Forum Post: Newsflash: If you make the payments you promised to make, the Bank will not foreclose on your arse
Posted 12 years ago on Oct. 21, 2011, 10:07 p.m. EST by happybanker
(766)
This content is user submitted and not an official statement
just wanted to make sure you heard the news.
People are idiots, what do you want. How many people just showed up at closing and signed everything put in front of them without even TRYING to read what was in front of them. In case you didn't know, you CAN tell your realtor that all closing papers must be in your hands 24 hours before closing so you have a chance to read them. My first closing got pushed back by a day because they didn't have the papers to me in time. Oh well so sad for them. But people have no balls anymore.
excellent points.
I think the real issue here is why the banks got bailed out from the subprime mortgage market collapse and the home owners are not getting any help with their underwater mortgages.
Personally, I think people are fools continuing to make mortgage payments on homes that are worth 50% of what they originally borrowed on. If the banks don't want to help out with refinancing then give the house back to the bank and start over again. Most with underwater mortgages will never get their money back so the sooner they move on the better.
When the automakers got bailed out did the car owners get anything in return to fix their broken down vehicles?
This comment makes absolutely no sense to me. There is no analogy by any stretch.
Did you forget the bailouts that were paid to GM and Chrysler. Why arent you mad that since taxpayer dollars kept them going that you should get a free oil change?
Honestly, I don't see any analogy here. Yes, GM and Chrysler got government loans to stay in business, we could certainly discuss the merits of a car bailout. But on the other hand, people who bought GM and Chrysler cars during the automobile crisis didn't get cars any more defective then when GM and Chrysler was not in financial crisis. Their cars didn't cost anymore and the value of the cars didn't depreciate any faster then anytime else. From the consumer standpoint, a car was a car regardless of the automobile financial crisis. What am I not seeing?
You are not seeing the fact that some people's mortgages were written decades ago. Are you saying that everyone who has a mortgage was dupped?
I certainly understand that there are many mortgages written decades ago, these people are fortunate enough to still have homes worth more than the loan they are carrying. They don't need help and they certainly have not been duped. During the housing bubble both the too-big-to-fail financial institutions -and- the borrower lost vast quantities of money. Both acted irresponsibly. However, the too-big-to-fail was saved from bankruptcy and the little guy was left to his own devices. This certainly does not seem fair to me. So the home owner is faced with paying twice the mortgage payment for a house worth half as much. Since no organization, either the government or the banks, what to help out. I encourage these poor souls to abandon their homes and start over. It makes absolutely no sense to invest in a house for which you will always be underwater and never get your money back.
Well, the more we talk, the more I agree with you. I was totally against the bailouts. Nothing should be too big to fail.
Unfortunately, the bailouts happened and nothing can change that. So how did all this happen? My own belief is that the too-big-to-fail institutions have been in bed with our politicians for decades. The too-big-to-fail own our congressmen. These corporations have given vast quantities of campaign contributions to our representatives and the representatives are beholden to them. There is an army of lobbyists that make sure our representatives do their bidding by making law that is sympathetic to their companies. I was amazed to find out that there are six lobbyists for each and every congressman. I have written enough letters to my representatives to realize they really don't care what I have to say. So I have been struggling with how one could restore balance in our political system where the little guy would have an equal say in how our laws are made.
Yes, you are right. When I worked for the large Bank we were "asked" to support the PAC (political action committee) via payroll deductions. Of course "asked" meant that if you didn't you were not paying your share and it "could" be viewed as negative at your next evaluation.
Well I've learned something new. If what you say is true then I am appalled. I had not realized that a company could ask an employee to support a PAC. So why are you then a "happybanker"?
To present both sides of the argument. Plain and Simple - Big Banks are greedy and yes they want to make tons of money off of everyone anyway they can. Now, having said that, people have to take responsibility for themselves or this whole cycle will happen again. If people start flooding the banks again asking for loans to buy buy buy and asking for credit cards and home equity loans and they buy buy buy - It will all happen again. Can't we just stop?
Chief of the FBI testified in a congressional hearing that the economic crisis was "85%" caused by the fiance industry. The financial industry has also been breaking the records for bonuses paid out almost every year since the crash.
Not true. Banks have foreclosed on folks making payments.
Not if they satisfy the note. They do reserve the right to call the note but you can avoid foreclosure by satisfying the note.
Hey happybanker, how about buying back those derivatives you stuck us with, or can we use those to repay our loans, so you don't dig our poor sorry arses out of the grave to take the $3.69 worth of chemicals in our bodies.
You haven't been stuck with those....yet....gotta get em under the FDIC umbrella first.
You've got plenty of time to accomplish that while the Chinese unload their US Government Securities and the Fed prints more money out of the air. Enjoy it while you can because the Chinese are gonna take your cognac, cocaine, hookers and havanas away from you.
Unless you are also invested in the Chinese markets, newb.
good for you globalist, may your dreams of one world government come true and may you piss champagne and shit caviar. You contributions to the betterment of happybanker demand it.
there are great derivatives available to bet against the US Govt Securities also. you are using those arent you?
Newsflash: If you don't complete the payments before you die, the bank will foreclose on your children's arses.
as they should
Let them come, I exercise my 2nd amendment rights with the same ferocity that I exercise my first amendment rights. I'll defend my $3.69 worth of chemicals from any parasitic banker. There is a reason Jesus tossed the moneylenders out of the Temple of Solomon......and it doesn't have to do with compassionate conservatism.
The bank doesn't even foreclose if you haven't made a payment in years. Down here in South Florida there are many deadbeat owners who haven't paid their mortgage for nearly five years. Nor their insurance, taxes or hoa. Homeowners are spending their mortgage payments on trinkets like ipads.
Anyone who thinks those evil banks are stealing your home better hope the market doesn't come back. If home prices rise there will be millions of deadbeat owners foreclosed on and kicked to the curb. Right now banks are stalling.....
If you want a piece of property to depreciate at warp speed, let it set empty. The banks are not as dumb as you would think from the comments here.
Nope the banks are tearing them down, writing them off their taxes, donating the land to municipal governments and sticking the taxpayer with the lousy paper they issued. Great job if you can get it. Nature needs parasites and the parasites of humanity are bankers.
There were foreclosures when the bubble was still happening. They didn't sit empty as the bank flipped them.
Homes don't need to sit empty today if the bank would put them on the market as soon as they foreclose at whatever price the market bears. If they overprice them then it sits and gets stripped. Banks fucked up by stalling. We should have reached the bottom years ago. It really hurts the new homebuyer who needs a home they can afford. Stalling just keeps prices overinflated and taxes too...
I agree. What we really need is a big "wash out"
Make the banks pay back the government with their own stupid variable interest rates, see how they like it.
Not sure that would be good for the taxpayer since var rates are at historic lows.
While this statement taken at face value is true, it ignores what led to all this insanity in the first place. It began when "W" enabled extreme leveraging for anybody with a pulse. This enabled the deregulated mortgage industry to push adjustable rate mortgages on the destitute, and the deregulated real estate industry to push prices ever higher with catch phrases like "housing will just keep going up!" and "buy now or be priced out FOREVER!" and "they're not making any more land!". The skyrocketing housing prices also made it easy for landlords to jack up rents in tandem, making all five boroughs all but unaffordable for all but the 1%.
Now the bubble burst, except in NYC, apparently., which remains unaffordable. This has also been facilitated by the rent stabilization board, who seems compliant with the landlords and hizzoner Mayor Billionaireberg.
As for making the payments, people need jobs and equitable compensation to do that, especially if there's to be anything leftover for [sarcasm]luxuries[/sarcasm] like food and medical care.
We have a long way to go.
Very true. It takes a loooong time to delever a bubble this big.
Oh yeah. This has been in the making for three decades. Remember, all this deregulation began with Reagan.
We trusted that the banks were holding up their fiduciary responsibility.
You think a bank is held to a fiduciary standard in a loan transaction? Unfortunately not.
and if banks and investment banks did not lie about the quality of their investments when they sold them to pension fund managers and other investors, and if they didn't over leverage themselves (Lehman Bro 639 billion in assets, 619 billion in debt), the world economy would not be in the financial crisis it is, more people would be in their homes, unemployment would not be over 9%, people wouldn't be freezing their asses off supporting reason in towns around the country- please think about it mr happybanker.
But the profits and bonuses were helping the economy.
I have a question. How can a bank foreclose on a house when they don't hold the deed to the property? There are thousands of homes across the U.S. where the deed doesn't exist or has gone missing. Real estate agents are selling homes they have no right to sell and banks are lending money for homes that should not be sold. That seems a bit odd.
Deeds are always kept on file at the courthouse. If the bank was to lose a copy, they could just apply for another copy from the courthouse.
If a lien is in place, or would be in place if not for a clerical error, the bank has a right to foreclose if the debtor has defaulted.
What happens when your company, you worked for for 15 years, moves their manufacturing to the Phillipines or Maylasia? Do you think that few dollars of Unemployment will pay your mortgage, feed and clothe your children and pay off healthcare? Do you believe Bank of America will give you a break? Where is an out of work designer, engineer, fireman, policeman or farmer going to find a job? China maybe? If turtles could only fly and sensible people post.
I'd say the only option would be to sell the house. Not too many other options besides losing it.
Yea, I agree. I kind of didn't like the way this topic was stated. In my little area of America I see forclosure sign after sign and it just makes you wonder what will happen to the families. The corporations have betrayed the very country that made them so great. Take care.
Yea, I have talked to alot of people today so I am changing my tune a bit. I saw alot of corruption when I was in banking so I already knew it existed. I guess alot more honest people were taken than I thought. I figured the ones complaining probably just bought huge houses to impress their friends and then wanted to blame the bank when they realized they couldnt afford it. I can admit when I am wrong.
Another caveat of this crisis is a little thing called strategic foreclosure, which I don't think many single home owners chose. Instead, I believe, the people who were using ever higher property values as a way to tap into the American Dream, buying home after home so as to pad their bottom line, were the most strategic in their decision to foreclose. As the property value dropped, all the home peddlers began terminating their LIER, NINJA and variable rate loans.
Totally agree. Greed has many faces. If we don't address personal greed as well as Wall St greed, this cycle will continue to repeat itself.
I had a sabbatical, if you can call it that, from the Mental Health System and worked for Wells Fargo. When it came to mortages I saw so much con, scam and deceit go on. One young man was given a mortage for a home he, and everyone else, knew he couldn't meet the payments. Two days later he was given a loan for a brand new, full size, SUV. I didn't last long after seeing that. I bought a small, 2 BR Condo, FP and I liked it. Lived there 20 years.
Good for you. I split after 8 years of it. It was hard for me to do what they wanted me to do. I came from a home where debt was evil and I eventually figured out what banking was all about.
I spent 30 years of my life in Anchorage, Alaska. The mortgage failure in the 80's got so bad the banks paid people to live in the foreclosed homes so the homeless wouldn't move in and trash them. After the bank I went back to the mental health system and worked for the state for 20 years.
Interesting. I was too young to know what was going on in the 80's. Is the debt cycle now that much different than what you saw then? My guess is we just go through this cycle every 30-40 years.
In Alaska they placed the prices of houses so high people got in trouble paying the mortgage. Also, the municipality assesses the value of your home and they also set the property tax rate. People were just in over their head so the folks did a mass bail out and rented affordable apartments. It is like that again. Housing starting at $300,000.00 and now land left in the municipality to build. Maybe this should have been a warning to all states what was coming?
And your point is?...(crickets)
LoL...the thread is so long I dont even know which point you are asking about..
Put a sock up you arse Banker, your to late to patch things up ! The Revolution will win!
Yeah, it's too late to think common sense could make a return and people would actually "get it" again. Misery loves company so have fun with your revolutionary friends.
Your patching up comments are a month late! Get it!
not really, enlighten me.
Goodbye banker , you reek Big Brother.
Bye Bye. so does your crotch area.
Happy Banker cause your screwing everyone.
What's an "arse"?
What if they lied about the payments. You would like the leg breakers that we had back in the 60s.
Payments are spelled out plainly on a standardized document for all borrowers to see. Who's fault is it if they didnt look at such basic information.
Please, we're talking about people who can't even read at a fifth grade level buying homes. I think there should be tests of one's legal knowledge before you can sign for a home. Too many idiots, even today, buying homes that can't read the legalese on the papers. Just disgusting how little education most people have.
if a loan is a bet, isn't a bank just a bookie with a rake ? i mean every bet made good or bad they get there piece?
pretty much. it's a gamble anytime you loan someone money. sometimes you dont get paid back. all you can take is take back what the borrower was willing to pledge when they came in and asked for the money.
All it takes for evil to prevail is for good men to do nothing
so our home is never ours ? so the country owns our home ? but we don't own the country ? so who does ? you mean the guy that wrote me the loan runs the country? so im making a bet againt the agenda of the house. holy crap what are the odds when compaired to blackjack ?
the banks made up money and than loaned it to use so we had money to keep the economy going
i always thought a nation starts the creation of money. the banks fuel the economy via loans and interest. the fairness of both shows the strength of a nations people to think for themself.
economic imbalance is not fair
correct , so any solution to the issue must be fair and balanced across the board. 99+1 if you will.
if a company resolves every complaint they are doing great. if the company gets scammed by it's users and still trys to resolve every complaint they are doing something great and bankrupt. so if we don't scam eachother , can we all do something great , and not go bankrupt. is there enough cash to make that happen ? if not is there enough cash to design a system that will work. Im thinking there is a win win needed to stop this economy. the budget seems to be always growing almost like pi.
cash leaves the system consistently through hording
famines in Egypt were mitigated by hording (storing food)
one can't eat money. it is just numbers
one can't eat the internet, it is just words
News flash: Wall Street engaged in FRAUD and took greed to a new level of destruction.
And they'll do it again.
Does government corruption bother you much?
Govt corruption, yes very much. Problem is, the Corps have to lobby to keep up with the extreme libs wanting more and more handouts due to their lobby efforts.
the banks made up money and than loaned it to use so we had money to keep the economy going
End government corruption, get the money out of politics, ends the cycle of monied influence, ends the handouts that are given to keep up. Perhaps this will lead to smaller government.
Totally Agree. And THAT - even I would protest for.
Hooray! Will you stop picking on people that are in foreclosure now?
As soon as they take even a tiny, tiny bit of personal responsibility....LOL....Actually I just hope people realize that Banks are super greedy but the borrow has to THINK too.
People have been evicted from their homes. Isn't that enough??
How about a little responsibility from Wall Street - who have yet to be held accountable for the FRAUD that they perpetrated in causing the crash in the first place?
Which gets us right back to the corruption of government. GS, I'm sure you know is Obama's biggest contributor. Small wonder that all of the incriminating evidence against them is collecting dust somewhere in the basement of the DOJ.
Agreed...Let's get the corruption out of Govt.,find a better way to regulate the Financial System, Restore pride and personal responsibility. Where do I sign up? LOL
I'll take that as - you're still going to pick on people that have been evicted from their homes.
Didn't we have a conversation the other day about how to impact the banks? I think I finally guessed it, but you had already given me like 5 clues! I still don't really get that.
No, I'm not picking on anyone anymore. I guess I am on the wrong side of the argument. Maybe more people really were taken by banksters than I thought. Maybe I was wrong in thinking that most just bought fancy houses and bit off too much. Maybe the banks are even more crooked than I already knew they were....Yes, I talked to you about how you could drive their expenses up.
Well, I'm going to keep my eye on you happy! I like you. You're funny. We need some levity on this board once in a while.
And I noticed how you didn't try to defend the indefensible (Wall Street). But for good measure, you might find this interesting. Maybe you know all this already. But just in case -
http://m.rollingstone.com/?redirurl=/politics/news/the-people-vs-goldman-sachs-20110511
http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
Yes, some people bit off more. But I think everyone has been appropriately punished for that. Except Wall Street.
The bank thing - sounds too simple. Maybe thats the beauty of it. I think most people are a bit too lazy for that. Which is good I suppose. That won't really solve anything anyway.
you have to keep your promise but they don't have to keep theirs? Oh yeah, the difference is they lied and tricked buyers. Everyone would have to hire a lawyer before signing to understand the complicated structure of these loans. People end up owing more money than the house is worth, so selling it doesn't help, and the loan says that the bank gets first rights to house in this case. Then the people are screwed working like slaves to pay thieves. With a loan the house is yours, the money is theirs. To get their money, they take the house back to sell it. But, uh oh. no one can afford it. They have to use the insurance industry to get their money back instead. The Banks are not real estate agencies. So they auction off whole neighborhoods at a fraction of the original price to real estate agencies. They then try to sell them, but the new buyers need a loan.... a revolving slave trade of workers ready to sign.
SHOCKER - No one can force you to buy a house or take a loan. Irresponsible people should rent.
Clearly you like the idea of misleading or taking advantage of these people. Aren't the bankers, lenders, the most capable of discerning the ability of an individual to afford such an agreement. Or is it better to let them make what you know to be a bad decision so you can collect their money as long as possible. It is corrupt immoral and a pathetic move by the bankers. I guess that's why your so happy. Ignorance is bliss. Greed must be paradise, but truth shall set us all free.
No, I dont think banks should be allowed to mislead or take advantage of anyone. That is illegal and it should remain so. People should be smart enought to know what they can or can not afford. Do we need a watchdog to tell them which cell phone they can afford to? What about personal responsibility?
Is it not the personal responsibility of the lender to deny those who cannot afford it? those who wish to buy a cell phone must sign a contract of service, if they do not have an adequate credit rating the service provider requires a substantial deposit. This is a significant deterrent to those who cannot afford it. Loans to home buyers require the same credit check and minimum down payment, the lenders lowered this minimum to allow those who could not afford it. Creating a significant risk of default due to the increased provisions of this agreement. One of the most important provisions is the lenders ability to deny the owner the "equitable right of redemption" that would allow them to keep the home and continue paying. This is done through foreclosure. The lenders interests lie in being repaid as quickly as possible regardless of the individuals interest in maintaining a state of stability and security by having a place to live and provide for their family. The lender is morally flawed in denying individuals their rights. The sudden increases in payment requirements and fees hidden in other provisions of the sub-prime loan effectively causing the borrower to pay much more than the house is worth. There is no way to prove that lenders were honest and forthcoming. The legal structure of the agreements protects the lenders and sacrifices the borrower. The borrower being the individual with a job in direct services or manufacture etc. The lender produces nothing of value for consumers. Debt is not a desirable product of an industry, though that is the end product of these situations. Borrowing is an important mechanism of growth and prosperity in regards to innovation. One cannot cross this over into the realm of individual prosperity. Individuals require safety and security to foster the further activities of a prosperous and reasonable life.
and irresponsible bankers should do what?
go to jail if they can be proven to have broken a law. easy fix.
Hate to be a buzz killer on your statement, but banks over-spent recklessly on corrupt mortgages which in turn made them like everyone else....higher debt than income. So who made their payments?...our taxes.
70% have paid the Govt forced TARP loans back to the taxpayer with nice interest payments on top. I for one see that has a great investment for the taxpayer.
Actually, they're foreclosing on people anyway. Illegally and in breach of their contracts so you are just another disgusting shill and an shameless apologist for illegal business practices.
Illegal things happen in every corner of society. They are usually caught and punished - like it should be. Why arent you seeing alot it - because it was a tiny fraction.
We are seeing a lot of it. That's why there are protests, dipshit.
Sorry, but I doubt many of the protesters have actually been foreclosed on by a shady bankster. The protests are for handouts, plain and simple. Tired of everyone else succeeding while I suffer, that is the battle cry.
Keep convincing yourself it's that simple. If you started thinking for yourself, the banks would have wasted all that money brainwashing you.
Actually they tried but it didnt work. That's why I joined a private firm. But, it goes both ways so dont allow yourself to be brainwashed. Banks are Greedy, borrowers are Greedy too. Bank is thinking profit when the loan is made. Borrower is thinking fancy house that probably cant afford.
"Borrower is thinking fancy house that probably cant afford."
They're also thinking contract from a well established company. They'd never be the ones to default on the terms. But they do. And they continue to do so and they fortunately have people like you around to defend them when they do it no matter how illegal it is. Perhaps you should also defends rapists under the auspices that we don't often hear the whole story and maybe all the victims were asking for it.
Please tell me what terms of the contracts arent being held up? Dont ya think a judge would enforce the contract?
http://www.reuters.com/article/2011/10/04/us-usa-housing-regulator-idUSTRE79309L20111004
http://news.firedoglake.com/2011/10/18/romneys-foreclosure-plan-faster-foreclosures/
http://www.economonitor.com/blog/2011/10/fraudclosure-errors-destroying-americans%E2%80%99-property-rights/
Not when they're rendered impotent by the legislatures. Now go continue living your ignorant fantasy world where justice isn't being hindered and everyone foreclosed on is just lazy when you are obviously profoundly more ignorant and lazy than any of them.
MIAMI (CBSMiami.com) – Florida is touting the new jobs it created Friday after a positive unemployment report. But based on numbers from all W-2’s filed in the country, the wages simply aren’t keeping up.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans, saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion.
In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009.
Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
What is that supposed to tell be besides the Smart keep getting Smarter and Dumb keep getting Dumber?
If firefighters, soldiers, cops, and paramedics are getting dumber, then how are they able to put out the fires, defend our country, catch the criminals, and save the lives?
Next.
SHOCKER: If you are happy with your career and happy with your pay then it sounds like life is all good. If you are unhappy with your career or unhappy with your pay then get the heck out of that career. Complaining about probably would not be the best way to change your happiness about it.
I agree that people should take responsibility for obligations that they take on. But can you honestly say that the financiers that were making amoral bonuses on the basis of the mortgages they were selling are completely innocent in this?
Innocent - No. Guilty of anything illegal - No
Tell you what. Read the report from the bipartisan Commission on Financial Crisis. What you'll find is that, while the crisis was partly caused by loan default, it was greatly exacerbated by fraud, lack of enforcement of existing regulations, greed and collusion between multi-national finance corporations, the financial lobby and the federal government.
Little slogans like those offered by Capilalismrules, and Momcalled are perfect examples of the simple-minded generalizations that keep you comfortable.
The truth is far more complex, far more unfair and far more corrupt.
Sounds like the Truth is hurting. Always looking to point the finger at someone besides the rightful owner
Read the data, banker. Sure, people did default, but securitization, greed and corruption added far more pain.
Don't tell me what I already know, you arrogant cracker.
Please make your payment on time next month. Thanks!
You know, I just read your comments to others, below, and it's clear that you are not worth debating with. Go count your money, dick.
Again - read the data. This is not just about one person, or even a group of people making payments on time. It's about a corrupt industry in collusion with a corrupt government. I know you would like it to be more simple, but that's simply not the case
I'm glad that you like your career as a banker, and you are probably a pretty good one, considering that you think you "deserve your money", but ignoring the truth about what really happened does not help set us on the right track.
Are you afraid to study the issue?
Don't need to. I have forgotten more about this issue than you will ever be able to comprehend. Now again, make that payment on time next month or it's YOU that will pay the piper.
The best of all retorts - fuck you you fucking fuck
I'm sure you would love to but no thanks. Overweight women dont really do much for me. Thanks for the offer though
Except, that's not true.
Man without Mortgage Loses Home in Foreclosure - http://www.ritholtz.com/blog/2010/09/man-without-mortgage-loses-home-in-foreclosure/
the thing is, you don't actually owe the bank anything when you take out a mortgage. Since the bank creates the money for the mortgage rather than lends it from its own reserve, the bank voids the contract because the bank has actually put up nothing of its own in return for the house that the mortgage buyer has put up. In legal terms this is called consideration (the exchange of one type of property for another.)
So every time a bank loans out a mortgage it is commiting fraud, and everytime you make a mortgage payment, you are contributing to that fraud.
the bank lends you someone elses deposit so if you have money in your checking account its then loaned out to someone (savings = investment in any economy)
No, mimthefree has hit on something. Banks are alowed to lend more money then they have in deposits. It screws up the whole system.
This is not about promises, but the ability to pay. People can't make payments when they don't have jobs. The fact that wages have decreased over the past decade by 7% doesn't help. 14 million are unemployed according to the unemployment rate. The unemployment rate shows that there are fewer jobs available than the number of people seeking work. No matter how hard a person looks for a job, or how much they want a job, there aren't enough jobs to go around. Property tax increases and declining property values have exacerbated the foreclosure problem.
I'm not arguing that there are plenty of jobs around. But, the bank expected payments to be made when they wrote the check. It's not the bank's fault that they cant make the payment they promised to make. The only recourse is foreclosure which is perfectly legal and justified.
Maybe that is the problem.
So if you work all week and your employer will not pay you like they promised you will say "oh, thats ok. Dont worry about it"?
Actually, I think plenty of employers have broken their promises about wages and benefits. 50% of Americans earn less than $26,000. Benefits have been reduced and wages have decreased by 7% over the last decade. Did American workers sign on for that?
If they are unskilled, then yes they did. If not, there are plenty of people around the world who will work for that and take those jobs right out from under them.
I disagree with you. Nobody signs up for a job to work two jobs so their employer can save money, to get measly increases, to get their benefits cut, etc. Greed is the problem with how our capitalism works. And, employees have no leverage to improve their situation when unemployment is at 9.1% and employers know it and take advantage of it.
Yes they do have personal leverage. They can walk right out that door and start their own company where they set the rules.
So, you think the U.S. economy can handle start-ups by that many people?
Yes, if you are 99% of the population then you should have plenty of customers. should be pretty easy.
So, let's all quit our jobs! Actually, I did exactly what you said, but I don't agree that everyone could do that. Most don't have the capital to begin a business to begin with and if we had 200 million or so companies, I don't know for sure, but my guess is they wouldn't make much money.
Good for You! We need more people taking initiative like you. Sitting around crying about how bad things are is a great recipe for misery.
all American debt to the bailed out banks should be null. They got a trillion dollar's from the treasury so that should cover our mortgages.
So anyone that owes you money shouldnt have to pay it either. I am sure you are getting an unemployment or other type of check from society.
nobody owes me money.
That is DEFINATELY not the sentiment of THIS forum. Congrats on being in the minority
Yes...and if the banks were not greedy and obeyed the law...they would not have to ask us to bail them out with our tax dollars.
Sure, there were a few that broke laws but there are criminals in every corner of society. For the most part, the only laws that were broken were the basic laws of common sense on the part of borrowers.
Why are you minimizing their criminality?? Are you insane...or stupid? This is why they get away with this shit...because people like you are apathetic about it. Why aren't you angry at them for engaging in a criminal act that if you engaged in...would be sent to prison. Instead, they got off free...and got help from your tax dollars....you sound like an idiot...sorry, but you sound like if you were robbed...you would just throw your hands in the air and say...oh well...there are criminals in every corner of society...I should have installed a better alarm in my house.
because not that many crimes were actually committed. The major crime was the crime of stupidity by 99% of the borrowers that got foreclosed on....Hey, honey, lets buy that huge new house on the corner to impress our friends and ourselves. Yeah, lets drive down to the bank to ASK for a loan that we cant afford if the economy slows down and we arent working overtime anymore. Stupid people need foreclosed on!
The point is not about what laws were broken because the laws were bent by buying regulations or deregulation from our via our legalized system of corruption know as campaign finance and lobbying. Those financial institution ran a 10 scam, many of the bet short against their own funds because they knew it would fail. The fact is that people have been conditioned to think that if it were not a safe bet the banks would not loan the money, they used this conditioning to prey on people to make them think they could afford the house they were buying. The banks and financial house created a bubble that was so big they forced the public to bail them out or go into a hard long depression. So your position here that only the signers of the loans are at fault and should bear the brunt of this failure is disingenuous at best, but more likely you simply are just an asshole that enjoys antagonizing people for pleasure. So go fuck youself happy banker
"make them think they could afford the house they were buying"...LOL...yeah, they train us in how to turn sensible minded people into instant dumbarses...I see you dont believe in personal responsibility...guess I am not surprised.
who cares what you "surprised" about. Your a right wing corporate boot licking moron just trying to stir shit up here. The only person impressed with your teaspoon shallow opinion is you.
got foreclosed on? should have made that payment!
LOL nope I got a house, a lake house and a job..... Im just not a corporate boot licking scum wad like your self who has nothing better to do then to come here a try stir the pot to get my sick jollies.
It's probably more than your pathetic income can afford and its probably worth a lot less than you paid for it. The dumb keep getting dumber.
Yawn... is that all you got.... you must be the banker in a monopoly game for special education..... what a simp
It's ok, Kookla. If you make your payments we wont foreclose on your arse. Now, turn off the computer and head downstairs to the place you really Occupy - your parent's basement.
sorry for my previous posts - i assumed (incorrectly) that you were interested in an educated discussion - reading your comments brought nissem taleb to my mind - you have been fooled by randomness - if you are so rich why aren't you so smart?
The educated part is hard to find here. I've worked in 3 different industries, banking being one of them. Somehow, my hard work and use of my brain keeps paying off and has in all 3. I know your type - show up late, complain, moan, do shoddy work, never come up with anything that adds value, get laid off, bitch about it, eventually find another job, start process over again. Believe me, I know the type.
Hot stock tip of the day....invest in Kleenex.....with all the booohoooing going on from OWS we can get the economy back to rolling in no time flat!
Yeeeeeeehawwwwww!
Hot stock tip of the day....invest in Kleenex.....with all the booohoooing going on from OWS we can get the economy back to rolling in no time flat!
In this country, we have to realize that some are too dumb to be helped.
When the fuck are the banks gonna pay back their loan from the taxpayers? Huh, asshole?
I'm going loanshark on a banker's ass soon. I want my money back, and I'll happily break some legs if you fuckin' leeches don't pay up.
they should have done the banks like they did americans. gave them a sub prime loan with a floating interest rate. open the loan the first month at 2% then the second month inflate it to 30 or even 40%. maybe then the tax dollars could have been used to teach the finacial industry a lesson about how it feals to get fuked.
Agreed. Then when the banks couldn't repay the loan... Foreclose! Just like they do us.
7 months ago.
http://www.reuters.com/article/2011/03/30/us-usa-treasury-banks-idUSTRE72S7Q120110330
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Easy tough guy...There is this new great thing called "Google". You should check it out to find out how many of the banks paid the TARP loans back WITH interest to the taxpayer. As a taxpayer, I like it when we earn money on our taxpayers instead of wasting them.
They should have never been given the money in the first place. It all should have been left to fail. If nothing changes....they will eventually do this again...it has stop.
Wow, I got some truth out of trolls. That's epic. Go me.
Don't believe what you hear on talk radio about the CRA, subprime, or the housing market.
This is what really happened:
The first subprime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.
The biggest player in the game was Countrywide. Endorsed by Oprah Winfrey, Ellen Degeneres, and Dr Phil. If you have their shows from '04' to '06' on tape, watch them again. All three were paid millions specifically to endorse Countrywide by name. The biggest subprime player in the game. They issued more ARM loans than anyone else. Foreclosing on those who could not make their monthy payments when the rates suddenly went through the roof. It was a cruel and calculated plan to sell more homes, artificially inflate the market, foreclose, and resell for a higher profit. The sham worked like a charm for 12 years before the house of cards finally fell in.
Oprah, Ellen, and Dr Phil were paid millions for their endorsements. Ch'Ching!
Like I said, if you make the payment that you promised to make they wont foreclose on you. Its a secret but it actually works!
And why have banks paid fines for Fraud in recent years dear happybanker....? We like our criminals up at the top where we can see them.The higher they are the harder they fall.
If laws were broken then fines should be paid. Fact is, the vast majority of foreclosures were on idiots who borrowed more than they could pay.
If laws were broken (like, no big deal man) then fines should be paid. If you bought a house with borrowed money from the lawbreakers then your an idiot. Ummm. Is it just me or am I smelling some dumb ass bias?
No, thats your smelly crotch. Please Google "Vinegar and Water remove foul smell from crotch area". Your significant other will thank me later.
The bankers are like the telecommunications companies. They know you need them and the tailor their contractual agreements in such a way that you would need to hire a lawyer and spend hundreds of dollars to interpret the fine print. Sure, there are a lot of stupid people out there. But there were a lot of unethical and greedy and lying thieves amongst the bankers and mortgage brokers. Corporate banksters are nothing more than scum just like the Wall Street vermin who think nothing of engaging in unethical or illegal activity to worship at the foot of the almighty dollar. They would sell their daughters to pimps if they could make money and some, no doubt, have. There will come a time when these MFs will wish they had never been in banking. Some day there will be reparations, if you get my gist.
And they forced them to walk into the bank to apply for the loan. Then they pistol whipped them into signing the loan document that spelled out the terms of the loan.
Were aware no one forced anyone to apply for the housing loans and i have to agree that taking on one of the creative ARM loans was not a wise decision for many Americans. what really bothers me is the banks making the loans in the first place.the banks made money on the front end of these loans and there stocks went through the roof. the problem is they were well aware if the economy slowed just a little , these loans would never repaid. Banks then turned around and loaned even more money on top of these loans in the form of equity loans and seconds.so who were the real fools here?. the poor hard working people, who wanted the American dream or the college educated people running these banks! who knew in advance the feds would bail them out if the the moronic loans they made failed? the answer is crystal clear to anyone with half a brain..
Good points. It's classic of a boom-bust real estate cycle. Govt at fault, Banks at fault, borrowers at fault.
Yeah, it is a real drag when people want a home and they have to deal with scum like you who act like used car salesmen, knowing that you got a real racket going and should the person ever lose his job, you keep all the money, get all the interest, and then repossess the house even after many years of payments but, yeah, i can hear you defend this because that is how the legal system works and so what if they are forced out on the street because they lost their jobs because banksters engaged in bets and worked to defraud the public because they could get away with it and who gives a fuck about the children and their future because you may a killing and can staple the dollars to your dick and admire them as you get dressed up for another soiree with you mistress while you pretend to be something you are not which is to say an honorable person and you might even go to church once in a while to alleviate your subconscious guilt and, too bad, you might have to listen to a sermon on Jesus who said that Rich People are motherfuckers, essentially speaking, because they focus on the almighty dollar instead of God but now you laughing and shaking uncontrollably because you don't give a shit about anybody but yourself and your attitude is basically fuck you people, fuck you poor ignorant slobs who actually work for a living and sweat while meanwhile I play with money and peoples' lives and if they end up dead, who gives a fuck, that is their problem, hahahahahahahahahaha: and i just bought another car and things are going well and my friends and I are greedy bastards who vote republican and if satan would appear, I would probably let him buttfuck me if I could sell him a house: RIGHT????????
Newsflash - Banks arent in the business to care about your pathetic life. And for the record, YES, if you dont pay what you promised to pay then get out of MY house, bro.
My life is okay, Bankster, i just took some glue and fucked up another bank ATM. Gave me great satisfaction. Used a Bush mask. Your life on the other hand, I suspect, is not so good (see money is not everything). Any of the opposition who comes on this site and spends this much time. Now that is what I can Guilt, plain and simple. Had a heart attack lately?
No, I'd say I am doing real good. Profits are way up. As profits go, so go the Bonuses... I do hope that no one who works in banking passes this message to their bank security group though. That IP address of yours might just be useful to the Feds.
Gosh oh golly, i am shaking in my boots. Now you really got me scared. Like the feds don't already know me. You, on the other hand, well, I could call in some favors and find out. If I was you, I'd be scared knowing the shit you pulled and think you got away with. Be careful my friend. You never know who you are really talking to, right?
That's fine as long as the buyer is made fully aware in plain English of the terms. It's been reported that often, they weren't.
Oh...the banks purposely made it unclear what the terms were. They lied on mortgage application forms to make people appear credit worthy....so why would they tell the borrower the truth about the terms??
If you really think bankers at any level are above deception, you haven't been reading the news for the last 5 years..
Conservatives, motivated by a philosophy of blind faith in the free market and deregulation at all costs, undermined regulations and ignored emerging warnings of this financial crisis. First, Republican Senator Phil Gramm, an anti-regulation zealot, made sure that the risky financial products that nearly brought down Wall Street would be exempt from government regulation by quietly slipping a provision into a must pass-budget bill in 2000. Under conservative leadership, the Securities and Exchange Commission turned a blind eye as the market in these poorly understood financial products ballooned and actively abetted greater risk taking by Wall Street investment banks by allowing them to double the amount of debt they kept on their books. Meanwhile, Alan Greenspan and Bush Administration regulators ignored multiple warnings about looming problems in the mortgage market. Even worse, other federal regulators enabled abusive subprime lending by pre-empting state laws protecting borrowers from lending abuses. And bills trying to institute common-sense regulation to discourage banks from engaging in some of the risky lending practices that led to the current crisis were frequently introduced in Congress and then defeated by conservatives.
What did you think the terms of a loan would be? You pay until you don't feel like it anymore? Why is it that if you lose your job but your neighbor doesn't, he/she has to keep paying the mortgage while you don't?
Look around. Check the news. Not only here but worldwide. My God. Can you people acknowledge a single valid point? Do you really think it's that simple?
How about this? MIAMI (CBSMiami.com) – Florida is touting the new jobs it created Friday after a positive unemployment report. But based on numbers from all W-2’s filed in the country, the wages simply aren’t keeping up.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans, saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion.
In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009.
Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
Let me guess: Its those damn liberals?
http://www.psychologytoday.com/blog/wired-success/201109/are-jobs-we-know-them-becoming-obsolete
http://www.cnn.com/2011/OPINION/09/07/rushkoff.jobs.obsolete/
http://www.youtube.com/watch?v=W0Z8TR4ToNs
What the heck is your point? Not every thread is about the wealth gap. This thread was about a single topic - paying your mortgage on time.
I know plenty of people who have lost their jobs and have been unemployed before having to take a pay cut or change industries altogether. They either a) rent or b) waited to purchase real estate until they had enough of a cushion to account for even a major disaster. Home ownership is not a right. What ever happened to plain ole financial planning? If you can no longer afford your home, rent it out to someone who can and move into a shitty apartment a little further away. It's not rocket science.
The relationship between concentration of wealth and economic instability isn't rocket science either. Nor, the relationship between economic instability, unemployment, loss of income, and foreclosure. But it is simple math.
In the perfect world you fantacize about, one could eliminate any possibility of foreclosure with "plain ole financial planning".
In the real world, it's not that simple. Unless of course, you want to start ripping on all the US soldiers who were foreclosed on while defending your right to rip on them. Over 4500 have recently given their lives to defend that right.
Now are you ready to admit that it's not that simple?
Let's see you weasel your way out of this one. Keep in mind that I'm watching the clock. Tick tock tick tock tick tock.
Or maybe people didnt care to take the time to read them?
The banks that bundled up these mortgages and sold them as CDO's or whatever don't own shit, they don't have the titles anymore.
They never had the titles. They held a lien on a title via a mortgage position.
I get it. Thanks. Nevertheless, I know more then a few people that worked either in the mortgage/loan dept. of some of these big banks and also a few people that were in the mortgage brokerage Industry during the boom and all of them told me a lot of very questionable stuff was happening and in a different era lots of people would have ended up either in jail or at a min. in front of a grand jury.
Yes. Of course there was a feeding frenzy of bankers and mortgage brokers during the boom and yes it was shaky and sleazy. No one cared.
Hot stock tip of the day....invest in Kleenex.....with all the booohoooing going on from OWS we can get the economy back to rolling in no time flat!
it's also good for cleaning up blood. you know just encase folks get stupid. don't make this asshat right.
and your great idea is?
No, no...u guys r doing great...keep up the good work.
thought so
Rich capitalist corporations suck! When the economy turns around I'm gonna go work for a poor person.
I know! I hate people who use their head, use their talents, and strive to be a productive member of society. I hate people who have money because they deserved it. Everyone should sit around and complain our way to success.
i wish everybody new this revolutionary method
Its definately a new discovery of mine. Arent you amazed at how well this could actually work?
i know, to bad common sense has died out or this would have been discovered a long time ago.
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Right...then when the value plummets you can walk away from it. the banks appraised them to be so valuable...they should be happy to own them
well, you can. It will ruined your credit, but you can walk away from it
Nothing like having all these great options
Get screwed or get screwed
Hmmm which shall I choose
Um, yes it is.
it is assuming you can make the payments and the taxes otherwise, the lender forecloses thats a mortgage
no it is the banks until you pay it off. You may live there but it isn't your house.
Legally the bank holds a lien on the property which you own. It is not the same as the bank owning the property. It is an important legal distinction.
lol. then its not your house when its paid off. the government or the "elite" can come take it from you if they want. slippery slope we r on right now and if washington doesnt act fast for the poor they could prob c themselves as the poor.