Shakedown: America's subprime lenders

[jasendorf]

I am continuously amused by people who delude themselves that businesses benefit by driving their customers into such a state that they are unable to pay.

Do you think they were courting these particular customers because they were trying to build a repetoire with them for the day they go to buy their million dollar mansions?

Have you ever met someone who uses "pay day loan" places regularly?

How about the medical insurance companies? Think any of their customers have been driven to bankruptcy?

The laws have been written in such a way that the side with the most lawyers is the side that wins no matter what the outcome of a business transaction. It's no longer a matter of "can you pay?"... it's a matter of "can we bleed you dry?"

 

[Bullypulpit]

Do you think they were courting these particular customers because they were trying to build a repetoire with them for the day they go to buy their million dollar mansions?

Have you ever met someone who uses "pay day loan" places regularly?

How about the medical insurance companies? Think any of their customers have been driven to bankruptcy?

The laws have been written in such a way that the side with the most lawyers is the side that wins no matter what the outcome of a business transaction. It's no longer a matter of "can you pay?"... it's a matter of "can we bleed you dry?"

And they will suck you dry in a New York minute if they think they can get away with it.

 

[red states rule]

And they will suck you dry in a New York minute if they think they can get away with it.

Post's Kurtz Sees 'Subtle Racism' In Immigrant Mortgage 'Victim' Story In Post
Posted by Tim Graham on March 26, 2007 - 13:20.
During his online "Critiquing the Media" chat on Monday, Washington Post media reporter Howard Kurtz agreed with criticism that today's story on immigrant "victims" of mortgage lenders didn't seem to assume that borrowers are in any way responsible for failing to make their mortgage payments. He even agreed with the online questioner's suggestion there was "subtle racism" in the tone of the story:

Northern Virginia: Howard, question regarding the headline and terminology used in today's Post story on foreclosures. In both the current washingtonpost.com headline and the lede the term "victim" is used. The word implies predation and an I see an implication that these people aren't smart enough to understand what they're signing when they apply for mortgages. Am I reading too much into this or is there a subtle racism to writing about immigrant "victims"?

Howard Kurtz: I couldn't agree more. I think it was a mistake to describe immigrants who are having their homes foreclosed upon as "victims" when there's no suggestion in the article that they were defrauded. We can have sympathy for them, sure, as we would for anyone losing his or her house. But don't they bear some responsibility for taking out high-interest loans for houses they could not really afford?

Just so people wouldn't think that Kurtz was lining up with Tom Tancredo or something, Kurtz also agreed with a questioner who was bothered by Fox News describing a guest as a "Democrat strategist" without the crucial tic at the end:

Fox News: Dear Howard: I love your chats -- enough so to skip my usual lunchtime gym workout!

Speaking of which, last week at the gym someone had on Fox News. They were asking Dem and Rep strategists about Gonzales. When introducing the Dem strategist, the anchorman gave his name and then described him as a "Democrat strategist." Putting aside why the strategist didn't object, my question is how can Fox be "fair and balanced" if it refers to the Democratic party by a perjorative only otherwise used by some conservative Republicans? Thanks.

Howard Kurtz: Don't get flabby on my account! I didn't see the segment and don't know who said it, but the "Democrat" formulation really bugs me. Bush recently said he wasn't aware that he uses it and wasn't trying to needle the other party.

In the Monday political chat, Post reporter Dan Balz seemed a bit supportive of the Clintons, insisting that Hillary Clinton's health-care proposals aren't really "government-managed" solutions, as the questioner suggested:

Alxandria, Va.: Dan, Hillary Clinton said on ABC this morning that she's very eager to get the country back on the path to government-managed universal health care. Is it me, or when she talks about this, doesn't she sound like she's selling something that's not a lot different than the last time, the "fiasco"? Is it all about "same message, different tactics"?

Dan Balz: I've heard Sen. Clinton talk about health care a lot over the past few months, including Saturday in Las Vegas. I've not heard her make a case for a "government-managed" health care system. She and others say they want to see universal coverage, but she has talked about various ways to get there. One obviously is to piggyback on the Medicare system and expand it to cover all Americans, but Clinton has been careful to say that is something that could happen only if there is clear political support for it. Other options include employer mandates -- requiring all businesses either to provide insurance or pay into a pool to help subsidize the purchase of insurance by individuals -- or individual mandates -- requiring all individuals to buy or have insurance. She is quite focused on developing political consensus on this issue, in large part because of what happened to her and her husband in 1993-94.

And then there was this question on Gonzales vs. Janet Reno:

Haymarket, Va.: Do Democrats truly believe that Janet Reno was a more independent Attorney General than Gonzales? Her utter failure to name an independent counsel in the illegal-money-from-China case certainly looks like she knuckled under to White House pressure. And nobody in the media demanded her resignation after incidents like Waco, did they?

Dan Balz: Remember, however, there was an independent counsel in the Whitewater case, which ultimately led to impeachment because of Monica Lewinsky. President Bush is far closer to Alberto Gonzales than President Clinton was to Janet Reno.

http://newsbusters.org/node/11647

 

[Bullypulpit]

Post's Kurtz Sees 'Subtle Racism' In Immigrant Mortgage 'Victim' Story In Post
Posted by Tim Graham on March 26, 2007 - 13:20.
During his online "Critiquing the Media" chat on Monday, Washington Post media reporter Howard Kurtz agreed with criticism that today's story on immigrant "victims" of mortgage lenders didn't seem to assume that borrowers are in any way responsible for failing to make their mortgage payments. He even agreed with the online questioner's suggestion there was "subtle racism" in the tone of the story:

Northern Virginia: Howard, question regarding the headline and terminology used in today's Post story on foreclosures. In both the current washingtonpost.com headline and the lede the term "victim" is used. The word implies predation and an I see an implication that these people aren't smart enough to understand what they're signing when they apply for mortgages. Am I reading too much into this or is there a subtle racism to writing about immigrant "victims"?

Howard Kurtz: I couldn't agree more. I think it was a mistake to describe immigrants who are having their homes foreclosed upon as "victims" when there's no suggestion in the article that they were defrauded. We can have sympathy for them, sure, as we would for anyone losing his or her house. But don't they bear some responsibility for taking out high-interest loans for houses they could not really afford?

Just so people wouldn't think that Kurtz was lining up with Tom Tancredo or something, Kurtz also agreed with a questioner who was bothered by Fox News describing a guest as a "Democrat strategist" without the crucial tic at the end:

Fox News: Dear Howard: I love your chats -- enough so to skip my usual lunchtime gym workout!

Speaking of which, last week at the gym someone had on Fox News. They were asking Dem and Rep strategists about Gonzales. When introducing the Dem strategist, the anchorman gave his name and then described him as a "Democrat strategist." Putting aside why the strategist didn't object, my question is how can Fox be "fair and balanced" if it refers to the Democratic party by a perjorative only otherwise used by some conservative Republicans? Thanks.

Howard Kurtz: Don't get flabby on my account! I didn't see the segment and don't know who said it, but the "Democrat" formulation really bugs me. Bush recently said he wasn't aware that he uses it and wasn't trying to needle the other party.

In the Monday political chat, Post reporter Dan Balz seemed a bit supportive of the Clintons, insisting that Hillary Clinton's health-care proposals aren't really "government-managed" solutions, as the questioner suggested:

Alxandria, Va.: Dan, Hillary Clinton said on ABC this morning that she's very eager to get the country back on the path to government-managed universal health care. Is it me, or when she talks about this, doesn't she sound like she's selling something that's not a lot different than the last time, the "fiasco"? Is it all about "same message, different tactics"?

Dan Balz: I've heard Sen. Clinton talk about health care a lot over the past few months, including Saturday in Las Vegas. I've not heard her make a case for a "government-managed" health care system. She and others say they want to see universal coverage, but she has talked about various ways to get there. One obviously is to piggyback on the Medicare system and expand it to cover all Americans, but Clinton has been careful to say that is something that could happen only if there is clear political support for it. Other options include employer mandates -- requiring all businesses either to provide insurance or pay into a pool to help subsidize the purchase of insurance by individuals -- or individual mandates -- requiring all individuals to buy or have insurance. She is quite focused on developing political consensus on this issue, in large part because of what happened to her and her husband in 1993-94.

And then there was this question on Gonzales vs. Janet Reno:

Haymarket, Va.: Do Democrats truly believe that Janet Reno was a more independent Attorney General than Gonzales? Her utter failure to name an independent counsel in the illegal-money-from-China case certainly looks like she knuckled under to White House pressure. And nobody in the media demanded her resignation after incidents like Waco, did they?

Dan Balz: Remember, however, there was an independent counsel in the Whitewater case, which ultimately led to impeachment because of Monica Lewinsky. President Bush is far closer to Alberto Gonzales than President Clinton was to Janet Reno.

http://newsbusters.org/node/11647

Your rambling, disjointed cut-and-paste from "Newsbluster" doesn't really add anything to the conversation. Do you have anything to add, or are you just trolling?

 

[red states rule]

Your rambling, disjointed cut-and-paste from "Newsbluster" doesn't really add anything to the conversation. Do you have anything to add, or are you just trolling?

Showing how libs look for racism where none exists and bashing US corporations for the hell of it

 

[Bullypulpit]

Showing how libs look for racism where none exists and bashing US corporations for the hell of it

Troll.

 

[gonegolfin]

What's behind the subprime lending debacle? Did consumers and lenders suddenly get stupid for some odd reason? Or, did the federal reserve create a shitload of new money, and then people used it recklessly?



http://www.lewrockwell.com/north/north518.html

I was wondering when someone was going to get to the root of the problem in this discussion thread.

So many people have little to absolutely no understanding of Central Banks and their role in the manipulation of the money supply and its effects on credit and the markets.

Brian

 

[gonegolfin]

I was wondering when someone was going to get to the root of the problem in this discussion thread.

So many people have little to absolutely no understanding of Central Banks and their role in the manipulation of the money supply and its effects on credit and the markets.

Brian

Can anyone think of a similar instance in our country's history where liquidity was purposefully loose in the extreme?

Now what took place subsequent to this was a major purposeful tightening of credit, which we have not seen in this current economic cycle. But this illustrates the manipulative power of Central Banks and their influence on credit, the economy, and the markets.

Brian

 

[red states rule]

Troll.

No, more like truth detector

 

[bush lover]

Is the point of these crummy loans to get white trash out of their trailers and into dumpy districts that are populated by tweaker hillbillies? Guess who pays for their defaults, when they spend more on meth than on house payments? We do, the regular working and investing and taxpaying suckers.

 

[red states rule]

Is the point of these crummy loans to get white trash out of their trailers and into dumpy districts that are populated by tweaker hillbillies? Guess who pays for their defaults, when they spend more on meth than on house payments? We do, the regular working and investing and taxpaying suckers.

Part of the problem with rising payments is when home owners get their escrow statements

When their taxes and insurance goes up - so do their payments

The states with the most insane property taxes is NY, NJ, CA, and MI

I have peoples payments go up as much as $900/month

I wonder what the above states have in common?

Hint - what party runs those sates and keeps raising he taxes?

Hint - the same party that now wants to raise taxes on the entire country and "help" everyone make their house payment

 

[Delbert]

The states with the most insane property taxes is NY, NJ, CA, and MI


Yo,... RSR can you provide me with a link showing that MI has insane
property taxes?

Back in 1994, the voters passed Proposal A which reduced the
property taxes 50%.

please provide us with a link backing your statement.

 

[red states rule]

The states with the most insane property taxes is NY, NJ, CA, and MI


Yo,... RSR can you provide me with a link showing that MI has insane
property taxes?

Back in 1994, the voters passed Proposal A which reduced the
property taxes 50%.

please provide us with a link backing your statement.

I see it everyday at work

The average yearly tax we escrow is over $10,000/year

 

[Bullypulpit]

The states with the most insane property taxes is NY, NJ, CA, and MI


Yo,... RSR can you provide me with a link showing that MI has insane
property taxes?

Back in 1994, the voters passed Proposal A which reduced the
property taxes 50%.

please provide us with a link backing your statement.

Don't hold yer breath...

 

[red states rule]

Don't hold yer breath...

You have must overlooked the previous post

 

[Delbert]

you claimed that MI has one of the highest property taxes.....let me quote you...............

The states with the most insane property taxes is NY, NJ, CA, and MI

can you prove your statement??? Please provide me some proof of
your statement. thx in advance for the info!

 

[red states rule]

you claimed that MI has one of the highest property taxes.....let me quote you...............

The states with the most insane property taxes is NY, NJ, CA, and MI

can you prove your statement??? Please provide me some proof of
your statement. thx in advance for the info!

As I said, I see it every day when people call to bitch about their higher mortage prices

here are comments form people who live there

http://www.city-data.com/forum/michigan/45286-michigan-property-taxes-bad.html

 

[jasendorf]

BUWHAAHAHHAHAHAHAHAHAHA

One guy writing on a message board thinks taxes are bad in Michigan... so it is so!

 

[red states rule]

BUWHAAHAHHAHAHAHAHAHAHA

One guy writing on a message board thinks taxes are bad in Michigan... so it is so!

One? There are many pages and many people posting their outrage

MI does have insane property taxes - I have seen them first hand

 

[jasendorf]

The only thing crazy about them is that their auditors evaluate their property taxes based on 50% of the worth.