on what this is going to cost me?

And we're the smartest people in the country, people who write on message boards in lieu of sleep!

Certainly people need to take responsibility! If we are going to live in a capitalist economy everyone needs to agree that the buyer needs to be wary, but come on... buyers, taxpayers, small business owners, citizens, et al also deserve comprehendible paperwork!

To some degree, our government has failed to protect us from what is becoming a very real domestic threat.

-Joe

Well, I can already name 3 people off the top of my head who read their loan documents. jschuck, being that he's a fellow banker. jillian, being that she's a lawyer. Allie, because she's not fucking stupid.

 

[Gunny]

In a government owned by the corporations, do you think they will actually care? The steel door has been shut on the people! You can scream as loud as you want, but as long as there is no oversight and regulation, this is what you get. Thank you, Ronald Regan, George H.W. Bush, George W. Bush, Bill Clinton, for the mess you created!

Did you think about what you were posting BEFORE you posted it?

You don't think government oversight and regulation of private industry is the government shutting the steel door on the people?

What's the difference between corporations driving industry and the government driving industry? You can just say no to incurring debt with and paying private industry.

When the government jacks your taxes to pay for this bailout, just bend over, smile and remember your words.

And your thank you list doesn't go back far enough to cover the problem, and while you're thanking people, be sure and thank those who decided to live on credit and/or beyond their means.

Let's place blame where it goes instead of on the government; which, has NO business in private industry, period. Personal irresponsibility and corporate irresponsibility on a mass scale created this.

it's been bandaided and bailed by the government to the point now that it HAS TO step in. Nothing good will come of it.

Think before you speak.

 

[AVG-JOE]

Well, I can already name 3 people off the top of my head who read their loan documents. jschuck, being that he's a fellow banker. jillian, being that she's a lawyer. Allie, because she's not fucking stupid.

I read my documents too... doesn't mean I understood them.

-Joe

 

[strollingbones]

lets look at lending practices....you can have a dollar in the bank and borrow 30 against that one dollar...if you are the bank....then you make money off that loan for about 6 months and sell it...the 2nd buyer gets stuck with long term carrying costs. This was all very do able as long as the housing market appreciated at 10% or so every 6 months. Have you bush beaten down people forgotten that period of prosperity?

real estate brokers, apprasiers and lenders were all in on this. you could do 3k worth of improvements and see your house value rise by 10 k...then borrow..the 10k...on and on it went. Construction soared on spec housing....now the war has driven construction material costs ski high. so now your construction people are being hit with a double whammy....mexicans willing to do substandard work for cheap....and the rising construction rates....construction problems will ripple the economy.