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Old 08-08-2008, 06:00 AM
 
4,965 posts, read 3,956,051 times
Reputation: 2918

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I too am a immigrant and would never sign something i didnt understand. Too many people wanted to get on the real estate bandwagon and get the seemingly easy money and the get rich quickly scheme,

The people who couldnt understand the legal papers should never have borrowed the money. There is responsibility on everyones part.

d
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Old 08-08-2008, 09:10 AM
 
Location: anywhere
1,730 posts, read 4,016,315 times
Reputation: 1840
Speaking as someone who used to process loans in Miami, I can assure you that a lot of our " no english speaking people" were the biggest fraud commiters. Fake W'2s, fake paystubs, fake bank statements and whenever I challenged someone on this I was cursed out in spanish of course. So no, they and seniors were not the only ones who got shafted. Blame goes out to any race or age. Thank God I left Miami job wise. I can sleep at night without a guilty conciense.
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Old 08-08-2008, 09:40 AM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,659,886 times
Reputation: 3814
Quote - "A bank should not be held accountable for the risks a borrower takes on."

I don't believe this to be true and neither had banks previously. For instance, if they checked your income and found that you were holding debt equal to 100% or more of your income they wouldn't give you a loan. At least that's the way it always had been in the past. Same with a rock bottom credit score.

This is where the banking system broke down. They threw all the rules of good sense out the window and didn't care to retain their historic responsibility towards borrowers (and the rest of society) that they could repay.
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Old 08-08-2008, 10:07 AM
 
122 posts, read 302,712 times
Reputation: 22
Quote:
Originally Posted by Sgoldie View Post
I don't believe this to be true and neither had banks previously. For instance, if they checked your income and found that you were holding debt equal to 100% or more of your income they wouldn't give you a loan.
The bank is protecting its own interests, not the borrowers.
If the banks made risky loans by extending credit to people that would normally not receive them, then that is the banks fault if they get burnt.
On the flip side....If a borrowers accepted loans that could put them at risk (too much house, ARMs, etc), that is the borrowers fault.
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Old 08-08-2008, 10:30 AM
 
Location: Ohio
60 posts, read 97,936 times
Reputation: 13
those who bought 450 home were on a ridicoulous stated income loan that is killing ppl now. a person working at wall mart could state he/she made 60k a year. People didnt fully understand the loans but the banks approved them left and right. now because of the housing implosion 45% of home owners owe more than ther house is worth. Numbers dont lie and the fact is that the feds bail out country wide and other major lenders as well as people who are defaulting while the average joe is living day to day. Furthermore how does a bank not responsible for a No Income No Asset loan. BAsed on credit banks were taking a great risk by allowing these bs loans
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Old 08-08-2008, 12:49 PM
 
Location: Happy wherever I am - Florida now
3,359 posts, read 10,659,886 times
Reputation: 3814
That's just it. The banks no longer need to protect their interests because they have none other than to generate paperwork.

Until they become responsible for the paper they write again like they use to when they had to consider depositors assets available to them to loan, the passing the buck type of loan has been a disaster.
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Old 08-08-2008, 01:07 PM
 
25,367 posts, read 37,625,571 times
Reputation: 13286
Quote:
Originally Posted by Jorge Camargo View Post
those who bought 450 home were on a ridicoulous stated income loan that is killing ppl now. a person working at wall mart could state he/she made 60k a year. People didnt fully understand the loans but the banks approved them left and right. now because of the housing implosion 45% of home owners owe more than ther house is worth. Numbers dont lie and the fact is that the feds bail out country wide and other major lenders as well as people who are defaulting while the average joe is living day to day. Furthermore how does a bank not responsible for a No Income No Asset loan. BAsed on credit banks were taking a great risk by allowing these bs loans
I really wonder how many people really are going to be bailed out since in my area many people won't get it since the have tax liens, HOA lines, lines of credit and credit card debt on top of not paying their mortgage and some don't even have an income anymore or are in a divorce situation....so in my area most will foreclose and have to face the consequences which is only fair to me!
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Old 08-08-2008, 01:56 PM
 
Location: Ohio
60 posts, read 97,936 times
Reputation: 13
Quote:
Originally Posted by bentlebee View Post
I really wonder how many people really are going to be bailed out since in my area many people won't get it since the have tax liens, HOA lines, lines of credit and credit card debt on top of not paying their mortgage and some don't even have an income anymore or are in a divorce situation....so in my area most will foreclose and have to face the consequences which is only fair to me!

Fair would be to find a solution that would benefit all who are in need. The bill is more red tape than negative equity across the state. There is no bail out.... short sales have been around years. I pay my mortgage every month but those who dont will have the government backing them and digging them out. how about the 100 of familys that will be homeless or work just to pay mortgage.... not every one has the means to help themselves'
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Old 08-15-2008, 09:20 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,598,849 times
Reputation: 249
why is it the governments job to assist you and your neighbors? its not the governments fault they borrowed at extremely high rates or short term arms and didnt refinance out of them when they were supposed to.

most states have increased contracting to help, but the government doesn't fund this country's income, the country funds the governments income.

people simply stopped buying. that is all. then the rest has trickled through, effecting everyone. topple that with insane gas prices, which our government still has done nothing about, but yet controls the worlds supply. if there was a time for the government to step in, it was 2 years ago. you cant wait till after that fact, because it still takes about 9 months to a year for anything to go into effect. the damage is done, its a matter of riding out the wave.
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Old 08-15-2008, 08:14 PM
 
25,367 posts, read 37,625,571 times
Reputation: 13286
Besides the few who really can't help it...the rest is just take advantage of other peoples money....what about people who aren't paying a mortgage, HOA fees, etc...and on the weekend they put the big boat behind the car and go to the beach.....there goes my sympathy and respect for them...... The rest of us get a higher bill to make up for these people....we have seen it in our neighborhood over and over...and heard all the so called sad stories.....in the end they bought homes they couldn't afford and lived in them until they no longer could live for free....so far we haven't got a serious sad case, because I refuse to feel sorry for people who took a risk and lost.....they probable never listened to "calculated risks, you don't have to take the loan for the full amount, etc.."
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