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Tent city highlights US homes crisis


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Old 03-21-2008, 12:03 AM   #11
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I know of one gent that has ended up buying a total of 5 houses, hoping to make enough rent off of any one of them to make the payments on the rest. Needless to say, it's not working. Another friend of mine bought a house at a great rate, but the rate went up and so did the house payment. He can't afford to keep the house. Someone else I know bought a house at a fixed rate, and when he could, re-financed at a better rate, took the extra money, payed off what little credit card payments he had and is setting pretty. It depends on what you do. Don't always blame the economy, some folks know what to do, some don't.
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Old 03-21-2008, 02:57 PM   #12
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[QUOTE=pioneer461;19437]Any time you see BBC, think CNN. They are like-minded, anti-American, left wing propaganda machines. They both like to highlight anything that reflects poorly on our country.


I found the BBC to be completely impartial and in most part faily presented and well reported. I can't speak for CNN I occasionally have it on in the office for a US news prospective, but most of the time we have BBC 24 left on.

Just because you do not some of the news reporting, doesn't mean that the company is anti-American or there is some bias. They have reported quite professionally in Iraq not withstanding one extremely well known journalist being mistakenly and cold bloodedly shot by US ground forces. Mistakes happen, and negligence occures sometimes, but it is their job to report the facts. It does not reflect on the country or the American people, I think you on this occasion have made a sweeping generalisation............... As for the economy, well it's right when the US sneezes well all get a cold, after the election things might buck up.....
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Old 03-21-2008, 07:48 PM   #13
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I think you are partially right, the borrowers should have known. Back in the good old days, an honest lender would not have made the so called "sub-prime" loans to people who obviously couldn't afford them.
My wife works at JPMorgan-Chase, and for years worked in home mortgages. The bank was told by the government to make certain it did not appear that they discriminate who they gave loans to based on race or gender. This policy led a number of smaller lending institutions to give out loans to many people who really couldn't afford them.

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So in a sense, these folks are victims of corporate greed.
It's as much government meddling that caused this problem as corporate greed.

Bottom line, though, is the borrower should always know what he or she is getting into. Like I said above, if anyone can show where a lender deliberately withheld information or deliberately misled prospective borrowers, I'll be right there with you demanding the lenders get some serious prison time. But the vast majority of those who naively took out ARMs...they're victims of their own ignorance and/or stupidity.

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The greed spread throughout the financial services industry and we will now be allowed to bail out the big banks with hundreds of billions of dollars. I think its called corporate welfare. The fat cats got their megabuck salaries and we get to pay the freight.
The government has no business bailing anyone out. Then again, the government has no business directing others how to conduct their own business.

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I don't know what kind of welfare is worse. That given to the truly needy or to the truly greedy.
Very many of the "truly needy" aren't needy at all. Hell, I've lost count of the number of times I've seen extremely-well-fed (read: lard-asses) covered in bling wearing leather jackets load up the conveyor at the check-out line with steak, lobster and all kinds of junk food and pay with food stamps.

No matter who the recipient is and no matter their financial condition, it is never the responsibility of the Federal government to spend one dime on them.

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Old 03-21-2008, 08:25 PM   #14
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Wow bkt, you actually expect folks to take personal responsibility for their actions. How absurd as we as a nation must bail out everyone that does something stupid.


Please be more politically correct and realize that personal responsibility is not required in todays enlightened age.
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Old 03-21-2008, 11:12 PM   #15
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Photog's got it.

Corporate greed allowed for these lenders to initiate loans they knew would not be repaid, package them up into the MBS and CDO derivative packages, slap a fraudulent AAA rating on them, and sell them off to unsuspecting investors. This is Enron x 1000 and as this crap unwinds, it's snowballing into a problem that may send us into something worse than a recession. The scary thing is that, due to the leverage the lenders are allowed to use, each of these defaults has a huge multiplier on the amount of money it takes out of the economy (hence the credit crisis.)

Now the shady lenders are getting bailed out, both indirectly by low Fed Funds Rates, and directly by the Fed taking these bad loans by the likes of Bear Stearns onto their books. We're all paying the price via a worthless dollar, higher inflation, and undoubtably higher taxes in the future to pay for stimulus packages and other bailout programs.

bkt: yes, there was fraud and you can bet when this whole thing is over there will be indictments (if not angry mobs.)

P.S. i've never visited DailyKOS in my life.

P.P.S. I like my guns, and I'm encouraged by the more balanced opinions I've seen. I just don't think I could contribute much to a forum if the majority only believe what Sean Hannity and Rush Limbaugh tell them to think.
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Old 03-22-2008, 01:59 AM   #16
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Photog's got it.

Corporate greed allowed for these lenders to initiate loans they knew would not be repaid, package them up into the MBS and CDO derivative packages, slap a fraudulent AAA rating on them, and sell them off to unsuspecting investors. This is Enron x 1000 and as this crap unwinds, it's snowballing into a problem that may send us into something worse than a recession. The scary thing is that, due to the leverage the lenders are allowed to use, each of these defaults has a huge multiplier on the amount of money it takes out of the economy (hence the credit crisis.)

Now the shady lenders are getting bailed out, both indirectly by low Fed Funds Rates, and directly by the Fed taking these bad loans by the likes of Bear Stearns onto their books. We're all paying the price via a worthless dollar, higher inflation, and undoubtably higher taxes in the future to pay for stimulus packages and other bailout programs.

bkt: yes, there was fraud and you can bet when this whole thing is over there will be indictments (if not angry mobs.)

P.S. i've never visited DailyKOS in my life.

P.P.S. I like my guns, and I'm encouraged by the more balanced opinions I've seen. I just don't think I could contribute much to a forum if the majority only believe what Sean Hannity and Rush Limbaugh tell them to think.


+1

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Old 03-22-2008, 12:04 PM   #17
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Photog's got it.

Corporate greed allowed for these lenders to initiate loans they knew would not be repaid, package them up into the MBS and CDO derivative packages, slap a fraudulent AAA rating on them, and sell them off to unsuspecting investors. This is Enron x 1000 and as this crap unwinds, it's snowballing into a problem that may send us into something worse than a recession. The scary thing is that, due to the leverage the lenders are allowed to use, each of these defaults has a huge multiplier on the amount of money it takes out of the economy (hence the credit crisis.)
I'll do some digging to find out more about this. If you have some links you can share, please do. It makes sense that some lending institutions would have given out loans to the wrong people with the intention of selling them off, and I have no doubt that did happen. That in and of itself is probably not illegal. But if they misrepresented those high-risk loans as AAA, that's very likely criminal. And if that was the norm and the majority of loans currently in default were handled that way, some folks need to swing.

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Now the shady lenders are getting bailed out, both indirectly by low Fed Funds Rates, and directly by the Fed taking these bad loans by the likes of Bear Stearns onto their books. We're all paying the price via a worthless dollar, higher inflation, and undoubtably higher taxes in the future to pay for stimulus packages and other bailout programs.
Agreed. My point was that government meddling prior to this problem and government meddling after the fallout is responsible for creating problems, not solving them.

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bkt: yes, there was fraud and you can bet when this whole thing is over there will be indictments (if not angry mobs.)
Angry mobs are good.

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P.S. i've never visited DailyKOS in my life.
Check it out sometime. It'll make your skin crawl (the comments section is particularly entertaining). It's good to see what the other side is thinking.

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P.P.S. I like my guns, and I'm encouraged by the more balanced opinions I've seen. I just don't think I could contribute much to a forum if the majority only believe what Sean Hannity and Rush Limbaugh tell them to think.
Well, it's funny you should talk about balanced opinions. It seemed you wanted to place responsibility for the situation squarely on the shoulders of the lenders. And it seemed, with the BBC article, that you were implying this was a disastrous event, when it's actually a fairly small percentage of people in this predicament.

While I agree some lenders were wrong and that some may have acted criminally, the responsibility for defaulted loans should be shared also with the borrowers -- in fact, MOST of the blame should sit with them -- and also with the government.

Fair?
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Old 03-22-2008, 12:08 PM   #18
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Wow bkt, you actually expect folks to take personal responsibility for their actions. How absurd as we as a nation must bail out everyone that does something stupid.


Please be more politically correct and realize that personal responsibility is not required in todays enlightened age.
Tent city highlights US homes crisis - The Club House
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Old 03-22-2008, 12:18 PM   #19
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At this point, you almost have to talk politics to talk firearms. Heck, before you know it, we'll need a license to talk about guns!
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Old 03-22-2008, 08:38 PM   #20
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Unless the lenders acted in a criminal way, the blame for foreclosures rests mostly with those who overextended themselves. If those who took out loans had actually made the payments they had agreed to make, this would not be an issue.

We -- all of us -- need to take responsibility for our own actions. That includes the borrowers as well as the lenders who knowingly gave loans to people who they knew would not be able to pay back. But unless the lenders engaged in criminal activity, they need only answer to their shareholders.

The government needs to back the hell off. Taxpayers should certainly not be on the hook for covering this debt.
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