What?!? I am suppose to have sympathy???

[winnar111]

Originally posted by: CitizenKain

Originally posted by: winnar111
Their messiah was elected by race baiters.

More stunning commentary from the most worthless person on this forum.

Truth hurts, eh? That's why you cry racism when someone quotes one of your fellow Obama followers.

 

[soccerballtux]

This is america, everyone has a right to everything they want, without paying for it. The government should give it to them.

 

[Dragula22]

Originally posted by: BigDH01

Originally posted by: DealMonkey
People do dumb things every second of every day, so what? You also have to think about the underwriter on the opposite end of that loan. WTF was he thinking/smoking? Huh?

Why did the broker make a poor choice? They are not on the hook when the loan goes sour.

Here are some first-person scenarios for fun:

I'm an aspiring entrepreneur. I just left my steady job working for the man to become a mortgage broker. After a few weeks of classes, etc, I'm ready to go. My pay isn't actually based on the quality of the loans I originate, just the size and quantity. Basically, I reap rewards with no risk. If a maid claims she can pay the 800k mortgage on her salary, who am I to question it? If we have to fudge the app a bit, so be it. It's not like anyone is actually checking those things anyway. I make 3x what I did before and all I have to do is encourage people to buy their American dream while explaining to them how this market will continue forever. Who cares if it does, as long as I get mine?

Meanwhile, investors were buying them while the train was rolling because they were providing good returns and greedy people demanded abnormally high returns. People at the top could likely see what was coming but so what? If I'm a CEO, I take my millions in compensation and stick it in a bank. When (if) I get fired, I'll simply land a CEO position at some other corporation who's board is populated by people I play golf with every other Tuesday. I got mine.

If I'm a large stockholder in one of these banks then I'm either rich enough that it doesn't matter or I'm an institutional holder. If I'm representing an institution (pension fund, etc) then I'm just toying with other people's money. I'm likely making millions myself as I've shown such great returns over the last few years investing in banks buying crappy assets. When I get fired, I'll just land another director position elsewhere as I'm in the same golf party mentioned above. It's nice to decide each other's salaries. I got mine.

Now, I'm a recent buyer. There is real estate mania happening around me and I need to buy another Hummer and earn a 20% return for holding a home in Phoenix for 3 weeks. I'll lie on my application (no one checks it anyway) and get an IO or ARM mortgage for 100% or more of the home's appraised value. If by some miracle, homes can't appreciate 50% a year into eternity, then so what? I've got no skin in the game so I'll just mail the keys to the bank and tell them to have a nice day. I'll take a hit to my credit, so my score will be the same as 50% of the population's now, but I'll either stay in the home I'm in or move into a rental where it doesn't really matter anyway. Hey, can't make money without taking a few risks (again, with other people's money). As long as I get mine.

Now, I'm a politician. It doesn't really matter what I said to get elected as the single greatest determining factor in election campaigns is money spent. It matters how I raised money. Sure, I need to throw the constituents a bone or two every now and then. Maybe I'll pick on CEOs of banks for awhile, but not too much. After all, these people paid for my (re-)election campaign and I play golf with them on Tuesdays. It makes for good TV, but I don't want these people not inviting me to their plush villas for free wine and caviar. Yes, people may be suffering but my salary is guaranteed and when I leave here I'll be given a job at one the of companies that I inevitably vote to bail out. I get mine.

Then there's the rest of us. The suckers. We are renters, we are long term homeowners, we are taxpayers. We don't mingle with the elite as we're too busy working to pay the bills. More importantly, we are divided. We Republicans hate the lazy poor and we Democrats hate the cheating rich. In the end, it doesn't matter. Just like the circuses in Rome, the cheating rich give the lazy poor what they want on purpose. It's to distract us. If the lazy poor were genuinely poor and without TV and entertainment, they might question the position of the cheating rich. So while the elite have the average suckers pointing fingers at each other, they make off with our country and leave us with the bill. I guess we got our's too.

A+, Quite stunning, actually.

I enjoyed that, thanks.

 

[Robor]

Originally posted by: winnar111

Originally posted by: Robor

Originally posted by: winnar111

Originally posted by: Genx87
These CNN stories are baffling. Not sure if they are supposed to gain our sympathy or point out how stupid people are. 3 weeks ago they had a story about tough times in the job market. Their example was a 24 year old kid who left his 55K\year job to sell houses in a housing implosion. Brilliant, simply brilliant! The other example was a chick who left an 80K\year job to go to law school. She didnt like Law school and when she tried to go back the job wasnt there anymore and was whining about a tough life. Leaves an 80K\ year job for school. What a spoiled dumbass.

If I didnt know better these stories could be lifted right from The Onion.

Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama!

:roll: For a guy who whines about Bush being criticized you sure are quick to blame Obama.

A. Obama is President now, last time I checked.
B. I didn't blame him for anything.

You lefties build the standard where anything that can go wrong was W's fault. Remember the 2000 recession and the 1999-2000 Enron fraud?

Ok so with your comment 'Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama' do you actually believe Obama will make them rich or where you just trolling as usual?

 

[Robor]

Originally posted by: BigDH01

Originally posted by: DealMonkey
People do dumb things every second of every day, so what? You also have to think about the underwriter on the opposite end of that loan. WTF was he thinking/smoking? Huh?

Why did the broker make a poor choice? They are not on the hook when the loan goes sour.

Here are some first-person scenarios for fun:

I'm an aspiring entrepreneur. I just left my steady job working for the man to become a mortgage broker. After a few weeks of classes, etc, I'm ready to go. My pay isn't actually based on the quality of the loans I originate, just the size and quantity. Basically, I reap rewards with no risk. If a maid claims she can pay the 800k mortgage on her salary, who am I to question it? If we have to fudge the app a bit, so be it. It's not like anyone is actually checking those things anyway. I make 3x what I did before and all I have to do is encourage people to buy their American dream while explaining to them how this market will continue forever. Who cares if it does, as long as I get mine?

Meanwhile, investors were buying them while the train was rolling because they were providing good returns and greedy people demanded abnormally high returns. People at the top could likely see what was coming but so what? If I'm a CEO, I take my millions in compensation and stick it in a bank. When (if) I get fired, I'll simply land a CEO position at some other corporation who's board is populated by people I play golf with every other Tuesday. I got mine.

If I'm a large stockholder in one of these banks then I'm either rich enough that it doesn't matter or I'm an institutional holder. If I'm representing an institution (pension fund, etc) then I'm just toying with other people's money. I'm likely making millions myself as I've shown such great returns over the last few years investing in banks buying crappy assets. When I get fired, I'll just land another director position elsewhere as I'm in the same golf party mentioned above. It's nice to decide each other's salaries. I got mine.

Now, I'm a recent buyer. There is real estate mania happening around me and I need to buy another Hummer and earn a 20% return for holding a home in Phoenix for 3 weeks. I'll lie on my application (no one checks it anyway) and get an IO or ARM mortgage for 100% or more of the home's appraised value. If by some miracle, homes can't appreciate 50% a year into eternity, then so what? I've got no skin in the game so I'll just mail the keys to the bank and tell them to have a nice day. I'll take a hit to my credit, so my score will be the same as 50% of the population's now, but I'll either stay in the home I'm in or move into a rental where it doesn't really matter anyway. Hey, can't make money without taking a few risks (again, with other people's money). As long as I get mine.

Now, I'm a politician. It doesn't really matter what I said to get elected as the single greatest determining factor in election campaigns is money spent. It matters how I raised money. Sure, I need to throw the constituents a bone or two every now and then. Maybe I'll pick on CEOs of banks for awhile, but not too much. After all, these people paid for my (re-)election campaign and I play golf with them on Tuesdays. It makes for good TV, but I don't want these people not inviting me to their plush villas for free wine and caviar. Yes, people may be suffering but my salary is guaranteed and when I leave here I'll be given a job at one the of companies that I inevitably vote to bail out. I get mine.

Then there's the rest of us. The suckers. We are renters, we are long term homeowners, we are taxpayers. We don't mingle with the elite as we're too busy working to pay the bills. More importantly, we are divided. We Republicans hate the lazy poor and we Democrats hate the cheating rich. In the end, it doesn't matter. Just like the circuses in Rome, the cheating rich give the lazy poor what they want on purpose. It's to distract us. If the lazy poor were genuinely poor and without TV and entertainment, they might question the position of the cheating rich. So while the elite have the average suckers pointing fingers at each other, they make off with our country and leave us with the bill. I guess we got our's too.

Bravo sir! :thumbsup:

 

[JACKDRUID]

Originally posted by: winnar111

Originally posted by: Genx87
These CNN stories are baffling. Not sure if they are supposed to gain our sympathy or point out how stupid people are. 3 weeks ago they had a story about tough times in the job market. Their example was a 24 year old kid who left his 55K\year job to sell houses in a housing implosion. Brilliant, simply brilliant! The other example was a chick who left an 80K\year job to go to law school. She didnt like Law school and when she tried to go back the job wasnt there anymore and was whining about a tough life. Leaves an 80K\ year job for school. What a spoiled dumbass.

If I didnt know better these stories could be lifted right from The Onion.

Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama!

STFU! enuf already. quit the anti-Obama BS !

Obamais doing fine (so far) to clean up Bush's 8 yr worth of pile of crap, no one knows if its going to work yet, but he surely tries hard. discredit him later if you want, but for now, give him the credit he deserves for trying. damn it.

 

[Doc Savage Fan]

Originally posted by: Lemon law
Ok OK, point taken, both the lender and the the borrower were dumber than boxes of rocks.

From my jaded point of view, since I was not a party to this mutual stupidity, I have to ask why should it effect me?
But it does effect me because this stupidity now requires a massive bail out, its depressed the value of the house I own,
its badly hurt the economy and employment, threatens to throw this country into a depression, so I have to want some sort of solution that will fix the damages.

Somehow merely being selectively outraged over individual stupidities does not change the overall reality that the past cannot be changed. We are in a fine fix now and how do we get out of it is the only question to ask now.

I'm sure the original lender wasn't the dumb one here...probably sold the mortgage before the ink was dry and made a tidy little profit.

 

[Carmen813]

How the hell did she get a loan for 800k?

 

[winnar111]

Originally posted by: Robor

Originally posted by: winnar111

Originally posted by: Robor

Originally posted by: winnar111

Originally posted by: Genx87
These CNN stories are baffling. Not sure if they are supposed to gain our sympathy or point out how stupid people are. 3 weeks ago they had a story about tough times in the job market. Their example was a 24 year old kid who left his 55K\year job to sell houses in a housing implosion. Brilliant, simply brilliant! The other example was a chick who left an 80K\year job to go to law school. She didnt like Law school and when she tried to go back the job wasnt there anymore and was whining about a tough life. Leaves an 80K\ year job for school. What a spoiled dumbass.

If I didnt know better these stories could be lifted right from The Onion.

Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama!

:roll: For a guy who whines about Bush being criticized you sure are quick to blame Obama.

A. Obama is President now, last time I checked.
B. I didn't blame him for anything.

You lefties build the standard where anything that can go wrong was W's fault. Remember the 2000 recession and the 1999-2000 Enron fraud?

Ok so with your comment 'Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama' do you actually believe Obama will make them rich or where you just trolling as usual?

I suppose you missed the reference and the sarcasm.

 

[Fingolfin269]

ARGH. I don't know what else to say.

I bought my condo a couple of years ago. I made decent enough money I guess but was shocked when my loan was actually approved. I told them the ONLY interest type I would even consider was a fixed rate for the entire life of the loan. They tried to talk me into a much larger loan amount using some of these shady balloons/arms/etc. and I just told them no this is what I want and this is the place I want.

And now I'm about to get to help pay for all of the morons in the world who drive a school bus and think buying an $800K house is okay. I assume the majority of people here who own homes are in the same boat as me and yet I find a lack of "freaking pissed off" about this topic yet we all have no problem venting about topics that don't really matter. Strange.

 

[halik]

Originally posted by: BigDH01

Originally posted by: DealMonkey
People do dumb things every second of every day, so what? You also have to think about the underwriter on the opposite end of that loan. WTF was he thinking/smoking? Huh?

Why did the broker make a poor choice? They are not on the hook when the loan goes sour.

Here are some first-person scenarios for fun:

I'm an aspiring entrepreneur. I just left my steady job working for the man to become a mortgage broker. After a few weeks of classes, etc, I'm ready to go. My pay isn't actually based on the quality of the loans I originate, just the size and quantity. Basically, I reap rewards with no risk. If a maid claims she can pay the 800k mortgage on her salary, who am I to question it? If we have to fudge the app a bit, so be it. It's not like anyone is actually checking those things anyway. I make 3x what I did before and all I have to do is encourage people to buy their American dream while explaining to them how this market will continue forever. Who cares if it does, as long as I get mine?

Meanwhile, investors were buying them while the train was rolling because they were providing good returns and greedy people demanded abnormally high returns. People at the top could likely see what was coming but so what? If I'm a CEO, I take my millions in compensation and stick it in a bank. When (if) I get fired, I'll simply land a CEO position at some other corporation who's board is populated by people I play golf with every other Tuesday. I got mine.

If I'm a large stockholder in one of these banks then I'm either rich enough that it doesn't matter or I'm an institutional holder. If I'm representing an institution (pension fund, etc) then I'm just toying with other people's money. I'm likely making millions myself as I've shown such great returns over the last few years investing in banks buying crappy assets. When I get fired, I'll just land another director position elsewhere as I'm in the same golf party mentioned above. It's nice to decide each other's salaries. I got mine.

Now, I'm a recent buyer. There is real estate mania happening around me and I need to buy another Hummer and earn a 20% return for holding a home in Phoenix for 3 weeks. I'll lie on my application (no one checks it anyway) and get an IO or ARM mortgage for 100% or more of the home's appraised value. If by some miracle, homes can't appreciate 50% a year into eternity, then so what? I've got no skin in the game so I'll just mail the keys to the bank and tell them to have a nice day. I'll take a hit to my credit, so my score will be the same as 50% of the population's now, but I'll either stay in the home I'm in or move into a rental where it doesn't really matter anyway. Hey, can't make money without taking a few risks (again, with other people's money). As long as I get mine.

Now, I'm a politician. It doesn't really matter what I said to get elected as the single greatest determining factor in election campaigns is money spent. It matters how I raised money. Sure, I need to throw the constituents a bone or two every now and then. Maybe I'll pick on CEOs of banks for awhile, but not too much. After all, these people paid for my (re-)election campaign and I play golf with them on Tuesdays. It makes for good TV, but I don't want these people not inviting me to their plush villas for free wine and caviar. Yes, people may be suffering but my salary is guaranteed and when I leave here I'll be given a job at one the of companies that I inevitably vote to bail out. I get mine.

Then there's the rest of us. The suckers. We are renters, we are long term homeowners, we are taxpayers. We don't mingle with the elite as we're too busy working to pay the bills. More importantly, we are divided. We Republicans hate the lazy poor and we Democrats hate the cheating rich. In the end, it doesn't matter. Just like the circuses in Rome, the cheating rich give the lazy poor what they want on purpose. It's to distract us. If the lazy poor were genuinely poor and without TV and entertainment, they might question the position of the cheating rich. So while the elite have the average suckers pointing fingers at each other, they make off with our country and leave us with the bill. I guess we got our's too.

Forgot to mention the part where the bone to the constituents was pushing the banks into lending to underrepresented or low income people, because, after all, people getting mortgages translates to votes.

 

[Brainonska511]

Originally posted by: winnar111
I suppose you missed the reference and the sarcasm.

It's hard to tell when you're being sarcastic because your posts tend to be utterly moronic.

 

[palehorse]

Originally posted by: halik
Forgot to mention the part where the bone to the constituents was pushing the banks into lending to underrepresented or low income people, because, after all, people getting mortgages translates to votes.

which began, or became much more prevalent, in the late 1990's...

 

[Pliablemoose]

Originally posted by: Fingolfin269
ARGH. I don't know what else to say.

I bought my condo a couple of years ago. I made decent enough money I guess but was shocked when my loan was actually approved. I told them the ONLY interest type I would even consider was a fixed rate for the entire life of the loan. They tried to talk me into a much larger loan amount using some of these shady balloons/arms/etc. and I just told them no this is what I want and this is the place I want.

And now I'm about to get to help pay for all of the morons in the world who drive a school bus and think buying an $800K house is okay. I assume the majority of people here who own homes are in the same boat as me and yet I find a lack of "freaking pissed off" about this topic yet we all have no problem venting about topics that don't really matter. Strange.

I was screaming bloody murder when the government started the bailouts because of just that...

Bailout passed, more followed, more will follow.

Watch the film Idiocracy, then go to Wal Mart and really open your eyes. We're so completely and thoroughly fucked it's insane.

 

[fskimospy]

Originally posted by: winnar111

Originally posted by: blackangst1

Originally posted by: ayabe

Originally posted by: winnar111

Originally posted by: Genx87
These CNN stories are baffling. Not sure if they are supposed to gain our sympathy or point out how stupid people are. 3 weeks ago they had a story about tough times in the job market. Their example was a 24 year old kid who left his 55K\year job to sell houses in a housing implosion. Brilliant, simply brilliant! The other example was a chick who left an 80K\year job to go to law school. She didnt like Law school and when she tried to go back the job wasnt there anymore and was whining about a tough life. Leaves an 80K\ year job for school. What a spoiled dumbass.

If I didnt know better these stories could be lifted right from The Onion.

Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama!

Take your racially charged bullshit elsewhere, honestly we're all tired of it.

WTF was racist about that? Nice drive by though....

Apparently the Obama cultists don't really like each other for some reason, or they don't like themselves. Their messiah was elected by race baiters.

How is the continuing stream of retarded bullshit from this guy allowed?

 

[piasabird]

She deserves nothing.

How much money does a bus driver make?

 

[OCGuy]

Originally posted by: Robor

Originally posted by: winnar111

Originally posted by: Robor

Originally posted by: winnar111

Originally posted by: Genx87
These CNN stories are baffling. Not sure if they are supposed to gain our sympathy or point out how stupid people are. 3 weeks ago they had a story about tough times in the job market. Their example was a 24 year old kid who left his 55K\year job to sell houses in a housing implosion. Brilliant, simply brilliant! The other example was a chick who left an 80K\year job to go to law school. She didnt like Law school and when she tried to go back the job wasnt there anymore and was whining about a tough life. Leaves an 80K\ year job for school. What a spoiled dumbass.

If I didnt know better these stories could be lifted right from The Onion.

Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama!

:roll: For a guy who whines about Bush being criticized you sure are quick to blame Obama.

A. Obama is President now, last time I checked.
B. I didn't blame him for anything.

You lefties build the standard where anything that can go wrong was W's fault. Remember the 2000 recession and the 1999-2000 Enron fraud?

Ok so with your comment 'Don't you know? They ain't rich now, but they will be this year, cuz they gotz Barack Obama' do you actually believe Obama will make them rich or where you just trolling as usual?

Actually, I think he is commenting on how more than one Obama supporter has made the claim that he will make them rich, pay their mortgage, or help them get their repossesed car back. He isnt putting words in any mouths. Check out Youtube.


Last time I checked, when one or two racist whackos yelled out things at McCain/Palin rallies, it was used to broad-brush Republicans. And now that a couple Obama supporters have shown just how ignorant they are publicly via Youtube, you cant handle the same thing back?

 

[MotF Bane]

Originally posted by: BigDH01

Originally posted by: DealMonkey
People do dumb things every second of every day, so what? You also have to think about the underwriter on the opposite end of that loan. WTF was he thinking/smoking? Huh?

Why did the broker make a poor choice? They are not on the hook when the loan goes sour.

Here are some first-person scenarios for fun:

I'm an aspiring entrepreneur. I just left my steady job working for the man to become a mortgage broker. After a few weeks of classes, etc, I'm ready to go. My pay isn't actually based on the quality of the loans I originate, just the size and quantity. Basically, I reap rewards with no risk. If a maid claims she can pay the 800k mortgage on her salary, who am I to question it? If we have to fudge the app a bit, so be it. It's not like anyone is actually checking those things anyway. I make 3x what I did before and all I have to do is encourage people to buy their American dream while explaining to them how this market will continue forever. Who cares if it does, as long as I get mine?

Meanwhile, investors were buying them while the train was rolling because they were providing good returns and greedy people demanded abnormally high returns. People at the top could likely see what was coming but so what? If I'm a CEO, I take my millions in compensation and stick it in a bank. When (if) I get fired, I'll simply land a CEO position at some other corporation who's board is populated by people I play golf with every other Tuesday. I got mine.

If I'm a large stockholder in one of these banks then I'm either rich enough that it doesn't matter or I'm an institutional holder. If I'm representing an institution (pension fund, etc) then I'm just toying with other people's money. I'm likely making millions myself as I've shown such great returns over the last few years investing in banks buying crappy assets. When I get fired, I'll just land another director position elsewhere as I'm in the same golf party mentioned above. It's nice to decide each other's salaries. I got mine.

Now, I'm a recent buyer. There is real estate mania happening around me and I need to buy another Hummer and earn a 20% return for holding a home in Phoenix for 3 weeks. I'll lie on my application (no one checks it anyway) and get an IO or ARM mortgage for 100% or more of the home's appraised value. If by some miracle, homes can't appreciate 50% a year into eternity, then so what? I've got no skin in the game so I'll just mail the keys to the bank and tell them to have a nice day. I'll take a hit to my credit, so my score will be the same as 50% of the population's now, but I'll either stay in the home I'm in or move into a rental where it doesn't really matter anyway. Hey, can't make money without taking a few risks (again, with other people's money). As long as I get mine.

Now, I'm a politician. It doesn't really matter what I said to get elected as the single greatest determining factor in election campaigns is money spent. It matters how I raised money. Sure, I need to throw the constituents a bone or two every now and then. Maybe I'll pick on CEOs of banks for awhile, but not too much. After all, these people paid for my (re-)election campaign and I play golf with them on Tuesdays. It makes for good TV, but I don't want these people not inviting me to their plush villas for free wine and caviar. Yes, people may be suffering but my salary is guaranteed and when I leave here I'll be given a job at one the of companies that I inevitably vote to bail out. I get mine.

Then there's the rest of us. The suckers. We are renters, we are long term homeowners, we are taxpayers. We don't mingle with the elite as we're too busy working to pay the bills. More importantly, we are divided. We Republicans hate the lazy poor and we Democrats hate the cheating rich. In the end, it doesn't matter. Just like the circuses in Rome, the cheating rich give the lazy poor what they want on purpose. It's to distract us. If the lazy poor were genuinely poor and without TV and entertainment, they might question the position of the cheating rich. So while the elite have the average suckers pointing fingers at each other, they make off with our country and leave us with the bill. I guess we got our's too.

:thumbsup:

 

[StageLeft]

Originally posted by: Dragula22

Originally posted by: BigDH01

Originally posted by: DealMonkey
People do dumb things every second of every day, so what? You also have to think about the underwriter on the opposite end of that loan. WTF was he thinking/smoking? Huh?

Why did the broker make a poor choice? They are not on the hook when the loan goes sour.

Here are some first-person scenarios for fun:

I'm an aspiring entrepreneur. I just left my steady job working for the man to become a mortgage broker. After a few weeks of classes, etc, I'm ready to go. My pay isn't actually based on the quality of the loans I originate, just the size and quantity. Basically, I reap rewards with no risk. If a maid claims she can pay the 800k mortgage on her salary, who am I to question it? If we have to fudge the app a bit, so be it. It's not like anyone is actually checking those things anyway. I make 3x what I did before and all I have to do is encourage people to buy their American dream while explaining to them how this market will continue forever. Who cares if it does, as long as I get mine?

Meanwhile, investors were buying them while the train was rolling because they were providing good returns and greedy people demanded abnormally high returns. People at the top could likely see what was coming but so what? If I'm a CEO, I take my millions in compensation and stick it in a bank. When (if) I get fired, I'll simply land a CEO position at some other corporation who's board is populated by people I play golf with every other Tuesday. I got mine.

If I'm a large stockholder in one of these banks then I'm either rich enough that it doesn't matter or I'm an institutional holder. If I'm representing an institution (pension fund, etc) then I'm just toying with other people's money. I'm likely making millions myself as I've shown such great returns over the last few years investing in banks buying crappy assets. When I get fired, I'll just land another director position elsewhere as I'm in the same golf party mentioned above. It's nice to decide each other's salaries. I got mine.

Now, I'm a recent buyer. There is real estate mania happening around me and I need to buy another Hummer and earn a 20% return for holding a home in Phoenix for 3 weeks. I'll lie on my application (no one checks it anyway) and get an IO or ARM mortgage for 100% or more of the home's appraised value. If by some miracle, homes can't appreciate 50% a year into eternity, then so what? I've got no skin in the game so I'll just mail the keys to the bank and tell them to have a nice day. I'll take a hit to my credit, so my score will be the same as 50% of the population's now, but I'll either stay in the home I'm in or move into a rental where it doesn't really matter anyway. Hey, can't make money without taking a few risks (again, with other people's money). As long as I get mine.

Now, I'm a politician. It doesn't really matter what I said to get elected as the single greatest determining factor in election campaigns is money spent. It matters how I raised money. Sure, I need to throw the constituents a bone or two every now and then. Maybe I'll pick on CEOs of banks for awhile, but not too much. After all, these people paid for my (re-)election campaign and I play golf with them on Tuesdays. It makes for good TV, but I don't want these people not inviting me to their plush villas for free wine and caviar. Yes, people may be suffering but my salary is guaranteed and when I leave here I'll be given a job at one the of companies that I inevitably vote to bail out. I get mine.

Then there's the rest of us. The suckers. We are renters, we are long term homeowners, we are taxpayers. We don't mingle with the elite as we're too busy working to pay the bills. More importantly, we are divided. We Republicans hate the lazy poor and we Democrats hate the cheating rich. In the end, it doesn't matter. Just like the circuses in Rome, the cheating rich give the lazy poor what they want on purpose. It's to distract us. If the lazy poor were genuinely poor and without TV and entertainment, they might question the position of the cheating rich. So while the elite have the average suckers pointing fingers at each other, they make off with our country and leave us with the bill. I guess we got our's too.

A+, Quite stunning, actually.

I enjoyed that, thanks.

I liked it, too. Made me fell good inside.

How the hell did she get a loan for 800k?

No document requirements mean she simply made up her salary and the mortgage lender was reselling the loan immediately anyway, so who cares? The fact is, even if she makes $10/hour and it's a $800k house, as long as the price of housing goes up and the appraisal was relatively accurate, even if she forecloses, by the time that's all done the house will be $1M because let's remember, year over year a drop in housing prices is almost unheard of.

Except, then they dropped. And big time.

I assume the majority of people here who own homes are in the same boat as me

Personally, I'm not in the same boat because I'm in a market that didn't grow that quickly and has barely dropped. I got out of Alabama just as it was starting to go down but still made some mild profit on the home. I know a guy trying to sell a home in Birmingham now and it's almost criminal how little he'll end up getting for it, though.

 

[StageLeft]

Watch the film Idiocracy, then go to Wal Mart and really open your eyes. We're so completely and thoroughly fucked it's insane.

Now that's optimism we can all get on board with !

 

[ayabe]

I dunno guys, I was using a mortgage calculator just the other day and it was telling me I could afford a $400,000 house on my salary.

I can guarandamntee you that I can't afford that without my GF's income.

So I think there's still some real disingenuous information being bandied about....even now.

 

[OCGuy]

Originally posted by: ayabe
I dunno guys, I was using a mortgage calculator just the other day and it was telling me I could afford a $400,000 house on my salary.

If it was a legitimate calculator, and you dont think you can afford what it says you can, then one of the following has to be true:

- It was not thorough in as far as asking all of your debt information

- You did not provide it with all of your debt information accurately

- You are bad with money



Although I am sure there are shady mortgage calculators that are left over from the boom time (the one you used could be one), everyone who gets a loan now can afford the house they purchase. The loans that allowed people to over-buy are long gone.

 

[eleison]

Originally posted by: halik

Originally posted by: BigDH01

Originally posted by: DealMonkey
People do dumb things every second of every day, so what? You also have to think about the underwriter on the opposite end of that loan. WTF was he thinking/smoking? Huh?

Why did the broker make a poor choice? They are not on the hook when the loan goes sour.

Here are some first-person scenarios for fun:

I'm an aspiring entrepreneur. I just left my steady job working for the man to become a mortgage broker. After a few weeks of classes, etc, I'm ready to go. My pay isn't actually based on the quality of the loans I originate, just the size and quantity. Basically, I reap rewards with no risk. If a maid claims she can pay the 800k mortgage on her salary, who am I to question it? If we have to fudge the app a bit, so be it. It's not like anyone is actually checking those things anyway. I make 3x what I did before and all I have to do is encourage people to buy their American dream while explaining to them how this market will continue forever. Who cares if it does, as long as I get mine?

Meanwhile, investors were buying them while the train was rolling because they were providing good returns and greedy people demanded abnormally high returns. People at the top could likely see what was coming but so what? If I'm a CEO, I take my millions in compensation and stick it in a bank. When (if) I get fired, I'll simply land a CEO position at some other corporation who's board is populated by people I play golf with every other Tuesday. I got mine.

If I'm a large stockholder in one of these banks then I'm either rich enough that it doesn't matter or I'm an institutional holder. If I'm representing an institution (pension fund, etc) then I'm just toying with other people's money. I'm likely making millions myself as I've shown such great returns over the last few years investing in banks buying crappy assets. When I get fired, I'll just land another director position elsewhere as I'm in the same golf party mentioned above. It's nice to decide each other's salaries. I got mine.

Now, I'm a recent buyer. There is real estate mania happening around me and I need to buy another Hummer and earn a 20% return for holding a home in Phoenix for 3 weeks. I'll lie on my application (no one checks it anyway) and get an IO or ARM mortgage for 100% or more of the home's appraised value. If by some miracle, homes can't appreciate 50% a year into eternity, then so what? I've got no skin in the game so I'll just mail the keys to the bank and tell them to have a nice day. I'll take a hit to my credit, so my score will be the same as 50% of the population's now, but I'll either stay in the home I'm in or move into a rental where it doesn't really matter anyway. Hey, can't make money without taking a few risks (again, with other people's money). As long as I get mine.

Now, I'm a politician. It doesn't really matter what I said to get elected as the single greatest determining factor in election campaigns is money spent. It matters how I raised money. Sure, I need to throw the constituents a bone or two every now and then. Maybe I'll pick on CEOs of banks for awhile, but not too much. After all, these people paid for my (re-)election campaign and I play golf with them on Tuesdays. It makes for good TV, but I don't want these people not inviting me to their plush villas for free wine and caviar. Yes, people may be suffering but my salary is guaranteed and when I leave here I'll be given a job at one the of companies that I inevitably vote to bail out. I get mine.

Then there's the rest of us. The suckers. We are renters, we are long term homeowners, we are taxpayers. We don't mingle with the elite as we're too busy working to pay the bills. More importantly, we are divided. We Republicans hate the lazy poor and we Democrats hate the cheating rich. In the end, it doesn't matter. Just like the circuses in Rome, the cheating rich give the lazy poor what they want on purpose. It's to distract us. If the lazy poor were genuinely poor and without TV and entertainment, they might question the position of the cheating rich. So while the elite have the average suckers pointing fingers at each other, they make off with our country and leave us with the bill. I guess we got our's too.

Forgot to mention the part where the bone to the constituents was pushing the banks into lending to underrepresented or low income people, because, after all, people getting mortgages translates to votes.

Also the part where, since the government was leaning on banks to make "questionable" loans, the smart people thought.. what the heck, "I can make money now, and if anything happens, the 'system' is too big to fail.. we've probably get a bailout or something." which was correct.


Besides most of these home buyers at the time were making money off the appreciation of their homes.. As a lender, why not loan? Home values according to everyone and their dog were good buys (not like internet stocks -- or stocks in general). Win/win for everyone. At least that was the general consensus back then. Heck, before the bubble burst, just look in this forum and you probably have tons of people saying "housing never goes down"..

 

[JSt0rm]

All I'm thinking about is how much money the person who sold it to her and the bank got. I'm so glad I didn't buy property. i was in the market in 05' and I just looked at everything and said fuck it.

 

[heyheybooboo]

Originally posted by: ayabe ...

So I think there's still some real disingenuous information being bandied about....even now.

Yup. I gotta call shens. The OP needs to post a link or this thread should be locked.

Originally posted by: JSt0rm01
All I'm thinking about is how much money the person who sold it to her and the bank got. I'm so glad I didn't buy property. i was in the market in 05' and I just looked at everything and said fuck it.

6% Realtor commission = $48k

1 or 2 points for closing costs = $8k to $16k

I guess that would include all loan origination fees, legal costs, inspections, appraisals, surveys, etc. ...