Forum Post: BS that People Bought House they Could Not Afford -- That's the BS Bankers, Wall Streets and Rich Promote to Justify Stealing the People's Money with Interest Rate Gouging, Bait & Switch Loans & Wall Street Derivative Schemes
Posted 13 years ago on Oct. 16, 2011, 12:28 a.m. EST by FedWallFedWellFedUP
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BS that People Bought House they Could Not Afford -- That's the BS Bankers, Wall Streets and Rich Promote to Justify Stealing the People's Money with Interest Rate Gouging, Bait & Switch Loans & Wall Street Derivative Scheme. We demand they be brought to JUSTICE and return their ill gotten money back to the people.
Yup of course it is. Thus the protests. The bankers still refuse to re-finance or conform a loan to this day.
Thank you for that reinforcement.....I say lock 'em up and throw away the keys for stealing from the people of the world!
What? you're kidding right? Perhaps you were still in grade school when all the liars loans and Ninja loans etc were being made. Take my word for it - people were taking loans they absolutely shouldn't have qualified for. Were the banks and mortgage companies also to blame? heck yeah, but don't let the irresponsible borrowers off the hook. I live in California and I was warning people to stay away from real estate from about 2003 on. I was considered a negative person because everyone knew that real estate only goes up. It was delusional but I absolutely promise you there were many people buying houses way beyond their means. I could have done it too...but I am responsible and didn't.
pat yourself on the back
Take a class on English language.
stuff it up your arse
I am to busy stuffing it up your mom's.
That's your own hole...ugly one too.
That's right I am your mom....Time for your spanking.
Traditionally, when banks made a loan for a house, they took on a lot of risk. They would scrutinize the borrowers credit history, and carefully evaluate the properties value, to make sure the risk was minimal. When Glass Steagall was repealed in 1999, the banks were able to completely resolve themselves of the risks of home loans by bundling the debts and selling them to mutual funds and other investors. After this they couldn't lend money fast enough. Rather than scrutinizing borrowers, in many cases they hid evidence of a poor credit history and even falsely elevated the value of properties. Of course the risk was still there, it was just dispersed to the general population. Then, when the house of cards collapsed, they raked in with their credit default swaps.
The Federal Reserve Banks raised interest rates 17 times to smash the bubble -- this was greedy, reckless and negligent. Derivative makers had these tranche loans repacked and double and triple insured. The Wall Street Journal featured an article about this in the late summer of '08. Jim Kramer begged for mercy on his show for the housing sector...but the arrogant private banking corporation we call The Federal Reserve marched forward raising interest rates 17 times in in their economic blitzkrieg of the 99 percent. "NUTSVILLE"
when making 65k i was offered up to 500k in early 2005.
this was made possible by a monetary system created by the government in which men, not markets, decide what the price of money should be - no free market private enterprise would be stupid enough to have lent me their own money at such a low interest rate and in such a large amount. it was also made possible by banks recklessly abandoning lending standards and borrowers recklessly abandoning common sense.
didn't take it, btw.
I make $110K and did buy a house in 2006 for $640K. I could afford it (barely) and have done just that, not missing one payment as I watched the value of my house steadily drop. Now, I owe $590K and the house's value is around $540K. I would have bailed out a long time ago and gone for a short sale, but since I can technically still afford it, I have not. Nonetheless, I think I have been ripped off big time and have absolutely no problem with anyone who has defaulted. Rather, I feel very much that they are deserving of our sympathy.
15% is not too bad, and 50 underwater on a house that expensive doesn't seem too bad either. a buddy just did a short sale on about a 50% dip. i would stay in that situation rather than do something like a strategic default. although by traditional standards you are probably paying a pretty high % of your income for that big boy!
This is the point exactly...there are lots of people like you. The vast wealth of most Americans is in their home equity and pensions. By design or arrogance or both, The Federal Reserve and Wall Street Schemers and Derivative Makers gamed the financial system. Rather than our POLITICAL LEADERS stepping in and protecting the people...they handed the keys to our tax payer vault to the instigators. WTF!
good resistance sickmint...but the rest of the world bit and we all suffered from this bait, switch & derivative scheme.
If you couldn't afford he house or didn't understand what u were signing ... U should not have signed anything. It isn't BS , it is commonsense.
you are talking out of your arse Monkeyboy...and occupy wall street says blow it out your arse and get off this site
It is commonsense. You are entitled to nothing. OWS can lick my dick.
f'in troll suck your own and your bankers as you have been
I like how all the people on this website do not like any differing opinions ... There are a lot of people who do not agree with OWS ... not just people in finance
Damn right
tanks a lot...convetiblecaddy.... let's lock 'em up and trow away 'da key
Nice ... U r agreeing with me... I convinced u