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MBS had their start with the New Deal, back in the 1930's.
Debt and exposure securitization make the world go around.
MBS were not allowed on homes until the 90's.
What we will figure out the hard way, is that when Bankers run the world. The world suffers war, famine and disease. In other words... Earth.
We don't need money changers, writing legislation and stacking the deck. We don't need politicians selling their souls to them, and we surely don't need Goldman Sachs retirees running our treasury.
Amazing how so many people have bought into capitalizing on the fraud of bankers.
Why have we become so divided? Vulture investing is toxic to family and freedom.
Our future in America is revolution, death, and work camps. Every country that has done what we are doing ends in oppression and class warfare.
What we will figure out the hard way, is that when Bankers run the world. The world suffers war, famine and disease. In other words... Earth.
We don't need money changers, writing legislation and stacking the deck. We don't need politicians selling their souls to them, and we surely don't need Goldman Sachs retirees running our treasury.
Amazing how so many people have bought into capitalizing on the fraud of bankers.
Why have we become so divided? Vulture investing is toxic to family and freedom.
Our future in America is revolution, death, and work camps. Every country that has done what we are doing ends in oppression and class warfare.
Our current economic demise is about greed no disagreement, but the American consumer dove right in. While I lack any kind of compassion for the banks in their current predicament, the American consumer was just as materialistic. They can't sell those MBS's if the American consumer wasn't out there spending and refinancing and refinancing. The banks meet the demand created by the consumer. If the American public could figure out how to live within their means, this mess would be seriously blunted.
I've seen way to many RV purchases, nice cars, vacations, etc purchased on those refi's. The banks aren't the only greedy ones. There is no constitutional right to a Lexus.
But I find most Realtors to be one of the least informed in this area, so I make it a point to not debate with them about this issue or the RE market in general. I also consider them to be past 'co-conspirators' in the Housing Bubble by their spreading of lies that "housing is always a good investment", "prices always go up", "it's a great time to buy", "you'll be priced out of the market" etc, etc, on and on.
Now that the housing bubble has burst wide open, you won't see nary a one of them accept any blame for their part in all this mess. Even though I personally saw Realtors courting investors (in state & out) and persons without jobs/ability to pay, to buy not one home, but up to 10 homes, that these buyers were going to try and flip or rent out on the advice of the Realtors. Realtors were raking in the dough during the market's heyday, but now they make like they've got 'clean hands'.
I'm guessing that Realtors take some sort of oath to the NAR, to preach whatever statements will get them buyers and to do like the banks and blame this entire fiasco on the people who purchased a home to live in (mostly using name calling - deadbeats, losers, etc.), to take the spotlight off their own past actions, their profession and their culpability in the Housing Bubble. When they talk about GREED, you never see them admit how greedy they were also!
But the Big Banks/Wall Street knew what they were doing all along, betting against the Housing Market and were basically "Puppet Masters" to all the folks that went along for the ride. Sure there were greedy home buyers and sellers, but let's not leave anyone else out and point fingers in one direction only.
Nothing to debate. If any "investor" bought even one property "to flip" and relied on the advice of a real estate agent that highlights a basic misunderstanding of the role / responsibility of the agent. If there were folks buying ten properties and they were so helpless as be dragged along by the hype driven nonsense that was out there believe me such dolts also are they type to be fleeced by any fad -- I suspect they are now "buying gold" and before they had all their retirement funds tied up in Beanie Babies or Cabbage Patch Kids...
Mortgage secuitization is, like any other tool, capable of helping people that understand it's benefits and easily vilified by simple minded dolts that reflexively parrot the sales pitch on some generation of huckster. Perhaps you've heard the phrase "Fire, powerful tool that advances society or deadly scourge that burns down forests, both I tell you, both!!" so to is the truth MBS.
Anybody with even rudimentary understanding of finance ought to be able to grasp the fact that when even our newly "little guy" oriented government continues to push extreme leverage through 3% down FHA loans there is awhile lot of blame to go around on the greed-o-rama...
I called the woman in the MERS lawsuit a loser becuase, even with the ruling arguably in her favor she still is losing her house. A technical error in the recording of the transfer does nothing to magically wipe out the lien. She still owes on the loan. Do I feel bad that she couldn't make payments? Of course. If she had equity the sane thing to do was sell the place. If she was underwater the sane thing to do is attempt a short sale. In either case she would not "doubly lose" as she almost certainly will now do. This lawyer did her no favor! If her dept exceeded her assets a "good guy" lawyer could ace explained the benefits of bankruptcy, instead she got hoodwinked, and a bunch of angry people with axes to grind get fuel for their furnances of conspiracy. That is not a win in my book...
I called the woman in the MERS lawsuit a loser becuase, even with the ruling arguably in her favor she still is losing her house. A technical error in the recording of the transfer does nothing to magically wipe out the lien. She still owes on the loan. Do I feel bad that she couldn't make payments? Of course. If she had equity the sane thing to do was sell the place. If she was underwater the sane thing to do is attempt a short sale. In either case she would not "doubly lose" as she almost certainly will now do. This lawyer did her no favor! If her dept exceeded her assets a "good guy" lawyer could ace explained the benefits of bankruptcy, instead she got hoodwinked, and a bunch of angry people with axes to grind get fuel for their furnances of conspiracy. That is not a win in my book...
I agree that she will eventually lose the house, but it wasn't a technical error on the part of banks. They chose to ignore the state laws. That's willful not technical.
The article also said she has equity. It doesn't sound like bk is the right choice. Vernonia is this really, really small community in Columbia county. People that live out there tend to be on the Libertarian side politically so I think this is a more "in your face" move by her to prove a point than it is to get her house for free. The bank can move for a judicial foreclosure and bypass the trustee process, it will just cost them oodles more, but if she has equity they may gain in back in the sale. They can also file those missing document notices and record all the title transfers and then proceed with the trustee sale. The attorney bought her time for sure, but I don't see any jobs coming her way anytime soon in Vernonia. She'll have to move if she wants work.
But I find most Realtors to be one of the least informed in this area, so I make it a point to not debate with them about this issue or the RE market in general. I also consider them to be past 'co-conspirators' in the Housing Bubble by their spreading of lies that "housing is always a good investment", "prices always go up", "it's a great time to buy", "you'll be priced out of the market" etc, etc, on and on.
Being a co-conspirator requires that you have knowledge in my opinion. Oregon finally changed it's training laws starting Jan 2011 where our continuing education has to meet certain criteria. Before you could take a class on "how to use Facebook in your business" and count that as continuing education. Now it is only in depth, non-marketing kinds of training. It has been such a good thing for our local agents and the MERS training in April was packed.
I don't think most agents intended to be deceptive as I think most of them honestly believed the hype. Conspirators? No. Clueless? Yes. Shoot, we have one of the largest local franchises saying the 4th quarter will be a record breaking quarter in my area. It'll be the best in three years, but not record breaking. So when you work for a large firm like that and the OWNER is saying these things to you and it is his job to investigate the trends, most just tend to believe them.
It wasn't just a housing bubble. We had an economic bubble building malls to spend the money that came from credit. We as a nation choose to not live within our means and have for decades. This is what it looks like when we choose to pretend that there won't be consequences for that.
And yes, I have seen many REALTORS names come across my foreclosure list. They aren't immune from greed either.
But I find most Realtors to be one of the least informed in this area, so I make it a point to not debate with them about this issue or the RE market in general. I also consider them to be past 'co-conspirators' in the Housing Bubble by their spreading of lies that "housing is always a good investment", "prices always go up", "it's a great time to buy", "you'll be priced out of the market" etc, etc, on and on.
Now that the housing bubble has burst wide open, you won't see nary a one of them accept any blame for their part in all this mess. Even though I personally saw Realtors courting investors (in state & out) and persons without jobs/ability to pay, to buy not one home, but up to 10 homes, that these buyers were going to try and flip or rent out on the advice of the Realtors. Realtors were raking in the dough during the market's heyday, but now they make like they've got 'clean hands'.
I'm guessing that Realtors take some sort of oath to the NAR, to preach whatever statements will get them buyers and to do like the banks and blame this entire fiasco on the people who purchased a home to live in (mostly using name calling - deadbeats, losers, etc.), to take the spotlight off their own past actions, their profession and their culpability in the Housing Bubble. When they talk about GREED, you never see them admit how greedy they were also!
But the Big Banks/Wall Street knew what they were doing all along, betting against the Housing Market and were basically "Puppet Masters" to all the folks that went along for the ride. Sure there were greedy home buyers and sellers, but let's not leave anyone else out and point fingers in one direction only.
Greed? The job of a Realtor is to SELL HOUSES. They are not your friend or financial advisor. What the buyer does to get a loan is their own problem. Realtors are not falsifying income or financial statements to close the deal.
Greed? The job of a Realtor is to SELL HOUSES. They are not your friend or financial advisor. What the buyer does to get a loan is their own problem. Realtors are not falsifying income or financial statements to close the deal.
Greed? The job of a Realtor is to SELL HOUSES. They are not your friend or financial advisor. What the buyer does to get a loan is their own problem. Realtors are not falsifying income or financial statements to close the deal.
I bought 30 properties and sold 29 before I became licenced. I could not imagine relying on a real estate agent for financial advice.
Does retail share in the the moral hazzard because they take credit cards? Should they be concerned that customers cannot afford whatever it is they are buying?
Do auto manufacturers share the blame because they sell a product that will permanently lose value the minute it leaves the lot?
Is Mc Donalds resonsible for obesity?
Is every bartender and establishment that sells alcohol, responsible for alcoholism?
Where does personal responsibility come into play here?
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I understand where you're coming from Modeerf
