So the banks got TARP for screwing up....

[shah269 0]

So the banks all got TARP funds for screwing up and lying and fanning the markets to insane numbers.......and making a real killing on the market....

So what do the victims get? Say your home lost 30%-50% of it's value and you could afford it then and you can afford it now...but now...well you are paying back a loan on a worthless piece of property....something that won't even break even for another 10 years if you are lucky.

Where is the responsible home owners version of TARP?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 3,120]

>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

[kelpdiver 2]

didn't we have this thread a couple weeks ago? Started by you?

did you black out? Or no luck with the refi?

[shah269 0]

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>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

Yes I agree with you in principal, yet let's ask ourselves how many people have been provided this financial mechanism?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[Remster 30]

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>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

Yes I agree with you in principal, yet let's ask ourselves how many people have been provided this financial mechanism?

What don't you find out for yourself and come back with the answer for us.

Remster

[kelpdiver 2]

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What don't you find out for yourself and come back with the answer for us.

pretty sure he did, and unsuccessfully. But of course, it will be society's fault, nothing to do with the 100% financing.

[normiss 897]

Still stuck huh?

Sorry bro, I honestly feel bad for those hurting.

[shah269 0]

Hum...let me put it this way.....why do I need US banks?
Looking around....ok so what.
The world would have been no different if the major US banks had gone under. The various banks from around the world would have stepped in and taken their place. Perhaps at even better rates and better accountability and customer service.
HSBS is not a bad bank to work with.
Hell, even the Royal Bank of Canada is a little better than what we call financial institutions here.

Yet can we as a nation survive with people paying money into negative equity homes? Well hum......who makes money off those loans....the US banks , and those who have the means in which to invest in those equity markets. So what do I care if those banks go under or those markets fall? Let me guess....I won't be able to barrow....oh really? Note HSBC or any other bank that is willing to step in.

What's in it for me or anyone who bought a home with in their price range and now is looking at a little over 30% loss of value while a select few made off very well.

How can I put it....If i owe you say $5k you can in theory push me around. But if I owe you.....$5mill....well I now have your money don't I? And guess who owns who?

And for the record less than 1k people qualified or were given major reconsideration for their loans under TARP. The financial institutions took the money, payed off their debts and then said..."Nope" But as TARP was written...they didn't have to modify a single loan. And thus far they have just about done the very minimum.

I for one, am actually looking forward to seeing Asian financial institutions ... shame we had to save those that were for a lack of a better word.....crooks? And shame our past, current and most likely future leaders will lack the back bone to hold anyone or any institution accountable for past and future indiscretions.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[kelpdiver 2]

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I for one, am actually looking forward to seeing Asian financial institutions

They're going to expect at least 20% down.

[shah269 0]

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I for one, am actually looking forward to seeing Asian financial institutions

They're going to expect at least 20% down.

PERFECT!
No really!
PERFECT!
Now go back in time to 2000 and tell all of your friends that!
Than stand back as they laugh at you and show you how much money they are making while taking larger and larger financial risks with what appears to be zero accountability.

I can't live without big pharma, they keep me alive.
I can't live without the big three automakers...for now.
I can't live without the major airlines, they self govern and keep flying safe.

But.....and I know a few of you guys work for the large American owned lending institutions thus this will cut to the bone.....why does the US general public need you?

Because you are "too big to fail"? I'm sorry, so what.

Thus perhaps the most "American" thing to do is either bank with a small financial institution such as a credit union or Chinese backed banks. Not only are they more efficient, they are most likely more modern and streamlined and let's face it they weren't the ones that made great profits at the expense of well...America.

And please don't just think it's me, put your ears on the tracks listen....soon American banks will be at the level of your average meth producer with respect to how they are viewed. This is not a good thing.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[kallend 2,150]

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>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

How about a responsible homeowner who actually paid off his mortgage in full? What does he get?

...

The only sure way to survive a canopy collision is not to have one.

[normiss 897]

That's apparently un-American.



I like it! There SHOULD be something. All those upside down people are getting free money!
For making bad decisions!!!

[Amazon 7]

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>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

How about a responsible homeowner who actually paid off his mortgage in full? What does he get?

He gets a home that is now worth far less than it was when he bought it thanks to a very few who got fabulously wealthy from the "financial instruments" they created to bilk the American people.

[DougH 270]

A responsible homeowner with no debt gets the current market value for their house. You get what your house is worth, sounds like a fair deal to me.

Short sales and foreclosures are pushing down values big time, and I think the downward correction overshot a little, but a decline was in the cards for a while.

Home prices in the past decade were insane and unsustainable. How can home prices go up year
after year when wages are not?

We are returning back to normal.

What should a homeowner get anyway?

Do you want to be compensated because you lost the bubble value of your house? It wasn't real to begin with, sucks you didn't get out at the right time.

The government needs to get out of the realestate and home lending market!

"The restraining order says you're only allowed to touch me in freefall"
=P

[DougH 270]

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But.....and I know a few of you guys work for the large American owned lending institutions thus this will cut to the bone.....why does the US general public need you?.

This is by far one of the dumbest things I have ever seen posted on this website, you win by a long shot!

Your right, the US or even Global economy doesn't need lending and access to credit to keep moving.

Businesses big and small have no need for credit.

Individuals don't need credit in their life either.

Your just pissed off because you make a shitty financial choice, you made your bed, and now you have to lie down in it.

PS... credit from China was part of the bubble during which you made your great financial blunder during.

This has nothing to do with American banks, and everything to do with your choice to buy a home using an 80/20 loan during a bubble market, with no money down.

"The restraining order says you're only allowed to touch me in freefall"
=P

[Coreece 190]

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>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

How about a responsible homeowner who actually paid off his mortgage in full? What does he get?

He gets a home that is now worth far less than it was when he bought it thanks to a very few who got fabulously wealthy from the "financial instruments" they created to bilk the American people.

Yep, plus tens of thousands of more cash in interest payments for not allowing people with impeccable credit to refinance their arm while at the same time financing ignorant blowhards wanting to live the high life who couldn't afford it.

Your secrets are the true reflection of who you really are...

[DougH 270]

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Yep, plus tens of thousands of more cash in interest payments for not allowing people with impeccable credit to refinance their arm while at the same time financing ignorant blowhards wanting to live the high life who couldn't afford it.

If people with impeccable credit were taking out ARM's instead of traditional loans then they were absolutely incompetent in financial matters.

People love trashing businesses, but hating looking themselves in the mirror.

I wouldn't take an ARM over a traditional mortgage even if the initial interest rate was ZERO.

"The restraining order says you're only allowed to touch me in freefall"
=P

[Coreece 190]

perhaps...

I don't buy houses...I enjoy my freedom.

I like wandering around the face of the planet whenever I feel like it.

But I still think it's stupid to provoke some of those incompetent people walk away from a 300K house for which they would've happily paid...but no, and the bank let's it go for 90k...for what...to prove a point?

Your secrets are the true reflection of who you really are...

[DougH 270]

I think you are stretching the facts...

The first default were subprime mortgages, people that bought houses they could never afford, and when their crazy liar, interest only loans, and ARMS reset that is exactly what happened.

These people should have never bought the houses that they did, the banks never should have lent them the money, the government never should have encouraged this type of lending either.

So are the banks supposed to keep people in houses they can't afford?

Foreclosures now are mostly resulting from the shit economy and people losing their jobs. It absolutely sucks, but if you have no job for a long period of time you are going to run out of means to pay your mortgage.

Are banks supposed to keep people in houses that they can't pay the mortgage on? They never have in the past, this isn't a new thing. If you lost your job in the 70's, didn't pay the mortgage, you would have lost your house!

Lots of banks and lots of people made bad choices. Now it is time to pay for it. Others are suffering because the economy sucks.

"The restraining order says you're only allowed to touch me in freefall"
=P

[rehmwa 2]

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>Where is the responsible home owners version of TARP?

"The Homeowner Affordability and Stability Plan." Provides funding and incentives to reduce borrower's monthly payments to 31% of their gross income, by either reducing interest rate down to 2% or by extending the term out to 40 years. In some cases the principal can be reduced.

How about a responsible homeowner who actually paid off his mortgage in full? What does he get?

Someone has to shut down questions like this - it's seriously an indication of the hate that the public has for the poor and downtrodden and women and minorities.

an elderly woman told me once that she paid off her home - she now eats cat food as that's all she can afford

there are serious consequences to hate-filled actions like paying off homes

serious consequences

if we love america, we'll ban speech that asks these type of questions - if we love women and minority rights, we'll shout down these hate filled questions that are solely designed to take away much needed benefits for people that have home too big for them

for the children

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[kallend 2,150]

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A responsible homeowner with no debt gets the current market value for their house. You get what your house is worth, sounds like a fair deal to me.

!

What's fair about responsible people who didn't default or didn't sell AAA rated crap having to pay to support bailouts for greedy bankers and liar-loantakers?

...

The only sure way to survive a canopy collision is not to have one.

[billvon 3,120]

>Hum...let me put it this way.....why do I need US banks?

You don't. But apparently you do _want_ them, since you have a mortgage and probably a bank account and a credit card or two.

So I guess the question is - why do you want them?

>What's in it for me or anyone who bought a home with in their price range
>and now is looking at a little over 30% loss of value while a select few
>made off very well.

What's in it for you? A home. Most people would do almost anything for what you have - a home with heating, air conditioning, cable, internet access, plumbing, electricity, windows etc etc. A bank allowed you to purchase that.

[billvon 3,120]

>How about a responsible homeowner who actually paid off his mortgage in
>full? What does he get?

A home. I like mine. A bank let me buy it.

[DougH 270]

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A responsible homeowner with no debt gets the current market value for their house. You get what your house is worth, sounds like a fair deal to me.

!

What's fair about responsible people who didn't default or didn't sell AAA rated crap having to pay to support bailouts for greedy bankers and liar-loantakers?

Look I don't disagree, I don't think it is fair either. But what do you want, compensation?

The banks have repaid TARP, and they are starting now to start going after institutions that were involved in the mess. The government could sue the banks into the ground and punish them I guess, but I think you can be honest enough to admit that they will hurt all of us, not just the banks.

As a taxpayer in society you get to pay for a lot of things that are directly tied to some asshole's irresponsible actions, that are in direct contrast to your responsible ones. Such is life!

I don't have multiple kids out of wedlock, with no income, and expect the government to pay for it. Do you think that means that I don't pay for people that don't follow suit?

I have medical insurance and I am not a junky, but my girlfriend spends all night doing 1 to 1's with junkies with state insurance because they can't stay off drugs. Do you think that is fair, when many small business owners can't even afford to buy themselves insurance, all the while they are paying for the state to support peoples fuck ups?

Getting back to your house, what exactly do you want done for you and your house?

I bet you liked your home's value a lot better in 2005, but tough shit, because those values were smoke vapor puppies and love. Your house has now returned to what it is really worth, well probably less than it is worth for the moment, but when the housing market stabalizes and you sell you will get exactly what you allways would have gotten which is exactly what it is worth at that moment.

If you rent you don't have to worry about it.

"The restraining order says you're only allowed to touch me in freefall"
=P

[shah269 0]

So how about this....we are back where we began.
Banks made huge mistake and made huge money .... this we can all agree on I think?
And when things went bad the banks ran for cover and public funds were used to save them at very low interest rates and very low regulations...this we can agree on as well.

The great detent is that banks behave properly and barrows do the same. It's a sustainable cold war. But now as it stands.....the war has turned hot. The banks now how zero reason to be amicable with those who they lent money to. They have proven that if things hit the fan they will be the very first to be saved and compensated. The taxpaying public....will get nothing.

If you ask me that's a raw deal and as such, why do I need a US based bank? The AMERICAN thing to do would be to utilize other lending institutions that were not a part of this mess. And the ones with somewhat clean hands are non US banks.

I'm sorry I know a few of you work for the big banks and well that's great. But we could have done rather well without your employer. I'm sure another foreign owned bank would have stepped in and bought all of your assets at a huge savings and I as the middle class Joe would only noticed one thing.......better customer service.

The options put forth thus far are methods to reduce the outstanding balance, but as it stands less than 1k people in the entire US have actually qualified or have been awarded this. The US based banks have no reason what to sever to negotiate with anyone. Why? Simple the USG rewarded their bad behavior and thus are very sure they can do it all over again. And in fact they are doing it now...please feel free to google chase + veterans + foreclosure.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!