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^ Fannie Mae & Freddy are quasi government corporations who guarenteed loans. Those responsible were the lenders and underwriters who approved the mortgages despite knowing that some of the borrowers had shaky credit while they charged them high interest loans since they knew they can make a profit first hand.
Many people fail to acknowledge that the government is completely at fault for the entire housing crisis. It was not until the federal idiots decided that certain people who had no business owning homes should own homes by government edict.
By prodding Fannie and Freddie to make loans based on emotional beliefs rather than economic reality, the stage was set for the inevitable disaster. While this fake new market emerged, is anyone shocked that the rest of the mortgage industry jumped on board to get a piece of the action? Contrary to popular myth that circulates around here, it was idiots who support the "progressive caucus" who have brought all of this on. It was just another sneaky way of insinuating more socialism in this country.
Were the banks smart to jump on the pink bandwagon...no. Are their actions understandable...yes.
Businesses that ignore growing markets fail. They understandably believed that they needed to get in on the booty. But! This is a godvernment created problem and not a free market one. And now we are to believe the people who created the problem will make it better
In their eyes, everything has succeeded. The taxpayers are now going to provide housing for the "deserving" people without actually having to pass a scary "housing bill". Just a classic workaround used by the omniscient to pull off their eutopian schemes. Move along...nothing to see here. The Franks and Pelosis of the world have moved the segment they wanted from the projects into 500000 dollar homes. All is right in the world.
what exactly makes you think she is a Liberal? because there was nothing in the article where she stated "I am a Liberal"!
Guess what? I work in real estate & their are irresponsible people who don't pay their mortgages on both sides of the political spectrum. You probably think it's only Liberals who don't pay their bills? Perhaps I should dig out some of the horror stories like my Republican born again Christian ex brother in law who walked away from his mortgage and let his home go into foreclosure.
Spare us the "liberal are leeches shtick" already.
Minta GARCIA... A hispanic bus driver demanding aid from the government with no rationale, definitely a lefty.
I was shocked by the story of a bus driver who purchased a home for $800000 and now may be facing foreclosure. She was demanding Obama to stop the foreclosure because she does not want to lose "her" home. Have people lost their freaking minds? This exactly what Liberalism creates, a bunch of leeches who expect the Government to be their nanny! Insane!
OK, maybe someone can correct me on this, but I heard you have to give 20% down payment for a house as opposed to 10% down for a car(or nothing these days, LOL)
if my Math is correct that means she had to pay upwards of $160,000 or am I wrong in my assessment.
if so, what the hell is wrong with this "bus driver". I mean they make decent money from what I've seen(something along the lines of 12 an hour) but what the hell is up with her credit?
and why did the damn lenders think they could give her that Loan?
she must be out of her mind.
I hope she loses it becuase I swear I would never get approve for a house that expensive and I make more than the Bus Driver.
I disagree. The root of all economic evil is greedy gamblers. A lax government lets they drive the meerly greedy out of the market. Too much government is not the problem. Too little government is.
The lenders "gave" her that loan because they received loan origination fees without having the responsibility to collect the payments. In effect the loan originators, with or without the knowledge of the bus driver, purposely defrauded the people that bought the loan. This behavior was endemic in the home mortgage system.
I disagree. The root of all economic evil is greedy gamblers. A lax government lets they drive the meerly greedy out of the market. Too much government is not the problem. Too little government is.
I agree but we should take it a bit further.
The root of this problem is stupid people in general. A truly smart person has good morals, is fically responsibal, and thinks toward the future regardless if it benefits them directly or indirectly.
The buyer is just as stupid as the lender. The government’s lack of regulation is just as dumb as the buyer...etc. We are just a country of stupid people...
She should just turn around and sell it at a profit.
Why do "little people" levaraging assets way out of the bounds of reality **** you wackaloons off so badly?
When the high rollers do it, you see that as "capitalism at work."
You should applaud liberals for turning leeches into capitalists.
What this woman did is no different from what that failed hedge fund Long Term Capital Management Long-Term Capital Management - Wikipedia, the free encyclopedia did, which was also bailed out thanks to the Fed: they both employed huge amounts of leverage in the hope of gaining massive profits.
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