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Old 03-11-2009, 05:16 PM
 
Location: Waxhaw, NC
494 posts, read 1,180,417 times
Reputation: 171

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Quote:
Originally Posted by smalltownusa View Post
All true and well put. I'm not an economist by any stretch of the imagination yet about 3 years ago realized A) our gas couldn't keep shooting up without dire repercussions througout our purchasing economy and B) house do NOT double and triple in value overnight....so the writing was on the wall and this household paid off all debt, pulled money out of the market and yielded to a very fugual lifestyle...in the end, things are looking wayyyy better for us than most people we know....call me Henny Penny and the Sky is Falling but I can sleep at night....

Meanwhile, the former administration basked in the glow of a "booming" economy, when in reality it was the Emperor Had No Clothes".....how sad we will have those 8 years preempting any attempts to correct this sinking ship....
Well...seeing as we have spent way more in the past 50 days as the past Administration did in 8 years I would not blame it only on the past Administration. This all stems from Barnie Frank and his failed plans for Fannie Mae and Fannie Mac so lets us not place 100% of the blame where it does not belong.
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Old 03-11-2009, 05:32 PM
 
Location: State of Being
35,885 posts, read 66,998,726 times
Reputation: 22370
Quote:
Originally Posted by Robin2007 View Post
Well...seeing as we have spent way more in the past 50 days as the past Administration did in 8 years I would not blame it only on the past Administration. This all stems from Barnie Frank and his failed plans for Fannie Mae and Fannie Mac so lets us not place 100% of the blame where it does not belong.
Do you mean . . . Bahney Fwank?

Let's add what's his name Raines, former Dir of Fannie to that list . . . he is the guy who had the brilliant idea to bundle toxic loans and sell them as bona fide securities . . . be sure to add his name.
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Old 03-11-2009, 05:38 PM
 
Location: between here and there
1,030 posts, read 2,765,945 times
Reputation: 935
Quote:
Originally Posted by anifani821 View Post
Do you mean . . . Bahney Fwank?

Let's add what's his name Raines, former Dir of Fannie to that list . . . he is the guy who had the brilliant idea to bundle toxic loans and sell them as bona fide securities . . . be sure to add his name.
Oh, the list we could build from the blowhards who steered the country straight into the rocks.....and then there's Congress who is so busy pointing fingers at who is misspending more of the taxpayers money, the Chamber is resembling a digit cyclone!!!!!

It's starting to look like a surreal circus out there and the Master of Ceremony is no where to be found

Bet he's holing up in Montana in the woods!

Last edited by Fallingwater79; 03-11-2009 at 05:56 PM..
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Old 03-11-2009, 06:06 PM
 
276 posts, read 416,970 times
Reputation: 232
The "sub-prime" argument is a Republican canard.

Yes, the sub-prime market failed, but many of them were promised that the house would skyrocket before the ARM was up, and they could then refinance.

The majority of loan failures are coming from 200K - 500K mortgages. That isn't the sub-prime market, but just as financially unsound. And those borrowers were also promised unbelievable appreciation. I know, because for the last six years, I have been asking people who bought McMansions why they bought them.

If it moves, lend to it. Sign on the line which is dotted.

And as I said in a previous post, if you think the real crisis is about housing, just wait. I wonder how many "credit default swaps" were sold by sub-prime mortgage borrowers.


I moved to Charlotte three centur.... I'm sorry, three years ago.

Having been here a month, I attempted to qualify for a home loan from a large uptown bank.

During the Bush years, I saw my wages drop 60% (yes, with eight years additional experience and the same job title, I am making 40% of what I made 10 years ago). I also had difficulty finding work, had to sell my house because I was out of work 2.5 years, and became a transient looking for employment. I was 53 years old when I applied for the loan. I have untreated Type II diabetes, and no health care since Bush was elected. I have no pensions, no 401K, no IRA.

When I asked for the loan, I had completed one month's worth work on a two-month contract. I had been unemployed the previous six months.

Would YOU give me a loan?!?

In less than 30 seconds, I was offered a loan for $300,000.00.

I began screaming at him:

"THAT'S NOT RESPONSIBLE LENDING!! HOW COULD YOU POSSIBLY OFFER A LOAN LIKE THAT TO SOMEONE LIKE ME?!?!"

No kidding.
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Old 03-11-2009, 06:26 PM
 
Location: between here and there
1,030 posts, read 2,765,945 times
Reputation: 935
Wsobchak...

Have watched this scenario play out numerous times and it caught like wildfire in the "hotspots": CA, Fl, AZ, NC....

Nightline told the story of a young mother who applied for and was granted a 380 thousand dollar mortgage in Phoenix.....

Her income?

Ummmm, she was a full-time college student with a years worth of payments in the bank...when that money ran out; oops, she couldn't afford the house!!!! Imagine that! So she went to her bank, explained a situation that would make our frugal forefathers roll in their proverbial graves and they held a short sale.....

I was still back at "how do you process a 380,000 loan on "no income"???????

Hope no one is scratching their scalps off over this one....there was no way this was not going to blow up in all our faces.....

Hey, and where did my favorite tailgating show go BTW, "Flip This House"? (I'm being facetious here )

Last edited by Fallingwater79; 03-11-2009 at 06:38 PM..
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Old 03-11-2009, 06:31 PM
 
276 posts, read 416,970 times
Reputation: 232
I noticed today that Octo-mom is buying a 500K house.

And I thought she needed her student loans to pay for her plastic surgery.
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Old 03-11-2009, 06:58 PM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,271,901 times
Reputation: 2121
Quote:
Originally Posted by wsobchak View Post
The "sub-prime" argument is a Republican canard.

Yes, the sub-prime market failed, but many of them were promised that the house would skyrocket before the ARM was up, and they could then refinance.

The majority of loan failures are coming from 200K - 500K mortgages. That isn't the sub-prime market, but just as financially unsound. And those borrowers were also promised unbelievable appreciation. I know, because for the last six years, I have been asking people who bought McMansions why they bought them.

If it moves, lend to it. Sign on the line which is dotted.

And as I said in a previous post, if you think the real crisis is about housing, just wait. I wonder how many "credit default swaps" were sold by sub-prime mortgage borrowers.


I moved to Charlotte three centur.... I'm sorry, three years ago.

Having been here a month, I attempted to qualify for a home loan from a large uptown bank.

During the Bush years, I saw my wages drop 60% (yes, with eight years additional experience and the same job title, I am making 40% of what I made 10 years ago). I also had difficulty finding work, had to sell my house because I was out of work 2.5 years, and became a transient looking for employment. I was 53 years old when I applied for the loan. I have untreated Type II diabetes, and no health care since Bush was elected. I have no pensions, no 401K, no IRA.

When I asked for the loan, I had completed one month's worth work on a two-month contract. I had been unemployed the previous six months.

Would YOU give me a loan?!?

In less than 30 seconds, I was offered a loan for $300,000.00.

I began screaming at him:

"THAT'S NOT RESPONSIBLE LENDING!! HOW COULD YOU POSSIBLY OFFER A LOAN LIKE THAT TO SOMEONE LIKE ME?!?!"

No kidding.

Code red. I'm calling...


http://bravosierrathemovie.com/index_files/BRAVO%20SIERRA%20website%20header.png (broken link)
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Old 03-11-2009, 07:21 PM
 
1,163 posts, read 1,960,070 times
Reputation: 1106
Quote:
Originally Posted by BrianH1970 View Post
Code red. I'm calling...

November Foxtrot Sierra.
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Old 03-11-2009, 07:33 PM
 
Location: between here and there
1,030 posts, read 2,765,945 times
Reputation: 935
Mayday..mayday????
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Old 03-11-2009, 07:52 PM
 
Location: CLT native
4,280 posts, read 10,032,227 times
Reputation: 2270
Quote:
Originally Posted by Robin2007 View Post
buy gold if you can and save...save...save.
Pfft, I am looking to buy a new motorcycle this weekend.
Cash. It is a buyer's market in all regards.

Quote:
Originally Posted by wsobchak View Post
The majority of loan failures are coming from 200K - 500K mortgages. That isn't the sub-prime market
Completely agree and have first hand knowledge (friends that ran 'mortgage companies' for the last several years).
It wasn't the low wage worker that got in over their head, it was people making much more that should know MUCH better.
I have seen reports of dozens of homes in the Piper Glen/Ballantyne area that were financed 125% (550-1000K homes).
Not everything has hit the fan yet...and besides, the major Bank layoffs have not happened en mass, only the dozens a week.

Last edited by mullman; 03-11-2009 at 08:06 PM..
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