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‘Liar loans’ loom large
March 15, 2007 ^
| March 15, 2007
| Scott Van Voorhis
Posted on 03/15/2007 12:58:07 AM PDT by Graybeard58
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To: Graybeard58
Maybe these folks didn't understand the language of those "fast-talking mortgage brokers."
MSM shure jumped on subprime demanding laws and regulations be passed right now!!
To: 100-Fold_Return
Many of the now beleagured home buyers the agency sees were conned into buying homes they could not afford
Ah yes they were "victims".
Gag me.
3
posted on
03/15/2007 1:09:59 AM PDT
by
Kozak
(Anti Shahada: " There is no God named Allah, and Muhammed is his False Prophet")
To: Graybeard58
And the liar loans (subprime) are not even the biggest problem.
They represent only the smaller part of americas 7.800 billion housing market.
While they often get foul the people who are actually paying them allready pay quite high rates of interest.
If loans in general get more expensive then the cheap prime loans that don't run fixed rate for the whole time will surprise their holders with brutal raises of interests. They will then not even be able to sell the house to get rid of their loan. CAn't sell, can't pay, can't refinance.
This lock ups could hit every fith loan taker.
In this lies potential for a true economic crisis.
4
posted on
03/15/2007 1:10:05 AM PDT
by
Rummenigge
(there's people willing to blow out the light because it casts a shadow)
To: Kozak
"Victims" because they couldn't speak the language is the actual story here...
To: 100-Fold_Return
6
posted on
03/15/2007 1:19:14 AM PDT
by
Kozak
(Anti Shahada: " There is no God named Allah, and Muhammed is his False Prophet")
To: Kozak
Consequently, Blarney Frank N. Stein is demanding legislation to protect Americans...
To: Rummenigge
In this lies potential for a true economic crisis.
I think there are states that don't allow the type of loans that cause such problems. I think Wisconsin has laws in place that don't allow such scams. But not sure.
8
posted on
03/15/2007 1:31:02 AM PDT
by
Bittersweetmd
(God is Great and greatly to be praised.)
To: Rummenigge
I think the big banks saw this coming which is why they had CONgress re write the bankruptcy law.
They spread so much cash around, even that noble - even a paragon of public service, William Jefferson, D-LA, voted for it ;^)
9
posted on
03/15/2007 1:33:28 AM PDT
by
investigateworld
(Those Border Patrol guys will do more time than the worst Jap POW camp commander, thanks Bush!.....)
To: Rummenigge
I think the big banks saw this coming which is why they had CONgress re write the bankruptcy law.
They spread so much cash around, even that noble - even a paragon of public service, William Jefferson, D-LA, voted for it ;^)
10
posted on
03/15/2007 1:33:29 AM PDT
by
investigateworld
(Those Border Patrol guys will do more time than the worst Jap POW camp commander, thanks Bush!.....)
To: Graybeard58
Who's the biggest scam artist?
Uncle Sam.
Kids in college are given "financial aid" in the for of federally backed student loans - some over $20,000 per year. They are easy to get. No income required. And there are legions of undergraduates that are borrowing the max every year. It is not unusual these days to see kids graduating with a measley BA or BS and with $75-100K in debt. And, none of it can be discharged in bankruptcy. So, these kids will be paying for the rest of their lives. Victims?
11
posted on
03/15/2007 1:44:41 AM PDT
by
XR7
To: Kozak
Exactly. The people are portrayed as being mentally retarded. B.S.
To: investigateworld
Well if you've got a passionate printer as a fed jockey that's what happens - capital vagabounding.
13
posted on
03/15/2007 1:50:47 AM PDT
by
Rummenigge
(there's people willing to blow out the light because it casts a shadow)
To: Graybeard58
"Liar loans" ("no income verification" mortgages) were originally a good idea when they were introduced by Citicorp(?) back in the late '80s. They were designed for self-employed people with good credit who had a difficult time qualifying for mortgages when underwriters had to rely on income tax returns for calculating income/debt ratios.
The more recent practice of offering "no income verification" mortgages to people with shaky credit was a disaster waiting to happen. Well, it is happening. Surprise, surprise.
To: Graybeard58
Didn't Peter Jennings (now a 'dirt bag' in the truest sense) proudly proclaim that "character doesn't count" when Bill Clinton was elected President. In fact, didn't the entire nation collectively make the proclaimation?
Well, does character count yet, or must we wait a bit longer?
15
posted on
03/15/2007 1:58:27 AM PDT
by
The Duke
(I have met the enemy, and he is named 'Apathy'!)
To: Graybeard58
Guess What?
Bad Credit means Bad Credit.
Everybody who was paying attention knew this was going to occur.
16
posted on
03/15/2007 2:11:04 AM PDT
by
DeaconRed
(If it weren't for the United States Military-There would be NO United States of America.)
To: Graybeard58
A house built on sand.
17
posted on
03/15/2007 2:13:40 AM PDT
by
Caipirabob
(Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
To: Graybeard58
Lost another one to Di-Tech.
18
posted on
03/15/2007 2:15:36 AM PDT
by
mkjessup
(If Reagan were still with us, he'd ask us to "win one more for the Gipper, vote for Duncan Hunter!")
To: Kozak
Guess it's like being conned into running up a hughe credit card debt while buying non necessities or gong on expensive vactions.
Everyone is a victim. Nobody is responsible for their own actions.
To: Jimmy Valentine's brother
Victims? You want victims? Wait until the value of houses owned by those with good credit ratings start sinking like a stone.
20
posted on
03/15/2007 2:19:53 AM PDT
by
durasell
(!)
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