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Reality_Check©
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 Posted: Sun Oct 05, 2008 11:13 pm Post subject: Re: Ignorant Americans are the real villains in this mess <= |
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Nicklas@Click.com wrote:
[quote]On Fri, 03 Oct 2008 21:09:03 -0500, David Hartung
david@lemagroup.us> wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they were trying to get a loan. The otherwise unqualified buyer
would have instant good credit. After the loan was granted, the
broker pulled his money out.
Evidence please.
Don>t need to see evidence
The entire mess centered around risky (but legal) Loans
given,
[/quote]
You mean *taken* by ignorant greedy Amerikkkans.
[quote]then bundled, sold, resold and profit made
[/quote]
That>s how capitalism works, numbnuts.
[quote]---not on the repayment interest, but the speculation of the
rise in interest.
[/quote]
The speculation on the increase equity from market value was on
the part of the greedy ignorant Amerikkkan homebuyers. |
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Reality_Check©
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| Posted: Sun Oct 05, 2008 11:18 pm Post subject: Re: Greedy Ignorant Corrupt Amerikkkans are the real villain |
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OneTwoThree wrote:
[quote]"Reality_Check©" <Reality@Check.it> wrote
George Grapman wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they were trying to get a loan. The otherwise unqualified buyer
would have instant good credit. After the loan was granted, the
broker pulled his money out.
I know a broker who is doing well because who only deals in
secure high end loans. He told me a similar story about brokers
telling clients to borrow money from relatives and return it when
the loan closed.
More BULLSHIT.
Borrowing $$ worsens their DTI, not improves it.
He also said that they would find appraisers who were willing
to overstate property values.
There>s the key to much of the mortgage fraud that occurred. Without
a sufficiently high appraisal, there is no loan/closing, no matter
what the loan
application says.
Also many lenders never bothered verifying income
On the "No Income Verification" loan products for loser high-risk
borrowers.
and sometimes told people to lie.
Why would they tell people to lie -- a felony -- on a mortgage
application?
surely you jest......
given the 10 to 20% annual appreciation, the game was to get a house,
slop some paint around, maybe put in a couple new fixtures, and flip
it.
[/quote]
And millions of people did just that, successfully, without LYING or
commiting
mortgage FRAUD in the process.
[quote]I am still not seeing any real figures on the numbers of
"flippers" or other "investors" who were caught in this. Television
shows like "Flip This House" or "Flip That House" or "Property
Ladder" or any number of radio programs I have heard were filled with
stories of this sort.
[/quote]
You mean realities of that sort.
[quote]
I>m willing to bet
[/quote]
There you go again, like a typical ignorant Amerikkkunt, risking
your $$ on things about which you have no fucking clue.
[quote]that a significant percentage of current
foreclosures are against people who were suckered into the turnover
mentality, thinking they were going to make a lot of money, and got
caught.
[/quote]
Conservative investors don>t often "get caught" ... |
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Reality_Check©
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| Posted: Sun Oct 05, 2008 11:24 pm Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
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OneTwoThree wrote:
[quote]"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they were trying to get a loan. The otherwise unqualified buyer
would have instant good credit. After the loan was granted, the
broker pulled his money out.
I know a broker who is doing well because who only deals in
secure high end loans. He told me a similar story about brokers
telling clients to borrow money from relatives and return it when
the loan closed. He also said that they would find appraisers who
were willing to overstate property values. Also many lenders never
bothered verifying income and sometimes told people to lie.
some mortgage brokers would push "stated income" loans. they might
not tell someone to lie, but they would explain that in a stated
income loan the borrower did not have to provide documentation.
[/quote]
The borrower was still required -- by law -- to tell the truth on
the application. If they lied, they committed Bank Fraud among
other Felonies.
[quote]so you are saying that the rich are not the cause of the mortgage
crisis, and by implication the poor and middle class are?
[/quote]
Clearly the "mortgage crisis" was triggered by deadbeat Amerikkkunts
who did not repay the $$ they borrowed and selfishly spent.
Tell us again who forced these greedy, ignorant Amerikkkans to
borrow and spend $$ they did not have in the first place? |
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nys999
Guest
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| Posted: Mon Oct 06, 2008 2:50 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
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Blackwater <bw@barrk.net> wrote in news:4joge49q24oa6a80c6t5h31bsgj852hnie@
4ax.com:
[quote]How come it>s always assumed that Americans are somehow WORSE
than anyone else ?
[/quote]
Because we start from a higher ethical, and sometimes moral, plane. Places
like Russia and China are already so far down that they haven>t as far to
go to hit bottom.
[quote]
Geez ... LOOK at the world sometime. Our failings exist, but
compared to so many others ...........
[/quote] |
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Reality_Check©
Guest
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| Posted: Mon Oct 06, 2008 3:06 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
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Blackwater wrote:
[quote]How come it>s always assumed that Americans are somehow WORSE
than anyone else ?
[/quote]
Proof the U$$A is the "greatest" nation on earth:
Prisoners (per 1,000 people)
United States 4.2
United Kingdom 1.0
Germany 0.8
France 0.8
Austria 0.8
Spain 0.8
Switzerland 0.7
Denmark 0.7
Belgium 0.7
Italy 0.6
Sweden 0.6
Japan 0.4
Netherlands 0.4
Annual reports of police brutality (per 100,000 people)
United States 92.5
United Kingdom 6.0
France 0.7
Death row inmates
United States 2,124
Japan 38
All others 0
Murder rate (per 100,000 people)
United States 8.40
Canada 5.45
Denmark 5.17
France 4.60
Portugal 4.50
Australia 4.48
Germany 4.20
Belgium 2.80
Spain 2.28
Switzerland 2.25
Italy 2.18
Norway 1.99
United Kingdom 1.97
Austria 1.80
Greece 1.76
Sweden 1.73
Japan 1.20
Ireland 0.96
Finland 0.70
Murder rate for males age 15-24 (per 100,000 people)
United States 24.4
Canada 2.6
Sweden 2.3
Norway 2.3
Finland 2.3
Denmark 2.2
United Kingdom 2.0
Netherlands 1.2
Germany 0.9
Japan 0.5
Rape (per 100,000 people)
United States 37.20
Sweden 15.70
Denmark 11.23
Germany 8.60
Norway 7.87
United Kingdom 7.26
Finland 7.20
France 6.77
Switzerland 6.15
Luxembourg 5.00
Spain 4.43
Austria 4.40
Belgium 4.00
Greece 2.40
Ireland 1.72
Japan 1.40
Portugal 1.20
Armed robbery (per 100,000 people)
United States 221
Canada 94
France 90
Belgium 66
United Kingdom 63
Italy 50
Sweden 49
Germany 47
Ireland 46
Denmark 44
Finland 38
Switzerland 23
Norway 22
Greece 7
Japan 1
TYPE OF OFFENSE (Sentenced Pop. Only) - Federal Prisoners
Drug Offenses 59.6%
Robbery 9.8%
Property Offenses 5.5%
Extortion, Fraud, Bribery 6.8%
Violent Offenses 2.7%
Firearms, Explosives, Arson 8.6%
White Collar 1.0%
Immigration 2.8%
Courts or Corrections 0.8%
National Security 0.1%
Continuing Criminal Enterprise 0.8%
Miscellaneous 1.5%
THE INTERNATIONAL EVIDENCE
The U.S. is the most violent society in the industrialized world.
Although it doesn>t have the most police per capita, the U.S. does
have the toughest laws and punishments by far. The question of
which came first, the chicken or the egg, is becoming much less relevant as
time
passes; the U.S. has been following this "get tough" approach for decades,
with
no significant reduction of its violent crime rate.
Obesity rates (adults) in 2005 (Source: OECD)
1 - United States: 30.6%
2 - Mexico: 24.2%
3 - United Kingdom: 23%
4 - Slovakia: 22.4%
5 - Greece: 21.9%
6 - Australia: 21.7%
7 - New Zealand: 20.9%
8 - Hungary: 18.8%
9 - Luxembourg: 18.4%
10 - Czech Republic: 14.8%
11 - Canada: 14.3%
12 - Spain: 13.1%
13 - Ireland: 13%
14 - Germany: 12.9%
15 - Finland: 12.8%
16 - Portugal: 12.8%
17 - Iceland: 12.4%
18 - Turkey: 12%
19 - Belgium: 11.7%
20 - Netherlands: 10%
21 - Sweden: 9.7%
22 - Denmark: 9.5%
23 - France: 9.4%
24 - Austria: 9.1%
25 - Italy: 8.5%
26 - Norway: 8.3%
27 - Switzerland: 7.7%
28 - Korea, South: 3.2%
29 - Japan: 3.2% |
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Reality_Check©
Guest
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| Posted: Mon Oct 06, 2008 3:08 am Post subject: Re: Ignorant Greedy Corrupt Amerikkkans are the real villain |
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nys999 wrote:
[quote]Blackwater <bw@barrk.net> wrote in
news:4joge49q24oa6a80c6t5h31bsgj852hnie@ 4ax.com:
How come it>s always assumed that Americans are somehow WORSE
than anyone else ?
Because we start from a higher ethical, and sometimes moral, plane.
[/quote]
That the myth and lie that Amerikkkunts feed their children.
[quote]Places like Russia and China are already so far down that they
haven>t as far to go to hit bottom.
[/quote]
Wave to them on your way down .... |
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Coffee's For Closers
Guest
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| Posted: Mon Oct 06, 2008 12:30 pm Post subject: Re: Greedy Ignorant Corrupt Amerikkkans are the real villain |
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In article <GsednSwKB76MPXrVnZ2dnUVZ_jOdnZ2d@comcast.com>,
youare@notverysmart.ru says...
[quote]"Reality_Check©" <Reality@Check.it> wrote in message
news:6ko4dmF8qjedU1@mid.individual.net...
George Grapman wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they were trying to get a loan. The otherwise unqualified buyer
would have instant good credit. After the loan was granted, the
broker pulled his money out.
[/quote]
[quote]I know a broker who is doing well because who only deals in secure
high end loans. He told me a similar story about brokers telling
clients to borrow money from relatives and return it when the loan
closed.
[/quote]
[quote]More BULLSHIT.
Borrowing $$ worsens their DTI, not improves it.
[/quote]
It sounds like the borrowed money was presented as an asset,
owned free and clear, without mentioning that it was borrowed.
The borrowing mentioned was "from relatives," who don>t report
the balance to the credit bureaus (as compared to a bank loan.)
So, without a voluntary disclosure that the money represents
debt, the money now sitting in the bank looks pretty good.
There might be options for demanding a disclosure of the source
of the money, but supposedly that wasn>t part of the
"no-questions-asked" mortgage process.
[quote]Also many lenders never bothered verifying income
On the "No Income Verification" loan products for loser high-risk
borrowers.
[/quote]
And the "No Income Verification" deals also may have included the
option of borrowing money from relatives or other sources,
without disclosing that is was really a debt. ISTR seeing an
accusation that some mortgage brokers lent money to applicants to
make them look good for approval.
[quote]and sometimes told people to lie.
[/quote]
[quote]Why would they tell people to lie -- a felony -- on a mortgage
application?
[/quote]
The broker got a commission for each approved loan. So their
goal was to write up as many loans as possible. But those loans
were actually financed by other parties (banks, etc), and passed
onwards. So the broker was NOT the one who would be holding the
bag when the consumer eventually defaulted on the mortgage.
Which might be two or more years down the road, when the interest
rate resets, and the teaser-rate payment increases to a crushing
burden.
[quote]surely you jest......
given the 10 to 20% annual appreciation, the game was to get a house, slop
some paint around, maybe put in a couple new fixtures, and flip it. I am
still not seeing any real figures on the numbers of "flippers" or other
"investors" who were caught in this. Television shows like "Flip This House"
or "Flip That House" or "Property Ladder" or any number of radio programs I
have heard were filled with stories of this sort.
I>m willing to bet that a significant percentage of current foreclosures are
against people who were suckered into the turnover mentality, thinking they
were going to make a lot of money, and got caught.
[/quote]
They also bear some responsibility. They got greedy, and failed
to consider the consequences of their actions. They fantasised
too hard, and lacked an attention span.
--
Earn Money With Your Web Site
http://www.WebSponsorZone.Net
Web Site Advertising Directory |
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OneTwoThree
Guest
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| Posted: Mon Oct 06, 2008 9:37 pm Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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"Reality_Check©" <Reality@Check.it> wrote in message
news:6kse6rF9fsmhU1@mid.individual.net...
[quote]OneTwoThree wrote:
"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the loan
was granted, the broker pulled his money out.
Complete BULLSHIT !
Gospel truth, so help me...
Complete BULLSHIT ... not even god can help.
1) Depositing $30,000 doesn>t change bad credit into "instant good
credit",
in fact it doesn>t change your credit score at all.
2) Depositing $30,000 doesn>t change anyone>s DTI ratios from bad
to good 3) Depositing $30,000 *does* raise mortgage underwriter
suspicion,
and if being
used towards the purchase of the home, would require a verified
source statement
as to the exact origin of the funds, and a sworn statement that the
funds were
not borrowed/loaned.
Now take your BULLSHIT back to your "painter" friend and tell him
to EAT IT.
And yet, we are faced with the reality that mortgage brokers were
able to obtain home loans for clients who had no money to put down,
no income and no assets.
using "stated income" and paying a couple more points, which were
tacked into the final loan amout.
Higher costs for higher risks.
another trick of the trade was to wrap a couple of years payments
into the loan, so that the buyer could pay the mortgage while maybe
fixing up a little and getting ready to sell in a year for that now
infamous 10-20% "profit"
And MILLIONS of buyers did that successfully.
I>m with the other guy - your story may well be an urban myth,
especially as it was not necessary to do such things during the heat
of the RE bubble.
Deadbeats ALWAYS blame other>s for their own failures ... it>s the
Amerikkkan way !
Some mortgage brokers are exclusively lenders of their own money and
provide a direct source of mortgage funding to clients. This money
can be used to secure funds from a third party. If the deal is done
right, the broker can be paid back from the third party loan.
if they are lending their own money, why would they need to involve a
3rd party?
Exactly. TigerLuck is full of shit.
a LOT of the questionable loans came from third party
brokers who received a commission for finding the client and working
the client through the paperwork process.
And EVERY ONE of those loans required the homeowner/borrower
to declare -- numerous times -- under penalty of perjury and/or fraud,
that *all* the information they submitted is TRUE and ACCURATE.
And no one forced these loser homeowners to borrow the $$
and spend it in the first place.
Amerikkan greed and ignorance collided with Reagan/Bu$h/Repugnikkkan
economics.
[/quote]
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter regulation of Fannie
and Freedie over the years,,, forget that there were never any republican
repeals of regulations that would otherwise have prevented this mess in the
first place.
the greed was fueled by the RE bubble, which in turn was fueled by certain
market factors and which was subsidized by the Wall Street firms who
securitized those mortgages and then hedged them from here to eternity. Lots
of blame to go around, but "republicans"?
sigh
[quote]
Yeeeeeeeeee haaaaaaaaaaaaaaaa! Stay the Course!
[/quote] |
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OneTwoThree
Guest
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| Posted: Mon Oct 06, 2008 9:53 pm Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
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"Reality_Check©" <Reality@Check.it> wrote in message
news:6ksf28F97oqnU1@mid.individual.net...
[quote]OneTwoThree wrote:
"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area, mortgage
brokers would deposit $30,000 into the account of a client for whom
they were trying to get a loan. The otherwise unqualified buyer
would have instant good credit. After the loan was granted, the
broker pulled his money out.
I know a broker who is doing well because who only deals in
secure high end loans. He told me a similar story about brokers
telling clients to borrow money from relatives and return it when
the loan closed. He also said that they would find appraisers who
were willing to overstate property values. Also many lenders never
bothered verifying income and sometimes told people to lie.
some mortgage brokers would push "stated income" loans. they might
not tell someone to lie, but they would explain that in a stated
income loan the borrower did not have to provide documentation.
The borrower was still required -- by law -- to tell the truth on
the application. If they lied, they committed Bank Fraud among
other Felonies.
so you are saying that the rich are not the cause of the mortgage
crisis, and by implication the poor and middle class are?
Clearly the "mortgage crisis" was triggered by deadbeat Amerikkkunts
who did not repay the $$ they borrowed and selfishly spent.
Tell us again who forced these greedy, ignorant Amerikkkans to
borrow and spend $$ they did not have in the first place?
[/quote]
that has ALWAYS been the point of me and most other conservatives
[quote]
[/quote] |
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Reality_Check©
Guest
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| Posted: Mon Oct 06, 2008 10:26 pm Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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OneTwoThree wrote:
[quote]"Reality_Check©" <Reality@Check.it> wrote in message
news:6kse6rF9fsmhU1@mid.individual.net...
OneTwoThree wrote:
"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the
loan was granted, the broker pulled his money out.
Complete BULLSHIT !
Gospel truth, so help me...
Complete BULLSHIT ... not even god can help.
1) Depositing $30,000 doesn>t change bad credit into "instant good
credit",
in fact it doesn>t change your credit score at all.
2) Depositing $30,000 doesn>t change anyone>s DTI ratios from bad
to good 3) Depositing $30,000 *does* raise mortgage underwriter
suspicion,
and if being
used towards the purchase of the home, would require a verified
source statement
as to the exact origin of the funds, and a sworn statement that
the funds were
not borrowed/loaned.
Now take your BULLSHIT back to your "painter" friend and tell him
to EAT IT.
And yet, we are faced with the reality that mortgage brokers were
able to obtain home loans for clients who had no money to put down,
no income and no assets.
using "stated income" and paying a couple more points, which were
tacked into the final loan amout.
Higher costs for higher risks.
another trick of the trade was to wrap a couple of years payments
into the loan, so that the buyer could pay the mortgage while maybe
fixing up a little and getting ready to sell in a year for that now
infamous 10-20% "profit"
And MILLIONS of buyers did that successfully.
I>m with the other guy - your story may well be an urban myth,
especially as it was not necessary to do such things during the heat
of the RE bubble.
Deadbeats ALWAYS blame other>s for their own failures ... it>s the
Amerikkkan way !
Some mortgage brokers are exclusively lenders of their own money
and provide a direct source of mortgage funding to clients. This
money can be used to secure funds from a third party. If the deal
is done right, the broker can be paid back from the third party
loan.
if they are lending their own money, why would they need to involve
a 3rd party?
Exactly. TigerLuck is full of shit.
a LOT of the questionable loans came from third party
brokers who received a commission for finding the client and working
the client through the paperwork process.
And EVERY ONE of those loans required the homeowner/borrower
to declare -- numerous times -- under penalty of perjury and/or
fraud, that *all* the information they submitted is TRUE and
ACCURATE. And no one forced these loser homeowners to borrow the $$
and spend it in the first place.
Amerikkan greed and ignorance collided with Reagan/Bu$h/Repugnikkkan
economics.
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter regulation of
Fannie and Freedie over the years
[/quote]
You mean the Repugnikkkan controlled Congress implementing
"Reaganomics" for over 20 years?
[quote],,, forget that there were never any republican repeals of regulations
that would otherwise have prevented
this mess in the first place.
[/quote]
Prove it.
[quote]
the greed was fueled by the RE bubble, which in turn was fueled by
certain market factors and which was subsidized by the Wall Street
firms who securitized those mortgages and then hedged them from here
to eternity.
[/quote]
That>s the way "free market capitalism" works, skippy.
Why do you hate America? |
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Reality_Check©
Guest
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| Posted: Mon Oct 06, 2008 10:28 pm Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
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OneTwoThree wrote:
[quote]"Reality_Check©" <Reality@Check.it> wrote in message
news:6ksf28F97oqnU1@mid.individual.net...
OneTwoThree wrote:
"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the loan
was granted, the broker pulled his money out.
I know a broker who is doing well because who only deals in
secure high end loans. He told me a similar story about brokers
telling clients to borrow money from relatives and return it when
the loan closed. He also said that they would find appraisers who
were willing to overstate property values. Also many lenders never
bothered verifying income and sometimes told people to lie.
some mortgage brokers would push "stated income" loans. they might
not tell someone to lie, but they would explain that in a stated
income loan the borrower did not have to provide documentation.
The borrower was still required -- by law -- to tell the truth on
the application. If they lied, they committed Bank Fraud among
other Felonies.
so you are saying that the rich are not the cause of the mortgage
crisis, and by implication the poor and middle class are?
Clearly the "mortgage crisis" was triggered by deadbeat Amerikkkunts
who did not repay the $$ they borrowed and selfishly spent.
Tell us again who forced these greedy, ignorant Amerikkkans to
borrow and spend $$ they did not have in the first place?
that has ALWAYS been the point of me and most other conservatives
[/quote]
That Amerikkkans are greedy ignorant fucktards?
Why do you hate America? |
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OneTwoThree
Guest
|
| Posted: Tue Oct 07, 2008 12:05 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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"Reality_Check©" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
[quote]OneTwoThree wrote:
"Reality_Check©" <Reality@Check.it> wrote in message
news:6kse6rF9fsmhU1@mid.individual.net...
OneTwoThree wrote:
"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the
loan was granted, the broker pulled his money out.
Complete BULLSHIT !
Gospel truth, so help me...
Complete BULLSHIT ... not even god can help.
1) Depositing $30,000 doesn>t change bad credit into "instant good
credit",
in fact it doesn>t change your credit score at all.
2) Depositing $30,000 doesn>t change anyone>s DTI ratios from bad
to good 3) Depositing $30,000 *does* raise mortgage underwriter
suspicion,
and if being
used towards the purchase of the home, would require a verified
source statement
as to the exact origin of the funds, and a sworn statement that
the funds were
not borrowed/loaned.
Now take your BULLSHIT back to your "painter" friend and tell him
to EAT IT.
And yet, we are faced with the reality that mortgage brokers were
able to obtain home loans for clients who had no money to put down,
no income and no assets.
using "stated income" and paying a couple more points, which were
tacked into the final loan amout.
Higher costs for higher risks.
another trick of the trade was to wrap a couple of years payments
into the loan, so that the buyer could pay the mortgage while maybe
fixing up a little and getting ready to sell in a year for that now
infamous 10-20% "profit"
And MILLIONS of buyers did that successfully.
I>m with the other guy - your story may well be an urban myth,
especially as it was not necessary to do such things during the heat
of the RE bubble.
Deadbeats ALWAYS blame other>s for their own failures ... it>s the
Amerikkkan way !
Some mortgage brokers are exclusively lenders of their own money
and provide a direct source of mortgage funding to clients. This
money can be used to secure funds from a third party. If the deal
is done right, the broker can be paid back from the third party
loan.
if they are lending their own money, why would they need to involve
a 3rd party?
Exactly. TigerLuck is full of shit.
a LOT of the questionable loans came from third party
brokers who received a commission for finding the client and working
the client through the paperwork process.
And EVERY ONE of those loans required the homeowner/borrower
to declare -- numerous times -- under penalty of perjury and/or
fraud, that *all* the information they submitted is TRUE and
ACCURATE. And no one forced these loser homeowners to borrow the $$
and spend it in the first place.
Amerikkan greed and ignorance collided with Reagan/Bu$h/Repugnikkkan
economics.
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter regulation of
Fannie and Freedie over the years
You mean the Repugnikkkan controlled Congress implementing
"Reaganomics" for over 20 years?
,,, forget that there were never any republican repeals of regulations
that would otherwise have prevented
this mess in the first place.
Prove it.
[/quote]
folks like you are the ones making the claim that is was "republican
deregulation" that caused the problem. name some "republican" repeals of
regulations that prevented the lieing, cheating, and stealing that occured?
folks like you made the accusations... so YOU prove it.
[quote]
the greed was fueled by the RE bubble, which in turn was fueled by
certain market factors and which was subsidized by the Wall Street
firms who securitized those mortgages and then hedged them from here
to eternity.
That>s the way "free market capitalism" works, skippy.
Why do you hate America?
[/quote] |
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Reality_Check©
Guest
|
| Posted: Tue Oct 07, 2008 12:06 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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OneTwoThree wrote:
[quote]"Reality_Check©" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Check©" <Reality@Check.it> wrote in message
news:6kse6rF9fsmhU1@mid.individual.net...
OneTwoThree wrote:
"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Check© wrote:
TigerLuck wrote:
Reality_Check© wrote:
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the
loan was granted, the broker pulled his money out.
Complete BULLSHIT !
Gospel truth, so help me...
Complete BULLSHIT ... not even god can help.
1) Depositing $30,000 doesn>t change bad credit into "instant
good credit",
in fact it doesn>t change your credit score at all.
2) Depositing $30,000 doesn>t change anyone>s DTI ratios from
bad to good 3) Depositing $30,000 *does* raise mortgage
underwriter suspicion,
and if being
used towards the purchase of the home, would require a verified
source statement
as to the exact origin of the funds, and a sworn statement that
the funds were
not borrowed/loaned.
Now take your BULLSHIT back to your "painter" friend and tell
him to EAT IT.
And yet, we are faced with the reality that mortgage brokers were
able to obtain home loans for clients who had no money to put
down, no income and no assets.
using "stated income" and paying a couple more points, which were
tacked into the final loan amout.
Higher costs for higher risks.
another trick of the trade was to wrap a couple of years payments
into the loan, so that the buyer could pay the mortgage while
maybe fixing up a little and getting ready to sell in a year for
that now infamous 10-20% "profit"
And MILLIONS of buyers did that successfully.
I>m with the other guy - your story may well be an urban myth,
especially as it was not necessary to do such things during the
heat of the RE bubble.
Deadbeats ALWAYS blame other>s for their own failures ... it>s the
Amerikkkan way !
Some mortgage brokers are exclusively lenders of their own money
and provide a direct source of mortgage funding to clients. This
money can be used to secure funds from a third party. If the deal
is done right, the broker can be paid back from the third party
loan.
if they are lending their own money, why would they need to
involve a 3rd party?
Exactly. TigerLuck is full of shit.
a LOT of the questionable loans came from third party
brokers who received a commission for finding the client and
working the client through the paperwork process.
And EVERY ONE of those loans required the homeowner/borrower
to declare -- numerous times -- under penalty of perjury and/or
fraud, that *all* the information they submitted is TRUE and
ACCURATE. And no one forced these loser homeowners to borrow the $$
and spend it in the first place.
Amerikkan greed and ignorance collided with
Reagan/Bu$h/Repugnikkkan economics.
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter regulation of
Fannie and Freedie over the years
You mean the Repugnikkkan controlled Congress implementing
"Reaganomics" for over 20 years?
,,, forget that there were never any republican repeals of
regulations that would otherwise have prevented
this mess in the first place.
Prove it.
folks like you are the ones making the claim that is was "republican
deregulation" that caused the problem.
[/quote]
Why do you hate America ? |
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OneTwoThree
Guest
|
| Posted: Tue Oct 07, 2008 12:07 am Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
|
|
"Reality_Check©" <Reality@Check.it> wrote in message
news:6kv052F9mq40U1@mid.individual.net...
[quote]OneTwoThree wrote:
"Reality_Check©" <Reality@Check.it> wrote in message
news:6ksf28F97oqnU1@mid.individual.net...
OneTwoThree wrote:
"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the loan
was granted, the broker pulled his money out.
I know a broker who is doing well because who only deals in
secure high end loans. He told me a similar story about brokers
telling clients to borrow money from relatives and return it when
the loan closed. He also said that they would find appraisers who
were willing to overstate property values. Also many lenders never
bothered verifying income and sometimes told people to lie.
some mortgage brokers would push "stated income" loans. they might
not tell someone to lie, but they would explain that in a stated
income loan the borrower did not have to provide documentation.
The borrower was still required -- by law -- to tell the truth on
the application. If they lied, they committed Bank Fraud among
other Felonies.
so you are saying that the rich are not the cause of the mortgage
crisis, and by implication the poor and middle class are?
Clearly the "mortgage crisis" was triggered by deadbeat Amerikkkunts
who did not repay the $$ they borrowed and selfishly spent.
Tell us again who forced these greedy, ignorant Amerikkkans to
borrow and spend $$ they did not have in the first place?
that has ALWAYS been the point of me and most other conservatives
That Amerikkkans are greedy ignorant fucktards?
Why do you hate America?
[/quote]
you are fast becoming someone whose observations are not worth considering.
fact is you are a leftist hatebot. you offer noting in terms of
understanding. you just blame republicans, even though you have not the
ability to see beyond the propaganda
..
[quote]
[/quote] |
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Reality_Check©
Guest
|
| Posted: Tue Oct 07, 2008 12:14 am Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
|
|
OneTwoThree wrote:
[quote]"Reality_Check©" <Reality@Check.it> wrote in message
news:6kv052F9mq40U1@mid.individual.net...
OneTwoThree wrote:
"Reality_Check©" <Reality@Check.it> wrote in message
news:6ksf28F97oqnU1@mid.individual.net...
OneTwoThree wrote:
"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$D32.1289@flpi146.ffdc.sbc.com...
TigerLuck wrote:
I ran into a painter on the job who said that in his area,
mortgage brokers would deposit $30,000 into the account of a
client for whom they were trying to get a loan. The otherwise
unqualified buyer would have instant good credit. After the loan
was granted, the broker pulled his money out.
I know a broker who is doing well because who only deals in
secure high end loans. He told me a similar story about brokers
telling clients to borrow money from relatives and return it when
the loan closed. He also said that they would find appraisers who
were willing to overstate property values. Also many lenders
never bothered verifying income and sometimes told people to lie.
some mortgage brokers would push "stated income" loans. they might
not tell someone to lie, but they would explain that in a stated
income loan the borrower did not have to provide documentation.
The borrower was still required -- by law -- to tell the truth on
the application. If they lied, they committed Bank Fraud among
other Felonies.
so you are saying that the rich are not the cause of the mortgage
crisis, and by implication the poor and middle class are?
Clearly the "mortgage crisis" was triggered by deadbeat
Amerikkkunts who did not repay the $$ they borrowed and selfishly
spent. Tell us again who forced these greedy, ignorant Amerikkkans to
borrow and spend $$ they did not have in the first place?
that has ALWAYS been the point of me and most other conservatives
That Amerikkkans are greedy ignorant fucktards?
Why do you hate America?
you are fast becoming someone whose observations are not worth
considering.
[/quote]
Typical Repug, Hates America, Wrecks it, and Runs and Hides from Reality.
B>bye, Repugnikkkan. |
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