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Thread: Food Stamp Rolls to Grow Through 2014, CBO Says

  1. #171
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by MoSurveyor View Post
    And those people paid for their mistake by loosing their home and going bankrupt.
    And you still blame the banks for their problems.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    I am still trying to figure out what makes a bank whom is in the business of making loans, and showing a profit for capital investment to their shareholders makes them "predatory"....

    You want a true predatory lender situation, take a look at these title loan, and payday advance places that charge interest in the hundreds of percent, and typically set up shop in poorer neighborhoods.


    Oh, and side note, trying to counter my argument with anything out of Edward Markey's mouth, (arguably the dumbest man to ever hold office) is really laughable.


    j-mac
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    BS, for the majority of home owners it has been an asset with increasing value which you already admitted can be used as collateral. Have you ever owned real property?
    A home has characteristics of both.
    Treating a house as an asset can lead you to trouble, when you don't realize that it can also be a liability.

    Quote Originally Posted by Gimmesometruth View Post
    Again, an inexperienced comment....of course there are consequences, it creates a huge black mark on your credit rating lasting for at least 5 years.
    Yea yea, it's so horrible that you can purchase another one 2 years after foreclosure, using an FHA mortgage.

    Quote Originally Posted by Gimmesometruth View Post
    Red herring, no one said it was the only investment....oh snap, did you imply it was an investment?

    Yes, you did.
    Yes, because a house can be both.
    Most people use their homes as an investment, that's where the majority of their wealth is foolishly stored.
    The problem is that homes are also liabilities.

    Learn the differences between the two.

    Liability Definition | Investopedia

    Asset Definition | Investopedia


    Quote Originally Posted by Gimmesometruth View Post
    Yes yes, millions of families in the US, most of them 2 income households, should have anticipated the massive job losses of 07-09 and the subsequent tight job market following the worst drop in the economy since 1929 and should have had enough saved up to pay their mortgages despite the fact that savings in the decades leading up to this were the lowest due to non-existent wage increases.

    All of this....is their fault.
    Millions of two income families should have secure their savings, enough to supplement their unemployment insurance, so that they wouldn't lose their homes.
    The savings rate in the U.S. is abysmal.
    That problem falls on the shoulders of individuals, who choose to spend everything they earn or spend more than they earn.

    So yes, for many, it is their fault.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Harry Guerrilla View Post
    A home has characteristics of both.
    Treating a house as an asset can lead you to trouble, when you don't realize that it can also be a liability.
    Neither here nor there.



    Yea yea, it's so horrible that you can purchase another one 2 years after foreclosure, using an FHA mortgage.
    Generally, no, 2 years on a short sale. I suppose one MIGHT be able to swing it before 5, but you will pay a hefty interest rate with much higher deposit levels. Again, you ARE penalized...AGAIN, the lender is covered on a short or forclosure.



    Yes, because a house can be both.
    Most people use their homes as an investment, that's where the majority of their wealth is foolishly stored.
    The problem is that homes are also liabilities.

    Learn the differences between the two.

    Liability Definition | Investopedia

    Asset Definition | Investopedia
    Pfft...is that it....that is your experience? LOL.




    Millions of two income families should have secure their savings, enough to supplement their unemployment insurance, so that they wouldn't lose their homes.
    The savings rate in the U.S. is abysmal.
    That problem falls on the shoulders of individuals, who choose to spend everything they earn or spend more than they earn.

    So yes, for many, it is their fault.
    Yes yes....again, you expect the individual borrower to have a better view of the economy and the lending market, a better more accurate view than Greenspan. Again, the home is the main investment for most since it is an investment that serves as dwelling. For most, there was no better investment since 401K's and stocks took the big hits previously during the dotcom bubble. AGAIN, this was huge amounts of world investment dollars looking for a safe bet. Mortgages, particularly US mortgages, had been safe since the 89 S&L crash, and everyone thought that the regulators were doing their jobs after that f'up. AGAIN, Brooksley Born saw that the investment banks were gaming the system with derivatives, Greenspan et al rejected her warnings outright. Again, you expected individual home buyers to make "rational" choices, but they can only do that when they have full knowledge of TRANSPARENT markets. The housing market, with all of its opaque lending environment, was in no way open and clear. Further, you still expect the unemployed to have expected/anticipated this massive recession.
    Your expectations are unrealistic.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    I am still trying to figure out what makes a bank whom is in the business of making loans, and showing a profit for capital investment to their shareholders makes them "predatory"....
    It seems nothing more than they are not liked, thus must be demonized. Even if it is only 1% of those lenders that did anything wrong, paintbrush the whole lot of them.

    Of course you have to wonder what the expected outcome is if they got their way and most banks quit lending money. I guess then their complaints would still focus on those they wish to demonize.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    I am still trying to figure out what makes a bank whom is in the business of making loans, and showing a profit for capital investment to their shareholders makes them "predatory"....
    Well, we could show you the techniques used by lenders selling ARM's during the great refinance boom, but you would not believe it this time since you didn't get it the first time when these examples were in the news.

    You want a true predatory lender situation, take a look at these title loan, and payday advance places that charge interest in the hundreds of percent, and typically set up shop in poorer neighborhoods.
    Funny, you can see those examples, but not the well documented previous examples.


    Oh, and side note, trying to counter my argument with anything out of Edward Markey's mouth, (arguably the dumbest man to ever hold office) is really laughable.


    j-mac
    Classic, kill the messenger....since you cannot or even attempt to counter the point.....ACORN was doing the OPPOSITE of what you claimed, what you believed, what you read at your RW websites.
    Last edited by Gimmesometruth; 04-23-12 at 05:38 PM.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    I am still trying to figure out what makes a bank whom is in the business of making loans, and showing a profit for capital investment to their shareholders makes them "predatory"....

    You want a true predatory lender situation, take a look at these title loan, and payday advance places that charge interest in the hundreds of percent, and typically set up shop in poorer neighborhoods.


    Oh, and side note, trying to counter my argument with anything out of Edward Markey's mouth, (arguably the dumbest man to ever hold office) is really laughable.


    j-mac
    It's not that hard.

    Here's a definition:

    Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process.

    Predatory lending - Wikipedia, the free encyclopedia

    Lenders made false promises, pulled people in, knowing they would fail, and bet on them failing, making a profit while shifting the burden of the loan to others. It was a devestating practice on all but them. Most of them made a lot of money and walked away.

    And yes, people desperate to make it one week to another do use things like payday loans, and they do fine. it is their customers who struggle. But when all your choices are bad, sometimes you try to survive just a little longer. While i know that is evil and beyond anyoen's understanding, I suggest those who profit hansomely on this misery are not moral saints, and those who do so like those in the housing market also share some of the blame for the consequences of their actions.

    But here is some more to think about:

    The main problem with predatory lending is that its effects aren't felt immediately. It can take three or four years for a borrower to realize that he or she can't afford a mortgage. That's because the borrower has been tricked into signing up for a so-called "exploding" mortgage. This is an adjustable rate mortgage (ARM) whose interest rate jumps from around 7 percent to as high as 12 percent after the second or third year of the loan. Exploding ARMs are also called "2/28" and "3/27" ARMS because the first two or three years carry a fixed interest rate, and the next 28 or 27 years of the mortgage carry a floating rate.

    Why would anyone sign up for such a loan? Because the initial fixed rate, or teaser rate, is below the prime interest rate. And because the lender or mortgage broker convinces the borrower that within those first two years he can improve his credit score and refinance for a fixed interest rate before the adjustable rate resets, or "explodes" [source: Bair].


    HowStuffWorks "Effects of Predatory Lending"

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    It seems nothing more than they are not liked, thus must be demonized. Even if it is only 1% of those lenders that did anything wrong, paintbrush the whole lot of them.

    Of course you have to wonder what the expected outcome is if they got their way and most banks quit lending money. I guess then their complaints would still focus on those they wish to demonize.
    Yes, and we see that is those making $250 combined income per household. NOT millionaires. These are redistribution schemes that history is replete with their failure. Yet, remember, to the socialist, two things apply...

    1. Socialism is not for the socialist, rather it is for the people.

    2. Socialism never has failed, it's just that they haven't been able to do enough of it.


    j-mac
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    Neither here nor there.
    Of course, it's material.


    Quote Originally Posted by Gimmesometruth View Post
    Generally, no, 2 years on a short sale. I suppose one MIGHT be able to swing it before 5, but you will pay a hefty interest rate with much higher deposit levels. Again, you ARE penalized...AGAIN, the lender is covered on a short or forclosure.
    Excuse me, FHA loans are available after 3 years providing you meet the minimum credit requirements, which is a 580 or better credit score.
    No FHA loans only require a 3.5% down payment and the interest rate is about 1-2 percentage points greater than the market rate.

    The lender is only covered if, you were required to have private mortgage insurance (less than 20% down payment) or the loan was FHA insured.

    Quote Originally Posted by Gimmesometruth View Post
    Pfft...is that it....that is your experience? LOL.
    Financial truths make you lol?
    I purchased my home, after the housing market crash, because I got my house for cheap.




    Quote Originally Posted by Gimmesometruth View Post
    Yes yes....again, you expect the individual borrower to have a better view of the economy and the lending market, a better more accurate view than Greenspan. Again, the home is the main investment for most since it is an investment that serves as dwelling. For most, there was no better investment since 401K's and stocks took the big hits previously during the dotcom bubble. AGAIN, this was huge amounts of world investment dollars looking for a safe bet. Mortgages, particularly US mortgages, had been safe since the 89 S&L crash, and everyone thought that the regulators were doing their jobs after that f'up. AGAIN, Brooksley Born saw that the investment banks were gaming the system with derivatives, Greenspan et al rejected her warnings outright. Again, you expected individual home buyers to make "rational" choices, but they can only do that when they have full knowledge of TRANSPARENT markets. The housing market, with all of its opaque lending environment, was in no way open and clear. Further, you still expect the unemployed to have expected/anticipated this massive recession.
    Your expectations are unrealistic.
    I'm not expecting any individual to know the economy or lending market enough to make predictions as such.
    It's just that age old personal finance advice recommends saving cash in case things don't pan out.

    That type of planning does not require the Oracle of Omaha, it's just sound personal finance.
    Last edited by Harry Guerrilla; 04-23-12 at 06:04 PM.
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    —Adam Shepard

  10. #180
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Yes, and we see that is those making $250 combined income per household. NOT millionaires. These are redistribution schemes that history is replete with their failure. Yet, remember, to the socialist, two things apply...

    1. Socialism is not for the socialist, rather it is for the people.

    2. Socialism never has failed, it's just that they haven't been able to do enough of it.


    j-mac
    No. Socialism has an actual definition. Is it too much to use words correctly?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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