Vegas homes to fall 25% more

[Damocles]

Bush had barely taken office when Legislators were trying to end predatory sub-prime loans.

http://query.nytimes.com/gst/fullpage.html?res=9D07E2DE163EF937A35757C0A9679C8B63&fta=y

In that story you will see that the NC took the lead banning the predatory practices in 1999. Which was before Bush even ran for President.

All of this was based on practices specifically run on the Sub-Prime market. The idea that Bush somehow magically caused this crap is delusional.

The fact is that between 1993 to 1999 sub-prime lending rose by 900%.

In 1995, largely due to the urging of Bill Clinton, legislators strengthened the 1977 CRA (Community Reinvestment Act) and because of it Clinton was credited with getting loans for small businesses and for people who otherwise could not get a home, however many of these loans were of the sub-prime variety and only later would the bill come due for the US.

What was a magical "good" suddenly turned "bad" only later as the long-term implications arrived and when somebody of a different political persuasion came into office.

While the CRA can do much good, it can also do much bad, and the promotion of such sub-prime lending (often by our own politicians of both political persuasions) just to appear to be magically getting more people into the "American Dream" can show how politics can trump what is good for the nation, regardless of political persuasion.

 

[uscitizen]

And the controlling party in congress did not send a bill to bush to do anything about the sub prime issues did they ?

 

[evince]

Do you have any problems with the companies who used them in such a way as to bilk unsupecting individuals into these loans?

 

[Damocles]

And the controlling party in congress did not send a bill to bush to do anything about the sub prime issues did they ?

Hence my allusion to the fact that most of them were paid off and we are willing to forgive it when it is our "team" taking the cash.

 

[Damocles]

Do you have any problems with the companies who used them in such a way as to bilk unsupecting individuals into these loans?

Unsuspecting? I call BS on that to begin with. However, yes, I think that people who run the corporations that do such things should be held accountable, just as the consumer who is "fooled" into spending more than they earn on such things. Bad business practices are bad for everybody.

 

[Socrtease]

I remember being a Sophmore in college and getting a pre-approved Credit Card with a 5000 dollar limit. I didn't have job, I made about 1k per month from the Army college fund. They had NO BUSINESS offering me a credit card. I cut the application up immediately. Millions of people didn't and that is as much their fault as it is the Credit Card companies. If you don't know your financial limits we should not reward you for bad choices. At the same time for years the bankruptcy laws were there to allow people a fresh start when they did over extend themselves. THey should not have been changed and the Dems need to repeal the reform and go back to the system that existed before the Republicans rewarded their donors with a law that makes everyone indebted forever.

 

[Battleborne]

Wow , 25% is just what I told someone recently as a guess as to how much Vegas would fall. Damn Im good. Im so gald I have no reason to sell for years. I am thinking about renting my house out and buying a fixer in a year or two. I love to clean a place up and make it shine. This place is going to be way to big for me and my hubby when the boy joins the airforce next year.

I better go check the inland impire in Cali for my other house. I may need to raise the rent.

( Correction needed...that is 'The Inland Empire')



Lmao...right ya do just that...you can rent your spic and span rental to ten or more 'Illegal Alein' workers picking lettuce and Broccoli just South of the Salton Sea(and not to forget the Maids and Yard workers in San Diego County)...ya will make a killing on slave labor...thank the Farmers/Elite/Restaurant/Hotel owners though!....and the booming Housing Builders with no way to finance these exhorborant loans on overpriced houses!

 

[Timshel]

When do banks practice good business? Every freaking one of em is insolvent.

 

[evince]

Unsuspecting? I call BS on that to begin with. However, yes, I think that people who run the corporations that do such things should be held accountable, just as the consumer who is "fooled" into spending more than they earn on such things. Bad business practices are bad for everybody.

How many people do you know who read their mortgauge agreement before they signed it?

 

[Damocles]

How many people do you know who read their mortgauge agreement before they signed it?

How many do you know that didn't? Seriously, this is not the measure of "unsuspecting". That is again preposterous.

Regardless of whether they read the legalese they are not "unsuspecting" when they know they have a variable rate, that they are paying to get the loan, that there are sometimes balloons, that they are spending far more than they make in a year....

Because of all those things, a person who is getting a mortgage that does not research and find the best for themselves and ensure they can continue to pay it, is not "unsuspecting" they are "felony stupid" as my mother would have said. "Unsuspecting" is just another word to attempt to avert any responsibility from the person making the purchase. Some lessons are hard indeed, the hardest ones are the ones that we acted the most foolishly when making them. Indeed you would be a fool if you did not research before spending more than you will make over 10 years...

 

[uscitizen]

Damo you have to remember now that 51% re-elected Bush. People are just not quite as bright as you think.

 

[Cancel 2016.2]

How many people do you know who read their mortgauge agreement before they signed it?

If they didn't read it, whose fault is that?

Now if they were borrowing a couple hundred dollars, I can see people not really caring too much what the terms were. But how big of a moron do you have to be to not read an agreement when you are borrowing 6 figures?

Again, this is not to say there weren't bad lending practices or that there weren't any mortgage lenders trying to hide details in fine print. But if you do not understand the terms of your mortgage, then you are an idiot for not asking the questions to inform yourself BEFORE taking out the loan.

 

[Damocles]

If they didn't read it, whose fault is that?

Now if they were borrowing a couple hundred dollars, I can see people not really caring too much what the terms were. But how big of a moron do you have to be to not read an agreement when you are borrowing 6 figures?

Again, this is not to say there weren't bad lending practices or that there weren't any mortgage lenders trying to hide details in fine print. But if you do not understand the terms of your mortgage, then you are an idiot for not asking the questions to inform yourself BEFORE taking out the loan.

This ^^^

 

[Damocles]

Damo you have to remember now that 51% re-elected Bush. People are just not quite as bright as you think.

People are not as stupid as liberals seem to think. IMO, most of these people thought, "Well, if it all hits the fan and too many people are going to lose it, the government will help me..."

It appears that they are right. Will we ever allow people to learn from their mistakes in the US?

 

[uscitizen]

Reading it and understanding it are 2 different things.

 

[LadyT]

How many people do you know who read their mortgauge agreement before they signed it?

I know my boyfriend and I did. Over and over.

 

[uscitizen]

People are not as stupid as liberals seem to think. IMO, most of these people thought, "Well, if it all hits the fan and too many people are going to lose it, the government will help me..."

It appears that they are right. Will we ever allow people to learn from their mistakes in the US?

Again Damo, the upcoming storm is not just about the bad loan problems....
Grim was the word I kept hearing last night.

 

[Thorn]

I know my boyfriend and I did. Over and over.

I can't imagine committing to that amount of money without reading every word and making sure we understood it! Desh, do you mean that some people don't read their mortgage agreements? That's just plain irresponsible.

 

[Damocles]

Again Damo, the upcoming storm is not just about the bad loan problems....
Grim was the word I kept hearing last night.

But this thread is. Get with it. Again, you attempt to argue something that we are not discussing. Go back to the other thread for the answer to this statement.

 

[LadyT]

I remember being a Sophmore in college and getting a pre-approved Credit Card with a 5000 dollar limit. I didn't have job, I made about 1k per month from the Army college fund. They had NO BUSINESS offering me a credit card. I cut the application up immediately. Millions of people didn't and that is as much their fault as it is the Credit Card companies. If you don't know your financial limits we should not reward you for bad choices. At the same time for years the bankruptcy laws were there to allow people a fresh start when they did over extend themselves. THey should not have been changed and the Dems need to repeal the reform and go back to the system that existed before the Republicans rewarded their donors with a law that makes everyone indebted forever.

ditto. I watched my peers get cards and hit up the mall and I'd think, "are they crazy?" Fast forward two years later, their credit was ruined and collection agencies were all over them.