Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives

FrediFizzx wrote:
> <milt.shook@[EMAIL PROTECTED]
> wrote in message 
> news:92ddb59c-bd91-4045-913b-ea501da31626@[EMAIL PROTECTED]
>> On May 14, 8:30 pm, "BuffettHa...@[EMAIL PROTECTED]
" <BuffettHa...@[EMAIL PROTECTED]
>
>> wrote:
>>> On May 14, 8:02 pm, "Patriot" <liber...@[EMAIL PROTECTED]
> wrote:
>>>
>>> > Dumb ****ing idiots shouldn't have bought a home that they couldn't 
>>> > afford.
>>>
>>> > Now that's common sense!
>>>
>>> Everyone was doing it.  The credit crunch and real estate collapse
>>> still
>>> has not hit canada by any measure. . . and the big sub prime lenders
>>> here are the german and swiss banks, lol.
>>
>> Over here, there was a lot of corruption. There is nothing inherently
>> wrong with subprime loans, or even interest-only loans. The problem
>> was, we allowed pretty much anyone to be a broker, and a lot of crooks
>> took applications from people, faked their qualifications to submit to
>> the bank, then, after the bank approved the underwriting of the
>> mortgage and supplied the cash, the broker sold the paper, then
>> someone else sold the paper, etc.
>>
>> One of the problems lawyers are having right now is, there is a lot of
>> obvious fraud out there, but they can't find someone to sue, because
>> it's almost impossible to figure out who owns what mortgage.
>>
>> This goes a lot deeper than a bunch of foreclosures. It's a criminal
>> enterprise gone wild.
> 
> Nonsense.  Whilst there was some fraud involved here and there, it 
> mostly was a capital market's experiment that failed.  There was a lot 
> of money to be lent and not enough takers so it is just natural to 
> extend credit to less credit worthy people when that happens.  When we 
> look back at this 5 years from now, it won't look all that bad.  Soak it

> up and move on.  Interest rates remain relatively low for those that ARE

> credit worthy.  The financial companies were fairly stupid to package 
> the debt the way they did and are paying for it now via lack of trust 
> issues between them.  The experiment simply didn't work.
> 
> Fred

Trouble is...People just don't seem to learn unless it is connected to 
pain.

What the heck were people thinking?  Some Joe with a $20hr wage buying a 
no-money down 80/20 loans with a 2-year bump so he could qualify with a 
little "income amt. fudging.. renting a room out BS contracts, etc.

RE "appeasers" er' appraisers, became -Dirty™ little whores.. and why 
not.. Mortgage brokers will just call around till they found someone to 
do it.. SO they all surrendered to the greed. High rate of return 
instruments  Greed.. Greed..top to bottom. Wall Street Marketed them for 
the fees and investors loved the high


If a loan agent said .. 'will you work with us' translation. "Can we 
cook up a fake appraisal and cheat the lender?" And thus make a 
commissions and fees.  Greed all the way around.. Buyer, Lender, Broker, 
Appraiser, Title Company, Loan Servicer, fee's all the way along. and 
they all turned their backs to the reality of it.   One of mans human 
flaws..  Like vanity.. haha  They fit hand in hand too..

My opinion. I like the idea of gov loans where the gov gets 1/2 the 
homes upside value after the gov gets them into a loan they can afford 
and has stiff penalties sewn in.  No free rides. Period.

Crap I feel like Bob 'the Boob' Grumbine ranting..