U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-17-2014, 01:00 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088

Advertisements

Quote:
Originally Posted by J746NEW View Post
That is the perfect scam for them.
Don't do any repairs or modifications to it and let it become section 8 housing,
and Blackstone gets paid top dollar for the garbage with the tax payers footing the full bill.
Most owners of dumps do not go the section 8 route because their properties, as is, would not meet section 8 standards.
Reply With Quote Quick reply to this message

 
Old 01-17-2014, 01:00 PM
 
Location: North America
18,339 posts, read 11,623,382 times
Reputation: 7604
Quote:
Originally Posted by treasurefinder View Post
So here we go again, the rating agencies will grade the securities AAA, and the bubble begins. smdh

Yep, we never freaking learn.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:04 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088
Quote:
Originally Posted by hnsq View Post
Why would a person willingly sign a contract for a mortgage they couldn't afford?

It isn't best buy's fault if I buy a flat screen TV on a credit card that I can't pay off. How are mortgages any different? "Buyer beware".
Because they wanted to believe their property would continue to experience double-digit compounded appreciation for eternity. The same holds true for new mortgages and home equity loans. This is bubble mentality.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:11 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088
Quote:
Originally Posted by marcopolo View Post
Umm, sure, you bet. The big Wall Street investment banks ruined their owners, toasted the stock options and equity of all top officers and all the way down the ranks of employees, flushing more than a trillion dollars of their own wealth down the toilet....all so they could buy crappy houses and collect some rent, five years later.

Can we stop the absurd notion that the big banks "got away with" all the money that was "lost" in the downturn? When the mass delusion afflicting 300 million Americans that you can't lose money in real estate, when that delusion went away, we all lost. Ask the former shareholder/employees of Lehman, Bear Stearns, Merrill Lynch, Countrywide, Wells Fargo, Wachovia, Citi, etc., etc. They all got killed.

As for who owns the houses now, it is a free country. I bought an extra one, cheap--if you didn't, it is not Wall Street's fault.
Indeed.

Even the so-called winners like Goldman have a long way to go to reach their former peak price, assuming they ever will.

And if this was a grand plan, they certainly would not have left themselves holding wet paper bags.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:29 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088
Quote:
Originally Posted by J746NEW View Post

I could go on and on the in the corruption and criminality involved by the Too Big Too Fail Banks that need to be broken up and the Top Dogs sent to Prison.
The 21st Century Glass-Steagall Act of 2013 was cosponsored by a small group of bipartisan senators and sitting in committee ever since.

https://www.govtrack.us/congress/bills/113/s1282

Despite the blah, blah, there's simply not enough bipartisan interest in it.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:31 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088
[quote=jmking;33062113]You forgot one, money laundering. Oh, another------rating agency payoffs.[/quote]

Opinions are not facts.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:36 PM
 
5,152 posts, read 2,348,629 times
Reputation: 1848
Quote:
Originally Posted by middle-aged mom View Post
The 21st Century Glass-Steagall Act of 2013 was cosponsored by a small group of bipartisan senators and sitting in committee ever since.

https://www.govtrack.us/congress/bills/113/s1282

Despite the blah, blah, there's simply not enough bipartisan interest in it.

Government Wall Street likes it just the way it is.

There is too much of other people's money involved to gamble with and going back to the old boring ways is not as lucrative and profitable.


The top .5% in this country owe their wealth to Wall Street, despite the fact that 50% of American's have a 401K or similar retirement plan and are not doing as well compared to the top .5%


How well would those in the top .5% do, if those 50% of American's pulled their retirement plans out of the markets.

You can see who the real leeches are.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:36 PM
 
6,209 posts, read 6,585,738 times
Reputation: 3091
[quote=middle-aged mom;33063351]
Quote:
Originally Posted by jmking View Post
You forgot one, money laundering. Oh, another------rating agency payoffs.[/quote]

Opinions are not facts.
What does that mean? The rating agencies where paid off with plenty of money to look the other way. Not a opinion. It was in the rating agency's interests to play along.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:46 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088
Quote:
Originally Posted by jimhcom View Post
Bottom line is that the standard of living in America is on the decline, and the days of home ownership being the norm for the average American is going away.
Home ownership going forward will be for the upper classes and renting will be for the lower classes.

The more prudent and unassisted mortgage lending is, the fewer who will qualify.

Pre the Great Depression most folk needed a 50% down stroke and the note matured in 5 years. At that time the owner could pay it off or refinance at current interest rates or lose the home.

About 50% of homes went into foreclosure during the Great Depression.

Government gave homeownership a huge boost with the GI bill and worked to expand maturities to 30 years.

A 65 +/- % homeownership rate has been the norm since the 60's. It peaked during the bubble.
Reply With Quote Quick reply to this message
 
Old 01-17-2014, 01:50 PM
 
Location: Barrington
41,911 posts, read 31,743,839 times
Reputation: 14088
Quote:
Originally Posted by Gtownoe View Post
The court documents paint a picture of customer service operations where managers roamed the floor with headsets, able to listen into any call without warning. Service representatives were told to lie to homeowners, telling them their paperwork and payments had not been received, when in reality they had.

"This is exactly what's been happening to homeowners for years," said Danielle Kelley, a foreclosure defense lawyer in Florida. "No matter how many times they send in their paperwork, or how often they make their payments, they simply can't get loan modifications. They wind up in foreclosure instead."

The former employees said they were told to falsify electronic records and string homeowners along in foreclosure as long as possible. The problem was exacerbated because the bank did not have enough employees handling modifications, adding to the backlog of cases purged during the "blitz" operations.

Bank of America Lied To Home Owners, Former Workers Allege
That's a horse of a different color.
"former worker alleges...."
Any idea how many homeowners lied?
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 $68,000 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:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, 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, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top