Angry ginger Posted March 29, 2017 Share Posted March 29, 2017 1 hour ago, f7ben said: sub prime loans are written every day ....they were then and they are now. Do you understand nothing about lending????? school me ben with your years of knowledge of the subject Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 7 minutes ago, Angry ginger said: school me ben with your years of knowledge of the subject I understand that subprime lending is a necessary part of the trade .......would you argue that ???????? Its like the guy thought it was something new or that it had stopped Quote Link to comment Share on other sites More sharing options...
snoughnut Posted March 29, 2017 Share Posted March 29, 2017 (edited) 4 hours ago, f7ben said: The whole thing can be laid squarely at the feet of the banks and their bundling of mortgages that were toxic , credit default swaps , derivatives etc etc etc. Since they could play with all of our money instead of just their own (glass steagall) we were all on the hook for their fuckery and the taxpaying public paid the ultimate price for their fraudulent gambling. There should have been 1000 white collars given the death sentence and instead we gave them all golden parachutes You'd have to be a brain dead fucking moron to blame any of it on some poor schmuck that bought too much house. x's 2 1 hour ago, f7ben said: sure government shares a massive amount of the blame with the banks ......homebuyers might get .3% of the blame Govt. is the most to blame, when you leave the door open to the hen house (deregulation/glass steagall, etc.) the wolves are going to slaughter and that's exactly what the banks did. There was a gal by the name of Brooksley Borne, I believe she was the head of the Commodity Futures Trading Commission, in the early 2000's she made Greenspan and the gang aware on a couple occasions of the impending mortgage crisis, it all fell on deaf ears and obviously she was correct but her hands were tied. Edited March 29, 2017 by snoughnut Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 1 hour ago, f7ben said: It was the government and the industry ....they all knew they were pumping up the bubble. The banks never would have assumed the risk though if it werent for the Glass Steagall act being allowed to sunset poss but the main reason the banks were giving every one a loan Opera style is because they knew the fed would be buying them in under 60 days . Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 8 minutes ago, f7ben said: I understand that subprime lending is a necessary part of the trade .......would you argue that ???????? Its like the guy thought it was something new or that it had stopped I would . why is it it has to be part of the trade? don't have 30% and a job rent . end of story. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 2 minutes ago, Ez ryder said: I would . why is it it has to be part of the trade? don't have 30% and a job rent . end of story. so because of some credit score or other bullshit you should be cut off from access to lending? Lenders assess the risk involved and set rates accordingly...no different than insurance risk Quote Link to comment Share on other sites More sharing options...
snoughnut Posted March 29, 2017 Share Posted March 29, 2017 A small clip form "The Warning" if you've never seen the documentary I recommend it, it's pretty interesting. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 thanks for posting that , I will watch it Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 48 minutes ago, f7ben said: so because of some credit score or other bullshit you should be cut off from access to lending? Lenders assess the risk involved and set rates accordingly...no different than insurance risk yes if u cant handle money u should not be given more . why because every one now deserves a home? fine give people high percentage car loans credit cards etc . non government backed shit . but when it comes to home loans why should u get a loan if u don't have the 30% and at least a 750 no fucking way. worse yet why should a government agency be required to buy the loans from the lenders who were forced to give them ? if the banks were not required to give them then there would be no need for the government to step in and buy them . then there would have been no crazy overinflated home market no people who had no business owning a home getting loans and no bubble to burst and correct it self. all government regulation and greedy short sighted home buyer caused the crash . worst part same exact shit going on today Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 1 minute ago, Ez ryder said: yes if u cant handle money u should not be given more . why because every one now deserves a home? fine give people high percentage car loans credit cards etc . non government backed shit . but when it comes to home loans why should u get a loan if u don't have the 30% and at least a 750 no fucking way. worse yet why should a government agency be required to buy the loans from the lenders who were forced to give them ? if the banks were not required to give them then there would be no need for the government to step in and buy them . then there would have been no crazy overinflated home market no people who had no business owning a home getting loans and no bubble to burst and correct it self. all government regulation and greedy short sighted home buyer caused the crash . worst part same exact shit going on today all kinds of sub prime loans perform through term Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 Just now, f7ben said: all kinds of sub prime loans perform through term and shit loads do not . again no 30% no 750 no home pretty ez. credit I not hard to build any ass clown with a oz of self restraint and a calendar can get a good score with not much time. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 4 minutes ago, Ez ryder said: and shit loads do not . again no 30% no 750 no home pretty ez. credit I not hard to build any ass clown with a oz of self restraint and a calendar can get a good score with not much time. bullshit , dumbest shit I have ever read. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 Just now, f7ben said: bullshit , dumbest shit I have ever read. why ? u think if u have a pulse u deserve a home loan ? that is stupid shit one might say governmental thinking there. U don't think any ass clown can achieve a good credit score if they want? again if they cant they don't deserve the loan end of story Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 Just now, Ez ryder said: why ? u think if u have a pulse u deserve a home loan ? that is stupid shit one might say governmental thinking there. U don't think any ass clown can achieve a good credit score if they want? again if they cant they don't deserve the loan end of story I think if you can pay you deserve a loan that is priced based on your credit worthiness .....and that is exactly the way it works now. If it wouldnt have been for banks fuckery the loans that failed would not have brought the system down Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 (edited) 5 minutes ago, f7ben said: I think if you can pay you deserve a loan that is priced based on your credit worthiness .....and that is exactly the way it works now. If it wouldnt have been for banks fuckery the loans that failed would not have brought the system down again no bank would have been giving a lot of these loans if they knew fredy and fanny were not required to buy them up . and they also knew they could get in deep shit if they turned some of them down . the banks did what they were ordered to do by federal policy. would u give a 350 a 250k loan on a 225k home with 800 bucks down? how about the same loan if u knew with in 60 days fanny would buy it (the loan)from u ? Edited March 29, 2017 by Ez ryder Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 1 minute ago, Ez ryder said: again no bank would have been giving a lot of these loans if they knew fredy and fanny were not required to buy them up . and they also knew they could get in deep shit if they turned some of them down . the banks did what they were ordered to do by federal policy. would u give a 350 a 250k loan on a 225k home with 800 bucks down? how about the same loan if u knew with in 60 days fanny would buy it (the loan)from u ? there was a lot of bullshit that went down then for sure....state income loans etc Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 Just now, f7ben said: there was a lot of bullshit that went down then for sure....state income loans etc hate to break it to u but it has all been back in full swing for yrs again . no checking at all on actual income etc etc. not saying I have over paid any one in the last yr for a few mo so they could qualify for more home. but if I did I sure shit did not get any verification calls. Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 Just now, Ez ryder said: hate to break it to u but it has all been back in full swing for yrs again . no checking at all on actual income etc etc. not saying I have over paid any one in the last yr for a few mo so they could qualify for more home. but if I did I sure shit did not get any verification calls. I know the property valuation regs have tightened up significantly Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 2 minutes ago, f7ben said: I know the property valuation regs have tightened up significantly yeah right . I work with realtors and banks all the time I am with appraisers on sites at least 2 times a mo those numbers are what it takes to close the loan and no one is double checking . pretty much if it is some what close to the going price of surrounding aria it fly's Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 Just now, Ez ryder said: yeah right . I work with realtors and banks all the time I am with appraisers on sites at least 2 times a mo those numbers are what it takes to close the loan and no one is double checking . pretty much if it is some what close to the going price of surrounding aria it fly's not been my experience in the last 3 appraisals I have had done Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 crazy thing is now citys are actually closer to the real value that what appraisers are coming back with . again they get more work the more loans they make work Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 29, 2017 Share Posted March 29, 2017 1 minute ago, f7ben said: not been my experience in the last 3 appraisals I have had done who is coming in and re checking your appraisal? I have seen no one rechecking this stuff we have been weeks from finishing a job and they have added the value for refinancing . they were not even doing that pre 08 Quote Link to comment Share on other sites More sharing options...
f7ben Posted March 29, 2017 Share Posted March 29, 2017 1 minute ago, Ez ryder said: who is coming in and re checking your appraisal? I have seen no one rechecking this stuff we have been weeks from finishing a job and they have added the value for refinancing . they were not even doing that pre 08 no clue .... Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 29, 2017 Share Posted March 29, 2017 13 hours ago, Ez ryder said: again no bank would have been giving a lot of these loans if they knew fredy and fanny were not required to buy them up . and they also knew they could get in deep shit if they turned some of them down . the banks did what they were ordered to do by federal policy. would u give a 350 a 250k loan on a 225k home with 800 bucks down? how about the same loan if u knew with in 60 days fanny would buy it (the loan)from u ? more B/C were packaged and sold to investors by the aggregators than were sold to fannie and freddie. Fannie and Freddie should never been allowed to buy subprime but congress made sure that didn't happen. We could argue all day on causes of the meltdown, reality is there is plenty of blame to go around to the government, the banksters, the realtors, the appraisers, the rating agencies as well as the borrowers who ultimately made poor choices for themselves. Had any of those parties not participated the bubble would not have gotten inflated. I will say right now we are seeing prices close to those levels but built on a market without loose lending so that gives me some hope that prices can continue to push up. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 29, 2017 Share Posted March 29, 2017 13 hours ago, Ez ryder said: hate to break it to u but it has all been back in full swing for yrs again . no checking at all on actual income etc etc. not saying I have over paid any one in the last yr for a few mo so they could qualify for more home. but if I did I sure shit did not get any verification calls. the lending environment is still pretty tight. there is a handful of low doc out there but reality is we are still asking for too much. One of the good things is technology has made some of that easier for borrowers who do things online but I've been doing this for 25 years and today's more similar to 1995 than 2005. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.