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Old 12-10-2011, 01:04 AM
 
10,181 posts, read 10,218,969 times
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You can either do the math or you can't.

Everyone always has the math right in front of them.

The stupid folks thought qualifying was a great thing. They NEVER thought beyond that. Like : how to pay for it.

Who is at fault for that?

Apparently, to liberals, not those who partook in easy loans on the "yes, I like it" side.

I'll blame the banks when liberals blame and call out their ASSSSWIPE brethren who took advantage, or were too stupid, you know, to do the math...and are now in foreclosure.
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Old 12-10-2011, 05:10 AM
 
3,457 posts, read 3,613,635 times
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Quote:
Originally Posted by Backspace View Post
Well that's certainly an easy and quick way to eliminate most of this woman's responsibility for what she did and her losing her house. I like the way liberals instantly look for someone to blame but it's never the person who actually caused the problem.
both sides are at fault.

why did the bank lend her so much money?

shouldn't such a reckless institution, go bankrupt, and fail?

The only "Liberals" I see here, are the people who think that banks should be loaning out money to anyone with a pulse, and then bailed out whenever the loans go bad.
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Old 12-10-2011, 05:19 AM
 
29,409 posts, read 21,944,554 times
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Quote:
Originally Posted by WestCobb View Post
The government does have some culpuability here, but the problem originated with the bankers. They figured out a way to make money by loaning money to people they knew couldn't pay. They bundled the debt into a "complex financial instrument" and sold it to suckers.
Banks are in business to make money. All was working fine until they were forced by the do gooders in the government to make loans to people who couldn't afford to pay em back. So they devised a system to make those loans and make money. The government started this little ball of snow downt he hill.
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Old 12-10-2011, 05:21 AM
 
Location: Great State of Texas
86,052 posts, read 84,237,900 times
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She had more than "a pulse" to put up as collateral.
The house had an appraised value and that is what banks use to make loans.

You may not like it but that is the law. The banks broke no laws here and neither did the homeowner.
You take out a loan, you pay it back.

If you don't like the laws and rules that allowed this to happen then look to the government who makes and enforces (or not) those rules.
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Old 12-10-2011, 05:24 AM
 
Location: Great State of Texas
86,052 posts, read 84,237,900 times
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Our own government is doing the same thing as that homeowner with our deficit.
Only they don't need anyone to approve higher debt; they just raise the debt ceiling and that allows them to spend more they don't have via borrowing.

Do you not see that ? We are a nation that can spend beyond our means and it looks like there is no stopping this madness of spending money we don't have while watching our deficit/debt increase and calmly ignore it.
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Old 12-10-2011, 05:25 AM
 
12,867 posts, read 14,872,286 times
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Originally Posted by Backspace View Post
That's a pretty good question, maybe a new car or 3. Maybe bad investments? Plastic surgery? They clearly weren't putting any of it back into the mortgage payments, that's why the home was foreclosed on.
that is exactly what needs to be investigated-- because those people stole from the rest of us.

i guess they can plead like corzine and say that they don't know what happened to the money.

the banks were stupid to lend an irresponsible person that much money, but if the money isn't recovered guess who winds up footing the bill as long as the bankers are in bed with the government?

the rest of us-- so anybody who feels "sorry" for her is delusional at best. she lived a good life on the backs of every other citizen, who will now be stuck picking up the tab.

those dopes at occupy are clueless if they support her, as they are actually supporting the scammers.

my mom's neighbors did the same thing and borrowed more than the house was worth. they didn't make the house payments and who knows what they did with the money-maybe they have it squirreled away somewhere.

my neighbors did the same thing, but they both quit their jobs and use the borrowed money to make house payments and pay taxes. they have a lawn service now and pool service as well.

as i said before, i guess that was how the game was supposed to be played.
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Old 12-10-2011, 05:25 AM
 
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This lady is good at working the "system" I'll give her that. Worked the banks over for around what was it 400K. Now working the occupy loons over to support her "cause". LOL. Too bad the taxpayers are like always left holding the bag.
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Old 12-10-2011, 05:30 AM
 
29,409 posts, read 21,944,554 times
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Quote:
Originally Posted by HappyTexan View Post
Our own government is doing the same thing as that homeowner with our deficit.
Only they don't need anyone to approve higher debt; they just raise the debt ceiling and that allows them to spend more they don't have via borrowing.

Do you not see that ? We are a nation that can spend beyond our means and it looks like there is no stopping this madness of spending money we don't have while watching our deficit/debt increase and calmly ignore it.
She was probably of the attitude hey they're doing it so why not me? Hell Lord knows I've thought about it. How long till they boot me out of my house if I stopped paying my mortgage today? A year? Two years? With all the lawsuits and refi and government programs to sign up for the banks have to go through to see if you qualify and what not it could be longer. Heck many states allow you to file a delay of sale notice with the court that grants you six months to a year from the date of your court hearing before anybody can do anything to tack on at the end too. Two or three years of no mortgage payment is tempting. Heck the US credit rating got hit and they don't care why should I? Well of course I'm a responsible person who wouldn't do that but many say hell why not.
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Old 12-10-2011, 05:50 AM
 
Location: Great State of Texas
86,052 posts, read 84,237,900 times
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Quote:
Originally Posted by KUchief25 View Post
She was probably of the attitude hey they're doing it so why not me? Hell Lord knows I've thought about it. How long till they boot me out of my house if I stopped paying my mortgage today? A year? Two years? With all the lawsuits and refi and government programs to sign up for the banks have to go through to see if you qualify and what not it could be longer. Heck many states allow you to file a delay of sale notice with the court that grants you six months to a year from the date of your court hearing before anybody can do anything to tack on at the end too. Two or three years of no mortgage payment is tempting. Heck the US credit rating got hit and they don't care why should I? Well of course I'm a responsible person who wouldn't do that but many say hell why not.
It works both ways. While you are still "living" in that home you are not paying for, the banks are valuing that home at "mark to magic" prices.
They do not have to use the actual value until it is either sold or they get back ownership via foreclosure.

So that $150K home that used to be worth $500K is still worth $500K on the books of the banks which use those values on their balance sheets.
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Old 12-10-2011, 05:53 AM
 
29,409 posts, read 21,944,554 times
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When they foreclose they get mortgage insurance to pay up I think 80% of the loss or just dump it on fannie/freddie. Heck fannie was auctioning off foreclosed homes back to the banks for pennies on the dallar a few months ago.
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