Amazon 7 #51 October 31, 2011 Quote why do you keep bringing race into things? who cares what color the people are? The bottom line is the lending qualifications were lowered for all and many people and banks took out loans they should not have qualified for to the detrement of the country. Oh I don't know... perhaps its OMFG... the numerous blithering idiots of the conservative movement who blither on and on and on daily about the MINORITY LOANS that caused all of the housing issues we see today Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #52 October 31, 2011 Quote the error in your argument is cra caused ALL loan qualifications to be reduced so as to not discriminate. Time to start looking at the cause and effect of the lefts feel good policies. My current mortgage is with a credit union that wouldn't talk to me unless I was making a 20% down payment with an 80% LTV. They also required employment verification on company letter head for the preceding two years, two years of W2 and 1040 forms, a letter from our landlord confirming what our rent was and that we'd paid it on time for the last year, and my most recent pay stub before closing. Doesn't seem reduced to me. Quote Share this post Link to post Share on other sites
jonstark 8 #53 November 1, 2011 Quote Did the government FORCE Countrywide to make you an offer like that? How the eff would I know that? I do know it was MY CHOICE to borrow what I felt was an amount I could handle. I am sure a lot of people were misled. Still others were encouraged to gamble on increasing real estate prices. Buyer Beware. jon Quote Share this post Link to post Share on other sites
DesertAttorney 0 #54 November 1, 2011 Is there a third option that reads "I don't give a fuck, as long as you get your fucking hands out of my wallet and let me earn a living"? Quote Share this post Link to post Share on other sites
jonstark 8 #55 November 1, 2011 Quote My current mortgage is with a credit union that wouldn't talk to me unless I was making a 20% down payment with an 80% LTV. In 1980 I was sold a graduated payment/adjustable rate mortgage. For the first five years I was to pay a little more each year until the fifth year when the payments would stabilize for the remainder of the mortgage. What I just couldn't get my brain around, being 24 yrs old, was "I'm gonna borrow X amount and pay for five years. After those payments I'm gonna owe more than I borrowed??" The kicker was I had to put down 20% to get their "best rate" of 11.75%!!!!! I took the gamble with some reservations. (It worked out fine for me thankfully.) jon Quote Share this post Link to post Share on other sites
billvon 3,119 #56 November 1, 2011 >Is there a third option that reads "I don't give a fuck, as long as you get your fucking >hands out of my wallet and let me earn a living"? Sure there is. That option is called "Kuwait." Quote Share this post Link to post Share on other sites
Amazon 7 #57 November 1, 2011 Quote>Is there a third option that reads "I don't give a fuck, as long as you get your fucking >hands out of my wallet and let me earn a living"? Sure there is. That option is called "Kuwait." No Bill.. tht sounds far more like Somalia... Kuwait has that whole pesky royalty and pesky Sharia law stuff goin on. Quote Share this post Link to post Share on other sites
billvon 3,119 #58 November 1, 2011 >Kuwait has that whole pesky royalty and pesky Sharia law stuff goin on. He doesn't give a fuck, as long as they get their fucking hands out of his wallet and let him earn a living. Quote Share this post Link to post Share on other sites
rushmc 23 #59 November 1, 2011 QuoteIs there a third option that reads "I don't give a fuck, as long as you get your fucking hands out of my wallet and let me earn a living"? +1"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
DanG 1 #60 November 1, 2011 QuoteIs there a third option that reads "I don't give a fuck, as long as you get your fucking hands out of my wallet and let me earn a living"? Those who don't give a fuck about the past are doomed to repeat it. Or something like that. - Dan G Quote Share this post Link to post Share on other sites
StreetScooby 5 #61 November 1, 2011 Quote Those who don't give a fuck about the past are doomed to repeat it. What's with all the fucking cursing?We are all engines of karma Quote Share this post Link to post Share on other sites
DanG 1 #62 November 1, 2011 QuoteWhat's with all the fucking cursing? Fuck if I know. - Dan G Quote Share this post Link to post Share on other sites
kallend 2,150 #63 November 1, 2011 QuoteQuote Did the government FORCE Countrywide to make you an offer like that? How the eff would I know that? I do know it was MY CHOICE to borrow what I felt was an amount I could handle. I am sure a lot of people were misled. Still others were encouraged to gamble on increasing real estate prices. Buyer Beware. jon Indeed, but trying to blame govt. mandates for things the mortgage industry did to itself (and by extension, to all of us), aided and abetted by Wall St., is disingenuous. And that is exactly what rushmc and marks are trying to do. Nothing the govt. did forced AIG execs to make the decisions leading to the biggest corporate loss in history, yet these same execs then wanted $multi million bonuses AFTER the taxpayers bailed them out.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #64 November 1, 2011 QuoteQuoteQuote Did the government FORCE Countrywide to make you an offer like that? How the eff would I know that? I do know it was MY CHOICE to borrow what I felt was an amount I could handle. I am sure a lot of people were misled. Still others were encouraged to gamble on increasing real estate prices. Buyer Beware. jon Indeed, but trying to blame govt. mandates for things the mortgage industry did to itself (and by extension, to all of us), aided and abetted by Wall St., is disingenuous. And that is exactly what rushmc and marks are trying to do. Trying to claim that they 'did it all themselves' when the lowered underwriting standards forced by CRA set the stage is even MORE disingenuous.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
billvon 3,119 #65 November 1, 2011 >Trying to claim that they 'did it themselves' when CRA forced lowered >underwriting standards is even MORE disingenuous. Exactly. That's like claiming that criminals are to blame for crime, when we all know it's the government's lax gun control laws that force such behavior. Quote Share this post Link to post Share on other sites
mnealtx 0 #66 November 1, 2011 Quote>Trying to claim that they 'did it themselves' when CRA forced lowered >underwriting standards is even MORE disingenuous. Exactly. That's like claiming that criminals are to blame for crime, when we all know it's the government's lax gun control laws that force such behavior. That would be the gist of his OTHER pet argument, yes.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
kallend 2,150 #67 November 1, 2011 QuoteQuoteQuoteQuote Did the government FORCE Countrywide to make you an offer like that? How the eff would I know that? I do know it was MY CHOICE to borrow what I felt was an amount I could handle. I am sure a lot of people were misled. Still others were encouraged to gamble on increasing real estate prices. Buyer Beware. jon Indeed, but trying to blame govt. mandates for things the mortgage industry did to itself (and by extension, to all of us), aided and abetted by Wall St., is disingenuous. And that is exactly what rushmc and marks are trying to do. Trying to claim that they 'did it all themselves' when the lowered underwriting standards forced by CRA set the stage is even MORE disingenuous. The overwhelming majority of defaults were NOT subject to CRA rules.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #68 November 1, 2011 QuoteQuoteQuoteQuoteQuote Did the government FORCE Countrywide to make you an offer like that? How the eff would I know that? I do know it was MY CHOICE to borrow what I felt was an amount I could handle. I am sure a lot of people were misled. Still others were encouraged to gamble on increasing real estate prices. Buyer Beware. jon Indeed, but trying to blame govt. mandates for things the mortgage industry did to itself (and by extension, to all of us), aided and abetted by Wall St., is disingenuous. And that is exactly what rushmc and marks are trying to do. Trying to claim that they 'did it all themselves' when the lowered underwriting standards forced by CRA set the stage is even MORE disingenuous. The overwhelming majority of defaults were NOT subject to CRA rules. That must be why Fannie Mae had a 26% deliquency rate for subprime mortgages vs 5% for the overall book for Q3 2009....thank goodness YOU know better!Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
kallend 2,150 #69 November 1, 2011 QuoteQuoteQuoteQuoteQuoteQuote Did the government FORCE Countrywide to make you an offer like that? How the eff would I know that? I do know it was MY CHOICE to borrow what I felt was an amount I could handle. I am sure a lot of people were misled. Still others were encouraged to gamble on increasing real estate prices. Buyer Beware. jon Indeed, but trying to blame govt. mandates for things the mortgage industry did to itself (and by extension, to all of us), aided and abetted by Wall St., is disingenuous. And that is exactly what rushmc and marks are trying to do. Trying to claim that they 'did it all themselves' when the lowered underwriting standards forced by CRA set the stage is even MORE disingenuous. The overwhelming majority of defaults were NOT subject to CRA rules. That must be why Fannie Mae had a 26% deliquency rate for subprime mortgages vs 5% for the overall book for Q3 2009....thank goodness YOU know better! Avoiding the point again. Subprime != CRA What % of CRA loans defaulted? LaSt time I asked YOU, you didn't answer.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #70 November 1, 2011 QuoteAvoiding the point again. Subprime != CRA Attempting to deflect, AGAIN? The GSE Act and CRA set the conditions for the subprime market to exist in the first place. QuoteWhat % of CRA loans defaulted? What % of NON CRA loans defaulted?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
kallend 2,150 #71 November 2, 2011 QuoteQuoteAvoiding the point again. Subprime != CRA Attempting to deflect, AGAIN? The GSE Act and CRA set the conditions for the subprime market to exist in the first place. QuoteWhat % of CRA loans defaulted? What % of NON CRA loans defaulted? More than CRA loans, which have a lower default rate than subprimes. You claim the govt. is responsible. Which Act forced banks to invent subprime mortgages? Which Act forced the financial industry to invent credit default swaps? Which Act forced Moodys, S&P and Fitch's to issue AAA ratings to crap in exchange for big commissions? Which act forced AIG to bet the house on the crap?... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #72 November 2, 2011 QuoteQuoteQuoteAvoiding the point again. Subprime != CRA Attempting to deflect, AGAIN? The GSE Act and CRA set the conditions for the subprime market to exist in the first place. QuoteWhat % of CRA loans defaulted? What % of NON CRA loans defaulted? More than CRA loans, which have a lower default rate than subprimes. You claim the govt. is responsible. Which Act forced banks to invent subprime mortgages? Which Act forced the financial industry to invent credit default swaps? Which Act forced Moodys, S&P and Fitch's to issue AAA ratings to crap in exchange for big commissions? Which act forced AIG to bet the house on the crap? The GSE Act and CRA set the conditions for the subprime market to exist in the first place.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
billvon 3,119 #73 November 2, 2011 >That would be the gist of his OTHER pet argument, yes. Well, at least you admit that you use it when it benefits your side. It will be fun to watch you attack him for using your very own argument the next time the gun issue comes up. Quote Share this post Link to post Share on other sites
Amazon 7 #74 November 2, 2011 QuoteQuoteQuoteQuoteAvoiding the point again. Subprime != CRA Attempting to deflect, AGAIN? The GSE Act and CRA set the conditions for the subprime market to exist in the first place. QuoteWhat % of CRA loans defaulted? What % of NON CRA loans defaulted? More than CRA loans, which have a lower default rate than subprimes. You claim the govt. is responsible. Which Act forced banks to invent subprime mortgages? Which Act forced the financial industry to invent credit default swaps? Which Act forced Moodys, S&P and Fitch's to issue AAA ratings to crap in exchange for big commissions? Which act forced AIG to bet the house on the crap? The GSE Act and CRA set the conditions for the subprime market to exist in the first place. And your masters of TRICKLE down were off and running Quote Share this post Link to post Share on other sites
kallend 2,150 #75 November 2, 2011 No answer, just your usual diversionary tactic and weaseling garbage. NO act of the government forced any of the items I listed. DEREGULATION allowed greed to run riot. Which act forced banks into leveraging their loans at over 30:1? Which act forced AIG to issue billions in CDSs without setting aside anything to cover the risk? The CEO of Lehman Bros walked off with nearly $1/2 BILLION while screwing his business and taxpayers.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
