Unite to quit paying on mortgages

[boedicca]

What a moronic concept.

In essence, it means to abolish the rule of law and make contracts worthless.

 

[chanel]

That "privileged class" of bankers include about 1.8 million Americans who work in that industry. Some who are struggling as well.

 

[miller]

The mortgages were a fraud from the jump. NO DOCUMENTS, TEASERS, EXTORTING APPRAISERS, AAA RATINGS ON PURE CRAP. Those are not legal contracts.

 

[boedicca]

Uh. Dude.

Nobody held a gun to the borrowers' heads and forced them to sign the loan agreements.

 

[miller]

Nothing will happen to the 1.8 million bank employees.

THE BANKSTERS WILL COME RUNNING TO NEGOTIATE A LEGIT SETTLEMENT. THEY NEED TO BE ARRESTED AND PROSECUTED FOR THEIR CRIMES. They will get replaced by the legitimate executives who run the daily operations of the banks.

The idea that depositors and bank stockholders allow outright gambling on derivatives (not legitimate hedges with derivatives that never lose money) is moronic. But that's a different issue than the mortgage meltdown? No it isn't. Read THE BIG SHORT. Maybe you'll learn what happened.

Rick Santelli asked, "Do you want to pay for your neighbors mortgage?" Rick never asked, "Do you want to pay for the privileged gambling losses?"

 

[boedicca]

Troll.

 

[miller]

"Nobody held a gun to the borrowers' heads and forced them to sign the loan agreements."

Nobody holds a gun to the crack heads head either. THE ISSUE IS WHO ARE THE PERPETRATORS? THE LENDERS HAVE 100% CONTROL OF MAKING THE LOANS. THEY KNEW THE LOANS WERE NO GOOD BECAUSE THEY SUCKERED THE VICTIMS SO THEY WOULD MAKE MAKE ILLEGAL FEES AND ILLEGAL BONUSES.

PAYING THE BASTARDS BONUSES FOR BUSTING THE BANKS IS WAY BEYOND STUPID.

CALLING EMBEZZLEMENT "BONUSES" TRICKED YOU. YOU WENT OFF THE CLIFF IN 2008 AND NOW YOU'RE DROPPING INTO A BOTTOMLESS PIT OF INSANITY.

 

[miller]

"TROLL"

That's your best thought?

 

[Mini 14]

I'm in!

Do they sell tin foil at the Dollar Tree?

 

[Toro]

I don't have a mortgage. I do like justice if that matters to anybody here.

So, in other words, if you buy a house and you don't have enough money to buy a house so someone lends you their savings so you can buy the house, if you can't pay, then you should still be able to keep your house, expropriating the savings of the person who lent you their savings so you could buy the house you could not buy since you didn't have enough money to buy that house, even though everyone else is paying off their house.

Yeah, now THAT'S "justice."

Not to mention economic chaos.

 

[miller]

Chanel wrote, "That "privileged class" of bankers include about 1.8 million Americans who work in that industry. Some who are struggling as well."

The workers aren't the privileged class. The "privileged class" are the Board Members who approve the embezzlement they call "bonuses" for top management.

The workers can run the bank legit without the asshole rip off artists you love so much. Too bad you have no knowledge of banking but think you know it all.

 

[miller]

TORO -- the crime wasn't committed by the victims the crime was committed by the perpetrators.

You need to be barred from jury duty for life.

 

[RadiomanATL]

He's wearing a Kucinich shirt.

Doesn't surprise me.

 

[miller]

ONLY LENDERS MAKE LOANS.

BORROWERS HAVE NO POWER 0 ZILCH, NADA.

The lenders made the loans, ripped off the fees, paid off the rating agencies to get AAA, buried the mortgages in securitized packages and sold them to other suckers for pension funds etc. etc.

The problem is the propaganda bullshit for the TV LAND audience who has been brainwashed with crap. Is the entire country famished? If you have any friends in NYC call them and ask them what famished means.

 

[RadiomanATL]

You're wrong.

 

[miller]

KUCINICH WAS A BETTER CHOICE THAN OBAMA.

KUCINICH TURNED OUT TO BE ANOTHER CREEP. WHAT YOU DON'T UNDERSTAND IS THE DEMOCRATIC REPUBLICAN CRIME FAMILY is screwing the whole country accept the privileged elite.

Screwed Again

 

[miller]

Wrong about what?

 

[uscitizen]

Did these poor stooges go into the bank asking for a mortgage that would guarantee their being thrown into the street as soon as the "teaser" payment ended?

YES!
And except in the cases of some institutions indulging in deceptive loan promotions if the borrower did not learn what their loan conditions were then they pay the price for their stupidity not the lender.

And many bought far more house than they needed as well.

 

[RadiomanATL]

Everything.

 

[Foxfyre]

Here's a novel idea. How about we focus on economic policies that encourage businesses to hire so that we can have full employment again?

Then how about we reinstate time honored policies of requiring an investment to buy real estate. 10% down is not unreasonable. 20% better. And require the down payment to be money you own or save up, not a loan from somebody else. People who have an investment in their property generally will pay for it if they can. And those who have the financial discipline to come up with the down payment usually have the discipline necessary to manage their finances so they don't default.

Those who can buy property for little or nothing have no investment and, if they have little integrity, litttle incentive to pay their debts if things get tight. And when you can buy property for little or no investment, property becomes more like cash and inflates through the roof very quickly and puts a lot of people under water. Making it so that people who can afford houses, etc. are the people who buy them pretty well keeps that sort of thing in check.

And paying ones debts keeps the world sane. Encouraging people to renege on their contractual obligations is a certain road to insane chaos.