Quicken Loans, the sub prime company few have heard of,

[Penelope]

(although they are now the 2nd larges mortgage company. The only one to survive the sub prime mortgage companies that didn't need a bail out form the government. They are also now in the Reverse Mortgage business, so beware. Yes they are sprucing up the waterfront area of Detroit, which is good, but its like a takeover. Well we shall see how it goes. He now also heads Rock Ventures LLC. Man us tax payers really paid for the housing disaster.)


http://www.detroitnews.com/story/news/special-reports/2015/07/01/quicken-loans-blight-dilemma/29537285/

The Detroit business mogul co-chaired a taskforce convened by the Obama administration to tackle the problem and helped fund a survey last year that found nearly 40,000 structures need to be torn down. The data was the most extensive ever compiled and helped City Hall develop a strategy on where to demolish homes to save neighborhoods.

His company, Detroit-based Quicken Loans, meanwhile, had the fifth-highest number of mortgages that ended in foreclosure in Detroit over the last decade — and half of those properties are now blighted, The Detroit News found as a part of a project examining foreclosure's effect on the city.

The firms with more failed loans in the city were sister companies Argent Mortgage Co. and Ameriquest Mortgage Co.; Washington Mutual; New Century Mortgage Corp., and Countrywide Financial Corp., according to an analysis by The Detroit News. All except Quicken collapsed during the mortgage meltdown.

…………………………………………

In total, 52 percent of the foreclosed Detroit properties that had Quicken mortgages are now considered blighted, demolition-worthy or have been seized by Wayne County for the owner's failure to pay taxes. Citywide, 56 percent of all mortgage foreclosures are now similarly troubled

Detroit’s Downtown Savior, Dan Gilbert, Charged with Responsibility for Foreclosures and Blight

 

[Toddsterpatriot]

(although they are now the 2nd larges mortgage company. The only one to survive the sub prime mortgage companies that didn't need a bail out form the government. They are also now in the Reverse Mortgage business, so beware. Yes they are sprucing up the waterfront area of Detroit, which is good, but its like a takeover. Well we shall see how it goes. He now also heads Rock Ventures LLC. Man us tax payers really paid for the housing disaster.)


http://www.detroitnews.com/story/news/special-reports/2015/07/01/quicken-loans-blight-dilemma/29537285/

The Detroit business mogul co-chaired a taskforce convened by the Obama administration to tackle the problem and helped fund a survey last year that found nearly 40,000 structures need to be torn down. The data was the most extensive ever compiled and helped City Hall develop a strategy on where to demolish homes to save neighborhoods.

His company, Detroit-based Quicken Loans, meanwhile, had the fifth-highest number of mortgages that ended in foreclosure in Detroit over the last decade — and half of those properties are now blighted, The Detroit News found as a part of a project examining foreclosure's effect on the city.

The firms with more failed loans in the city were sister companies Argent Mortgage Co. and Ameriquest Mortgage Co.; Washington Mutual; New Century Mortgage Corp., and Countrywide Financial Corp., according to an analysis by The Detroit News. All except Quicken collapsed during the mortgage meltdown.

…………………………………………

In total, 52 percent of the foreclosed Detroit properties that had Quicken mortgages are now considered blighted, demolition-worthy or have been seized by Wayne County for the owner's failure to pay taxes. Citywide, 56 percent of all mortgage foreclosures are now similarly troubled

Detroit’s Downtown Savior, Dan Gilbert, Charged with Responsibility for Foreclosures and Blight

Man us tax payers really paid for the housing disaster

Paid for it how?

 

[Penelope]

The bank bailout cost US taxpayers nothing? Think again | Moira Herbst

Who do you think paid for it?

Although we were not involved personally, there are still many homes in our town, on the market, who are not paying property tax. They have been broken in and vandalized, boarder up by city now.
So say when like a school millage gets passed, its divided up by the taxpayers (property tax), so we all pay more to make up for those whose homes rotting from foreclosure.

What happened to the money those home owners paid for on their loans before they were foreclosed on? Gone, into some Ceo's pocket , and then investors like the one mentioned above, are able to buy up cheap property.

 

[Toddsterpatriot]

The bank bailout cost US taxpayers nothing? Think again | Moira Herbst

Who do you think paid for it?

Although we were not involved personally, there are still many homes in our town, on the market, who are not paying property tax. They have been broken in and vandalized, boarder up by city now.
So say when like a school millage gets passed, its divided up by the taxpayers (property tax), so we all pay more to make up for those whose homes rotting from foreclosure.

What happened to the money those home owners paid for on their loans before they were foreclosed on? Gone, into some Ceo's pocket , and then investors like the one mentioned above, are able to buy up cheap property.

Who do you think paid for it?

Can you summarize what you or the author feel taxpayers paid?

What happened to the money those home owners paid for on their loans before they were foreclosed on? Gone, into some Ceo's pocket

Banks lost money on foreclosures. Hundreds of billions.

 

[Penelope]

Banks got a bail out , and did mergers, it raised the national debt, paid for by federal taxes. Goldman was a huge winner in this. I guess Viniar and Blankfern saw it coming. Banks lost no money. Citizens lost their shirts.
I know several who bought in the run up, it was time to buy, and now they owe more than their house is worth.

Quicken Loans faired well.

 

[Jomama]

Banks got a bail out , and did mergers, it raised the national debt, paid for by federal taxes. Goldman was a huge winner in this. I guess Viniar and Blankfern saw it coming. Banks lost no money. Citizens lost their shirts.
I know several who bought in the run up, it was time to buy, and now they owe more than their house is worth.

Quicken Loans faired well.

Are you stoned?
1. What does this mean; "and did mergers"? How does a merger get a bailout and please list a few of these.
2. Taarp was profitable to the US Treasury so it did not raise the national debt.
3. You have to decide, did it increase debt or was it "paid for by federal taxes". It cant be both (and is in fact neither).
4. 140 banks failed in 2009, 157 in 2010, 92 in 2011. But you say; "Banks lost no money".
5. You then say; "citizens lost their shirts". Who, I didnt. Oh, the speculative citizens who got caught in the housing (tulip) bubble? Yes, that sometimes happens to speculators. I speculated the other way, sold my house in 2006, rented for 5 years and bought a new house that had deflated 40% in value during those 5 years. .

 

[Penelope]

Don't you think the gov should of done things to protect the unknowing people from the sub prime loans?? Don't you also think the Fed should of slowed things down sooner?

We have 4 main banks now, many small ones never paid back anything. Banks do not borrow money like consumers do. The fed dropped interest rates in 08 to 15, what kind of interest do you think the banks paid.
Do you still have a fixed interest credit card, we did for years, until everything changed. Do you think our gov loaned the banks money, the Federal Reserve did. Where did the banks get the money to pay back the Fed Reserve , the only way a bank makes money is on interest, so they used consumers money to pay back the Fed.

Goldman made out like a bandit and so did the Fed. Many citizens lost their shirt and are in the hole due to the housing subprime fiasco which was 90% ARMS mortgages with PMI's insurance due to no down payments. It was all planned.

It was like hi way robbery. Bernanke even raised interest rates to 5.25 in O6, just in time for a lot of ARMs to get refinanced, then had the nerve to lower them to what ,25 to 0 at the end of 08.

 

[Toddsterpatriot]

Banks got a bail out , and did mergers, it raised the national debt, paid for by federal taxes. Goldman was a huge winner in this. I guess Viniar and Blankfern saw it coming. Banks lost no money. Citizens lost their shirts.
I know several who bought in the run up, it was time to buy, and now they owe more than their house is worth.

Quicken Loans faired well.

Banks got a bail out , and did mergers, it raised the national debt, paid for by federal taxes.

The banks paid it all back. And then some. The Treasury made a big profit on bank TARP loans.

Banks lost no money.

BS. Banks lost hundreds of billions. Lots of home buyers defaulted on their mortgages. It was in all the papers.

 

[Toddsterpatriot]

Don't you think the gov should of done things to protect the unknowing people from the sub prime loans?? Don't you also think the Fed should of slowed things down sooner?

We have 4 main banks now, many small ones never paid back anything. Banks do not borrow money like consumers do. The fed dropped interest rates in 08 to 15, what kind of interest do you think the banks paid.
Do you still have a fixed interest credit card, we did for years, until everything changed. Do you think our gov loaned the banks money, the Federal Reserve did. Where did the banks get the money to pay back the Fed Reserve , the only way a bank makes money is on interest, so they used consumers money to pay back the Fed.

Goldman made out like a bandit and so did the Fed. Many citizens lost their shirt and are in the hole due to the housing subprime fiasco which was 90% ARMS mortgages with PMI's insurance due to no down payments. It was all planned.

It was like hi way robbery. Bernanke even raised interest rates to 5.25 in O6, just in time for a lot of ARMs to get refinanced, then had the nerve to lower them to what ,25 to 0 at the end of 08.

Don't you think the gov should of done things to protect the unknowing people from the sub prime loans??

Have you seen the disclosure paperwork lenders are required to give to borrowers?
What do you want, a government employee to hold your hand and tell you what you can or can't afford to buy?

Do you think our gov loaned the banks money, the Federal Reserve did.

For a while, in the depths of the crisis. Not anymore. Not for a long time.

Where did the banks get the money to pay back the Fed Reserve ,

When their customers stopped defaulting and the crisis passed, the banks paid back these short term loans.

the only way a bank makes money is on interest, so they used consumers money to pay back the Fed.

Yeah, thanks for the lesson on how banks earn their money. So what?

Goldman made out like a bandit and so did the Fed.

It's true, the Fed's part in the rescue of the financial system made many times the profit of the TARP loans for the US Treasury.

 

[Penelope]

Some of the blame can be put on realtors as well, upping the prices of houses, that were not worth it. One might say the knowledgeable and crafty feed of the unknowledgeable, that is what it is, preying and greed. Many wrote sub prime loans, no even checking credit histories or incomes.

Yes the gov. Paulson and Bernanke are to blame. They should of seen this coming, people buying homes and then all of a sudden within a couple years, they loose 30% of their value , while the ARM goes up in price.

Isn't that their job? It was way too easy to get a loan, nothing down, even send you on a trip, or borrow 125% of the hijacked value of your home, the time to refinance is now. Realtors made out good too, and fast quick turnovers, but all in all it has fallen on the citizens backs, the middle class, and those who lost in foreclosure.

But then we know the Fed is out to make money, and so are the banks. They seem to of recovered fairly well.

It was planned, and some people made lots of money. Quicken loans is one, one that most have not heard about.

Mortgage Loans: Deutsche Bank v. Quicken Loans | Publications | Insights | Bilzin Sumberg

 

[Toddsterpatriot]

Some of the blame can be put on realtors as well, upping the prices of houses, that were not worth it. One might say the knowledgeable and crafty feed of the unknowledgeable, that is what it is, preying and greed. Many wrote sub prime loans, no even checking credit histories or incomes.

Yes the gov. Paulson and Bernanke are to blame. They should of seen this coming, people buying homes and then all of a sudden within a couple years, they loose 30% of their value , while the ARM goes up in price.

Isn't that their job? It was way too easy to get a loan, nothing down, even send you on a trip, or borrow 125% of the hijacked value of your home, the time to refinance is now. Realtors made out good too, and fast quick turnovers, but all in all it has fallen on the citizens backs, the middle class, and those who lost in foreclosure.

But then we know the Fed is out to make money, and so are the banks. They seem to of recovered fairly well.

It was planned, and some people made lots of money. Quicken loans is one, one that most have not heard about.

Mortgage Loans: Deutsche Bank v. Quicken Loans | Publications | Insights | Bilzin Sumberg

It was way too easy to get a loan, nothing down, even send you on a trip, or borrow 125% of the hijacked value of your home, the time to refinance is now.

It's true, many of the middle class borrowers ripped off the banks by doing this.

But then we know the Fed is out to make money

How do we know that?

It was planned,

The crisis was planned? Who planned it? Why? How do you know?

 

[Jomama]

But then we know the Fed is out to make money, and so are the banks.

And...??? So is every home owner/investor. Every single person who bought a house did it with the intent to make money. Is that profit desire any less sinful in your eyes than other profit desires?

FWIW, I hear Quicken Loan commercials all the time on the radio so it's no big secret to me.

 

[Jomama]

Hold on, WHAT?

It was planned,

What was planned, the financial collapse and loss of trillions in value? And planned by who? You are high. If it was planned, we know who lost the trillions, who made the trillions?

Hey, you can stop now if you want, it's getting embarrassing for you.

 

[Penelope]

I think its embarrassing that you guys don't know this and blame citizens but not crooked banks, and behind crooked banks , crooked greedy people.
Reads like a horror story.

Arnall (JEW) was the billionaire owner of ACC Capital Holdings, the parent company of Ameriquest, which was once one of the United States's largest sub-prime mortgage lenders. By the end of 2005 two of Arnall's companies, Ameriquest and Argent, had funded almost $ 75 billion in subprime loans.[5] A major factor of this development was Arnall's origination of the stated income loan, meaning loans were given without verification of income.[6] In early 2006, the company announced a $325 million settlement with state attorneys general and law enforcement agencies and financial regulators in 49 states and the District of Columbia who had accused Ameriquest of misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.[7]

In 2007 Arnall got out of the mortgage business having sold most of it to Citigroup for an undisclosed amount

https://en.wikipedia.org/wiki/Roland_Arnall


When Bowen first blew the whistle in 2006, 60% of the mortgages were defective. The amount of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Many of the mortgages were not only defective, but were fraudulent. Bowen attempted to rouse the board via weekly reports and other communications. On November 3, 2007, Bowen emailed Citigroup Chairman Robert Rubin (JEW) and the bank's chief financial officer, head auditor and the chief risk management

(Then citigroup-me)
In a New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $306 billion guarantee as "an undisguised gift" without any real crisis motivating it.[164]
According to New York Attorney General Andrew Cuomo, Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $45 billion TARP funds in late 2008. This included 738 employees each receiving $1 million in bonuses, 176 employees each receiving $2 million bonuses, 124 each receiving $3 million in bonuses, and 143 each receiving bonuses of $4 million to more than $10 million.[165] As a result of the criticism and the U.S. Government's majority holding of Citigroup's common shares, compensation and bonuses were restricted from February 2009 until December 2010

Citigroup - Wikipedia, the free encyclopedia

Head of Quicken Loans (JEW)

Lots of rich people off this scam. Planned and orchestrated well. Citibank didn't foresee the housing bust, really tell me another one.

Exp.
Rubin received over $17 million in compensation from Citigroup and a further $33 million in stock options as of 2008[36] and total compensation of $126 million from Citigroup between 1999 and 2009.[37]

Recognition[edit]
There is an exhibit about Robert Rubin's public service in FIU's Jewish Museum of Florida in Miami Beach

 

[Jomama]

You're way more passionate about this than me so I'll probably stop.

So Arnall sold to Citibank, so what? Two adult corporate buyers, people buy and sell businesses all the time. What's your issue here, no gramma's were hurt in that transaction.

Then Citibank paid bonuses - so what?

Then Citibank received and then paid back Taarp money - so what?

How does this incriminate Citibank in the planning of the crisis?

If Citibank "planned and orchestrated" the collapse, where's the trillions they made off of it?

Why do you hate Jews and capitalism so much?

 

[Penelope]

I don't hate Jews, merely pointing out the fact that they are usually behind most scams, money wise. There are many honest hard working ones I imagine , but since they are 2-3% of pop. there is an over abundance in Wall Street , Banking and Wash. think tanks, the invisible government of the US.

All the banks got in on the action, they are all competitive, and do not want to be left behind. They all came out smelling like a rose though.

When Citibank got the bailout they gave it to the managers, it was like a slap, and since all banks were failing, they knew a bailout was coming, the Fed had no choice. It seemed somewhat a free for all till the bust.

I pointed out Citibank because they were crooked even before the subprime mortgages that people should of never got loans, which led to the building boom and now empty houses. Some areas were hit harder and are not recovering quite as quick.

Now the banks are even bigger due to mergers. Although I have lived in my house for 25 years, its now still worth what I paid for it, although at one time several years ago it had almost doubled in price. So if little ole me , which no econ education knew there was a problem, I'm sure the banks did along with the Fed.