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Obama Done Plssed Me Off in his Speech Tonight

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Excuse me, but isn't all lending "predatory?"

I mean the last time I left for work I didn't see bankers lurking in the bushes ready to pounce on me and force me to sign some mortgage agreement...is that what you mean by "predatory"?

If you wanna talk about predatory lending lets talk about all the ads on TV for cars and leasing, or just walking onto a car lot and being approached by a salesman hungry to make a deal and asking me "what are you looking for your payment so be?"....THAT'S predatory lending.

Driving by a house and taking a tour, then discussing if you can afford it and going to the bank to see what your options are, having them let you know that there are variable rate mortgages and fixed rate mortgages, there are points, closing costs, inspections and fees to pay...well, that is not predatory lending.

The loan process does not happen overnight....it usually takes several weeks to a month, and guess what....all during that time, you can back out.

The fact that you don't, take the variable rate, move in and then your variable rate balloons up.....well, that is no ones fault but your own.

"predatory lending" is just a popular phrase used so that people don't have to be held accountable.
 
Originally posted by: Jadow
When he talked about the lady who was a "victim" of predatory lenders who loaned her more money than she could afford now her house is getting forclosed and her and her TWO BLIND CHILDREN are going to be out on the street.

The two blind children was just obvious flaming, but yo Barak, is this woman not at all responsible for her situation? Is it fair to bail her out at the taxpayers expense?
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Why single Obama out? You might as well speak to every non-Republican if you're going to complain about socialism enforced through communism. We need heart throb stories to remind us why we have to give away our money and our bill of rights.
 
Originally posted by: Whoozyerdaddy
It absolutely IS my money. I worked for it. I earned it. It's mine. It was taken away from me and now Uncle Sam is giving it back to me.

Your next statement, "Who's going to pay for what the government owes already?" is a completely separate argument and is completely irrelevant in regards to whether or not the money is mine. It's mine.

Just because you think MY MONEY should go toward funding some government program rather than my golf/beer fund doesn't make it any less mine.
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Like I said 2 posts up. The fact that you live in this country has allowed you to make money. Why shouldn't you pay for that? you get to sit on your computer in your suburbs playing golf and drinking beer with very little to truly worry about. I mean I highly doubt any of us would survive in a "mad max" world or whatever. Unless you don't think your defense is a government program worth funding, everything else is chump change.
 
Originally posted by: JSt0rm01
Originally posted by: Whoozyerdaddy
It absolutely IS my money. I worked for it. I earned it. It's mine. It was taken away from me and now Uncle Sam is giving it back to me.

Your next statement, "Who's going to pay for what the government owes already?" is a completely separate argument and is completely irrelevant in regards to whether or not the money is mine. It's mine.

Just because you think MY MONEY should go toward funding some government program rather than my golf/beer fund doesn't make it any less mine.
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Like I said 2 posts up. The fact that you live in this country has allowed you to make money. Why shouldn't you pay for that? you get to sit on your computer in your suburbs playing golf and drinking beer with very little to truly worry about. I mean I highly doubt any of us would survive in a "mad max" world or whatever. Unless you don't think your defense is a government program worth funding, everything else is chump change.
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Now you are bringing up a THIRD argument which is should we or shouldn't we have to pay taxes. Again, completely irrelevant to whether or not it's MY $600.

Try to stay on topic here.

 
the topic is predatory lending? If your off topic as well you aren't allowed to break my toys.

and I don't believe its your $600 bucks and you do and thats where we are with that.
 
Originally posted by: Aegeon
While we don't know about the woman in question right now, there were definitely cases where people could have afforded and had the credit score for a fixed rate loan they could afford at the time, but they got suckered into a lousy situation with an adjustable rate loan by a slick loan broker who avoided clarifying what they were actually getting into. (I.E. the fact the loan was adjustable was hidden in very fine print and he avoided verbally mentioning anything about the loan being adjustable at all.)

Cracking down on really dubious practices in how the loan was sold is a legitimate function of the government.
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The term adjustable rate is a real tough one to understand. Anyone who will sign a document like that without reading and understanding what they are getting into deserves, imo, to be in that situation.

If someone was lied to, then it's a problem, but I bet most of these people weren't suckered into this situation, they just didn't do their homework...
 
Originally posted by: JSt0rm01
and who the hell in this country feels that they shouldn't pay taxes? The wealthy that could only become wealthy by living in this system? Try living in some 3rd world country where you and your family get your arms chopped off with machetes by roving bands of rebels. You pay taxes for the security you are afforded for yourself and your family. That stability is what created the environment for you make money in the first place (unless you are good with a machete). Yes, some of that money goes to social issues to show that we are a society instead of small segregated fiefdoms.
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You be amazed at how the income tax came about. You do realize that it was at first constitutionally unacceptable, which is why we have the 16th Amendment. The Feds are perfectly capable of maintaining itself without the income tax, but they would have to *gasp* cut spending.
 
Originally posted by: JSt0rm01
Since less than 10% of the population pays about 50% of the income tax taken in, I'm sure they are probably pretty concerned over how that money is spent. Top that off with people like RP talking about the effect of eliminating the income tax would only result in the government having to shrink it's spending levels to that of about a decade ago due to the amount of money coming in via other funding streams, and you get serious questions about the continued viability of the IRS tax system. If the people weren't taxed so much wouldn't they then have that money to spend? Since we are far gone from a manufacturing society, doesn't the spending of additional money further expand the economy and the revenues taken in by the government in business taxes, customs fee and what not?
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how about no taxes until your in the top 90% really though I have no idea if any of this stuff works. I do know under the current system people shouldn't bitch and whine about paying taxes when this government spends so much. And most people who bitch about taxes are people who make a lot. So who has to actually pay for this war? Should we keep printing money until the peso is worth more then the dollar? I guess then we could be like 30 trillion in debt and be totally fine with it
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You should have just left it at that. You have no idea what you're talking about.
 
Originally posted by: JSt0rm01
Originally posted by: Whoozyerdaddy
It absolutely IS my money. I worked for it. I earned it. It's mine. It was taken away from me and now Uncle Sam is giving it back to me.

Your next statement, "Who's going to pay for what the government owes already?" is a completely separate argument and is completely irrelevant in regards to whether or not the money is mine. It's mine.

Just because you think MY MONEY should go toward funding some government program rather than my golf/beer fund doesn't make it any less mine.
Click to expand...

Like I said 2 posts up. The fact that you live in this country has allowed you to make money. Why shouldn't you pay for that? you get to sit on your computer in your suburbs playing golf and drinking beer with very little to truly worry about. I mean I highly doubt any of us would survive in a "mad max" world or whatever. Unless you don't think your defense is a government program worth funding, everything else is chump change.
Click to expand...

Well then everyone should pay equally or not at all. Just because I'm "rich" doesn't mean you can dig deeper in my pockets than someone classified as "poor". The Robin Hood mentality is a piss poor one, however, very nice in a perfect society.

The government has plenty other revenue streams to take money from, they just need to cut spending. Too bad this Administration failed in that regard. But that doesn't change the fact the the GOP stands for cutting taxes, cutting spending, less entitlement... (that statement directed at whoever it was that said the Republicans are the cut taxes and spend party)
 
I said they are the cut taxes and spend party. And just because I am not a economist doesn't mean i don't have opinions on taxes and who should pay them.
 
Originally posted by: JSt0rm01
the topic is predatory lending? If your off topic as well you aren't allowed to break my toys.

and I don't believe its your $600 bucks and you do and thats where we are with that.
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Explain to me how it's not my money? I earned it. The government took it from me (actually... took about 30 times that amount last year) and now is offering some of it back to me.

How is it not my money?
 
Originally posted by: Wheezer
Excuse me, but isn't all lending "predatory?"

I mean the last time I left for work I didn't see bankers lurking in the bushes ready to pounce on me and force me to sign some mortgage agreement...is that what you mean by "predatory"?

If you wanna talk about predatory lending lets talk about all the ads on TV for cars and leasing, or just walking onto a car lot and being approached by a salesman hungry to make a deal and asking me "what are you looking for your payment so be?"....THAT'S predatory lending.

Driving by a house and taking a tour, then discussing if you can afford it and going to the bank to see what your options are, having them let you know that there are variable rate mortgages and fixed rate mortgages, there are points, closing costs, inspections and fees to pay...well, that is not predatory lending.

The loan process does not happen overnight....it usually takes several weeks to a month, and guess what....all during that time, you can back out.

The fact that you don't, take the variable rate, move in and then your variable rate balloons up.....well, that is no ones fault but your own.

"predatory lending" is just a popular phrase used so that people don't have to be held accountable.
Click to expand...

In 2005 when we bought our house the deal with the builder was that we would use their mortgage company first in order to qualify for the discounts and free upgrades - which were pretty good.

The mortgage company tried every trick in the book to claim we did not qualify for a regular mortgage, including 'we can't find any credit report on your wife'. So I faxed / emailed them a couple of credit reports and fica score and they kept claiming they did not get the faxes or emails. So I sent them via certified mail and guess what, 'someone in their office mislaid the mail packet and they didn't have it anymore'.

Bear in mind both my wife & I had excellent credit with fica scores in the high 700's. And our combined income and the down payment easily qualified us for a regular mortgage.

They kept offering us ARM's and talked about no doc loans - just wanted us to sign a sub prime mortgage and threatening that we would lose our deposit if we didn't qualify for a loan or accept one of their offered products, which we reused to do. After almost 2 months of their shenanigans the broker stopped answering my calls or responding to any messages.

Eventually I had to go up the chain to a senior executive of the builder group and told her I had everything documented and was prepared to take them to court. She turned to to be a decent person who apologized and assigned us to one of their associated (third party) mortgage companies. Within a few days we had a 30 year fixed at one of the best rates available at that time. And the builder expedited the construction of our house.

Given my personal experience, while bankers may not be lurking in the bush, they were out there trying every which way to coerce people to take on instruments that benefited only one group of people - themselves.

Predatory lenders should get what they deserve, I have little sympathy for them.

 
Originally posted by: GroundedSailor


Given my personal experience, while bankers may not be lurking in the bush, they were out there trying every which way to coerce people to take on instruments that benefited only one group of people - themselves.
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Honestly - isn't that their job? As long as they stay within the rules (which some lenders have been found guilty of *not* doing), shouldn't they be allowed to make the most profit they can?

 
On the subject of "predatory lenders" - come on, its easy for some of you to attack the individual, but in general they can really target people in a position of need...and those people are often desparate and don't always think clearly. Yea, it's still their own fault, but the banks are still assholes.

Case in point - right after I graduated, I had a temporary dip in my credit score. I had acquired some debt in college, my student loans went into deferrment, and I had a bunch of inquiries from moving, getting a new car, job, etc. So my score dropped (Don't worry, cuz I'm sure you did, it's back up now). Maybe a month after that happened I started getting daily letters from Citibank offering me an instant, preapproved $4500 loan!! (oh..don't read the small print on the back, but the APR is 125%). I assume they send this type of crap to everyone in a certain range...and a lot of people in that range are in bad situations money-wise, and you don't always make the best decisions on that situation.

Anyway, that's my rant about hating banks. I realize it has little to do with the housing situation, but it goes to show that you can defend the banks all you want but they're still predatory jerkstores.
 
Originally posted by: Jadow
When he talked about the lady who was a "victim" of predatory lenders who loaned her more money than she could afford now her house is getting forclosed and her and her TWO BLIND CHILDREN are going to be out on the street.

The two blind children was just obvious flaming, but yo Barak, is this woman not at all responsible for her situation? Is it fair to bail her out at the taxpayers expense?
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It's a legitimate question. Should taxpayers be on the hook? IMHO, absolutely not.

Now one also has to understand that, undoubtedly, many people were taken advantage of and misled. But there's really no way to separate them from the assholes who just got greedy...the couple making $40,000 a year and trying to live in a million-dollar home.
 
Anyone else notice a glut of "paycheck advance" commercials on TV lately? When did loansharking go legit?
 
Originally posted by: sirjonk
Anyone else notice a glut of "paycheck advance" commercials on TV lately? When did loansharking go legit?
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It's a racket. 500% APR ... why not? :laugh:

/signing off to open my next Payday Center :laugh:
 
Originally posted by: Pabster
Originally posted by: sirjonk
Anyone else notice a glut of "paycheck advance" commercials on TV lately? When did loansharking go legit?
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It's a racket. 500% APR ... why not? :laugh:

/signing off to open my next Payday Center :laugh:
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500%? more like 1000%

My ex talked me into doing it once. A year or 2 later my state outlawed them.
 
Originally posted by: Nitemare
Originally posted by: Pabster
Originally posted by: sirjonk
Anyone else notice a glut of "paycheck advance" commercials on TV lately? When did loansharking go legit?
Click to expand...

It's a racket. 500% APR ... why not? :laugh:

/signing off to open my next Payday Center :laugh:
Click to expand...

500%? more like 1000%

My ex talked me into doing it once. A year or 2 later my state outlawed them.
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Occording to what I have read your state, NC, has not outlawed them.
"North Carolina passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. For example, North Carolina permits a 15% charge on a maximum loan amount of $300. This means that the consumer will receive $255 in cash and the lender will pocket a $45 fee. If a $300 loan at this rate is repaid in two weeks, the APR is about 458%."
 
Originally posted by: FuzzyBee
Originally posted by: GroundedSailor


Given my personal experience, while bankers may not be lurking in the bush, they were out there trying every which way to coerce people to take on instruments that benefited only one group of people - themselves.
Click to expand...

Honestly - isn't that their job? As long as they stay within the rules (which some lenders have been found guilty of *not* doing), shouldn't they be allowed to make the most profit they can?
Click to expand...

There are many people who do not understand what they are getting into because lenders will try to guide them into instruments which are not suitable or apt for them.

I was fortunate in 1) having done my homework & 2) having a realtor who was a friend and well versed in the intricacies of mortgage who explained all the fine points as we were going along.

In part you are right, lenders are simply sellers who are doing their job for themselves, but they were a lot of people mislead. Sadly a lot of those people did not really understand the long term implications of what they were getting into.

Like I said I have zero sympathy for them.


 
Originally posted by: Nitemare
500%? more like 1000%

My ex talked me into doing it once. A year or 2 later my state outlawed them.
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What was the outfit that was doing it at like 2400% APR? Cashcall I think? The one that short little TV actor was always pimping...

Anyways, once you start talking 500% and above, who's counting? :laugh:
 
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