Government Considers Foreclosure Freeze

It was stupid to push people by telling them homeownership is the American dream.

However, the banks are the ones that lent to people without checking or caring about their ability to repay the loans.

Please show me the policy that made it OK to lend to people without checking their ability to repay the loan. I worked in that business for 9 years. I dont care how loose things got, everyone looked at the 3Cs.
Again, you are confusing reality with what you hear on the TV and radio.
 
It was stupid to push people by telling them homeownership is the American dream.

However, the banks are the ones that lent to people without checking or caring about their ability to repay the loans.

Please show me the policy that made it OK to lend to people without checking their ability to repay the loan. I worked in that business for 9 years. I dont care how loose things got, everyone looked at the 3Cs.
Again, you are confusing reality with what you hear on the TV and radio.
No Income No Asset - Wikipedia, the free encyclopedia

Subprime mortgage crisis - Wikipedia, the free encyclopedia
 
It was stupid to push people by telling them homeownership is the American dream.

However, the banks are the ones that lent to people without checking or caring about their ability to repay the loans.

Please show me the policy that made it OK to lend to people without checking their ability to repay the loan. I worked in that business for 9 years. I dont care how loose things got, everyone looked at the 3Cs.
Again, you are confusing reality with what you hear on the TV and radio.
No Income No Asset - Wikipedia, the free encyclopedia

Subprime mortgage crisis - Wikipedia, the free encyclopedia

Banks were sued and were threatened with Government action if they did not play ball. In fact Obama as a lawyer was involved in suing banks for failing to loan to the "right" people.

Clinton is responsible. Bush tried to rein in the practice and tried to establish more over sight over Freddy and Fannie. Dodd and Frank stopped him TWICE. Mc Cain tried once also and again Dodd and Frank stopped him. Republicans are to blame as well as they let Dodd and Frank convince them not to vote for more regulation.

Barney Frank was claiming on National TV just a month or so before the collapse that any regulation would kill the Housing business and that the loan, securities and housing business were perfectly sound.
 
It was stupid to push people by telling them homeownership is the American dream.

However, the banks are the ones that lent to people without checking or caring about their ability to repay the loans.

Please show me the policy that made it OK to lend to people without checking their ability to repay the loan. I worked in that business for 9 years. I dont care how loose things got, everyone looked at the 3Cs.
Again, you are confusing reality with what you hear on the TV and radio.
No Income No Asset - Wikipedia, the free encyclopedia

Subprime mortgage crisis - Wikipedia, the free encyclopedia

I wrote plenty of no-income no-asset loans. For those loans we looked hard at credit and at the asset and how much they were putting down. The thought was that people with years of excellent credit history were obviously making enough money to cover their bills. How they did it wasn't our problem. And if they did crap out the amount of money they were putting down made it hard for them to walk away and more likely the bank would come out OK.
Again, your ignorance of the subject is enormous. Not your fault but there you have it.
 
However, the banks are the ones that lent to people without checking or caring about their ability to repay the loans.
Because they could (and did) dump any bad loans on Fannie Mae. Banks were hungrily responding to government incentives to make bad loans.

In a world without Fannie Mae, banks would've avoided such risky practices.
 
Please show me the policy that made it OK to lend to people without checking their ability to repay the loan. I worked in that business for 9 years. I dont care how loose things got, everyone looked at the 3Cs.
Again, you are confusing reality with what you hear on the TV and radio.
No Income No Asset - Wikipedia, the free encyclopedia

Subprime mortgage crisis - Wikipedia, the free encyclopedia

I wrote plenty of no-income no-asset loans. For those loans we looked hard at credit and at the asset and how much they were putting down. The thought was that people with years of excellent credit history were obviously making enough money to cover their bills. How they did it wasn't our problem. And if they did crap out the amount of money they were putting down made it hard for them to walk away and more likely the bank would come out OK.
Again, your ignorance of the subject is enormous. Not your fault but there you have it.
Uh huh...you're an idiot, no offense.
 
However, the banks are the ones that lent to people without checking or caring about their ability to repay the loans.
Because they could (and did) dump any bad loans on Fannie Mae. Banks were hungrily responding to government incentives to make bad loans.

In a world without Fannie Mae, banks would've avoided such risky practices.
Nope...as long as they could sell the loans they were happy enough to make them.
 

I wrote plenty of no-income no-asset loans. For those loans we looked hard at credit and at the asset and how much they were putting down. The thought was that people with years of excellent credit history were obviously making enough money to cover their bills. How they did it wasn't our problem. And if they did crap out the amount of money they were putting down made it hard for them to walk away and more likely the bank would come out OK.
Again, your ignorance of the subject is enormous. Not your fault but there you have it.
Uh huh...you're an idiot, no offense.

I'm sorry. My knowledge stems from 9 years work in the mortgage industry. Yours stems from 30 seconds reading a Wiki entry. I'll leave it to others to judge which of us is posting from superior knowledge.
 
I wrote plenty of no-income no-asset loans. For those loans we looked hard at credit and at the asset and how much they were putting down. The thought was that people with years of excellent credit history were obviously making enough money to cover their bills. How they did it wasn't our problem. And if they did crap out the amount of money they were putting down made it hard for them to walk away and more likely the bank would come out OK.
Again, your ignorance of the subject is enormous. Not your fault but there you have it.
Uh huh...you're an idiot, no offense.

I'm sorry. My knowledge stems from 9 years work in the mortgage industry. Yours stems from 30 seconds reading a Wiki entry. I'll leave it to others to judge which of us is posting from superior knowledge.
oh...right...nine years in the mortgage industry and you never heard of NINAs and I'm supposed to take you seriously.

:lol:
 
Uh huh...you're an idiot, no offense.

I'm sorry. My knowledge stems from 9 years work in the mortgage industry. Yours stems from 30 seconds reading a Wiki entry. I'll leave it to others to judge which of us is posting from superior knowledge.
oh...right...nine years in the mortgage industry and you never heard of NINAs and I'm supposed to take you seriously.

:lol:

I never heard of NINA's? WTF? Do you know what you're talking about? No, you do not. You never heard of them until you spent 30 seconds with Google and then read a Wiki entry.
What a joke.
 
Nope...as long as they could sell the loans they were happy enough to make them.
Are you suggesting that banks cannot exist without paternal bureaucrats to oversee them? I was taking you seriously until this last post.
 
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