When the world gives you lemons.....

Wow!!!

$1,200,000.00 for a 2-bedroom piece of crap?

And the bubble is not going burst?

Yep, Bush's fault.

People abandoning their kids' toys? Their family photos and wedding albums? Abandoning urns filled with loved ones' ashes? These people are fucked in the head, and why they bought houses they could never afford now makes more sense.

These are the people losing their homes? Can't be. Foreclosures only happen to sub-prime loans taken out by minorities or illegal immigrants. Only the poor have been foreclosed on.

Animal shelters are also bursting at the seams.

No, apparently one or two of the poor foreclosure victims had 52-inch 1080p HD TVs, landscaped yards with built-in pools and Jacuzzi's, and loads of Ethan Allen furniture filling every room of their 5000 sq foot homes. It is shocking, SHOCKING, that they couldn't afford it on their $100K combined salaries. Why oh why did the banks DO this to them?

Bush's fault.

Shhhh. Not too loud, or Obama will come up with a way to tax it.

"Why oh why did the banks DO this to them?

#6 | Posted by PublicTrough "

Who approved the loans, Obama?

As far as I know, someone from the bank has to actually approve the loans, you don't get mortgage through the ATM - but of course, I could be wrong.

These are the people losing their homes? Can't be. Foreclosures only happen to sub-prime loans taken out by minorities or illegal immigrants. Only the poor have been foreclosed on.

What's your point?

Riverside County now, the Inland Empire in California. Hmm. You need some input form California Chris.

Relocation without sufficient funds can be additionally disruptive to a family. some may not have cars. You do wonder what they were thinking when they entered into the contract. Are those claiming "minorities" were particularly susceptible to exploitation and were particularly gullible, offering a "racist" perspective?

By the way, subprime loans had the least increases due to variable rates. They were just made to people who didn't have the sense to recognize that they couldn't service those loans with their income and prospective income.

Fannie Mae and Freddie Mac processed some 70% of the loans that were thn bundled and bought by some with other peoples money, these agents profiteering by selling bad paper to supposedly sophisticated buyers, who took a risk.

Liquidity really would be particularly affected if these people weren't bailed out. the public is right. We are all being screwed. And all of the other goodies that have been included in that package. Whew.

#9 | Posted by Snark_Needleton at 2008-10-02 06:52 PM

As far as I know, someone from the bank has to actually approve the loans, you don't get mortgage through the ATM - but of course, I could be wrong.

Then the loans were bundled and sold to investment banks and others with pools of capital. Let them eat it. The dire consequences predicted are a con game. Let's take a 2000-2500 downslide in the market and then proceed from a new getgo without the government in the future providing such inducements and using coercion to cause players to make bad loans because they weren't "bad loans" for the people who made them. They weren't bad for them.

Then the loans were bundled and sold to investment banks and others with pools of capital. Let them eat it. The dire consequences predicted are a con game. Let's take a 2000-2500 downslide in the market and then proceed from a new getgo without the government in the future providing such inducements and using coercion to cause players to make bad loans because they weren't "bad loans" for the people who made them. They weren't bad for them.

#11 | Posted by Johnson

You know johnson, when you write a post that i can read without having to rearrange my whole schedule, you make some sense. i agree completely.

that's the whole thing. the ones to eat it are at all the upper levels of our society. none of the fat cats give a rats ass about america or democracy, they are about to loose their bloated and well fed asses.

they are extorting this money from the government based on how much they have the members of our legislature in their pockets.

let them eat their mortgage-backed-securities. I have been reading economists all day saying this is a swindle by the finance houses and will not lock up the credit market if the bail-out is not passed. They are also saying the dire consequences are bullshit.

Oh and apparently Paulson wants to buy these MBS's at face value. further evidence of finance swindling the government. we have got to stop this.

The Feds should just cancel all the mortgage-backed securities and the swaps and derivitives contingent upon them.

It's all counterfeit funny-money anyway. Just invented by the greed-mongers on Wall St. to collect fees and commissions. All worthless and now we're BUYING it?

Call their cards. BK them.

The people who started this scam, the realtors, appraisers and bank and loan officials, have already gotten their commissions and bonuses. Can we go back and take their stuff?
I'd like to see the Seattle banker who gave 6 mortgages to the NINJA drug dealer live in a box.

google Bill O'reilly VS Barney Frank
happened tonight
Subject Fannie Mae/Freddie Mac

There is only one way to stop this kind of extortion.

1) stop all campaign contribution. each candidate for federal office is given a certain amount and that's all they can spend unless they want to spend their own money.

2) allow no lobbyists in the government buildings, at any time, period.

3) conflicts of interest voting will get you a jail term.

4) line item veto

5) each spending request is separate and voted on separately.

would you need #4 if #5 obtained?

and if #5 obtained, the legislature would have to work 6 days a week instead of 3. Watch the first thing they do be to raise their salaries.

As far as I know, someone from the bank has to actually approve the loans, you don't get mortgage through the ATM - but of course, I could be wrong.

#9 | Posted by Snark_Needleton

What do you call a '$0' down and interest only home loan? You get thoes at the dollar store. The banks were doing them because the "MAY" twins would buy them. Congress created this mess with legslation that needs to be repealed and no-one is talking about that.

For those who blame the borrowers, remember the words of saint sarah:
"Darn right it was the predatory lenders."

I'm not sure what you're on about, Sniper. Freddie and Fannie required 20% down and .36 debt/income ratio. Just like they always have.

All the ARMs, interest-onlys, and balloons? The mortgage-backed securities? Had nothing to do with Fannie and Freddie. They were Phil Gramm's babies.

Freddie and Fannie required 20% down and .36 debt/income ratio. Just like they always have.

#21 | Posted by lawnchair

You are so full of it your eyes are brown. If they required that, why did they go down the tubes? You don't have a clue. Take a quarter and go buy one.

They really haven't gone down the tubes nearly like the private companies. Compared the the rest of the bailout package, that was nothing. 98% of Freddie and Fannie loans are paying on time, today. The biggest problems at Freddie and Fannie have been the fact that the market is scared of mortgage-backed loans altogether, now, and house prices are still crumbling from the boom and inflation due to garbage deregulated "mortgages".

"I'm not sure what you're on about, Sniper."

Lawn...he doesn't know either. Sniper leads the league in "huh? wha..?".