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Face it... The Republican Party doesn't care about you...
Quote:
Originally Posted by HC475
Any middle class American who defends the Republican Party is setting themselves up for a letdown and betrayal...
What, and the Democrat Party is looking out for me? Riiiiiiiiiiiiiiiiiiiiiight!
Outside a small handful of individuals, parties don't look out for people anymore than most people look out for each other, their self interest consume so much of their own time that all the time that is left is spent on fund-raising for the Party.
Keep your Party, I'll eat my pinto's in peace, tyvm
Based on your response, it's obvious you had no response to his retort which contained substance and made sense. Rather than concede he was right, the best you could do was offer this drivel
bush's 2001 "Ownership Society" was a continueation of clinton's "National Homeownership Strategy"...by 2003 bush and most people were seeing that fannie/freddie were in trouble, except barney frank
This meant Bush was all for keeping the bubble and getting it bigger and bigger.
Well... why's it happening then?... why all the sub-prime lending?...
Forclosures are happening because of CRA (look it up) started under Jimmy Carter and given muscle under Clinton. It lead to liar loans, and all sorts of crazy loans to allow people who had no business getting loans to get them. The governmet encouraged them, and Fannie and Freddie bought them.
This meant Bush was all for keeping the bubble and getting it bigger and bigger.
Gotcha!
Absolutely, one of Bush's proudest accomplishments was the growth in home ownership. In retrosect that was a pretty bad idea, There are many families who shouldn't own homes. Clearly no one knew we were in the bubble while it was inflatin. Many people simply assumed housingprics would go up forever. I on the otherhand sold one of my condos in 2003 because i was so afraid we were in a bubble. I was right just off by 3 years and 200K!
the progressives (aka todays liberals which took over the democratic party) have been in bed with the elite since the late 1880's..
these are the same people that created the fed, the same people that passed the income tax amendment in 1913, the same people that suppored the european socialists and the nasi's, and the fascists
Is this a joke? "Today's liberals" have been around since 1880?
No... but when every house in my neighborhood gets foreclosed on... my property value goes down... thanks to the big banks...
if your neighbors would pay their mortgages, their homes would not be foreclosed on. a friend of mine still owes about $180k on his house, and he pays his mortgage, and the bank leaves him alone.
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Originally Posted by jefffla01
Its getting to the point where the system is bogged down---broken---in disarray and to the point where the majority of people feel that the politicians can not fix problems this country faces any longer. We have arrived at the level at which a lot of people feel that neither party can set aside personal crusades, agendas, or greed so that we may deal effectively with getting this country back to where it should be----a world leader.
I have really given up on both the dems and the repubs-----I dont think either can deal effectively with the heavy burdens and issues that face us in the coming years. It is time for an independent third party that draws on the brilliance, selflessness,and creativity that both parties ignore and defy.
It is time that people who truly see the future and its vast potential and direction step forward and cast aside the hacks and idiopaths that run Washington. The system is broken---neither party shows the inclination and abililty to courageously lead the nation on the sound path that needs to taken. Both parties talk the talk---but are unable to walk the walk.
The voters are of the opinion that its time to vamoose the incumbents----it really is time to vamoose both parties.
many good points in this post. i think enough incumbents are getting kicked out of congress in the primaries that a message has been sent, and hopefully the incumbents that manage to keep their jobs will get that message and do what is right, not what is expedient.
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Originally Posted by HC475
So tell me who authorized these bad loans... to people who obviously wouldn't qualify for such loans...
It's called predatory lending... I remember when mortgage approval was a long drawn out process...
G. W. Bush encouraged all this speed lending and applauded it...
the sub prime market started during the clinton years, think back to all the country wide and other commercials talking about low interest rates, inexpensive initial rates on ARMs, etc. all these ads came out starting in 1996 or 97 as i recall. but when ads came out talking about interest payment only loans a year or so later, i knew the housing market was in trouble. the bush administration tried several times to rein in fannie and freddie, but the democrats constantly blocked those efforts.
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Originally Posted by HC475
When did the sub-prime mortgage lending start?... Not in 1995 that's for sure...
shortly there after.
Quote:
Originally Posted by HC475
It was a process by the Big Banks to buy back that property cheap after foreclosing on them...
yeah, the big banks want a large number of properties that they have to pay property taxes on, maintain, repair, and otherwise spend money on to let them sit around not making any money for the banks. perhaps more education is what you need, a financial one in fact.
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Originally Posted by Rick Roma
Do you actually believe that? That statement couldn't possibly be further from correct. Banks are in the business of lending money- not owning property. The last thing any lender wants to do is foreclose on a property. More often than not banks lose money when they foreclose. After they get done paying attornies, filing paperwork, bringing property taxes current, and finally get the owner who is in default out the door and etc etc etc they then get to auction off the property. When all is said and done they are usually lucky if they break even. Some states are deficiency balance states which means if you owe 100K on the home and the bank has to spend 20K to sell it and then auctions it off for 80K you still owe them the difference. Obviously you can't get blood from a stone and more often than not the bank ends up on the losing end of the deal.
Quote:
Originally Posted by Rick Roma
Thanks for posting here. I enjoy comedy. We're talking about mortgage lending and the foreclosure process you post a google video about national debt.
Do you undersdtand how mortgage lending works?
Borrower buys a 300K home with a 5% down payment
Bank takes borrower's 15K downpayment and cuts a check to the seller for 300K
Borrower defaults
Bank forecloses
Before they can auction the property they spend 15K bringing property taxes current, paying attornies, conducting a title 5 inspection, paying state recording fees, making neccessary repairs, and etc etc etc.
They auction the home for 300K (and that's a stretch in any foreclosure scenario)
How is the bank the winner here?
BTW: my experience is based on working ten years in the mortgage industry. Yours is based on some nitwit's google video.
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Originally Posted by HC475
I don't belong to either party
you keep making this claim, and then turn around and spout stuff like this;
Quote:
Originally Posted by HC475
Blame goes to the guilty party... The REPUBLICANS...
but i have NEVER seen you say ANYTHING negative about democrats.
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as an Independent I'm watching a recovery being stalled by the right for political purposes...
you claim the recovery is being stalled by the republicans, but the reality is that they can do very little right now to block anything the democrats want to do.
by the way, you claim to be an independent is at this point suspect.
Quote:
Originally Posted by HC475
Well... why's it happening then?... why all the sub-prime lending?...
because of the community reinvestment act signed into law by carter, and given teeth by clinton, and efforts to reform it blocked by congressional democrats.
and then there were the people who made $50k per year getting mortgages for $700k homes, even though they knew they could not afford a mortgage that size. there is plenty of blame to go around, so you cannot put all the blame on the bush administration and the banks, many democrats have blood on their hands as well, as do those people who signed mortgages they knew they could not afford.
Quote:
Originally Posted by JazzyTallGuy
This meant Bush was all for keeping the bubble and getting it bigger and bigger.
Gotcha!
bush tried to rein in the sub prime market, but the democrats in congress blocked every effort. nice try though.
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