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I lived in an upper middle class neighborhood -- lots of conservatives (sure some liberals but it was Georgia)......They bought their houses & then took the lines of credit the banks offered up and put in those theater rooms, bought those fancy cars, took those fancy vacations. Crash came and they lost their jobs and they were furious their house wasn't worth what they owed.
Conservatives spent more than they should on homes.
Stop the baloney stories to justify your hatred and anger.
I bet those loans in your upper crust neighborhood weren't sub-prime quality. I'm talking about the credit default swaps or derivatives that banks used to hedge their losses when the government strong-armed them into making loans they knew were no good.
I bet those loans in your upper crust neighborhood weren't sub-prime quality. I'm talking about the credit default swaps or derivatives that banks used to hedge their losses when the government strong-armed them into making loans they knew were no good.
The point is that the "conservatives" were not behaving in a very conservative way, even if they got 'quality loans'.
Yes, they were. That was the era of flipping houses to make lots of quick money. Capitalism. But after the crash, banks quit lending, people quit buying and investors found they were underwater on their purchases. Did some get bigger mortgages than they should've? Maybe. But the heart of the crash was the bundling of bad loans that banks were forced to make because politicians were trying to spread the wealth around. It was the dumbest financial "forced justice" ever.
Yes, they were. That was the era of flipping houses to make lots of quick money. Capitalism. But after the crash, banks quit lending, people quit buying and investors found they were underwater on their purchases. Did some get bigger mortgages than they should've? Maybe. But the heart of the crash was the bundling of bad loans that banks were forced to make because politicians were trying to spread the wealth around. It was the dumbest financial "forced justice" ever.
Good luck trying to sell those FACTS to the socialist mob.
Don't forget the conservative empty nesters retirees that took out sub prime loans by putting up as security their gold plated equity in paid for homes so they could go out and buy a sparkling new mega-buck Motorhome.
They could afford the teeny payments on the loan but when that five year note came due in 2008 or thereabouts and now the interest rate and payment schedule reflected the reality of life, they had a startling realization they could neither afford the motor home or the house that had gone from gold plated to a lead anchor around their necks.
The interstate highways from the Mexico border north to Utah were littered with those things being parked in chain link enclosures as bank hired drivers were running them north in front of the returning snowbird hoards, hoping to entice sales of some of them.
I toured through more than a dozen of those big Prevos with the previous owners clothes still in the closets. It was a sad commentary upon the fiduciary irresponsibility of the financial community as a whole. People unwittingly listened to the siren song of small payments on loans they routinely secured through sacrificing common sense, but you can take it to the bank they weren't all "socialism loving liberals".
Good luck trying to sell those FACTS to the socialist mob.
There were no facts in that post. The mortgage crash is one if the best-studied crises in history. Again: The CRA was involved in 6% of subprime mortgages. CRA mortgages had a lower delinquency rate than average. And over half of subprime mortgages were issued by lenders not subject to the CRA.
That's three facts that US banks would much rather you didn't ponder.
There were no facts in that post. The mortgage crash is one if the best-studied crises in history. Again: The CRA was involved in 6% of subprime mortgages. CRA mortgages had a lower delinquency rate than average. And over half of subprime mortgages were issued by lenders not subject to the CRA.
That's three facts that US banks would much rather you didn't ponder.
Random post quote, random twitter quote, trite comment. 2/10.
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