Posted on 08/05/2012 3:49:57 PM PDT by tselatysr
It appears the idea was to not only destroy the banking economy, but make sure people lost their homes, too.
It’s not just Obama, folks - this was planned out and started by the Clintons.
I have NO empathy for people who thought they were getting something for nothing.
Someone who doesn’t honor their contract obligations isn’t exactly ‘innocent’. This probably belongs more properly on a democrat something-for-nothing site.
And the problem wasn’t set up by Obama. It was set up by the international bankers and their bought and paid for legislators from both parties.
This wreck was caused by do-gooders in D.C., not by the nation's bankers who ran their industry honestly and faithfully for over two centuries before the CRA.
This statement alone should keep one from reading any further. The LIBOR screwup was one of the banks quoting LOWER than actual rates paid to other banks.
This would lead to homeowners paying LOWER rates when their ARMS reset.
I personally know someone who bought too big a house with little down and a low-rate ARM.
Stupid to begin with.
Then, when the rate adjusted, she couldn’t pay the mortgage. Someone told her the bank would help her if she got two months behind on her payments, so she quit paying.
My thought at the time and now is that this is absurd.
Whatever happened to common sense? Think before you buy. Don’t buy more than you can afford. Read the small print. Live within your means. Be self-reliant and help others instead of expecting them to bail you out.
Ya know, if your goal was to destroy America financially, I can’t think of a better way to do it. Systematic and devious.
Well, that's what it was all about. Just like the administration is trying to get businesses not to give employees the required 60 days notice of intent to lay them off once the Bush tax cuts expire, ... to be received just before the November election.
Masking Obama's failed policies.
“As the banks drowned in the bad debt, they began to flail. These flailings have been mischaracterized by the anti-free marketers among us as dishonesty and greed.”
The banks sold nearly all the bad debt. The only banks who had difficulty were those who loaned many times more money then they had. When their bills came due they could not pay.
Bankers made billions and not one has gone to jail for proven fraud, forgery and numerous other crimes.
The Demoncrat Party & Cloward–Piven strategy
Obama is a thug who hates whites, uses blacks and loves Islam. He is a criminal and a treasonous traitor to our country.
How many banks are cashing in on the scam called PMI and then cash in again on the property?????
Banks and Government are stealing our money and freedom. The libs and RINOs work for the banks.
To all those “they get what they deserve” posters on here - just a word of caution.
Our bank tried to pull a fast one on us - they put partial excess payments I had made in an “advance” account (long story has to do with escrow).
Instead of counting this towards payments. They assured me it was all ok.
This happened for several months, when they slapped us with foreclosure.
They had me sending in paperwork for months, all the while assuring me it was all ok.
Finally had to go to court to straighten it all out.
If this lady claims to be Tea Party, then count me out.
The type of incendary language used sounds a lot more like it’s from Ralph Nadir or a Michael Moore movie.
Yes, the banks were bad for lending money to deadbeats - but that still doesn’t give the deadbeats the right to walk away from their obligations, as if they had nothing to do with it - ESPECIALLY after many, if not most, of these deadbeats “extracted equity” from their homes via additional mortgages.
There were a lot of people acted responsibly and REFUSED to go along with this scam - and I guess she expects us to pay off the deadbeats.
“This wreck was caused by do-gooders in D.C., not by the nation’s bankers who ran their industry honestly and faithfully for over two centuries before the CRA. “
I guess you’re entitled to your opinion. I just remember the S&Ls - not exactly honesty and faithfulness from the banking sector there.
Too many bad loans were made to people who had no business owning a home, Jimmy Stewart and `It’s A Wonderful Life’ to one side. As Mark Steyn points out in `After America’ the Obama administration pressured lenders to stand logic on its head and assume that home ownership made people responsible.
The other thing was the serial re-financing. People were treating their home like a Rolex watch and pawning it every few years. The problem is that the new appraised value wasn’t realistic and now they can’t sell without having to write a check, rather than accept one.
We’re grownups so let’s talk facts of economic life: If you can’t make your house payment with your payment being 31% or less than your gross income, then no government program can help you.
Loans to unqualified borrowers with bad credit histories; ARMs; no down payment & `walking around’ money to boot—this was a flying catastrophe that was enabled by Washington DC, Barney Frank and the Democratic party and just looking for a place to crash.
Thanks tselatysr. G’night all.
At a loss.
“The only banks who had difficulty were those who loaned many times more money then they had.”
Which is all of them. By definition banks lend far more than they have in liquid assets. Banks need only be capitalized to cover bad debt - something they've done well for centuries. When the amount of bad debt suddenly goes through the roof (due to govt interference in the market) and must be sold at a loss, the bank goes under.
“Bankers made billions...”
Only the politically connected - there's that govt interference again. So have car makers, oil barons, unions, etc. There is no industry immune to government corruption.
“...and not one has gone to jail for proven fraud, forgery and numerous other crimes.”
How many politicians or their buddies in ANY industry do you see going to jail for dishonest acts?
The average banker (the VAST majority) is no more greedy or dishonest than you or I. A lot of honest bankers went under in this government-created mess. Regarding the few bad eggs, it shouldn't surprise anyone that a few powerful bankers living in the pocket of hyper-empowered politicians and regulators were able the slink away with their golden parachutes.
Let's keep our eyes on the real target here and the real source of this problem. Next year, it'll be some other industry and the press will attempt to deflect criticism from the govt leviathan by fingering businessmen again.
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