Page 7 of 16 FirstFirst ... 56789 ... LastLast
Results 61 to 70 of 160

Thread: Democrats may stop Bush-era tax cuts for wealthy from expiring

  1. #61
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Harry Guerrilla View Post
    That's bs, it was known to the loan shopper that the rates were adjustable.
    That's why they are called adjustable rate mortgages. They weren't forced by anyone but themselves.
    Irrational exuberance and their personal excessive spending caused their purchase to go into default.
    I will say that lack of regulation on loan officers themselves caused a great deal of this mess. I'm a Realtor. Loan Officers make a larger commission on their loans than a Realtor makes selling a house. And the consumer has no idea. And their commission, unlike a Realtor's, is invisible.

    Loan Officers gain the trust of their clients. It's the only way they'll get the loan. They had thousands of incentives to talk their clients into ARM's....so they can go back to them in three years and get another re-finance out of them for more thousands. The lenders themselves disincentived 30-year-fixed loans, many of them by penalizing their loan officers $$ for selling them. What kind of sense does that make?

    Here we are with the lowest mortgage rate in YEARS AND YEARS and loan officers stilldon't want to sell 30-year-fixed mortgages. They don't make any money on them.

    Oh!! And how did the loan officers talk a client who already had a mortgage into refinancing so the LO can make another $5K? They say, "Hey, you can save a little on your monthly payment. Oh, and by the way, do you want any cash out?" The magic words that led the housing market to debacle.

    The industry was corrupt. It's less corrupt now.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  2. #62
    Sage
    Erod's Avatar
    Join Date
    Aug 2008
    Location
    North Texas
    Last Seen
    Today @ 08:15 PM
    Lean
    Conservative
    Posts
    13,036

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by The Dane View Post
    Savy wallstreet predator loaners conned average Americans into thinking they could afford a loan for a house which they could not. When the banks adjusted their rates (something they didn't tell the homeowners about) Americans were forced to default on their loans, crashing the banks and causing the recession. If you don't know these facts then you don't understand the recession.
    And it was Fannie and Freddie who led the way, neither of which has been bothered in all this because of their deep-rooted Democrat affiliations.

    Barney Frank, Chris Dodd, Al Sharpton, etc, screamed loudly that banks were racist in their loan practices; hence, the POLITICALLY CORRECT practice of giving loans to people who couldn't repay them because they were minorities. With the Democrats having stripped away the previous criteria for getting mortgages, the whole system ran amuck.

    If you don't know these facts, then you don't understand the recession.

  3. #63
    Sage
    Taylor's Avatar
    Join Date
    Aug 2009
    Location
    US
    Last Seen
    Today @ 07:12 PM
    Lean
    Undisclosed
    Posts
    6,168

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by MaggieD View Post
    Loan Officers gain the trust of their clients. It's the only way they'll get the loan. They had thousands of incentives to talk their clients into ARM's....so they can go back to them in three years and get another re-finance out of them for more thousands. The lenders themselves disincentived 30-year-fixed loans, many of them by penalizing their loan officers $$ for selling them. What kind of sense does that make?
    Best to treat them like used car salesmen. I've known a lot of the people you're describing. I'm sure some of them were as savvy as you make them out to be, but most i've known were as clueless as those they sold the loan to - high school educated and heard about the job from a friend of a friend.

    In our little area, these people were easily pulling six figures on commission - one girl I knew was making about 400k. Many bought fancy houses on stated loans that - like the jobs that made it possible - are long gone. I know only one person still in the business. Others are scraping by on 40k salaries hoping for the next big thing to come along.

  4. #64
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Taylor View Post
    Best to treat them like used car salesmen. I've known a lot of the people you're describing. I'm sure some of them were as savvy as you make them out to be, but most i've known were as clueless as those they sold the loan to - high school educated and heard about the job from a friend of a friend.

    In our little area, these people were easily pulling six figures on commission - one girl I knew was making about 400k. Many bought fancy houses on stated loans that - like the jobs that made it possible - are long gone. I know only one person still in the business. Others are scraping by on 40k salaries hoping for the next big thing to come along.
    One is wise to do that, Taylor!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  5. #65
    Sage
    Harry Guerrilla's Avatar
    Join Date
    Dec 2008
    Location
    Not affiliated with other libertarians.
    Last Seen
    09-01-17 @ 02:38 PM
    Gender
    Lean
    Libertarian
    Posts
    28,955

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by MaggieD View Post
    I will say that lack of regulation on loan officers themselves caused a great deal of this mess. I'm a Realtor. Loan Officers make a larger commission on their loans than a Realtor makes selling a house. And the consumer has no idea. And their commission, unlike a Realtor's, is invisible.

    Loan Officers gain the trust of their clients. It's the only way they'll get the loan. They had thousands of incentives to talk their clients into ARM's....so they can go back to them in three years and get another re-finance out of them for more thousands. The lenders themselves disincentived 30-year-fixed loans, many of them by penalizing their loan officers $$ for selling them. What kind of sense does that make?

    Here we are with the lowest mortgage rate in YEARS AND YEARS and loan officers stilldon't want to sell 30-year-fixed mortgages. They don't make any money on them.

    Oh!! And how did the loan officers talk a client who already had a mortgage into refinancing so the LO can make another $5K? They say, "Hey, you can save a little on your monthly payment. Oh, and by the way, do you want any cash out?" The magic words that led the housing market to debacle.

    The industry was corrupt. It's less corrupt now.
    Honestly I think it's a narrative of why we don't need a "ownership society."

    If people can't bother to research the subject before spending thousands of dollars for a home, they shouldn't own one.
    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.
    —Adam Shepard

  6. #66
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Harry Guerrilla View Post
    Honestly I think it's a narrative of why we don't need a "ownership society." If people can't bother to research the subject before spending thousands of dollars for a home, they shouldn't own one.
    I think you're absolutely 100% right!! Even when I tried to educate my clients and stop them from taking these onerous loans, the glitter was just too bright.

    Homeownership is not for everyone. And it certainly isn't a right.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  7. #67
    Sage
    Taylor's Avatar
    Join Date
    Aug 2009
    Location
    US
    Last Seen
    Today @ 07:12 PM
    Lean
    Undisclosed
    Posts
    6,168

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Harry Guerrilla View Post
    Honestly I think it's a narrative of why we don't need a "ownership society."

    If people can't bother to research the subject before spending thousands of dollars for a home, they shouldn't own one.
    If a stupid lender wants to lend a stupid person a stupid amount of money, I'm all for it - just don't force me to pay for their stupidity.

  8. #68
    Sage
    Harry Guerrilla's Avatar
    Join Date
    Dec 2008
    Location
    Not affiliated with other libertarians.
    Last Seen
    09-01-17 @ 02:38 PM
    Gender
    Lean
    Libertarian
    Posts
    28,955

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by MaggieD View Post
    I think you're absolutely 100% right!! Even when I tried to educate my clients and stop them from taking these onerous loans, the glitter was just too bright.

    Homeownership is not for everyone. And it certainly isn't a right.
    I got interested in purchasing a home about 5 years ago.
    Been researching it heavily, off and on since then.

    Probably going to wait a year or more, not sure I want to own yet.
    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.
    —Adam Shepard

  9. #69
    Sage


    MaggieD's Avatar
    Join Date
    Jul 2010
    Location
    Chicago Area
    Last Seen
    @
    Gender
    Lean
    Moderate
    Posts
    43,243
    Blog Entries
    43

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Taylor View Post
    If a stupid lender wants to lend a stupid person a stupid amount of money, I'm all for it - just don't force me to pay for their stupidity.
    That's just plain stupid.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  10. #70
    Sage
    disneydude's Avatar
    Join Date
    Jan 2006
    Location
    Los Angeles
    Last Seen
    Today @ 02:01 PM
    Gender
    Lean
    Liberal
    Posts
    25,129

    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Taylor View Post
    Your post seemed to have gotten cut off. I fixed it for you.
    Except don't let a little thing like actual facts get in your way, Taylor. The middle class is shrinking and it isn't because they are becoming richer. Care to try again?
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

Page 7 of 16 FirstFirst ... 56789 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •