Forum Post: The Government Forcing Banks to give mortgages to those who likely could not pay was the cause of the housing meltdown - right Blommie?
Posted 13 years ago on Nov. 19, 2011, 11:55 p.m. EST by jk1234
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Nope, every house I have ever bought when it goes to escrow, you sign all your papers. Right there in black and white it shows what your house payment will be now and after a few years if you signed up for a low intro rate. If a person makes $50,000 per year and their house payment will be $2000 an month to start and then after two years it will go up to $3500 per month...that is impossible. I blame only one group....the American homeowner. I know many folks in this same boat with their homes underwater. Most of them are making very good money but they still cannot afford $3500 per month along with swimming pools and Honda minivans. They were stupid and signed the papers. Now they are losing their home as they should. Home ownership is not for everyone.
NOT RIGHT visit www.remortgageamerica.com click on Get Involved and How Can I Help and we can fix what the bankers did in unfairly manipulating interest rates and blaming it on working Americans the 90% of us who were working until they screwed us.
FBI REPORT....It was fraud by the Mortgage lenders....... research it fool....
you hit the nail on the head. they lobbied to get regulations removed so they could go in and sucker people into these things. then the people who rely on their job to pay for it gets moved to india or some other place and guess what. there goes the mortgage. and wow the banks now own the house you should own.
I agree, and do not believe government forced it, and that is part of the message of the video link
It's the derivative's that were created and sold during the Bush administration and the lies told by the rating agencies. Trust me when I tell you banks and wall street to a big cut from every mortgage that was sold and they took another cut when they turned them into CDO's and they made another pile of money when they sold CDS's to insure them. Did the fed give the banks to much leverage -yes Did the repeal of Glass-Steagall allow banks and wall street to create Frankenstein bonds that would explode and put the taxpayer on the hook ---yes Did deregulation of derivatives allow AIG to create highly leveraged CDS with no reserves to back them up that would explode and cost the taxpayer 10's of billions -yes Is the bankruptcy of MF Global an indication that none of these problems have been addressed ? yes It's very naive to pretend that Fannie and Freddy loaning money for housing to the poor caused this mess. It was a big party money grab for the banks and wall street and it is still going on
Congress lowered the lending standards, at the behest of Wall Street banks. It was the banks themselves that created the crappy mortgage products and went out looking for people who were unqualified.
The Congress That Crashed America http://home.ptd.net/~aahpat/aandc/congcrash.html (A compilation of current members of Congress who, in 1999, voted to repeal Glass-Steagall.)
Dylan Ratigan Has Some Fun "Celebrating" Gramm-Leach-Bliley Act
http://www.youtube.com/watch?v=apeuxk78-a0&feature=related
Thanks, that was good. All the more reason to at least take money out of TBTF banks.
Thanks, that is the LEAST we can do. Although, it does take effort because so many of us have automatic payments . . . but come on - very little effort in comparison with the sacrifices many have made to secure our liberty.
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." -James Madison
“The bank hath benefit of interest on all moneys which it creates out of nothing.” William Paterson, founder of the Bank of England in 1694, then a privately owned bank
http://www.TheMoneyMasters.com
http://www.WebOfDebt.com
http://www.Monetary.org
Who passed those laws???? A corporate fed congress. Why because they knew they would get a bailout. And b they get the propert back in the end. What a great deal.
or it was done intentionally to collapse the economy..
unbelievable government has no dominion over crimes commited by banks!
watch the video
The republican congress can not allow funding to various departments of government if it wants to make a stand on the issues.
fannie and freddie were forced to give non income verification loans. look in frankin raines, johnson, reno, dodd and frank.
nobody "forced" them. the banks saw the new law as an opportunity to conduct the most massive fraud in history, and we all know what happened next.
They were forced.
it was fraud
fraud? banks were forced to offer the non income verification loans. Would you buy something you know you could not afford? Plenty of idiots did.
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Forget it. These democrat party stooges don't wanna here it.
I agree and neither does the republican congress, that can stop funding of the departments committing fraud. Why would I want to make a stink if I am privy to insider information that I can trade on, and possibly get a job after political office paying more than my salary?
maybe cause you have integrity?
And that is exactly what the republicrats are doing. It's illegal for everyone but Congress.