McSames economic advisers

Superfreak said:
Every one of the parties you mention share the blame. I agree completely that the lenders should have exercised control over who got loans, the politicians should never have dismantled Glass Steagall and pressured lenders to give out subprime loans, the investment banks made a cluster fuck out of the CDOs....

Now we end up with a bunch of idiots with new cars seeing mortgage rates reset to payments they cannot afford, we see the investment banks scrambling to figure out who owns what mortgage, we have the morons in DC trying to pump billions into the market to avoid a collapse in the financial sector and other morons saying we should bail out the borrowers.

I am sick of this shit. On the bright side, we have the guy down in Florida who hasn't paid his mortgage since 2002 and they cannot foreclose.... because no one knows who owns his mortgage and the court said they have to figure it out before they can foreclose.

So if you are in a foreclosure situation or know someone who is.... make sure they prove that they own your property before you raise one finger towards packing up.
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I had heard somewhere that the only person who can collect on your house is the entity who loaned you money. The loans resold and resold. If you get a lawyer they can stop the forcloseur if your loan has been resold.

Imagine if this is true and people figure it out?

Free houses and then the sub prime people will be the smart ones huh?
 
Desh said:
I had heard somewhere that the only person who can collect on your house is the entity who loaned you money. The loans resold and resold. If you get a lawyer they can stop the forcloseur if your loan has been resold.

Imagine if this is true and people figure it out?

Free houses and then the sub prime people will be the smart ones huh?
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That is incorrect. Whomever holds the mortgage can collect. So if lender A loans you money to buy your home and then sells your mortgage to Bank B... Bank B can collect.

... and NO, those that borrowed more than they could afford are still morons.
 
uscitizen said:
Bernanke says six more months and all will be well.

hmmm does that have a familiar ring to it ?
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Its gonna be an economic surge see. We are going to send in an additionial 30,000 dollars and those dollars will infiltrate the market and put down the advancing recession. The 30,000 dollars will only have to spend 6 months in the economy allowing the remaining money to come together and create order. I call it Operation Economy Freedom
 
... and NO, those that borrowed more than they could afford are still morons.
//

Yep but not as big of morons as those "experts" and leaders that encouraged this mess to happen.

If a farmer leaves his gate open and the stock all get out, whose fault is it ?
 
Socrtease said:
Its gonna be an economic surge see. We are going to send in an additionial 30,000 dollars and those dollars will infiltrate the market and put down the advancing recession. The 30,000 dollars will only have to spend 6 months in the economy allowing the remaining money to come together and create order. I call it Operation Economy Freedom
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A lawyer with a sense of humor.... well wonders never cease.

Side note... Operation Economic Freedom would have been better.
 
uscitizen said:
... and NO, those that borrowed more than they could afford are still morons.
//

Yep but not as big of morons as those "experts" and leaders that encouraged this mess to happen.

If a farmer leaves his gate open and the stock all get out, whose fault is it ?
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Yes, the politicians in both parties that encouraged this are also morons.
 
Socrtease said:
I was going to say, 93% of all homes are not in default. Only 7% are. This is NOT A Crisis except for the people that got themselves in over their heads on a house they should not have purchased in the first place. Too many 20 somethings watching MTV Cribs and thinking they DESERVED that life. They should have waited, saved 20% down and bought a house within their means. It is not the governments job to save the average american from their own stupidity.
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fool
 
Superfreak said:
Agreed on the above.

That said... Desh is correct in that it was indeed the dismantling of Glass Steagall that led to this mess. Especially the 1995 Fair Lending Act that required banks to loan money for homes in low income neighborhoods in order to be "fair" and "non-discriminatory" All so the politicians in both parties could champion "more home ownership than ever before!!!".

Desh's problem lies in her need to blame the Reps entirely for the problem. She refuses to see that the bulk of the responsibility lies in the hands of the lenders and borrowers. For they are the ones that allowed and accepted the borrowers taking out more loan than they could afford. She also fails to understand that the dismantling began in 1992 under Bush, continued under Clinton and then again under Bush 2.

Desh... for your information, though Gramms bill allowed the packaging of these mortgages..... that by itself does not lead to borrowers defaulting on their loans. In the end, the responsibility is theirs for taking out the loans and it is shared with the lenders who gave it to them.
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working really hard to exonerate the Rs
 
Superfreak said:
People don't default on their mortgage for profit????? What the hell are you talking about?

This was done at the behest of politicians seeking to gain favor with voters. They wanted more people to own homes. They thus dismantled Glass Steagall over the past 15 years and created the environment to make that happen.

Yes, the corps that packaged the loans made money selling those packages to investors. But the CDOs and SIVs being packaged together has ZERO effect on the borrowers ability to pay back the loans they took out. ZERO effect.

The reason the loans defaulted is that the borrowers took out more money than they could afford and the lenders let them. All based on the idiotic belief/greed factor that home prices always go up.
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which could not have happened unless the deregulated the market huh asshole
 
evince said:
These types of loans were no threat to the economy when they were nearly profitless to write.

GLB act laid the path to them being profitable to write. If Glass Steagal had been allowed to stand then this would not have happened.

Bush would have had a stagnate economy and would not have been reelected I bet.
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gee
 
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