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Old 10-22-2010, 08:12 AM
 
Location: San Diego California
6,797 posts, read 6,655,442 times
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Mish's Global Economic Trend Analysis: Mortgage Mess: Shredding the Dream; Major Fight over Enormous Losses Yet to Come

Great article about how large the mortgage fraud problem really is, and how the taxpayer will eventually be the ones who pay for the criminal banking establishment. Meanwhile the bankers avoid responsibility and continue to live like kings.
It makes you wonder what kind of people stand by, and tolerate this kind of criminal behavior.
Even in Mexico, there are some who try to stand up to the criminal cartels.
Not here.
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Old 10-22-2010, 08:53 AM
 
6,039 posts, read 9,879,556 times
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Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
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Old 10-22-2010, 08:55 AM
 
219 posts, read 526,146 times
Reputation: 183
Quote:
Originally Posted by Mercury Cougar View Post
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
I wonder what percentage of people lost their jobs due to outsourcing and that is the reason they lost their house.
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Old 10-22-2010, 10:21 AM
 
86,715 posts, read 84,137,037 times
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i wonder how many people were able to keep their jobs because their companies out sourced certain things enabling them to stay in business and competitive.....
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Old 10-22-2010, 10:43 AM
 
219 posts, read 526,146 times
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Originally Posted by mathjak107 View Post
i wonder how many people were able to keep their jobs because their companies out sourced certain things enabling them to stay in business and competitive.....
I wonder how many CEOs/Boards of Directors outsourced not to save money and remain competitive, but to line their pockets with more bonuses.
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Old 10-22-2010, 11:11 AM
 
Location: Victoria TX
42,661 posts, read 78,791,135 times
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One by one, you're catching on.
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Old 10-22-2010, 12:50 PM
 
Location: San Diego California
6,797 posts, read 6,655,442 times
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Quote:
Originally Posted by Mercury Cougar View Post
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
For nearly 15 years the government engineered and economy that rewarded people very generously, to go into debt.
In fact the farther they went into debt, the more they were rewarded.
Some people knew instinctively that this could not work, and would end badly, but being one of those people, I can say it was really hard not to get involved.
I can easily see how people with less financial knowledge would give up after bucking the system for a few years, and just decide to go along.
I would say the division of culpability is more like 60% banks, 35% government and 5% gullible borrowers.
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Old 10-22-2010, 01:57 PM
 
59,782 posts, read 46,612,663 times
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Quote:
Originally Posted by jimhcom View Post
For nearly 15 years the government engineered and economy that rewarded people very generously, to go into debt.
In fact the farther they went into debt, the more they were rewarded.
Some people knew instinctively that this could not work, and would end badly, but being one of those people, I can say it was really hard not to get involved.
I can easily see how people with less financial knowledge would give up after bucking the system for a few years, and just decide to go along.
I would say the division of culpability is more like 60% banks, 35% government and 5% gullible borrowers.
Most of the people that I know that lost thier houses did so because they gambled heavily or overspent and drained their equity over and over and then hit a rough employment patch and had no savings to rely upon. In a few cases, catastrophic illness without health insurance was the culprit.

California man losing nine homes in mortgage mess | Reuters

Banks facilitated greed, was this guy ripped off or gullible? Nope.
I know some friends that did this too on a smaller scale and are now forced to rent their extra properties they were thinking of flipping for a fast buck.


I DO agree heavily with your comments about the government. Remember too that the old tighter lending restrictions were attacked as racist 10 years ago as well.
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Old 10-23-2010, 09:59 AM
 
5,416 posts, read 10,373,184 times
Reputation: 4503
Quote:
Originally Posted by jtur88 View Post
One by one, you're catching on.
Amen.

Some slow-pokes around, but I kind of think most folks are starting to get the real picture.

Ain't a purdy picture, but at least it is closer to real.
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Old 10-23-2010, 10:26 PM
 
3,734 posts, read 4,855,383 times
Reputation: 4771
Quote:
Originally Posted by Mercury Cougar View Post
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
The homeowners didn't create the derivatives that are the true cause of this crisis.
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