The Govt needs to get dirty and force these banks to do the right thing.

I can see a scenario where a CEO arrives home after a long day of ripping off folks to be greeted by armed govt gunmen.He is told to loan money or face the consequences. I am quite certain he adjusts his companies loan policies the following day.

The Govt needs to get dirty and force these banks to do the right thing.

Did you bother to read the ridiculous article? Some idiot at Huffington wrote it and some bigger fool posted it here using his cousin as an example? There are more holes in both stories than Swiss cheese.

Yes I read it. I believe in redistribution of wealth. If that requires force so be it.

"Yes I read it. I believe in redistribution of wealth. If that requires force so be it."

Of course you did Jack. That's why you believe it is somehow tied to wealth distribution.

The bank has the wealth. The poor need the money to refinance their homes.

For the record:

"Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds - the biggest amount awarded in a single shot: $25 billion tax dollars."

This has nothing to do with cliche sayings such as the redistribution of wealth idiot, it has to do with people getting caught in the housing market collapse. And obviously you must be a person with much of your mortgage being paid off who has no compassion for the unfortunate problems that have befallen this countries middle class.

This has nothing to do with cliche sayings such as the redistribution of wealth idiot, it has to do with people getting caught in the housing market collapse. And obviously you must be a person with much of your mortgage being paid off who has no compassion for the unfortunate problems that have befallen this countries middle class.
#8 | Posted by JoeLabey at 2009-08-11 09:18 PM

This has nothing to do with the housing collapse either. Or your cousin. The article you linked is worthless and the example he used meaningless. It doesn't prove Lenders are doing anything other than going through the ridiculous red tape and waiting on the incompetent Government running programs such as this.

What it really shows is that many people had mortgage insurance and the banks can foreclose yet still recover from the insurance even though they know the home will be sold for tens of thousands less than for what it was mortgaged. Meanwhile, families, towns, states are suffering from too many foreclosures, neglected properties, etc.
I think if I see an American flag lapel pin on one of these bankers I'd be tempted to rip it from his jacket.
The decisions of a few bankers can change the economic plight of an entire city, county or state.
We bailed them out but now they sip their Don Perignon and laugh at us.

"What it really shows is that many people had mortgage insurance and the banks can foreclose yet still recover from the insurance even though they know the home will be sold for tens of thousands less than for what it was mortgaged."

#10 | Posted by danni at 2009-08-11 09:40 PM

So I guess in your infinite wisdom, these Homeowners continued to pay the PMI and not the Mortgage, Hazard, Taxes... All so the Banks could get some money from the PMI Companies if they foreclosed?

I see you got the same thing out of the article as Jack and Joel.

I read up on how much money we bailed out Wells Fargo with and I base my opinion of what I notice they have not done with that money. I wonder why we helped them out, I sort of wish we had let them go under.

Payments include primciple, interest, taxes and insurance and PMI. You dont have the option of paying one or the other idiot. The Obama administration has had the rules on the books for months, the ones who are dragging there feet and crying foul are the bankers as they dont want to re-right loans for less than they were originally worth despite the fact the home is no where worth what it was. If banks were smart they'd introduce sliding scale loans that could change if a home went down in value and have these loans insured.

Payments include primciple, interest, taxes and insurance and PMI. You dont have the option of paying one or the other idiot.
#13 | Posted by JoeLabey at 2009-08-11 10:22 PM

Wow. No kidding. They are all in one? Maybe you can have your cousin help you out and read this slowly to you.

"What it really shows is that many people had mortgage insurance and the banks can foreclose yet still recover from the insurance even though they know the home will be sold for tens of thousands less than for what it was mortgaged."

#12 | Posted by danni

Did we bail Wells Fargo out or were they forced to take the money. Now some banks wanted/needed the bailout. I don't think Wells Fargo needed or wanted the bailout money but were forced by Mr. Paulson, Mr. Bernanke, and Ms. Bair to take the money. The reason: if only unstable banks took the money, people would know which banks were unstable and then flee the unstable banks.

If I were forced to take money I did not want or need I certainly wouldn't do what the people who forced me to take the money wanted me to do with it.

JoeLabey did your cousin put down 20% on a 15 year mortgage with payments no more than 1/4 of his take home pay? If he financed it for more than that (I know it sounds harsh) he shouldn't have bought the house in the first place.

By the way did I miss something? I don't think I saw 1 mention of Wells Fargo in this article.

"By the way did I miss something? I don't think I saw 1 mention of Wells Fargo in this article."

Maybe Joel's cousin gave him the wrong Lender. Of course the article was worthless and the name of the Lender was not even relevant.

they dont want to re-right loans for less than they were originally worth despite the fact the home is no where worth what it was. If banks were smart they'd introduce sliding scale loans that could change if a home went down in value and have these loans insured.

#13 | Posted by JoeLabey

Well that makes perfect sense. Let me see a bank is going to lend you $150,000 that your going to give to the person your buying the house from now that money is gone. Don't worry though if your home value falls to $100,000 that's all the bank expects you to repay. Where's did the banks other $50,000 dollars they lent you go. They lent it to you it's only right that you pay them back.

Yeah that's the ticket.

Maybe Joel's cousin gave him the wrong Lender.

#16 | Posted by crispee_oc

Is this dumbass named Joe or Joel? My name is Joel and I don't need this dumbass screwing up the name.

Just closed with a refinance on a property with Wells Fargo. Smoothest closing I ever had. They have tightened up their lending practices. They don't want people taking cash out. Property rates are to violital. At least they are trying to run the business like a business. Who'd thunkit?