U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Maine
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply
 
Unread 11-26-2007, 08:06 PM
 
1,941 posts, read 2,484,686 times
Reputation: 1747
Glad to read such words of wisdom and integrity from zymer, Northern Maine LandMan and Mainebrokerman.

Rmfdguy- I have to say what goes around, comes around. If you made fraudulent statements on your loan application, you deserve to be in a financial mess and unable to sell your home. With all due respect, I have no pity nor sympathy for you. People like you helped create the problem our economy finds itself in.
Reply With Quote Quick reply to this message

 
Unread 11-26-2007, 08:09 PM
 
6 posts, read 6,809 times
Reputation: 11
Default hold the phone guys, ease up...its them,not me!!

dont get me wrong, i'm not complaining about the lending practices of the sub prime lenders..its working for me...i'm just showing how far THEY would go to close a loan.. how many dumb borrowers fell for that?? now look where those borrowers are!! being forclosed on and tossed out on the street!! how could someone living in a trailer one year ago suddenly assume a huge mortgage on a $300k house in scarboro without getting a better job?? AND THINK THEY COULD PAY FOR IT!!!!!! it has to be the LENDER!! i took advantage of the lenders and now i am trying to beat them at their own game! risky?? yes!! profitable for me? yes!!.. whats wrong with making a buck? the lender i used clearly overvalued my house and freed up tons of money for me to invest in properties that i could resell to people that could actually afford it. that would be called free enterprise. last time i looked, it was LEGAL.....check out my truck's bumpersticker, it says.' FREE ENTERPRISE WORKS........ and, i do like volvos.. especially the xc wagon!!
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 03:43 AM
 
Location: West Michigan
11,803 posts, read 16,543,044 times
Reputation: 14816
Do I smell a troll here on the Maine boards? I wish they enabled the ignore feature on this board, I'd be using it right now.
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 03:47 AM
 
Location: West Michigan
11,803 posts, read 16,543,044 times
Reputation: 14816
Oh good, it is there. RMFDGUY, welcome to my ignore list! You are the first to get there, because I cannot stand reading stupid posts that are intended to do nothing more than stir good people up.
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 05:46 AM
 
6 posts, read 6,809 times
Reputation: 11
Default i guess i'm wrong...

i hope i didn't offend the 7 people that actually read this forum
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 07:36 AM
 
Location: WV and Eastport Maine
1,231 posts, read 1,485,465 times
Reputation: 1210
RMFDGUY - No need to get sarcastic with people on this board. Also no need to announce that you are basically taking money lending institutions for all you can get. Karma's gonna get you at some point. Bragging about beating the system is really bad karma.
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 08:36 AM
 
Location: South Portland, Maine
2,175 posts, read 2,707,302 times
Reputation: 1342
Though I have been through quite a few closing and consider myself a "succesfull investor" I do not have a complete understanding of how all this works. A bank taking a percentage of their own deposited funds to lend out makes good since to me. but I must admit that I have the distint feeling something more elaborate and sinsiter is going on in the big picture. And I bet it has something to do with "government involvement". And please correct me if I am wrong, but I am sure that a socialistic approach to somehow make home owner ship more available has played some part in this. What ever happen to working and saving up a sizable down payment and then buying your home and then......living in it for 30 years. And I am sure the same people that used these government loop holes to get into a house they could never afford in the 1st place now wants the government to bail them out!
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 08:50 AM
 
19,568 posts, read 20,849,080 times
Reputation: 7070
Quote:
Originally Posted by flycessna View Post
Though I have been through quite a few closing and consider myself a "succesfull investor" I do not have a complete understanding of how all this works. A bank taking a percentage of their own deposited funds to lend out makes good since to me. but I must admit that I have the distint feeling something more elaborate and sinsiter is going on in the big picture. And I bet it has something to do with "government involvement". And please correct me if I am wrong, but I am sure that a socialistic approach to somehow make home owner ship more available has played some part in this. What ever happen to working and saving up a sizable down payment and then buying your home and then......living in it for 30 years. And I am sure the same people that used these government loop holes to get into a house they could never afford in the 1st place now wants the government to bail them out!
I too have owned multiple properties, and I feel that my investment portfolio has been fairly successful. However I have focused mostly on apartment buildings.

It is my understanding that the first level of government control over banking, was to set formulae in place to limit how much of each dollar of assets a bank could put into: mortgages, collateral loans, unsecured loans, CDs, and invested in the market. This was done to try and keep banks diversified and safer from locking their doors as they did in 1929.

I also suspect a great deal of government funded socialist programs to also be at work behind the current problems.

I have played with using FHA programs, HUD programs, and VA loans; in the various properties that we have owned.

So my hands are not entirely clean from having used some of the government programs.

Cheap loans, with guaranteed rates, low down payments, a set of hurdles to qualify, and I have generally made a good profit margin, while keeping my income sheltered.
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 09:06 AM
 
Location: Calais, Maine
7,374 posts, read 7,083,422 times
Reputation: 5310
Quote:
Originally Posted by RMFDGUY View Post
i hope i didn't offend the 7 people that actually read this forum
yup, honey, you're so far wrong about the numbers you should be embarassed by that remark as well....

Bydand, I'll be joining you among the growing (I'm sure) ranks of enabling my ignore list.....
Reply With Quote Quick reply to this message
 
Unread 11-27-2007, 09:22 AM
 
Location: Log "cabin" west of Bangor
2,713 posts, read 2,489,741 times
Reputation: 1827
Quote:
Originally Posted by RMFDGUY View Post
geez zymer, relax.. i suppose if you had access to easy money to invest, you'd turn it down..... wake up bro, we all have to pay the grocery bill
If getting the money required lying and knowingly signing my name to to representations that were untrue, damn right I'd turn it down.

Aside from those little matters like conscience, honesty and personal responsibility, common sense says that if I have to inflate my income by pretending that I'm making money that I'm not, then I'm likely not going to be able to afford to pay back the money, especially if the "investment" doesn't pan out as intended.

My investments are made with risk capital that I can afford to lose. If the investment goes bad and the money is gone then that is the extent of the damage and I don't owe anything further. Investments are subject to the risks of future performance which cannot be guaranteed, a gamble. Lying to obtain money with which to gamble is not only dishonest, it is also a poor business practice.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $53,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2005-2010 data
Loading data...

123
Hide US histogram

Over $47,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Maine

All times are GMT -6. The time now is 08:23 PM.

© 2005-2013, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24 - Top