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Deadrat
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 Posted: Tue Oct 07, 2008 12:25 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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"OneTwoThree" <youare@notverysmart.ru> wrote in
news:vd6dnd6cmaPq_HfVnZ2dnUVZ_h-dnZ2d@comcast.com:
[quote]
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkｩ" <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ｩ wrote:
TigerLuck wrote:
Reality_Checkｩ 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. 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]
In 1999, Phil Gramm led the fight to gut the Depression Era Glass-
Steagall Act, the law that kept commericial banks and investment banks
separate. The new law is called the Gramm-Leach-Bliley Act. Does that
tell you anything?
After W became President, Gramm put the Commodity Futures Modernization
Act as an amendment into a spending bill. That act deregulated financial
derivatives and exempted energy trading from regulation. Remember Enron?
In 2003, Congress passed and the President signed an law with the
Orwellian name of the Responsible Lending Act. This law preempted state
regulation of predatory lending. By the way, it was Repubs all the way
down in 2003.
There>s plenty of blame to go around. But Republicans have taken the
lead in deregulation. They believe in deregulation as an article of
faith. It>s still in the Republican platform. And Republicans were in
charge of the executive and legislative branches for most of the years
2001 to 2006.
Aren>t Republicans the party of personal responsibility? Why are they
and you trying to shift the blame?
<snip/> |
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Guest
|
| Posted: Tue Oct 07, 2008 12:56 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
On Mon, 06 Oct 2008 19:25:11 GMT, Deadrat <a@b.com> wrote:
[quote]In 1999, Phil Gramm led the fight to gut the Depression Era Glass-
Steagall Act, the law that kept commericial banks and investment banks
separate. The new law is called the Gramm-Leach-Bliley Act. Does that
tell you anything?
After W became President, Gramm put the Commodity Futures Modernization
Act as an amendment into a spending bill. That act deregulated financial
derivatives and exempted energy trading from regulation. Remember Enron?
In 2003, Congress passed and the President signed an law with the
Orwellian name of the Responsible Lending Act. This law preempted state
regulation of predatory lending. By the way, it was Repubs all the way
down in 2003.
[/quote]
Ah forgot about that one.
[quote]
There>s plenty of blame to go around. But Republicans have taken the
lead in deregulation. They believe in deregulation as an article of
faith. It>s still in the Republican platform. And Republicans were in
charge of the executive and legislative branches for most of the years
2001 to 2006.
Aren>t Republicans the party of personal responsibility? Why are they
and you trying to shift the blame?
[/quote]
We should add also the American Dream Downpayment Act of 2003 which
did away with down payment requirements and closing costs.
And the overhaul of the Bankruptcy laws so none of that easy credit
could escape . |
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OneTwoThree
Guest
|
| Posted: Sat Oct 11, 2008 3:48 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
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|
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
[quote]OneTwoThree wrote:
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkｩ" <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ｩ wrote:
TigerLuck wrote:
Reality_Checkｩ 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$h/Repugnikkkan economics.
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter regulation of
Fannie and Freedie over the years
You mean the Repugnikkkan controlled Congress implementing
"Reaganomics" for over 20 years?
,,, forget that there were never any republican repeals of
regulations that would otherwise have prevented
this mess in the first place.
Prove it.
folks like you are the ones making the claim that is was "republican
deregulation" that caused the problem.
Why do you hate America ?
[/quote]
I dont hate America
why are you a moron?
..
[quote]
[/quote] |
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OneTwoThree
Guest
|
| Posted: Sat Oct 11, 2008 3:49 am Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
|
|
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv6cbF9tcfcU1@mid.individual.net...
[quote]OneTwoThree wrote:
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv052F9mq40U1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6ksf28F97oqnU1@mid.individual.net...
OneTwoThree wrote:
"George Grapman" <sfgeorge.@pacbell.net> wrote in message
news:DzAFk.2362$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.
Typical Repug, Hates America, Wrecks it, and Runs and Hides from Reality.
B>bye, Repugnikkkan.
[/quote]
another leftbot bites the dust
[quote]
[/quote] |
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_ Prof. Jonez _
Guest
|
| Posted: Sat Oct 11, 2008 4:10 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
OneTwoThree wrote:
[quote]"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkｩ" <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ｩ wrote:
TigerLuck wrote:
Reality_Checkｩ 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.
Why do you hate America ?
I dont hate America
[/quote]
Yes you do. |
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Michael Coburn
Guest
|
| Posted: Sun Oct 12, 2008 2:12 am Post subject: Re: Pig-Ignorant Amerikkkans are the real villains in this m |
|
|
On Fri, 10 Oct 2008 15:49:30 -0700, OneTwoThree wrote:
[quote]"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv6cbF9tcfcU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv052F9mq40U1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <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.
Typical Repug, Hates America, Wrecks it, and Runs and Hides from
Reality.
B>bye, Repugnikkkan.
another leftbot bites the dust
[/quote]
I am just as critical of Bush>s "ownership society" as I have been of
Johnson>s "Great Society". The difference is that Johnson was dead
serious and above board in what he was trying to do and that Democrats do
not try to blame the failures of Johnson on Republicans. |
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Michael Coburn
Guest
|
| Posted: Sun Oct 12, 2008 1:24 pm Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
On Fri, 10 Oct 2008 17:10:47 -0600, _ Prof. Jonez _ wrote:
[quote]OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <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ﾂｩ wrote:
TigerLuck wrote:
Reality_Checkﾂｩ 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$h/Repugnikkkan economics.
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter regulation
of Fannie and Freedie over the years
You mean the Repugnikkkan controlled Congress implementing
"Reaganomics" for over 20 years?
,,, forget that there were never any republican repeals of
regulations that would otherwise have prevented this mess in the
first place.
Prove it.
folks like you are the ones making the claim that is was "republican
deregulation" that caused the problem.
[/quote]
It was the combination of deregulation and the cheer-leading for more and
more home ownership and housing by the Republican administration that
"caused" the over extended borrowing. That is a plain fact.
[quote]Why do you hate America ?
I dont hate America
Yes you do.
[/quote]
I am ever amazed at how some people think they can ascribe emotion in
other people with more accuracy than the people that are supposedly
feeling it. |
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Jeffrey Laventure
Guest
|
| Posted: Tue Oct 14, 2008 4:08 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
On Sun, 12 Oct 2008 01:24:42 -0700, Michael Coburn wrote
(in article <gcsc8a0cmp@news5.newsguy.com>):
[quote]On Fri, 10 Oct 2008 17:10:47 -0600, _ Prof. Jonez _ wrote:
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kse6rF9fsmhU1@mid.individual.net...
OneTwoThree wrote:
"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Checkﾂｩ wrote:
TigerLuck wrote:
Reality_Checkﾂｩ 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.
It was the combination of deregulation and the cheer-leading for more and
more home ownership and housing by the Republican administration that
"caused" the over extended borrowing. That is a plain fact.
[/quote]
I believe you mean "Democrat" cheer leading. Don>t you?
[quote]
Why do you hate America ?
I dont hate America
Yes you do.
I am ever amazed at how some people think they can ascribe emotion in
other people with more accuracy than the people that are supposedly
feeling it.[/quote] |
|
| |
|
| Back to top |
Deadrat
Guest
|
| Posted: Tue Oct 14, 2008 4:22 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
Jeffrey Laventure <thinhthi@pacbell.net> wrote in
news:0001HW.C51922FB0004FFC2B01AD9AF@news.sf.sbcglobal.net:
[quote]On Sun, 12 Oct 2008 01:24:42 -0700, Michael Coburn wrote
(in article <gcsc8a0cmp@news5.newsguy.com>):
On Fri, 10 Oct 2008 17:10:47 -0600, _ Prof. Jonez _ wrote:
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <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ﾂｩ wrote:
TigerLuck wrote:
Reality_Checkﾂｩ 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$h/Repugnikkkan economics.
there is your own bottom line - everything is the fault of
republicans....... forget the dems who fought stricter
regulation of Fannie and Freedie over the years
You mean the Repugnikkkan controlled Congress implementing
"Reaganomics" for over 20 years?
,,, forget that there were never any republican repeals of
regulations that would otherwise have prevented this mess in
the first place.
Prove it.
folks like you are the ones making the claim that is was
"republican deregulation" that caused the problem.
It was the combination of deregulation and the cheer-leading for more
and more home ownership and housing by the Republican administration
that "caused" the over extended borrowing. That is a plain fact.
I believe you mean "Democrat" cheer leading. Don>t you?
[/quote]
There>s plenty of blame to go around, but W has been in office since
2001, and the Republicans had a majority in the House between 1994 and
2006 and a majority in the Senate for much of that time. So what>s the
self-described party of personal responsibililty doing? Predictably,
blaming the Democrats.
<snip/> |
|
| |
|
| Back to top |
Michael Coburn
Guest
|
| Posted: Tue Oct 14, 2008 5:29 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
On Mon, 13 Oct 2008 16:08:27 -0700, Jeffrey Laventure wrote:
[quote]On Sun, 12 Oct 2008 01:24:42 -0700, Michael Coburn wrote (in article
gcsc8a0cmp@news5.newsguy.com>):
On Fri, 10 Oct 2008 17:10:47 -0600, _ Prof. Jonez _ wrote:
OneTwoThree wrote:
"Reality_Checkﾃつｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾃつｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾃつｩ" <Reality@Check.it> wrote in message
news:6kse6rF9fsmhU1@mid.individual.net...
OneTwoThree wrote:
"TigerLuck" <TigerLuck@wildlife.afr> wrote in message
news:S4BFk.1629$W06.1455@flpi148.ffdc.sbc.com...
Reality_Checkﾃつｩ wrote:
TigerLuck wrote:
Reality_Checkﾃつｩ 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.
It was the combination of deregulation and the cheer-leading for more
and more home ownership and housing by the Republican administration
that "caused" the over extended borrowing. That is a plain fact.
I believe you mean "Democrat" cheer leading. Don>t you?
[/quote]
Nope.
http://findarticles.com/p/articles/mi_m0EIN/is_/ai_92843512 ----
WASHINGTON--(BUSINESS WIRE)--Oct. 15, 2002
The National Association of Realtors(R) announced today that it has made
a pledge to the White House to help meet the President>s challenge to
increase the number of minority homeowners in America by 5.5 million
before the end of the decade.
----------------------------------------------------------------
The (P)resident made this commitment to increase home ownership at a time
when home ownership was already rising very fast. The initial housing
bubble actually started in 1999/2000 after the 1997 zero capital gains
taxes on residences used for only 2 years, and the slashing of capital
gains taxes from 28% to 20%.
***********************************************************
http://www.whitehouse.gov/news/releases/2003/10/20031015-10.html ---
October 15, 2003
President Calls on Senate to Pass American Dream Downpayment Act
Remarks by the President on Housing and the Economy
Ruiz Foods
Dinuba, California
(...)
THE PRESIDENT: Como esta? (Applause.) Me, too. (Laughter.)
(...)
But here are some of the things that we intend to do and we discussed
today earlier. Sometimes people have trouble finding the down payment for
a home. It makes them nervous when they hear the down payment. We need to
have a down payment fund to help people with down payments if they
qualify. The Congress -- the House passed my request for $200 million a
year. It>s stuck in the Senate. The Senate needs to act. If they>re
interested in closing the minority home ownership gap, they need to act
on the down payment fund.
-----------------------------------------------------------------
This actually turned out to be a way to induce people who could not
afford the home into buying the home. Yet the Republicans want to blame
Freddie.
**********************************************************
http://www.whitehouse.gov/news/releases/2003/12/20031216-9.html ---
For Immediate Release
Office of the Press Secretary
December 16, 2003
President Bush Signs American Dream Downpayment Act of 2003
(...)
This administration will constantly strive to promote an ownership
society in America. We want more people owning their own home. It is in
our national interest that more people own their own home. After all, if
you own your own home, you have a vital stake in the future of our
country. And this is a good time for the American homeowner. Today we
received a report that showed that new home construction last month
reached its highest level in nearly 20 years. (Applause.)
------------------------------------------------------------
This is actually the American Dream _NO_ Downpayment Act and it was
part of the Bush and Republican dream of currency destruction as a way of
destroying the US government and replacing it with a fascist Republican
state.
And here we have the wraparound and the whole enchilada. We have no
downpayment and no taxation on home speculation. This doesn>t even count
the mortgage deductability. That interest is 99.9% of the payment on the
home and it is deductible. The untaxed appreciation of the home and the
government subsidy as a break on the interest was actually a way to live
in the house essentially for free. Just sell it at the end of 2 years or
refinance it and you were the smartest kid on the block. You be in the
fast lane.
*********************************************************************
http://findarticles.com/p/articles/mi_hb5246/is_200403/ai_n19793121 ---
Mortgage Banking, March, 2004
FANNIE MAE HAS ANNOUNCED A PLEDGE to help 6 million families--including
1.8 million minority families--become first-time homeowners over the next
decade. The pledge boosts the company>s commitment to President Bush>s
Minority Homeownership Initiative and will help raise the minority
homeownership rate from 50.6 percent currently to 55 percent, with the
ultimate goal of closing the gap between minority homeownership rates and
nonminority homeownership rates.
--------------------------------------------------------------------
The Democrats had control of George Bush and his mouth at all times.
Bush was the Democrat>s dummy and Fannie Mae was acting completely on its
own in this lowball mortgage scam.
B O T T O M L I N E &&&&&&
The Republicans were in total control of every facet of the Government in
the years 2001 - 2007. The operations of Fannie Mae and Freddie Mac are
the responsibility of the people in control in the government and that is
the Republicans and not the Democrats. This argument over more oversight
at Fannie Mea is rather silly in view of the fact that The Office of
Federal Housing Enterprise Oversight (OFHEO) was able to remove Frank
Raines from his position of CEO and replace him in 2004. And it is
assumed that he was replaced with someone more approved by the Bush
Republicans as that person was able to write off $6B in Fannie
misrepresentations. I got some news for the Republican noise machine nit
pickers. $6B is peanuts and the Republicans took it all over in 2004.
So with the OFHEO able to remove the CEO I am not quite sure why the
current oversight mechanism needs to be adjusted or exactly how Freddie
is accountable for the Bush policies that it tried to follow.
[quote]
Why do you hate America ?
I dont hate America
Yes you do.
I am ever amazed at how some people think they can ascribe emotion in
other people with more accuracy than the people that are supposedly
feeling it.[/quote] |
|
| |
|
| Back to top |
Michael Coburn
Guest
|
| Posted: Tue Oct 14, 2008 5:30 am Post subject: Re: Ignorant Greedy Amerikunts are the real villains in this |
|
|
On Mon, 13 Oct 2008 23:22:38 +0000, Deadrat wrote:
[quote]Jeffrey Laventure <thinhthi@pacbell.net> wrote in
news:0001HW.C51922FB0004FFC2B01AD9AF@news.sf.sbcglobal.net:
On Sun, 12 Oct 2008 01:24:42 -0700, Michael Coburn wrote (in article
gcsc8a0cmp@news5.newsguy.com>):
On Fri, 10 Oct 2008 17:10:47 -0600, _ Prof. Jonez _ wrote:
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv5thF9sl5eU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <Reality@Check.it> wrote in message
news:6kv01hF9njagU1@mid.individual.net...
OneTwoThree wrote:
"Reality_Checkﾂｩ" <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ﾂｩ wrote:
TigerLuck wrote:
Reality_Checkﾂｩ 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.
It was the combination of deregulation and the cheer-leading for more
and more home ownership and housing by the Republican administration
that "caused" the over extended borrowing. That is a plain fact.
I believe you mean "Democrat" cheer leading. Don>t you?
There>s plenty of blame to go around, but W has been in office since
2001, and the Republicans had a majority in the House between 1994 and
2006 and a majority in the Senate for much of that time. So what>s the
self-described party of personal responsibililty doing? Predictably,
blaming the Democrats.
[/quote]
http://findarticles.com/p/articles/mi_m0EIN/is_/ai_92843512 ----
WASHINGTON--(BUSINESS WIRE)--Oct. 15, 2002
The National Association of Realtors(R) announced today that it has made
a pledge to the White House to help meet the President>s challenge to
increase the number of minority homeowners in America by 5.5 million
before the end of the decade.
----------------------------------------------------------------
The (P)resident made this commitment to increase home ownership at a time
when home ownership was already rising very fast. The initial housing
bubble actually started in 1999/2000 after the 1997 zero capital gains
taxes on residences used for only 2 years, and the slashing of capital
gains taxes from 28% to 20%.
***********************************************************
http://www.whitehouse.gov/news/releases/2003/10/20031015-10.html ---
October 15, 2003
President Calls on Senate to Pass American Dream Downpayment Act
Remarks by the President on Housing and the Economy
Ruiz Foods
Dinuba, California
(...)
THE PRESIDENT: Como esta? (Applause.) Me, too. (Laughter.)
(...)
But here are some of the things that we intend to do and we discussed
today earlier. Sometimes people have trouble finding the down payment for
a home. It makes them nervous when they hear the down payment. We need to
have a down payment fund to help people with down payments if they
qualify. The Congress -- the House passed my request for $200 million a
year. It>s stuck in the Senate. The Senate needs to act. If they>re
interested in closing the minority home ownership gap, they need to act
on the down payment fund.
-----------------------------------------------------------------
This actually turned out to be a way to induce people who could not
afford the home into buying the home. Yet the Republicans want to blame
Freddie.
**********************************************************
http://www.whitehouse.gov/news/releases/2003/12/20031216-9.html ---
For Immediate Release
Office of the Press Secretary
December 16, 2003
President Bush Signs American Dream Downpayment Act of 2003
(...)
This administration will constantly strive to promote an ownership
society in America. We want more people owning their own home. It is in
our national interest that more people own their own home. After all, if
you own your own home, you have a vital stake in the future of our
country. And this is a good time for the American homeowner. Today we
received a report that showed that new home construction last month
reached its highest level in nearly 20 years. (Applause.)
------------------------------------------------------------
This is actually the American Dream _NO_ Downpayment Act and it was
part of the Bush and Republican dream of currency destruction as a way of
destroying the US government and replacing it with a fascist Republican
state.
And here we have the wraparound and the whole enchilada. We have no
downpayment and no taxation on home speculation. This doesn>t even count
the mortgage deductability. That interest is 99.9% of the payment on the
home and it is deductible. The untaxed appreciation of the home and the
government subsidy as a break on the interest was actually a way to live
in the house essentially for free. Just sell it at the end of 2 years or
refinance it and you were the smartest kid on the block. You be in the
fast lane.
*********************************************************************
http://findarticles.com/p/articles/mi_hb5246/is_200403/ai_n19793121 ---
Mortgage Banking, March, 2004
FANNIE MAE HAS ANNOUNCED A PLEDGE to help 6 million families--including
1.8 million minority families--become first-time homeowners over the next
decade. The pledge boosts the company>s commitment to President Bush>s
Minority Homeownership Initiative and will help raise the minority
homeownership rate from 50.6 percent currently to 55 percent, with the
ultimate goal of closing the gap between minority homeownership rates and
nonminority homeownership rates.
--------------------------------------------------------------------
The Democrats had control of George Bush and his mouth at all times.
Bush was the Democrat>s dummy and Fannie Mae was acting completely on its
own in this lowball mortgage scam.
B O T T O M L I N E &&&&&&
The Republicans were in total control of every facet of the Government in
the years 2001 - 2007. The operations of Fannie Mae and Freddie Mac are
the responsibility of the people in control in the government and that is
the Republicans and not the Democrats. This argument over more oversight
at Fannie Mea is rather silly in view of the fact that The Office of
Federal Housing Enterprise Oversight (OFHEO) was able to remove Frank
Raines from his position of CEO and replace him in 2004. And it is
assumed that he was replaced with someone more approved by the Bush
Republicans as that person was able to write off $6B in Fannie
misrepresentations. I got some news for the Republican noise machine nit
pickers. $6B is peanuts and the Republicans took it all over in 2004.
So with the OFHEO able to remove the CEO I am not quite sure why the
current oversight mechanism needs to be adjusted or exactly how Freddie
is accountable for the Bush policies that it tried to follow. |
|
| |
|
| Back to top |
|
