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Old 04-16-2013, 12:58 PM
 
Location: Planet Eaarth
8,957 posts, read 17,041,167 times
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Gosh, I love this feisty lady Elizabeth Warren!! She's got bigger balls than any other politician in Washington plus she's on the side of the people!!

http://wallstreetonparade.com/2013/0...losure-frauds/
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Old 04-16-2013, 01:54 PM
 
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So basically you think the people are balmeless for the crisis. But wh do you imagine who will pay in the nd? Its a sttelemnt like c os mnay other to get the future liabilties off the books in business. In the end the cost will like always be factor i in cost and porices risies in areas plus restict leding. there is always a offf settig factor to anything.Its lke consumer protection i reality its restricting allowig individuals in future to decide for themselves in most cases elimiantig low wealth from borrowing because they can't be trusted to decide as legislation shows by its terms.
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Old 04-16-2013, 01:56 PM
 
Location: State of Transition
72,963 posts, read 64,465,955 times
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I just read a detailed profile of Warren in the New Yorker. Very impressive, and OP is right, she has guts and principle! I'm hoping she runs for Pres. in '16. She'd be SO much better than H. Clinton, and who else to the Dems have? Nobody serious. Great topic, OP!
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Old 04-16-2013, 04:57 PM
 
Location: WA
5,295 posts, read 20,742,322 times
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99% of all foreclosures were caused when the borrower failed to make payments. This whole settlement is just another way to extort money from the financial industry under the logic that was their fault these borrowers did not understand or qualify for the loans. Warren is just another big government bureaucrat that refuses to understand how finances work and the consequences of destroying the private mortgage market. All that will be left will be a few too big to fail banks propped up by the government that selectively buys loans and loses billions.
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Old 04-16-2013, 05:41 PM
 
Location: Planet Eaarth
8,957 posts, read 17,041,167 times
Reputation: 7193
Quote:
Originally Posted by texdav View Post
So basically you think the people are balmeless for the crisis. But wh do you imagine who will pay in the nd? Its a sttelemnt like c os mnay other to get the future liabilties off the books in business. In the end the cost will like always be factor i in cost and porices risies in areas plus restict leding. there is always a offf settig factor to anything.Its lke consumer protection i reality its restricting allowig individuals in future to decide for themselves in most cases elimiantig low wealth from borrowing because they can't be trusted to decide as legislation shows by its terms.
No, dav. The people just need a leader like Warren to show them the way.
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Old 04-16-2013, 05:45 PM
 
Location: Planet Eaarth
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Originally Posted by Ruth4Truth View Post
I just read a detailed profile of Warren in the New Yorker. Very impressive, and OP is right, she has guts and principle! I'm hoping she runs for Pres. in '16. She'd be SO much better than H. Clinton, and who else to the Dems have? Nobody serious. Great topic, OP!
The only reason to run Hillary for Pres is the Dem's need someone to throw under the bus if they know they can't win. Romney was the Repub's sacrifice in '12.

Warren won't get the nod for pres unless she sells out which I hope doesn't happen.
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Old 04-16-2013, 05:48 PM
 
Location: Planet Eaarth
8,957 posts, read 17,041,167 times
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Originally Posted by cdelena View Post
99% of all foreclosures were caused when the borrower failed to make payments. This whole settlement is just another way to extort money from the financial industry under the logic that was their fault these borrowers did not understand or qualify for the loans. Warren is just another big government bureaucrat that refuses to understand how finances work and the consequences of destroying the private mortgage market. All that will be left will be a few too big to fail banks propped up by the government that selectively buys loans and loses billions.
Not true. Some poor folk's that are either up to date , or worse yet paid off!, when the banks notify them of foreclosures!! The whole banking system if in a real criminal mess!!
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Old 04-16-2013, 11:15 PM
 
Location: State of Transition
72,963 posts, read 64,465,955 times
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Quote:
Originally Posted by Grandpa Pipes View Post
The only reason to run Hillary for Pres is the Dem's need someone to throw under the bus if they know they can't win. Romney was the Repub's sacrifice in '12.

Warren won't get the nod for pres unless she sells out which I hope doesn't happen.
She would clean up if she ran! So, you think the Dems won't have her? That would be a big mistake on their part.
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Old 04-17-2013, 05:22 PM
 
Location: WA
5,295 posts, read 20,742,322 times
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Quote:
Originally Posted by Grandpa Pipes View Post
Not true. Some poor folk's that are either up to date , or worse yet paid off!, when the banks notify them of foreclosures!! The whole banking system if in a real criminal mess!!
'A whopping 53 people were wrongly foreclosed on out of 4 million (0.001325%)' the other so called violations were failure to follow 'rules'.
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Old 04-17-2013, 06:09 PM
 
1,924 posts, read 1,917,643 times
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Foreclosures occurred in two waves. The first wave arose primarily among loans written between 2002 and 2006 by private brokers into subprime and other markets with lots of high-cost, high-profit terms attached for immediate sale and securitization into secondary markets through the massive private-label shops that Wall Street had built for that very purpose. The failure of these loans was easily predictable given any sort of rise in interest rates, but brokers and resellers were making a ton of money off this activity, so they just kept it up. "I won't be here. You won't be here. It will all be somebody else's problem." It was the failure of these preset-to-fail notes that precipitated the credit crisis in the summer of 2007.

The second wave of foreclosures came surging ashore after nothing was done and the credit crisis leaked out into the broader economy. The Great Recession led directly to tens of thousands of perfectly responsible and well-qualified borrowers losing their jobs, their incomes, their savings, and then their homes. This created a nasty feedback loop, and the economy plunged into a credit-driven, self-reinforcing downward spiral that nobody actually knew a way out of.

Home buyers? Flippers? Affordable lending targets? CRA? GLB? CFMA? Opposition to S.190? Don't be ridiculous! This was a crisis manufactured from the pure greed of laissez-faire corporate capitalism aided and abetted by some of the worst fiscal, monetary, and regulatory policy imagineable. End of story.
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