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Old 10-06-2011, 08:14 AM
 
Location: Charlotte NC
11,710 posts, read 9,319,338 times
Reputation: 5223

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Quote:
Originally Posted by touretteboy65 View Post
The fallacy with your statement is that the banking institutions knew this and preyed upon these folks. I agree with you in the sense that people should know better and to do some thinking before they sign off on any loan, however, when banking and mortgage companies take advantage of a person's ignorance or stupity, they should be held liable. Their actions are no different from a used car salesman who sells a hunk of crap to an unsuspecting buyer and claims the car to be "perfect." Shame on them.
..and the banks also used this tactic to sell ARM's to people who didn't need them. No one told the banks to give EVERYONE a loan.

I had a friend who worked for a mortgage company and he said it was way too easy to manipulate the numbers to get a loan. They whole NINJA thing was incredible.. (No income, no job) and they were still getting loans with ease.

If someone tells you that you have to loan 10% in sub prime and you lend 40% who's fault is that?
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Old 10-06-2011, 08:15 AM
 
Location: Concord, NC
1,207 posts, read 1,931,061 times
Reputation: 799
Quote:
Originally Posted by touretteboy65 View Post
The fallacy with your statement is that the banking institutions knew this and preyed upon these folks. I agree with you in the sense that people should know better and to do some thinking before they sign off on any loan, however, when banking and mortgage companies take advantage of a person's ignorance or stupity, they should be held liable. Their actions are no different from a used car salesman who sells a hunk of crap to an unsuspecting buyer and claims the car to be "perfect." Shame on them.
Maybe we should have a basic finance/economics test that people need to pass before they can get a loan and buy a house. People need to start thinking for themselves and to stop relying on someone else to think for them.
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Old 10-06-2011, 08:17 AM
 
Location: Florida
408 posts, read 965,496 times
Reputation: 370
Quote:
Originally Posted by NDAlum View Post
I disagree with this view
What?! Someone disagrees with my view?! Give me a minute to pick my jaw off the floor.
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Old 10-06-2011, 08:20 AM
 
Location: Florida
408 posts, read 965,496 times
Reputation: 370
Quote:
Originally Posted by Sepulgeek View Post
Maybe we should have a basic finance/economics test that people need to pass before they can get a loan and buy a house. People need to start thinking for themselves and to stop relying on someone else to think for them.
Hear hear! That and an aptitude test prior to voting.
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Old 10-06-2011, 08:21 AM
 
Location: Charlotte NC
11,710 posts, read 9,319,338 times
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Quote:
Originally Posted by NDAlum View Post
I disagree with this view
So if you give a loan to your cousin who has a reputation for not paying back his loan... and then give his friend, and his friends friend a loan it's their fault for not paying you back? You assume no responsibility?

Add to it the countless stories of people being paid to sign fake names to titles all day.... banks giving ARM's to people who didn't want them, need them or ask for them and the banks assume none of the blame?
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Old 10-06-2011, 08:21 AM
 
359 posts, read 502,622 times
Reputation: 280
Quote:
Originally Posted by touretteboy65 View Post
What?! Someone disagrees with my view?! Give me a minute to pick my jaw off the floor.
Could somebody point me in the direction of the city-data Charlotte forum for adults?
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Old 10-06-2011, 08:24 AM
 
Location: Charlotte NC
11,710 posts, read 9,319,338 times
Reputation: 5223
Quote:
Originally Posted by Sepulgeek View Post
Maybe we should have a basic finance/economics test that people need to pass before they can get a loan and buy a house. People need to start thinking for themselves and to stop relying on someone else to think for them.
True... but the banks still assume the risk when they give out the loans or buy up packaged loans from these people.

The people who didn't think for themselves still paid a heavy price for their ignorance. What about the banks and people who did think for themselves and had all the knowledge about the risk?

I don't see how the people who are ignorant receive ALL the blame but those who knew better are forgiven and bailed out.
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Old 10-06-2011, 08:25 AM
 
Location: Florida
408 posts, read 965,496 times
Reputation: 370
Quote:
Originally Posted by NDAlum View Post
Could somebody point me in the direction of the city-data Charlotte forum for adults?
Well, it does say "senior member" under my screen name... Lighten up.
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Old 10-06-2011, 08:26 AM
 
359 posts, read 502,622 times
Reputation: 280
Quote:
Originally Posted by Feltdesigner View Post
So if you give a loan to your cousin who has a reputation for not paying back his loan... and then give his friend, and his friends friend a loan it's their fault for not paying you back? You assume no responsibility?

Add to it the countless stories of people being paid to sign fake names to titles all day.... banks giving ARM's to people who didn't want them, need them or ask for them and the banks assume none of the blame?
I believe everything should be a case by case review. I am not stating the banks have zero fault.

I place more fault on the irresponsible person than the banks who see that person and try to make money.

I am in the camp that believes most of these issues could have been avoided.

I could come up with endless scenario's that would make the opposite point you make.
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Old 10-06-2011, 08:31 AM
 
575 posts, read 1,348,706 times
Reputation: 420
Let's not forget that the 3%- 5-year APR with little to no money down was the creation of a political agenda to allow everyone to be a homeowner (basically to avoid being label a racist for denying a conventional loan to a certain group) that became another failed social experiment equal to the multi-trillion dollar Great Society promised by LBJ in the 60's. Now another handout generation is demanding that their college loans be wiped away and for others who have had success through hard work hand over their bank account info. AND coincidentally we have a president who campaigned on redistribution, so what's the surprise?
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