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Old 03-15-2010, 10:43 AM
 
Location: Florida
3,359 posts, read 6,351,416 times
Reputation: 1889

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Quote:
Originally Posted by jim9251 View Post
I do love it here, very happy I am retired and drawing a good salary from another state, and don't have to worry about all this. Still, it's troubling to in my wanderings, see For Sale signs on what seems to be every other home and business in this county. Depressing indeed. And then, I see ads in local papers and the Telluride paper about new multi million dollar homes for sale and being built. Without going into the whole out of state people ruined it here and I wish it was the 1800's again debate, I wonder what, if anything can be done?

Foreclosures increased 610% in 2009
By David Mullings
OURAY — Ouray County can claim a dubious number one in Colorado — posting the highest percentage increase in home foreclosure filings in 2009.
Public Trustee Jeanne Cassolari gave county commissioners a statistics report Monday that showed that 71 foreclosures filed here in 2009 — as compared to 10 in 2008 — resulted in the highest increase, 610%, in the state.
After proclaiming “holy moly,” Commissioner Heidi Albritton said the numbers reveal the reality of the mid-decade housing boom, and then bust.
“Now we’re seeing how deep that speculation went,” she said. “It’s a measure of the instability we’re experiencing.”...
Forecloser is a fraud, perpitrated by bank ceo's and investers...it's something they do on purpose to earn a prophit...

How does one buy a house one can't afford???
That's the line many have been fed and pitched by radio front men...

Banks deliberatly raise interest payments...in other words...if your initial payment is $1000.00 a month...and a year later it's $2500.00 a month....

Need I say more....
It was a crime being perpitrated on the American home owners by large investment banking firms...(I'm being very general)...but non the less it was done deliberatly...to make certain people at the top money...

But we've all been told to blame the buyer of the house by radio pitch man, who to are in the pockets of the 'top world'....

You have no idea what's really going on behind the scenes...(not you personally)

Ever heard that one song from the 1970's 'take the money and run'..?
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Old 03-16-2010, 02:23 PM
 
12,848 posts, read 24,501,273 times
Reputation: 18855
I'm not sure how it's an evil conspiracy if one's mortgage interest rate goes up from one year to the next. That would seem to be an adjustable-rate mortgage, yes? It's very clear that the rate will change at some point, and that point is also pretty clear ("5/1", etc.).
So if someone gets an adjustable rate mortgage, are they assuming absurd appreciation/sale, or some huge income change or what?
There are a lot of sleazy practices, but adjustable rates are right out front. If someone takes this, they are being pretty uninformed.
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Old 03-16-2010, 02:37 PM
 
Location: Florida
3,359 posts, read 6,351,416 times
Reputation: 1889
Humans are humans are humans...our nature is the same, whether working in government or the private sector...
And this idea that if one works in the private banking sector, they are angels, is a big myth....
These people are out to make money at all costs.
White collar crime was at an all time high in America, just pryor to 9/11....President Bush re-assigned 500 FBI agents to fight foreign terrorism instead...

But there were and still are some very sleezy practices going on with lending firms...
This whole 'refinance' your house stuff, is a scam also...

Use your own house as a bank...and borrow from your own house...
They showed where preditory lenders would simply keep raising interests until they drove the owners out...

I'm sorry, but those in the banking industry are far from angels...money and greed motivates all...their no exception...
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Old 03-16-2010, 02:56 PM
 
Location: Florida
3,359 posts, read 6,351,416 times
Reputation: 1889
Quote:
Originally Posted by brightdoglover View Post
I'm not sure how it's an evil conspiracy if one's mortgage interest rate goes up from one year to the next. That would seem to be an adjustable-rate mortgage, yes? It's very clear that the rate will change at some point, and that point is also pretty clear ("5/1", etc.).
So if someone gets an adjustable rate mortgage, are they assuming absurd appreciation/sale, or some huge income change or what?
There are a lot of sleazy practices, but adjustable rates are right out front. If someone takes this, they are being pretty uninformed.


YouTube - CAPITALISM: A LOVE STORY - TRAILER

This movie here really opened my eyes to a lot.
You can rent it at one of those dollar rental vending machines infront of department grocery stores...watch it with an open mind...and you will learn much...
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Old 03-16-2010, 04:58 PM
 
8,317 posts, read 25,116,625 times
Reputation: 9066
While I would be the first to agree that there have been some very shady lending and banking practices, no one was holding a gun to peoples' heads and saying "Borrow the money." That people did stupid borrowing was their decision. The rest of us who were not gullible, stupid, crooked, or greedy should not be called upon to bail out those who were--be they either the lenders or the borrowers. The ones that behaved badly should be held accountable for their own irresponsibility. That is the best way to make sure it doesn't happen again.
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Old 03-16-2010, 05:15 PM
 
Location: Florida
3,359 posts, read 6,351,416 times
Reputation: 1889
Quote:
Originally Posted by jazzlover View Post
While I would be the first to agree that there have been some very shady lending and banking practices, no one was holding a gun to peoples' heads and saying "Borrow the money." That people did stupid borrowing was their decision. The rest of us who were not gullible, stupid, crooked, or greedy should not be called upon to bail out those who were--be they either the lenders or the borrowers. The ones that behaved badly should be held accountable for their own irresponsibility. That is the best way to make sure it doesn't happen again.
Here's the thing, we're not bailing out the foreclosed home owners...they're still loosing their homes...

Instead we're, our tax dollars, are bailing out failed brokerage firms, and banking firms, and ceos who encouraged such practices...

In other words our tax dollars are bailing out millionares...who are already rich...
Where do you think the 1 trillion dollor bail out funds went to?

And vanished in less than two weeks...where did the money go?

It certainly didn't go to those who are still getting foreclosure notices...

Radio pitchmen want you to blame those at the bottom...radio pitchmen want you to villify your fello working class neihbor...

And who do you think owns the radio stations that these radio pitchmen work for..??
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Old 03-16-2010, 05:35 PM
 
Location: cemetary
363 posts, read 861,099 times
Reputation: 207
Quote:
Originally Posted by Time and Space View Post
Here's the thing, we're not bailing out the foreclosed home owners...they're still loosing their homes...
Instead we're, our tax dollars, are bailing out failed brokerage firms, and banking firms, and ceos who encouraged such practices...
In other words our tax dollars are bailing out millionares...who are already rich...Where do you think the 1 trillion dollor bail out funds went to?
Everything that was wrong with the system in 2007 to present is still wrong. Congress has complained about it, but did nothing to change it. Hence, the stimulus money went to BIG business and not to the people that would keep their homes and the businesses from failing in the first place.

Foreclosures in Miami are the highest in the nation at 28.8%, followed by Las Vegas. The markets are over-saturated with condos, and yet they are still building more. The mortgage bankers and certain banks colluded to commit fraud with Fannie & Freddie. Some went to jail, others left the country.
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Old 03-17-2010, 09:07 AM
 
1,742 posts, read 2,621,066 times
Reputation: 1923
Personal accountablity is a thing of the past. We have a generation of "entitlement". We've also killed our kids with kindness. Not to many of us survivors left. Did you get your dividend check from AIG or GM. Mine must have got lost in the mail. RP
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Old 03-17-2010, 11:12 AM
 
Location: Florida
3,359 posts, read 6,351,416 times
Reputation: 1889
Yes we do...entitled billionares and entitled multi-millionares,who make backroom deals with the government.
And who hire radio hosts to lay the blame at everyone on the bottom....
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Old 03-17-2010, 11:41 AM
 
Location: Wherabouts Unknown!
7,756 posts, read 16,463,186 times
Reputation: 9292
Time and Space wrote:
Yes we do...entitled billionares and entitled multi-millionares,who make backroom deals with the government.
And who hire radio hosts to lay the blame at everyone on the bottom....
I will take the liberty to make your last line read as follows:
And who hire radio hosts to lay the blame at everyone on the bottom....AND make the people on the bottom appear to be the ones with the entitlement mentality!


Nowhere is the entitlement mentality more widespread than corporate america and those with great wealth. They believe in privitizing their profits while socialing their losses, and the cost of doing business.
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