Wall Street Housing Grab

[Perknose]

Look, you dog-faced lying pony soldiers, although I 1000% believe we have to FIRST get Trump out of office, and that Joe Biden, flawed though he may be, is our best damn chance, Bernie and his Bros and Elisabeth are not wrong, achievable political realities aside, in their anger at how the financial elite screws us over time and time again, absent even lube or a reach around.

Here's just one more example.

 

[sandorski]

I just want to point out: Biden hasn't Won yet.

I also want to point out that I think his Cognitive Decline is likely going to be why he won't beat Trump.

 

[Perknose]

I also want to point out that I think his [Biden's] Cognitive Decline is likely going to be why he won't beat Trump.

I earnestly hope, and do also believe, that you are wrong.

 

[sandorski]

I earnestly hope, and do also believe, that you are wrong.

I'd rather be wrong, but his situation is very bad.

 

[Greenman]

Look, you dog-faced lying pony soldiers, although I 1000% believe we have to FIRST get Trump out of office, and that Joe Biden, flawed though he may be, is our best damn chance, Bernie and his Bros and Elisabeth are not wrong, achievable political realities aside, in their anger at how the financial elite screws us over time and time again, absent even lube or a reach around.

Here's just one more example.

I'm not sure how we would prevent anyone from capitalizing on an economic downturn. They bought when the market crashed, a crash fueled in large part by stated income loans.
The fellow in the linked article stopped making his mortgage payments, that was the fundamental issue.
It's a sad story, and that crash nearly ruined me as well, but the blame in that scenario is spread far and wide.

 

[Blackjack200]

I'm not sure how we would prevent anyone from capitalizing on an economic downturn. They bought when the market crashed, a crash fueled in large part by stated income loans.
The fellow in the linked article stopped making his mortgage payments, that was the fundamental issue.
It's a sad story, and that crash nearly ruined me as well, but the blame in that scenario is spread far and wide.

The Puritan impulse to punish suffering people will be the end of this country. Everyone is an agent of their own demise, no one deserves mercy or compassion.

 

[UNCjigga]

Damn, now I feel dirty for having some of these REITs in my portfolio. I’ll look to divest when the rest of the market recovers and stick with commercial real estate.

 

[fskimospy]

I'm not sure how we would prevent anyone from capitalizing on an economic downturn. They bought when the market crashed, a crash fueled in large part by stated income loans.
The fellow in the linked article stopped making his mortgage payments, that was the fundamental issue.
It's a sad story, and that crash nearly ruined me as well, but the blame in that scenario is spread far and wide.

Much like the Great Depression the Great Recession made a lot of people very poor and a lot of people very rich.

While you’re right that there’s plenty of blame to go around things like this should remind is of how much more could have been done to help struggling people so they wouldn’t be trapped in predatory situations like this.

 

[[DHT]Osiris]

Much like the Great Depression the Great Recession made a lot of people very poor and a lot of people very rich.

While you’re right that there’s plenty of blame to go around things like this should remind is of how much more could have been done to help struggling people so they wouldn’t be trapped in predatory situations like this.

And I'd like everyone to keep in mind, when shit finally hits the fan and we've got 08-level impact to the lowest class, that Trump's influence over the fed ensured we didn't have the measures available to mitigate this event, because he insisted on running the economy off the rails in a bid to outrun impeachment and get re-elected.

 

[Jhhnn]

I'd rather be wrong, but his situation is very bad.

When puffing up Bernie isn't working, tear down the competition. So helpful.

 

[Jhhnn]

I'm not sure how we would prevent anyone from capitalizing on an economic downturn. They bought when the market crashed, a crash fueled in large part by stated income loans.
The fellow in the linked article stopped making his mortgage payments, that was the fundamental issue.
It's a sad story, and that crash nearly ruined me as well, but the blame in that scenario is spread far and wide.

As a group, the people who profited most created the situation in the first place.

 

[sandorski]

When puffing up Bernie isn't working, tear down the competition. So helpful.

lol, ok. You saying there is no issue here?

 

[fskimospy]

When puffing up Bernie isn't working, tear down the competition. So helpful.

I have to say much like with Her Emails I'm looking forward to a campaign filled with a truly batshit amount of false equivalence and #bothsides nonsense, even from major media outlets.

https://twitter.com/x/status/1235920682883702784

 

[Perknose]

When puffing up Bernie isn't working, tear down the competition. So helpful.

Jhhnn, I don't think that was what sandorski was doing. Though I disagree with him, I believe he was simply expressing a valid fear that he has.

 

[s0me0nesmind1]

Whenever there is a big drop in economic value (stock market plummets - e.g. housing crisis) This is the opportunity to buy for large recovery-based growth.

If you're broke going into the recession, you're not going to have funds (or knowledge, for that matter) to understand the concept of making heavy investments for big growth.

I was one of those broke people because it was right as I was graduating from college. But the point being, you can't be mad that people took advantage of the buying opportunity.

 

[K1052]

I have to say much like with Her Emails I'm looking forward to a campaign filled with a truly batshit amount of false equivalence and #bothsides nonsense, even from major media outlets.

WH Press Sec: ....so you see the president had no option but to nuke Seattle to contain the coronavirus

Reporters: Does the president think this will impact the Bursima investigation?

WH Press Sec: The President is, as always, deeply concerned with rooting out corruption and nepotism. Also lots will be drawn to see which hospitals receive medical supplies this month. The others are welcome to form ad hoc militias to fight over the remaining supplies.

Reporters: What does Ivanka think about the possible cancelation of the Olympics?

 

[Jhhnn]

lol, ok. You saying there is no issue here?

Mostly one of perception which you're feeding.

 

[[DHT]Osiris]

But the point being, you can't be mad that people took advantage of the buying opportunity.

Not gonna lie, I fully expect at some point within the next couple generations, folks are going to realize how predatory capitalism is, and there's going to be a comeuppance for those that found a way to sacrifice the good of the many for the digitized numbers of the few.

 

[sandorski]

Mostly one of perception which you're feeding.

When Biden has an episode on stage against Trump, everyone will see it. The only thing I'm feeding is the obvious.

 

[Vic]

The Puritan impulse to punish suffering people will be the end of this country. Everyone is an agent of their own demise, no one deserves mercy or compassion.

I don't disagree with you, but at the same time, this guy did stop making his mortgage payments while he still had the financial ability to make them. Note that he had the reinstatement amount but lost the house because he was unable to reinstate prior to a 3rd party picking up the house at auction. So while I do have compassion for him, my sense of mercy is a bit lacking.
And unfortunately, there were a lot of people just like him during the housing bust. They had the ability to make their mortgage payments, chose not to because they were "underwater," and then were shocked when their lenders foreclosed.

 

[brycejones]

In the run up to the great recession we did a great job of privatizing profits, then we socialized the losses, and now we're privatizing the profits again.

 

[Bitek]

Reading the article, I'm having trouble being sympathetic to the buyer in the story as he was making astoundingly stupid financial decisions. No wonder others are taking advantage

IDK how socialism is going to fix that, other than hopefully improve financial literacy programs in our schools.

Cliffs

-Guy wants "a house by the time he's 30", you know, because age millstones = good financial planning
- buys an expensive AND OLD fixer upper for $850k
-only puts $15k down, but unloads life savings of $250k into remodeling.
->So $1.1M in the hole at 30, and no cash savings...
- ...then has kids
- few years later decides to stop paying the mortgage (!), because of a divorce and some bullshit “vortex of love”
- files for bankruptcy protection, but then backs out.
-but still doesn't pay his mortgage
-takes kids on a beach trip as house is being auctioned..
-...but tries to send in a check at last minute for all the back payments he owed (apparently MFer did have the money..)
-oops too late. Got sold. Now owes $350k with no asset
-buyer/wolf (some shady org) offers to sell it back to the lamb for an extra $100k..
-he says sure, but I don't have that money, can I rent in the meantime?... Wolf smiles at his luck
-And they proceed to work his dumb ass over with more scams and strong-arms

Should scammers be let off hook? Of course not.

But how about some accountability for the owner's idiotic decision making? WTF

Don't act so stupid and you can greatly avoid these things.

 

[[DHT]Osiris]

Reading the article, I'm having trouble being sympathetic to the buyer in the story as he was making astoundingly stupid financial decisions. No wonder others are taking advantage

IDK how socialism is going to fix that, other than hopefully improve financial literacy programs in our schools.

Cliffs

-Guy wants "a house by the time he's 30", you know, because age millstones = good financial planning
- buys an expensive AND OLD fixer upper for $850k
-only puts $15k down, but unloads life savings of $250k into remodeling.
->So $1.1M in the hole at 30, and no cash savings...
- ...then has kids
- few years later decides to stop paying the mortgage (!), because of a divorce and some bullshit “vortex of love”
- files for bankruptcy protection, but then backs out.
-but still doesn't pay his mortgage
-takes kids on a beach trip as house is being auctioned..
-...but tries to send in a check at last minute for all the back payments he owed (apparently MFer did have the money..)
-oops too late. Got sold. Now owes $350k with no asset
-buyer/wolf (some shady org) offers to sell it back to the lamb for an extra $100k..
-he says sure, but I don't have that money, can I rent in the meantime?... Wolf smiles at his luck
-And they proceed to work his dumb ass over with more scams and strong-arms

Should scammers be let off hook? Of course not.

But how about some accountability for the owner's idiotic decision making? WTF

Don't act so stupid and you can greatly avoid these things.

So I have a question. Who gave a 20-something with $15k in cash a loan for $850k.

IMO they should be on the hook for the $350k. They vouched for him being able to handle the asset.

 

[Jhhnn]

I don't disagree with you, but at the same time, this guy did stop making his mortgage payments while he still had the financial ability to make them. Note that he had the reinstatement amount but lost the house because he was unable to reinstate prior to a 3rd party picking up the house at auction. So while I do have compassion for him, my sense of mercy is a bit lacking.
And unfortunately, there were a lot of people just like him during the housing bust. They had the ability to make their mortgage payments, chose not to because they were "underwater," and then were shocked when their lenders foreclosed.

There were a lot more who simply couldn't pay due to job loss and/or when their ARM reset/recast & they were underwater on the valuation. One of my coworkers went from that low introductory rate to 11% & the monthly payment exploded. He was lucky to receive an inheritance so he could put in more money & refinance at an acceptable rate. Many ARM borrowers weren't so lucky. Lenders were pushing the shit out of ARM's leading up to the denouement, of course, because commissions were actually higher. It was an all around looting spree, from brokers to securitizers to the ratings agencies to the big banks who swapped bunk MBS around like spit at an orgy. People who took fixed rate notes & slightly higher payments in the first place didn't have that problem.

 

[Vic]

There were a lot more who simply couldn't pay due to job loss and/or when their ARM reset/recast & they were underwater on the valuation. One of my coworkers went from that low introductory rate to 11% & the monthly payment exploded. He was lucky to receive an inheritance so he could put in more money & refinance at an acceptable rate. Many ARM borrowers weren't so lucky. Lenders were pushing the shit out of ARM's leading up to the denouement, of course, because commissions were actually higher. It was an all around looting spree, from brokers to securitizers to the ratings agencies to the big banks who swapped bunk MBS around like spit at an orgy. People who took fixed rate notes & slightly higher payments in the first place didn't have that problem.

I totally agree with you here, but for every person who lost their house because they had a bad mortgage they couldn't afford, there was another who could afford their mortgage but still didn't pay it even after their lender modified it 2-3 times.