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Old 08-31-2008, 01:36 AM
 
Location: New York City
1,836 posts, read 1,942,087 times
Reputation: 373
Quote:
Originally Posted by WingsOfGold View Post
Did I mention Iraq specifically?

The RE rules were in place well before Bush, this would have happened years before if there wasn't the dot com bubble that Bubba inherited and 9/11 disaster.
economists were saying 5 YEARS AGO that these Alt-A and sub prime loans were going to kill us. Lenders were making HUGE money on fees and bundling the ****ty mortgages into securities all backed by our FED. Our brightest minds in the federal government didnt see this coming in one of Americas oldest professions?? A staple in Americas economy??

This was on BUSH's watch and now they are rushing into reform.

Republicans, Democrats, and Independents ALL fell into this over the past decade while local governments inflated valuations to increase tax revenue.

This mess has created BEGGARS in every party.

At least Obama has a plan to help cut property taxes. I'm pay almost 9000 per year in maintanace for my apartment. It's ridiculas. But according to you i'm stupid for living in NY.

Oh, and McCain says we are whiners. birds of a feather.
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Old 08-31-2008, 01:39 AM
 
69 posts, read 83,525 times
Reputation: 38
Quote:
Originally Posted by BK2Westchester View Post
I find it funny that you put the real estate disaster squarely on the shoulders of the consumer. are all the indictments going on just a coincidence?

Fannie Mae and Freddie Mac should never have guaranteed sub prime loans to people who clearly could not afford them. Conventional loans require 10-20 % downpayment PERIOD. you walk in with equity.

Did you know that you could have a very low credit score and you could still get a FHA loan with 97% financing with just 1 day on the job AND get that 3% shortfall in the form of a government grant? oh, and you can roll up to 6% into the loan to pay for closing costs!

Where is the responsibility in lending?
Two words - personal responsibility. Just because it is offered to you does not mean you have to sign up for it.
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Old 08-31-2008, 01:50 AM
 
Location: New York City
1,836 posts, read 1,942,087 times
Reputation: 373
Quote:
Originally Posted by tkemery View Post
Two words - personal responsibility. Just because it is offered to you does not mean you have to sign up for it.
two letters.... O K?

I'm not carrying any sub prime loans. I'm ahead of the game. Millions of others are fine as well. But that didn't keep my equity stable.

Do you one a home????

How did MY personal responsibilty do anything to help? How did anyone else who was responsible help? We are ALL hurting because of dumb loans to dumb people.

The Fed should NEVER have approved these loans. period.
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Old 08-31-2008, 01:51 AM
 
69 posts, read 83,525 times
Reputation: 38
Quote:
Originally Posted by doulamama View Post
And second of all you cant be serious to be asking why anyone would be voting for Obama.
I think it is a serious question. However, you will not give any serious answers.
1. He wants to end this stupid greedy war.
Debated to death. wont go there...
2. He wants to start at the grassroots to fix our counrty that the republicans have destroyed.
Dont forget the DEMOCRATIC House and Congress have the purse strings.
3. He actually seems to care about people having health insurance they can afford.
Why should anyone pay for everyone else. I cant afford anymore.
4. He doesnt seem like a snooty old fart.
That comment just shows your ignorance. I assume you are voting for Obama because he is young and black.
5. He didnt pick a ***** to be his Vice President just to get some extra votes from woman and horny old men.
Again, more evidence of your ignorance. Not to mention you are saying that women and older men are stupid and sex driven rather than having a brain.
6. He listens to his fellow Americans and can relate to the struggles that alot of us have been through.
I disagree with you there. How can he know what struggles I have or are going thru. Is he paying high taxes or living from pay check to pay check? As I recall, he lives in a very nice house in a very expensive neighborhood.
7. He will fix the college education budget crisis so that more of our growing children will someday be able to get a good college education.
If someone really wants an education, they can get it. There are many people that work their way thru college, get student loans or grants. You have to want it and be willing to work for it.
Need I say more or is that enough for now?? Cuz I can go all night long buddy. Anyone else have anything else to add to this?
Please continue....
..
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Old 08-31-2008, 01:56 AM
 
69 posts, read 83,525 times
Reputation: 38
Quote:
Originally Posted by BK2Westchester View Post
two letters.... O K?

I'm not carrying any sub prime loans. I'm ahead of the game. Millions of others are fine as well. But that didn't keep my equity stable.

Do you one a home????

How did MY personal responsibilty do anything to help? How did anyone else who was responsible help? We are ALL hurting because of dumb loans to dumb people.

The Fed should NEVER have approved these loans. period.
Yes I own a home. I did not say YOUR personal responsibility was in question. But you want to blame it all on the lender and no responsibility on the individual. I agree that we are all hurting. However, when people are buying homes or cars they cant afford or when they are charging up their credit cards that they cant afford, why should we pay for it. Obama himself said we neeeded to help people who bought homes they could not afford. Whether we agree that the loans should not have been approved, did the lender twist the arm of the individual and MAKE them take those loans?
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Old 08-31-2008, 03:00 AM
 
Location: New York City
1,836 posts, read 1,942,087 times
Reputation: 373
Quote:
Originally Posted by tkemery View Post
when people are buying homes or cars they cant afford or when they are charging up their credit cards that they cant afford, why should we pay for it.
we shouldnt, but we are. now if the fed regulated the terms of the loans they gurantee we wouldnt be in the position we are in now. its that simple. the government shouldnt make me pay for bad loans THEY APPROVED. So at the end of day I blame the government for insuring the loans and we need to make them change their policy because i know we can't stop dumb people from doing dumb things. The FED enabled these idiots!

Quote:
Obama himself said we neeeded to help people who bought homes they could not afford.
listen, if someone can be helped a bit and gets to keep their home i'm all for it. If they lose their home they just become a bigger strain on our tax dollars and that doesnt do any good. If the fed cant help someone because they are totally upside down in the loan and there is no hope then its going into foreclosure and the area's value continues to unfortunately decline.

It makes economic sense to help keep people in their homes IF THEY CAN.

Banks needs to step up (with alittle prodding from the FED) and re-work those arms to keep people in their homes.

Quote:
Whether we agree that the loans should not have been approved, did the lender twist the arm of the individual and MAKE them take those loans?
No the gov didnt. but lenders were enabled by the FED and they in turn enabled consumers with interest only, arms, neg-am mortgages, and "liar" loans.

listen, if a bank and a consumer want to enter into a bad loan thats their business but if the bad loan is enabled by the FED it becomes our business and the FED was asleep at the wheel on this one.

Obama's position is fair.

McCain calls us whiners and thinks the market will fix itself. It probably will but how many of US are going to get buried b4 this correction.

the FED reforms need to ease the pain NOW. they just cant bail out the lenders who originated bad loans or speculators that purchased portfolios saddled with these sub prime loans of which they are now writing down the asset and posting huge losses.

wall street is to blame as well because they rated many of these portfolios high knowing full well they were over valued.

all the books were cooked and then the arms started adjusting and the foreclosures began.

this whole mess is so much larger then the consumer.

thats why they are going to prison.

Last edited by BK2Westchester; 08-31-2008 at 03:16 AM..
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Old 08-31-2008, 11:34 AM
 
Location: Eastern Shore
1,831 posts, read 1,530,304 times
Reputation: 187
Quote:
Originally Posted by BK2Westchester View Post

At least Obama has a plan to help cut property taxes. I'm pay almost 9000 per year in maintanace for my apartment. It's ridiculas. But according to you i'm stupid for living in NY.

Oh, and McCain says we are whiners. birds of a feather.
By apartment I assume you mean condo? 9K in maint alone, well you said it not me. But you're right it is ridicules and stupid IMO especially if total expenses are 2 or 3X that. One could live like a king elsewhere for less.
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Old 08-31-2008, 12:14 PM
 
Location: Cali
3,176 posts, read 3,484,489 times
Reputation: 1614
Does anyone really believe that Obama would have gotten the nomination had he not been black?
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Old 08-31-2008, 12:17 PM
 
Location: Eastern Shore
1,831 posts, read 1,530,304 times
Reputation: 187
Quote:
Originally Posted by CamaroGuy View Post
Does anyone really believe that Obama would have gotten the nomination had he not been black?

Based on his outstanding qualifications, in a word.....................no.
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Old 08-31-2008, 01:06 PM
 
Location: New York City
1,836 posts, read 1,942,087 times
Reputation: 373
Quote:
Originally Posted by WingsOfGold View Post
Based on his outstanding qualifications, in a word.....................no.
If i recall Barack got plenty of white votes.
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