[tony soprano]

Originally Posted by olecapt

One can easily run an unethical or illegal con without strong arming. Merely providing misleading and incomplete information would suffice to be on the malicious side of the ledger.

Banks are not in the business of counseling or advising on the suitability of home purchases. Their job is to manage their own risk, not the home buyer's. You either qualify or you don't.

However, there's no shortage of advice as long as we have realtors. Then you get classics like the one penned below by David Lereah, the previous Chief Economist from the National Association of Realtors.

[olecapt]

Originally Posted by tony soprano

Banks are not in the business of counseling or advising on the suitability of home purchases. Their job is to manage their own risk, not the home buyer's. You either qualify or you don't.

However, there's no shortage of advice as long as we have realtors. Then you get classics like the one penned below by David Lereah, the previous Chief Economist from the National Association of Realtors.

YOu position is that some idiot at NAR absolves all the Lender idiots of their role?

I don't think so.

[Slim10]

Authors are normally the smart ones. Aren't the dumb ones those that actually bought the books, followed it and lost their monies in the process...?

[tony soprano]

Originally Posted by olecapt

YOu position is that some idiot at NAR absolves all the Lender idiots of their role?

I don't think so.

My position is that the bank's "role" in the housing debacle is more often than not advanced by someone that is doing their best to deflect responsibility for their own poor decisions.

Originally Posted by slim10

Authors are normally the smart ones. Aren't the dumb ones those that actually bought the books, followed it and lost their monies in the process...?

You're presupposing that he didn't have his a$$ handed to him along with his readers.

[olecapt]

Originally Posted by Slim10

Authors are normally the smart ones. Aren't the dumb ones those that actually bought the books, followed it and lost their monies in the process...?

Depends on how you define the sets.

I would agree even with Tony that the economists at NAR pander past rational professional levels.

To slant to the organization's view is rational. To go to total falsehood is idiocy. Whether on the NAR side or some other.

[olecapt]

Originally Posted by tony soprano

My position is that the bank's "role" in the housing debacle is more often than not advanced by someone that is doing their best to deflect responsibility for their own poor decisions.

Why do you use the term "Bank". Very little of this was done by "Banks". More by lenders which include the various mortgage brokers and front end people....like CW...who did the damage.

Are you still trying to blame this lender debacle on the RE Agents? You waste your time. They had a role. Insignificant to that of the lenders.

[tony soprano]

Originally Posted by olecapt

Why do you use the term "Bank". Very little of this was done by "Banks". More by lenders which include the various mortgage brokers and front end people....like CW...who did the damage.

Umm, because the OP who I was addressing used the term "Bank".

Originally Posted by cmist

You are stuck with that payment for as long as the conditions that the banks themselves created exist... which will be a long time.

If you'd like to respond to comments not directed in your direction, would it be too much trouble to read what you're replying to?

Are you still trying to blame this lender debacle on the RE Agents? You waste your time. They had a role. Insignificant to that of the lenders.

There's plenty of blame to go around everywhere, but there were no bigger cheerleaders to the housing bubble than realtors.

[olecapt]

Originally Posted by tony soprano

Umm, because the OP who I was addressing used the term "Bank".If you'd like to respond to comments not directed in your direction, would it be too much trouble to read what you're replying to?There's plenty of blame to go around everywhere, but there were no bigger cheerleaders to the housing bubble than realtors.

Garbage. "Cheerleaders" even if true pale to those who made money from it.

Follow the money.

[olecapt]

Originally Posted by tony soprano

Umm, because the OP who I was addressing used the term "Bank"..

More garbage and misdirection. You responded to me. I used "lender".

Try another lie. Maybe it will fly.

[cmist]

Originally Posted by tony soprano

Banks are not in the business of counseling or advising on the suitability of home purchases. Their job is to manage their own risk, not the home buyer's. You either qualify or you don't.

Exactly!! Banks, Lenders, whatever you want to call them, did NOT manage their own risks very well at all. They created crazy loans that allowed people to buy things that they could realistically NOT afford. When things were hopping, NOTHING WAS A RISK, it was in their favor to foreclose because they standed to GAIN mucho appreciation in very short time frames.

Keep in mind, if the "lenders" didnt offer such wacky financing the pool of buyers that were ENABLED to afford outrageously priced housing would have been cut off. The homeowners that were asking such prices would NOT have sold, and would have been forced to ask ONLY what the market could truly bear as opposed to what banks (lenders, whatever) made "affordable". When things go south, they all of sudden return to the normal practices cause they know they were foolish to offer that type of product in the first place. But for a very short while it was in their favor to give loans to anything with a pulse, and probably those without pulses too. Now they return to business as usual, leaving all the inflated prices they ENABLED behind with no way to finance them any longer. This behavior didnt just mess up a few irresponsible people, it literally crashed cities, and became an epidemic across the nation.

I dont really get how a realtor plays that great of a role. So you get a call as an agent and tell them you are qualified for 300k and you show up with a pre-qual letter that says this. Realtor drives buyer around and show buyer what they want, lender gives the money, home sold. If any realtor told that person, NO WAIT its all gonna collapse, the buyers would have laughed it off and bought what the banks told them they could afford.