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

On May 15, 11:12 pm, "Sid9" <s...@[EMAIL PROTECTED]
> wrote:
> <Vide...@[EMAIL PROTECTED]
> wrote in message
>
>
news:c5a93e74-e1bc-4699-bc49-adf35a6cd4e7@[EMAIL PROTECTED]
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>
>
> > On May 15, 6:49 pm, Steve <stevencan...@[EMAIL PROTECTED]
> wrote:
> >> On Thu, 15 May 2008 16:05:11 -0700 (PDT), Vide...@[EMAIL PROTECTED]
 wrote:
> >> >On May 14, 9:18 pm, The Trucker <mik...@[EMAIL PROTECTED]
> wrote:
> >> >> On Wed, 14 May 2008 17:30:01 -0700, 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.
>
> >> >> You either bought a house are you were financial road kill.  If
you
> >> >> tried
> >> >> to save up money you lost yer ass.
>
> >> > that is correct, and the rightards simply blame the victims.
>
> >> They're not victims, they're irresponsible morons....
>
> > many of whom were simply looking for a home, with a payment that
> > could afford. and were lied to.
>
> The mortgage originator "fixes" the credit re****t, closes the loan,
grabs
> the commission, and the home owner goes under with the bank

One small correction;

They didn't actually fix the credit re****ts in most cases. The banks
weren't looking at the credit score, so much as they were looking at
income. The brokers were faking the income levels. One broker that is
under investigation right now actually took to taking the application
from the buyers, and placed a "1" in front of the monthly income
figure the applicants provided to the bank before faxing the
application to the bank. The banks apparently weren't checking very
closely, because in one case I saw, a guy who managed a major discount
store was shown to be making $13,000 per month, while his wife, who
was a pharmacist at the same store, "only" made $4,000/month.