The 84 month loan

[Highmark]

Just now, Mileage Psycho said:

You truly are an endless source of amusement  

Since you brought up Bush I must  post up Bush's speech to HUD circa June 2002  

 

Absolutely no question zero or extremely low down payments were a huge part of the problem however that doesn't take away from controlling a massive (at least 40%) part of the mortgage market thru GSE's.   A unqualified down payment is only part of the problem.   I posted probably 20 articles where they tried to do something.   Are they without fault...no but no like many dolts on here like to blame.   That is simply no knowing the facts.    

[snoughnut]

27 minutes ago, Nazipigdog said:

Americans are fucking stupid, probably the dumbest populace on the plant. Does that mean banks (they are loaning the money) should take advantage of that when it threatens the health of our entire economy? Someone has to be the smart person in the room or were all fucked. 

Exactly and this is why politicians and Wall Street were the dumb mfers in regards to the mortgage crisis...............let's loan out boat loads of money to stupid people who don't have the means to pay it back, brilliant!!!

[Mileage Psycho]

5 minutes ago, Highmark said:

Absolutely no question zero or extremely low down payments were a huge part of the problem however that doesn't take away from controlling a massive (at least 40%) part of the mortgage market thru GSE's.   A unqualified down payment is only part of the problem.   I posted probably 20 articles where they tried to do something.   Are they without fault...no but no like many dolts on here like to blame.   That is simply no knowing the facts.    

Why do you choose to gloss over the deregulation part of the speech?  

Quote

 

But I believe owning something is a part of the American Dream, as well. I believe when somebody owns their own home, they're realizing the American Dream. They can say it's my home, it's nobody else's home. (Applause.) And we saw that yesterday in Atlanta, when we went to the new homes of the new homeowners. And I saw with pride firsthand, the man say, welcome to my home. He didn't say, welcome to government's home; he didn't say, welcome to my neighbor's home; he said, welcome to my home. I own the home, and you're welcome to come in the home, and I appreciate it. (Applause.) He was a proud man. He was proud that he owns the property. And I was proud for him. And I want that pride to extend all throughout our country.

One of the things that we've got to do is to address problems straight on and deal with them in a way that helps us meet goals. And so I want to talk about a couple of goals and -- one goal and a problem.

The goal is, everybody who wants to own a home has got a shot at doing so. The problem is we have what we call a homeownership gap in America. Three-quarters of Anglos own their homes, and yet less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it.

We are here in Washington, D.C. to address problems. So I've set this goal for the country. We want 5.5 million more homeowners by 2010 -- million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.

And so I want to, one, encourage you to do everything you can to work in a realistic, smart way to get this done. I repeat, we're here for a reason. And part of the reason is to make this dream extend everywhere.

I'm going to do my part by setting the goal, by reminding people of the goal, by heralding the goal, and by calling people into action, both the federal level, state level, local level, and in the private sector. (Applause.)

And so what are the barriers that we can deal with here in Washington? Well, probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say that's too high, I'm not buying. They may have the desire to buy, but they don't have the wherewithal to handle the down payment.We can deal with that. And so I've asked Congress to fully fund an American Dream down payment fund which will help a low-income family to qualify to buy, to buy. (Applause.)

We believe when this fund is fully funded and properly administered, which it will be under the Bush administration, that over 40,000 families a year -- 40,000 families a year -- will be able to realize the dream we want them to be able to realize, and that's owning their own home. (Applause.)

The second barrier to ownership is the lack of affordable housing. There are neighborhoods in America where you just can't find a house that's affordable to purchase, and we need to deal with that problem. The best way to do so, I think, is to set up a single family affordable housing tax credit to the tune of $2.4 billion over the next five years to encourage affordable single family housing in inner-city America. (Applause.)

The third problem is the fact that the rules are too complex. People get discouraged by the fine print on the contracts. They take a look and say, well, I'm not so sure I want to sign this. There's too many words. (Laughter.) There's too many pitfalls. So one of the things that the Secretary is going to do is he's going to simplify the closing documents and all the documents that have to deal with homeownership.

It is essential that we make it easier for people to buy a home, not harder. And in order to do so, we've got to educate folks. Some of us take homeownership for granted, but there are people -- obviously, the home purchase is a significant, significant decision by our fellow Americans. We've got people who have newly arrived to our country, don't know the customs. We've got people in certain neighborhoods that just aren't really sure what it means to buy a home. And it seems like to us that it makes sense to have a outreach program, an education program that explains the whys and wherefores of buying a house, to make it easier for people to not only understand the legal implications and ramifications, but to make it easier to understand how to get a good loan.

https://archives.hud.gov/remarks/martinez/speeches/presremarks.cfm

 

 

[Mileage Psycho]

7 minutes ago, snoughnut said:

Exactly and this is why politicians and Wall Street were the dumb mfers in regards to the mortgage crisis...............let's loan out boat loads of money to stupid people who don't have the means to pay it back, brilliant!!!

The Dodd-Frank bill made the qualifying process for loans more stringent to prevent that, now we want to go back to loosening the rules.....rinse, repeat, rinse, repeat..

[1jkw]

Quote

 

Pretty simple really, there are regulators, auditors, mortgage brokers, loan officers, assessors, and other banking personal who are paid to protect the stock holders and taxpayers from people borrowing more than they can afford.  If they did their jobs barring outright fraud by the borrower we wouldn't be talking about this.

[Highmark]

1 minute ago, Mileage Psycho said:

Why do you choose to gloss over the deregulation part of the speech?  

 

I'm not.   Keep in mind there is a difference in a mortgage application and the actual "contract" once accepted.   

I've said over and over again that lender and borrower where at more fault than our govt.   People who lied on mortgage apps shouldn't have been bailed out.   Lenders that didn't do enough verification of the customers app shouldn't be bailed out, investment companies who loaded up their balance sheets with these loans shouldn't be bailed out.

I love that its the govt's fault for not controlling the stupidity of its people.   What has this country come to.  

[1jkw]

2 minutes ago, Highmark said:

I'm not.   Keep in mind there is a difference in a mortgage application and the actual "contract" once accepted.   

I've said over and over again that lender and borrower where at more fault than our govt.   People who lied on mortgage apps shouldn't have been bailed out.   Lenders that didn't do enough verification of the customers app shouldn't be bailed out, investment companies who loaded up their balance sheets with these loans shouldn't be bailed out.

I love that its the govt's fault for not controlling the stupidity of its people.   What has this country come to.  

The fault is with the lenders giving money to stupid people.

[Highmark]

1 minute ago, 1jkw said:

The fault is with the lenders giving money to stupid people.

The fault lies with both of them.  Not all of them were stupid, many were just greedy just like the lenders and investors but in America only the rich can be greedy.  

[1jkw]

Just now, Highmark said:

The fault lies with both of them.  Not all of them were stupid, many were just greedy just like the lenders and investors but in America only the rich can be greedy.  

The golden rule applies, he who holds the gold makes the rules. It is the job of the lender to decide how much to lend, not the borrowers.

[Mileage Psycho]

11 minutes ago, Highmark said:

I'm not.   Keep in mind there is a difference in a mortgage application and the actual "contract" once accepted.   

I've said over and over again that lender and borrower where at more fault than our govt.   People who lied on mortgage apps shouldn't have been bailed out.   Lenders that didn't do enough verification of the customers app shouldn't be bailed out, investment companies who loaded up their balance sheets with these loans shouldn't be bailed out.

I love that its the govt's fault for not controlling the stupidity of its people.   What has this country come to.  

Unfortunately the specter of letting the large financial institutions fail in this country are financially catastrophic to the country and it's population. So yes we need regulation to keep the predators at bay and to keep the stupid from self inflicted destruction......it is what it is. 

[spin_dry]

24 minutes ago, Highmark said:

I'm not.   Keep in mind there is a difference in a mortgage application and the actual "contract" once accepted.   

I've said over and over again that lender and borrower where at more fault than our govt.   People who lied on mortgage apps shouldn't have been bailed out.   Lenders that didn't do enough verification of the customers app shouldn't be bailed out, investment companies who loaded up their balance sheets with these loans shouldn't be bailed out.

I love that its the govt's fault for not controlling the stupidity of its people.   What has this country come to.  

It wasn’t just America that was hit. People from all over the world were financially connected to the the mortgage backed securities that were obviously filled with fraudulent loans. This was all about the deregulation and lack of oversight here in America’s investment and lending world. 

You’re also extremely myopic about this entire issue. You continue to ignore the real problem which are the psychopaths in lending and investment. Your obsession with the buyer is both silly and unhelpful in fixing the issue. 

Edited April 21, 2018 by spin_dry

[spin_dry]

21 minutes ago, 1jkw said:

The fault is with the lenders giving money to stupid people.

He’ll never understand that concept. 

[Zambroski]

19 minutes ago, Highmark said:

The fault lies with both of them.  Not all of them were stupid, many were just greedy just like the lenders and investors but in America only the rich can be greedy.  

Yep.  

9 minutes ago, Mileage Psycho said:

Unfortunately the specter of letting the large financial institutions fail in this country are financially catastrophic to the country and it's population. So yes we need regulation to keep the predators at bay and to keep the stupid from self inflicted destruction......it is what it is. 

Weirdly, the same ones wanting G'ment to "save them" from their own idiocy are/will be the same ones bitching that they can't do with their money what they want.  I don't give a fuck about stupid people being parted with their money (legally).  What I DO care about, and where I agree with needed some regs is when a single librarian is allowed to purchase a $750K home on my street.....because lenders can do it legally.  She was an idiot...and everybody on the street paid the price when it went into forclosure a year later...and she refused to move out and made the homeowners association start flipping the bill for her fucking maintenance to keep it from being an eyesore.

G'ment regualtions can't "fix' stupid people.  Then CAN and SHOULD be in place to help shield them rest of us from their idiocy and fall outs.

 

[Highmark]

12 hours ago, Highmark said:

You never ONCE heard I wanted them bailed out.   Both lender and borrower beware and reap what you sow.   Same for the investment firms that loaded up their balance sheets with these toxic assets and the companies that insured them.   NOBODY should have been bailed out.  

 

34 minutes ago, Highmark said:

I'm not.   Keep in mind there is a difference in a mortgage application and the actual "contract" once accepted.   

I've said over and over again that lender and borrower where at more fault than our govt.   People who lied on mortgage apps shouldn't have been bailed out.   Lenders that didn't do enough verification of the customers app shouldn't be bailed out, investment companies who loaded up their balance sheets with these loans shouldn't be bailed out.

I love that its the govt's fault for not controlling the stupidity of its people.   What has this country come to.  

 

28 minutes ago, Highmark said:

The fault lies with both of them.  Not all of them were stupid, many were just greedy just like the lenders and investors but in America only the rich can be greedy.  

 

10 minutes ago, spin_dry said:

It wasn’t just America that was hit. People from all over the world were financially connected to the the mortgage backed securities that were obviously filled with fraudulent loans. This was all about the deregulation and lack of oversight here in America’s investment and lending world. 

You’re also extremely myopic about this entire issue. You continue to ignore the real problem which are the psychopaths in lending and investment. Your obsession with the buyer is both silly and unhelpful in fixing the issue. 

Why do you respond to my posts when for whatever reason you cannot simply comprehend because a lack of intelligence or bias against me that does not allow you to see what I'm saying.   3 previous posts I put part of the blame on lenders and investors.  

Because I include the borrower it automatically means thats all I blame.   Its literally amazing.   

Edited April 21, 2018 by Highmark

[Highmark]

21 minutes ago, Mileage Psycho said:

Unfortunately the specter of letting the large financial institutions fail in this country are financially catastrophic to the country and it's population. So yes we need regulation to keep the predators at bay and to keep the stupid from self inflicted destruction......it is what it is. 

I see your point and don't disagree some regulation in the industry is required.   I stated before simply having a down payment and lenders understanding they won't be bailed out would go a long, long ways.   

I also think it shows the sad state America is in especially when it comes financial self responsibility.  

[spin_dry]

Just now, Highmark said:

 

 

 

Why do you respond to my posts when for whatever reason you cannot simply comprehend because a lack of intelligence or bias against me that does not allow you to see what I'm saying.   3 previous posts I put part of the blame on lenders and investors.  

Because I include the borrower it automatically means that all I blame.   Its literally amazing.   

I’m biased against many. Don’t feel like you’re special. 100% of the focus needs to be on proper regulations which are enforced by well paid and knowledgeable regulators in lending and investment. Do that and the babies won’t be playing with scalpels. 

[spin_dry]

Just now, Highmark said:

I see your point and don't disagree some regulation in the industry is required.   I stated before simply having a down payment and lenders understanding they won't be bailed out would go a long, long ways.   

I also think it shows the sad state America is in especially when it comes financial self responsibility.  

Understanding that lenders won’t be bailed out will have no measurable effect on the problem. How is it that you refuse to acknowledge how the psychopathic CEOs operate? 

[02sled]

15 hours ago, Zambroski said:

“...but the low interest rate is awesome!!!”

 

my new truck is 0%

[Highmark]

6 minutes ago, spin_dry said:

Understanding that lenders won’t be bailed out will have no measurable effect on the problem. How is it that you refuse to acknowledge how the psychopathic CEOs operate? 

HOLY FUCK DUDE!     Seriously, what is your major malfunction?  I put blame on the lenders and investment firms that packaged this shit and loaded up their balance sheets 3 times.

Here maybe this will help you.

LENDERS AND INVESTMENT FIRMS SHARE IN THE BLAME OF THE HOUSING CRISIS BUT SO DO THE HOME BUYERS.

Edited April 21, 2018 by Highmark

[spin_dry]

4 hours ago, motonoggin said:

That's actually a good piece, but I'm sure it won't deter dipshit from blaming the poors. 

I don’t think it will either. Bill puts his finger on the real issue. Psychopathic CEO’s do not respond to “potential” consequences. They can only be contained from doing damage through proper, strict, and well executed regulation. Only that will protect us from their obsession with short term gratification regardless of the consequences to society. Self regulation is a big fucking joke. We’re dealing with character issues here. Bill clearly understands this. 

[spin_dry]

4 minutes ago, Highmark said:

HOLY FUCK DUDE!     Seriously, what is your major malfunction?  I put blame on the lenders and investment firms that packaged this shit and loaded up their balance sheets 3 times.

Here maybe this will help you.

LENDERS AND INVESTMENT FIRMS SHARE IN THE BLAME OF THE HOUSING CRISIS BUT SO DO THE HOME BUYERS.

Your minimalistic approach to regulation makes me chuckle. 

[Highmark]

1 minute ago, spin_dry said:

Your minimalistic approach to regulation makes me chuckle. 

Your lack of comprehension and prejudgment makes me chuckle.  

[spin_dry]

Just now, Highmark said:

Your lack of comprehension and prejudgment makes me chuckle.  

Well then. We’re both having fun. 

[02sled]

15 hours ago, Mainecat said:

Just have to have that one step up model over your neighbor, co worker or friend.

motor vehicles are the worst investment on the planet

Don't forget things like snowmobiles, $15K+ and use them maybe a couple of months a year. Then see how they lose 1/3 of their value in the blink of an eye.... if you want a nice toy/vehicle/boat and can afford it.... why not? What else are you going to do with your money other than use it to enjoy life.

 

14 hours ago, Highmark said:

Lets be clear.....this is by no means the fault of the consumer.   Fucking auto makers and dealers forcing people into cars is complete bullshit.  

You always have the option of buying stripped down low end basic cars to keep the cost down. There's some pretty inexpensive vehicles out there including pickups.

[Highmark]

Just now, spin_dry said:

Well then. We’re both having fun.