Chase > WaMu

[bigbangtheory 5,000+ posts]

Does this mean I don't have to pay my credit card bill?

Sexitime?

 

[audioarsonal 10+ year member]

You have the quickest foreclosure process and court system in the country.
The foreclosure process typically take 6 to 9 months in my area and most others.

Glad to see you were able to cut that down to a week //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

WaMu's failure from my understanding is that they were involved in a majority of the riskier mortgage products.....doesn't take a genius to figure out that putting someone in a house they can afford now but won't be able to afford in 3 - 7 years is a recipe for disaster. But lenders were focused on quick growth and borrowers are short sighted and ignorant.

It was more about the government forcing the credit institutions to lend to lower income people.The democrats said that the poor where being discriminated against because they were not given the oppertunity to own there own home.So the were forced by special intrest groups with lawsuits and other tactics to get them to allow poor people who couldn't afford the house in the first place.To get loans in the new "sub-prime" market.Now these people who could never affored a home before where now being told yeah you can get that 100,000 dollar home making 1000 a month total household income.

 

[chunky cumz 10+ year member]

It was more about the government forcing the credit institutions to lend to lower income people.The democrats said that the poor where being discriminated against because they were not given the oppertunity to own there own home.So the were forced by special intrest groups with lawsuits and other tactics to get them to allow poor people who couldn't afford the house in the first place.To get loans in the new "sub-prime" market.Now these people who could never affored a home before where now being told yeah you can get that 100,000 dollar home making 1000 a month total household income.

there you go, arsonal understands. these mortgage options would not be there if the american people were not *****in about it. so blame the american people or blame the goverment not the mortgage companies.

 

[95ZJ 10+ year member]

I've been buying ammo for my guns and slowly turning a late 80's Monte Carlo into a Mad Max esque machine in preparation for what's sure to come.

It's on like Donkey Kong.

 

[bigbangtheory 5,000+ posts]

Good idea! You should team up with Lousiana CRX.

 

[95ZJ 10+ year member]

We'll meet on Hell's Highway...or I-10.

CA.com meet during?

 

[bigbangtheory 5,000+ posts]

Sure, I am game.

 

[squeak9798 5,000+ posts]

It was more about the government forcing the credit institutions to lend to lower income people.The democrats said that the poor where being discriminated against because they were not given the oppertunity to own there own home.So the were forced by special intrest groups with lawsuits and other tactics to get them to allow poor people who couldn't afford the house in the first place.To get loans in the new "sub-prime" market.Now these people who could never affored a home before where now being told yeah you can get that 100,000 dollar home making 1000 a month total household income.

there you go, arsonal understands. these mortgage options would not be there if the american people were not *****in about it. so blame the american people or blame the goverment not the mortgage companies.

Neither the government nor special interest groups can force a private lender into making highly risky loans to low income borrowers. You can not discriminate against low income borrowers. But lenders are not required to lose money by handing out home loans to those who truly can't afford them or are on extremely risky terms.

How many of those who have lost their house in the mortgage crisis are "low income" households? I would need to check the statistics, but I would gander a guess that the majority or close there-to of those losing their homes are middle class Americans who would have qualified for a home regardless.....just not as expensive of a home. But with the "new", flashy products....they could buy more home with a lower (initial) payment.

To say you can't blame the mortgage industry is just ludicrous and highly idiotic. No, it isn't entirely the industries fault. Blame lies with both the consumer and government aswell. But to let them, and hear you, use the customer and government as a scapegoat is laughable at best. It was greed-driven by the market, devising programs that would maximize growth and allow unqualified borrowers obtain a home loan or over-qualify a borrower for a loan.

Yes, the programs were there because the uniformed consumer "fell" for the lenders or brokers sales antics and either 1) didn't actually understand what they were getting themselves into, 2) didn't have enough foresight to see what problems might arise with these products, and/or 3) were lied to by the lender/broker about the terms of the loan (i.e. Countrywide). The lenders offered these programs because they wanted quick growth with good income potential.

 

[duece212 5,000+ posts]

Lenders, brokers, and the general public are to blame for this mortgage crisis...not the government. Greed on all parts. The lenders and brokers lied or made risky loans just to get in on the quick dough to be had. Greedy buyers either bought too much house, made stupid decisions on loan terms, or were just to stupid they shouldn't have been purchasing a loan without personal oversight by a lawyer, etc.

The common man shouldn't need oversight in his finances...if he does it shouldn't be the government doing it.

 

[iowaaurora 10+ year member]

.borrowers are short sighted and ignorant.

i understand that

i am one of them borrowers

but my bills are paid and my house is nice

 

[audioarsonal 10+ year member]

Neither the government nor special interest groups can force a private lender into making highly risky loans to low income borrowers. You can not discriminate against low income borrowers. But lenders are not required to lose money by handing out home loans to those who truly can't afford them or are on extremely risky terms.
How many of those who have lost their house in the mortgage crisis are "low income" households? I would need to check the statistics, but I would gander a guess that the majority or close there-to of those losing their homes are middle class Americans who would have qualified for a home regardless.....just not as expensive of a home. But with the "new", flashy products....they could buy more home with a lower (initial) payment.

To say you can't blame the mortgage industry is just ludicrous and highly idiotic. No, it isn't entirely the industries fault. Blame lies with both the consumer and government aswell. But to let them, and hear you, use the customer and government as a scapegoat is laughable at best. It was greed-driven by the market, devising programs that would maximize growth and allow unqualified borrowers obtain a home loan or over-qualify a borrower for a loan.

Yes, the programs were there because the uniformed consumer "fell" for the lenders or brokers sales antics and either 1) didn't actually understand what they were getting themselves into, 2) didn't have enough foresight to see what problems might arise with these products, and/or 3) were lied to by the lender/broker about the terms of the loan (i.e. Countrywide). The lenders offered these programs because they wanted quick growth with good income potential.

You are right they can't force them, but they can "pursude" them to giving loans in areas were they wouldn't normaly.I am not saying they aren't to blame but it was government and special interests that brought on this housing crisis along with america in general living beyond there means.

http://www.consumersrightsleague.org/UploadedFiles/ACORN_AHC_Report.pdf