When will the US financial baillout occur?

[..]

I rebut your point specifically and logically and you respond with spew.

You did nothing of the kind. You spouted uninformed rightie blog talking points, which I have invalidated, and you fail to understand.

 

Cheers,

SD

[Bangkoktraveler]

I rebut your point specifically and logically and you respond with spew.

You did nothing of the kind. You spouted uninformed rightie blog talking points' date=' which I have invalidated, and you fail to understand.

 

Cheers,

SD[/quote']

 

 

Suadan, look at all the questions I have posed to rudy - he doesn't answer - so I win automatically. For a guy who never owned a house, he sure thinks he knows everything there is to know about owning a house.

 

He claims superiority over us but when confronted with facts, he goes to calling us names his mama called him or he goes to his corner and shuts up.

 

[bust]

Lots of discussions about the banks but what role does the borrower play in this?

 

Plenty

 

Can anyone honestly say that most of the defaulters didn't borrow out of their ability to pay the loans in the first place.

 

We all talk about the bank's greed but what about the greed of Mr & Mrs "White Picket Fence"

[rogueyam]

Lots of discussions about the banks but what role does the borrower play in this?

 

Plenty

 

Can anyone honestly say that most of the defaulters didn't borrow out of their ability to pay the loans in the first place.

 

We all talk about the bank's greed but what about the greed of Mr & Mrs "White Picket Fence"

 

I've been talking about the greed of the borrowers but I have been reliably informed by my betters here that to expect borrowers to take responsibility for their own actions is a thought-crime.

 

[Steve]

Blaming the act of trying to address a prior wrong to a particular group of borrowers (Community Reinvestnment Act) isn't a thought crime but it is falsely scapegoating and an attempt to divide people on socio-economic as well as ethnic lines.

 

The stats speak for themselves.

 

The financial instutions over indulged with reckless abandon. Its as simple as that.

 

 

[kamui]

Lots of discussions about the banks but what role does the borrower play in this?

 

Plenty

 

Can anyone honestly say that most of the defaulters didn't borrow out of their ability to pay the loans in the first place.

 

We all talk about the bank's greed but what about the greed of Mr & Mrs "White Picket Fence"

 

In the end the answer is quite simple:

 

- Borrowers should not receive loans they cannot repay. The solution is quite simple. Banks require that borrowers have to prove that they have a certain amount of money to be eligible for a loan. Banks have the tools to rate any lender within seconds, therefore that's not a problem. That's a standard procedere in Germany in regard to mortgages, therefore we don't have even a sign of a housing crises.

The funny thing is: In the US you *must* have loan history (i.e. you *must* have taken several loans for a car, a house whatever) to receive an additional loan. In Germany you don't receive a loan if you have a loan history. The US lending system seems to be completely perverted.

 

- Lenders should not give loans which are not covered by equity capital. Many (all?) US financial institutions and several European banks did not follow this very simple rule.

 

[rogueyam]

Blaming the act of trying to address a prior wrong to a particular group of borrowers (Community Reinvestnment Act) isn't a thought crime but it is falsely scapegoating and an attempt to divide people on socio-economic as well as ethnic lines.

 

There is never a justifiable reason for doing something that can't work. And I have blamed all borrows equally regardless of their race or their creed. But as I've made clear, it was the deliberate relaxing of the requirements for obtaining a mortgage that caused this situation, leftists did it, and they did it (in large part) for racialist reasons. Those are the facts.

 

The stats speak for themselves.

 

The financial instutions over indulged with reckless abandon. Its as simple as that.

 

Those aren't stats. That is vague, meaningless spew.

[Bangkoktraveler]

Lots of discussions about the banks but what role does the borrower play in this?

 

Plenty

 

Can anyone honestly say that most of the defaulters didn't borrow out of their ability to pay the loans in the first place.

 

We all talk about the bank's greed but what about the greed of Mr & Mrs "White Picket Fence"

 

I've been talking about the greed of the borrowers but I have been reliably informed by my betters here that to expect borrowers to take responsibility for their own actions is a thought-crime.

 

 

I have read nothing to substantiate this problem was caused by the greed of borrowers.

 

There have been isolated cases were people played the system, but for the most part, the people who are losing their homes, this is the last thing they expected.

 

The way I see it, the borrowers, ie. for homes, got stuck with an over priced home. rogie of all people has no idea how houses are sold.

 

When we bought are house, I looked at houses for some time. I checked with the county on the appraised values of homes. I did my paper work, or at least I thought I did.

 

What I found out after I bought our house is the county automatically appraises houses for a lot more then they are worth! So when I looked at the appraised values, I saw what they were readjusted to, not what they really were valued.

 

Then it came time to get a loan. I was told to go with an ARM, I didn't. Actually they couldn't believe I was so stupid not to go with an ARM. Everybody was being told the same story. Go with an ARM and later refinance. Unfortunately for those who refinanced, they found out there homes were worth less then what they paid for them but also found out they were paying a higher amount in property taxes then they should have been paying. Couple this problem with the higher mortgage rates stemming from the ARM, the extra cost of heating the home, and the extra cost of gas for the car; the financial situation was too much for some.

 

Now look at the other side of the table.

 

The loan people got their commision.

 

The banks bought the paper and now the government has decided to bail out the financial institutions so they take no loses. The government provided no relief for the homeowner. Oh by the way, it is the homeowners and non-homeowners who will pay the losses. Not fair in my opinion.

 

 

 

[rogueyam]

In the end the answer is quite simple:

 

- Borrowers should not receive loans they cannot repay. The solution is quite simple. Banks require that borrowers have to prove that they have a certain amount of money to be eligible for a loan. Banks have the tools to rate any lender within seconds, therefore that's not a problem.

 

I agree with this but Obama, ACORN, and chocolat steve say that this approach is all racis' an' shit.

[Bangkoktraveler]

In the end the answer is quite simple:

 

- Borrowers should not receive loans they cannot repay. The solution is quite simple. Banks require that borrowers have to prove that they have a certain amount of money to be eligible for a loan. Banks have the tools to rate any lender within seconds' date=' therefore that's not a problem.[/quote']

 

I agree with this but Obama, ACORN, and chocolat steve say that this approach is all racis' an' shit.

 

 

There was a time in USA history when a black went to a bank for a loan, he was refused, not because his ability to pay the loan back, but because of his 'color'. Hard to believe there was a time when blacks went to their own schools, used their own bathrooms, etc., but it did exist.

 

Today, there are some people who would like to go back to those good all days.

 

But the problems we see today are different. The people did get loans. The people were paying for their homes. But certain other factors crept in which made it impossible for some people to keep their homes.

 

There homes were worth less then what they paid for it. This made it impossible to refinance.

 

They were hit with higher property taxes.

 

They were hit with higher heating bills.

 

They were hit with higher gas costs.

 

Some brought in each month less money because of hours cut/lost.

 

 

Now the race angle comes into place when certain hate groups try blaming the problem on minorities, especially Blacks, because Obama is Black. If Obama wasn't Black, these hate groups would be blaming the Mexicans, like they have done in recent years.