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Thread: Republican wins Democratic New York House seat

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by Conservative View Post
    Because they could bundle the loans and make money off them. What does that have to do with people taking out loans that they cannot repay? Where does personal responsibility lie in your world? Who held a gun to the borrowers head and forced them to sign on the dotted line?
    So where is fiduciary responsibility in your world?

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by winston53660 View Post
    So where is fiduciary responsibility in your world?
    There wouldn't be any loans if unqualified individuals took personal responsibility for their own finances and didn't sign for loans they couldn't pay for

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by Conservative View Post

    There wouldn't be any loans if unqualified individuals took personal responsibility for their own finances and didn't sign for loans they couldn't pay for
    It's as if you don't take personal responsibility for the crap you post. Still waiting for you to post evidence that anyone took out loans they knew they couldn't pay back. A claim you keep repeating sans proof.



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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by Conservative View Post
    When you bought your home did you read the contract? Did you know what your payments were going to be? Second mortgages didn't cause this problem and you know it but the same principle applies, why would anyone sign on to a loan that they couldn't pay? I understand the lending insitution but to blame them is ridiculous. Individual responsibility doesn't exist in your world, does it?
    Bold: Are you ****ing kidding me? I don't have the stats, but I would say seconds were a large part of it. People saw the property values rise so they either got a second to take out the "equity" they thought they had or bought bigger homes. The housing bubble was not caused by low income people buying home or Barny Frank or Chris Dodd or the CRA or President Bush pushing loans to low income people. It was naked greed by the financial sector - Wall Street and the Banksters.


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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by Conservative View Post
    There wouldn't be any loans if unqualified individuals took personal responsibility for their own finances and didn't sign for loans they couldn't pay for
    Uhmmmm no, that is the responsibility of the financial corporation (legally regarded as an individual) to figure out if a person is qualified or unqualified for a loan .

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by pbrauer View Post
    Bold: Are you ****ing kidding me? I don't have the stats, but I would say seconds were a large part of it. People saw the property values rise so they either got a second to take out the "equity" they thought they had or bought bigger homes. The housing bubble was not caused by low income people buying home or Barny Frank or Chris Dodd or the CRA or President Bush pushing loans to low income people. It was naked greed by the financial sector - Wall Street and the Banksters.
    Then prove it, buying a bigger home isn't a second mortgage. This is total and complete bs having absolutely nothing to do with the thread topic. Not exactly sure what is wrong with you and the other Obama supporters but NY 9 figured it out, when will you? Interesting how you ignore the naked greed out of the biggest sector in our country, the Federal govt. but that is apparently ok with you
    Last edited by Conservative; 09-18-11 at 11:09 PM.

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by Conservative View Post
    So still seeking justification for your vote? Obama's current JAR and approval of handling of the economy makes that hard to find. Keep looking rather than admitting that you were wrong and Obama duped you. The People of NY 9 got it, when will you?
    No, I'm just looking for some logical consistency ... or indeed anything besides pure party-line pap from you.

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by pbrauer View Post

    Bold: Are you ****ing kidding me? I don't have the stats, but I would say seconds were a large part of it. People saw the property values rise so they either got a second to take out the "equity" they thought they had or bought bigger homes. The housing bubble was not caused by low income people buying home or Barny Frank or Chris Dodd or the CRA or President Bush pushing loans to low income people. It was naked greed by the financial sector - Wall Street and the Banksters.
    I personally know someone who took out a line of equity against their home based on the inflated price. Years later the value of their home dropped drastically and the bank drastically lowered the amount of they were eligible to borrow, which was about $40,000 less than they had already borrowed. The bank gave them 30 days to fork over $40,000 or risk losing their home. My wife called a friend who worked at that same bank to learn if we were at risk of receiving a similar letter. Our friend at the bank relieved us that we would not since we had borrowed less than the new amount of credit available but that it had been the week from hell for her because her bank had sent out thousands of letters like that and how she had been spending her days trying to console customers who couldn't raise the money necessary to save their homes; while spending her nights drinking herself to sleep. Our friends, though it wasn't easy, managed to raise the $40,000 and save their home but I can't even begin to guess how many couldn't.

    People are crazy if they think second mortgages didn't contribute to the real estate meltdown.

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by AdamT View Post
    No, I'm just looking for some logical consistency ... or indeed anything besides pure party-line pap from you.
    If Obama is doing so well as you seem to believe why is his JAR as low as it is, why did Republicans take control of the House, why are there more unemployed today than when he took office, why is the GDP so low, why is the misery index rising, why hasn't he kept one economic campaign promise? So many questions and yet so few answers.

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    Re: Republican wins Democratic New York House seat

    Quote Originally Posted by Conservative View Post
    You are kidding, right, this is an act? Foreclosure records set, obviously because the banks wanted the houses back?
    The truth is that a lot of people -- probably MOST people -- simply don't have the knowledge to wade through the fine print of a mortgage contract to discover where all the land mines are. A lot of folks got caught out because the lenders were just trying to close deals and didn't give a f*ck if the borrowers could pay. Why should they care? The were getting the loans off the books as fast as they could and dishing them off to investors who didn't have a clue what they were buying. They didn't have a clue, in large part, because the ratings firms were assigning AAA ratings to pure junk.

    Generally the law makes a distinction between sophisticated parties who should know better and who tend to have most of the bargaining power, and unsophisticated parties who don't have much bargaining power.

    Sure, in a perfect world no one would ever sign a contract that they didn't 100% understand, but this isn't a perfect world. Obama and the Democrats are attempting to minimize this problem going forward through the auspices of the Consumer Protection Agency ... an effort that Republicans are doing their damnedest to derail.

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