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Those are the worst stats since 1925. Gonna be a tough election year. Fraudulent MHA making homes affordable plan? lol...thanks Chris Dodd, Frank, Pelosi and others.
You anger is misplaced. It's banks and mortgage companies that pushed loans on just about anybody with a pulse. It's banks that pushed for loose regulation of mortgages, mortgage brokers, mortgage backed securities and credit default swaps. It's banks that are not attempting to foreclose on people using frraudent practices.
Now who REALLY controls politicians in America these days? Banks, corporations, and the wealthy.
Consumers also bear some responsiblity for taking on loans they didn't know anything about or really couldn't afford.
You anger is misplaced. It's banks and mortgage companies that pushed loans on just about anybody with a pulse. It's banks that pushed for loose regulation of mortgages, mortgage brokers, mortgage backed securities and credit default swaps. It's banks that are not attempting to foreclose on people using frraudent practices.
Now who REALLY controls politicians in America these days? Banks, corporations, and the wealthy.
Consumers also bear some responsiblity for taking on loans they didn't know anything about or really couldn't afford.
Wrong again. It was Frank, Dodd and their cronies that pushed for banks to loan to people that couldn't afford homes. Banks aren't completely innocent, but to ignore the DC crowd's part in all of it is ridiculous.
Wrong again. It was Frank, Dodd and their cronies that pushed for banks to loan to people that couldn't afford homes. Banks aren't completely innocent, but to ignore the DC crowd's part in all of it is ridiculous.
Nice try but banks still set loan standards and requirements. Also you seem to conveniently forget the huge numbers of people who are strategically defaulting on loans simply because the value of the house has dropped substantially below the loan value.
Also mortgage companies like Countrywide Mortgage and Ameriquest Mortgage were completely outside of the federal guidelines you mentioned because there were NOT banks.
The bottomline is that banks and mortgage companies where taking mortgages securitizing them and sell them from huge profits and then repeating the process. Getting mortgages and then securitizing them became much more important than the quality of mortgage. If that wasn't the case we would have never had the finnacial meltdown that we didin 2008. The rating agencies were also complicit because they did not identify high risk mortgage backed securities.
Also Frank Dodd or any other politician doesn't so much as take a sh*T wiithout finding out from the financial services industry how big the turd should be.
Those are the worst stats since 1925. Gonna be a tough election year. Fraudulent MHA making homes affordable plan? lol...thanks Chris Dodd, Frank, Pelosi and others.
kick em all out.
Interesting how you named only Dems.
Also interesting that you don't take into consideration that many people bought more house than they could afford.
What was the foreclosure rate prior to this?
Nebraska 588, N Dakota 20...
Nice try but banks still set loan standards and requirements. Also you seem to conveniently forget the huge numbers of people who are strategically defaulting on loans simply because the value of the house has dropped substantially below the loan value.
Also mortgage companies like Countrywide Mortgage and Ameriquest Mortgage were completely outside of the federal guidelines you mentioned because there were NOT banks.
The bottomline is that banks and mortgage companies where taking mortgages securitizing them and sell them from huge profits and then repeating the process. Getting mortgages and then securitizing them became much more important than the quality of mortgage. If that wasn't the case we would have never had the finnacial meltdown that we didin 2008. The rating agencies were also complicit because they did not identify high risk mortgage backed securities.
Also Frank Dodd or any other politician doesn't so much as take a sh*T wiithout finding out from the financial services industry how big the turd should be.
Your exactly right, i was in real estate for over 15 years, i have seen and heard it all. Very true statement that the banks and morgage companies do set the loan standards and the requirements necessary for a positive loan. We all know what was happening, and for such a long long time. There were many many high risk mortgages that were not identified properly, or totally ignored, for some odd reason, think we all know why.
A lot of people were responsible on the whole for the whole fiasco including those people who knew they did not qualify for the loans they were qualifing for but ignored, as high risk mortgages.
I do not know whey except under this administration and no other i do know 14 upside down families who have lost jobs, and some their homes also, very sad situation. 3 as little as 3 months ago, have lost jobs, still going on, under this current administration no other. Things have got to change.
Nice try but banks still set loan standards and requirements. Also you seem to conveniently forget the huge numbers of people who are strategically defaulting on loans simply because the value of the house has dropped substantially below the loan value.
Also mortgage companies like Countrywide Mortgage and Ameriquest Mortgage were completely outside of the federal guidelines you mentioned because there were NOT banks.
The bottomline is that banks and mortgage companies where taking mortgages securitizing them and sell them from huge profits and then repeating the process. Getting mortgages and then securitizing them became much more important than the quality of mortgage. If that wasn't the case we would have never had the finnacial meltdown that we didin 2008. The rating agencies were also complicit because they did not identify high risk mortgage backed securities.
Also Frank Dodd or any other politician doesn't so much as take a sh*T wiithout finding out from the financial services industry how big the turd should be.
I simply explain it like this.
One day the goverment changed eliminated drunk driving laws. People could legally drive drunk. That doesn't mean it's SMART to drive drunk, but it's not illegal. The government created the environment. The banks, in their stupidity and short-sightedness, decided to drive drunk and eventually ran head-on into a brick wall and are now paralyzed.
The government created the regulatory environment that allowed banks to do what they did. The banks made the concious decision to exploit that environment. The government is at fault for allowing it to happen and the banks are at fault for making it happen.
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