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Old 05-15-2018, 05:46 PM
 
6,064 posts, read 2,492,570 times
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Quote:
Originally Posted by Sharpydove View Post
Banks were pressured to lend to anyone able to sign their names. Builders, appraisers, and realtors got greedy and in on it, too. But the main issue was people taking out loans with no emergency savings, bad credit, no money down, etc.
If you dont have the brains to do the math and understuwhat you can afford, then you do not deserve a mortgage; which is the opposite of what the government was telling folks.
Blame goes all the way around.
The worst part is that is slowly and discreetly happening again.
Yep, thats because most of america is "poor" when compared to the top 10%. So if lending of all kinds were highly tightened and poor people just had to be poor (no loans, no credit cards, etc) then the upper eschelon would be totally screwed, what are the millionares going to do all just loan money to each other that they dont need or sell each other stuff they dont need?

The rich need the poor to be in debt because if all the poor lived within their means you would see the income gap come to a screeching halt.
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Old 05-16-2018, 12:29 AM
 
2,621 posts, read 2,023,746 times
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Quote:
Originally Posted by pittsflyer View Post
Yep, thats because most of america is "poor" when compared to the top 10%. So if lending of all kinds were highly tightened and poor people just had to be poor (no loans, no credit cards, etc) then the upper eschelon would be totally screwed, what are the millionares going to do all just loan money to each other that they dont need or sell each other stuff they dont need?

The rich need the poor to be in debt because if all the poor lived within their means you would see the income gap come to a screeching halt.
Poor people love to spend.
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Old 05-16-2018, 10:17 AM
 
Location: Boston
5,097 posts, read 1,453,831 times
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I saw a guy in 7/11 last week pay $1 for one banana. Rich people don't do that.
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Old 05-16-2018, 07:03 PM
 
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Quote:
Originally Posted by skeddy View Post
I saw a guy in 7/11 last week pay $1 for one banana. Rich people don't do that.
The rich go to starbucks to get their bananas one at a time

I use to help low income people/families develop personal budgets when I volunteered for a non profit. The amount of bank fees and/or payday loan fees/interest they pay is staggering to me. Just a waste.
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Old 05-17-2018, 07:50 AM
 
Location: The analog world
15,561 posts, read 8,734,436 times
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Quote:
Originally Posted by skeddy View Post
I saw a guy in 7/11 last week pay $1 for one banana. Rich people don't do that.
What's 7/11?
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Old 05-17-2018, 01:00 PM
 
2,621 posts, read 2,023,746 times
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Quote:
Originally Posted by randomparent View Post
What's 7/11?

Convenience store.


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Old 05-17-2018, 01:25 PM
 
Location: The analog world
15,561 posts, read 8,734,436 times
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Quote:
Originally Posted by High Altitude View Post
Convenience store.

Ah. Thank you.
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Old 05-18-2018, 08:31 PM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by skeddy View Post
I saw a guy in 7/11 last week pay $1 for one banana. Rich people don't do that.
Rich people pay their housekeepers money to go buy their bananas. they don't know what a banana costs becuase they haven't been in a supermarket in years, they prolly think bananas cost $2 each.
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Old 05-18-2018, 08:32 PM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by TimAZ View Post
Sounds vaguely familiar:

http://www.freddiemac.com/singlefami...df/homeone.pdf

Freddie Mac is offering conventional mortgages with 3% down, no income restrictions -- what could possibly go wrong? Gotta keep pushin' that rope!
What do you mean no income restriction, no cap on income?

Plus banks have been competing with FHA with 3% down loans for years and you have to pay private mortgage insurance, but not for the life of the loan.
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Old 05-20-2018, 06:59 AM
 
Location: Honolulu, HI
4,559 posts, read 1,138,948 times
Reputation: 6523
Quote:
Originally Posted by GolfingCat View Post
What's wrong with giving low income folks a shot at home ownership?
Mistakenly thinking that home ownership is generally for low income folks.

A burger flipper should aim a little higher before he think he’s entitled to a home.
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