Re: Now *THAT'S* a letter to the editor!


"Mickey" <Mickey@xxxxxxxxxxxxxxxxxxx> wrote in message
news:prh3g4ln1pc528h2dm6h57l721320qs3qd@xxxxxxxxxx
CigarBaron <garbaron67j@xxxxxxxxx> wrote:

On Oct 23, 3:08 pm, "Paul M. Cook" <pmc...@xxxxxxx> wrote:

The people being hurt the hardest now are the fools who refinanced their
houses multiple times exchanging fixed rate mortgages to really
attractive
interest only loans or ARMs and then using fake equity (inflated housing
prices) as their personal ATM machine. > Paul

Paul,
Do you think that these people were sold to by unscrupulous mortgage
salespeople? I think the whole mess was monetary greed by the lay
person as well as the informed sellers. And I blame the banks and wall
street as being at the core. But, I'm certainly no financial insider.

CigarBaron

The blame shifting has begun in earnest. There will be a concerted
effort to blame anyone who profited from the mess as being the cause
of the mess, which is not right.

Uh no - they would be to blame.

Carter created the CRA, with his usual earnest good intentions. It was
not a bad thing. Then along came BJ Clinton and his cronies, and they
cracked the CRA wide open, allowing (encouraging) the predatory
lending practices that have landed us in the goop.

Uh no. That is called delusional wingnut fabrication and reinvention of
history. CDOs and MBSs and all the other "vehicles" simply did not exist
until they repealed depression era banking laws. That is the undeniable
fact but of course it will be denied and denied to the very last gasp of
your corporeal existence. On Mike's deathbed he will clutch his Ann Coulter
doll and with his final breath speak these words "the democrats did it."

It was Clinton et al that encouraged making loans to people and
allowing them to use welfare payments as repayment funds. It also
would heavily fine banks who didn't go along.


Except no more than 5% of the loans are in default. That is another
inconvenient truth for ya. And very few banks were required to participate
with Fannie Mae and Freddie Mac. None of the ones that have failed so far
did BTW.

From the Boston Fed's manual:
"In addition to primary employment income, Fannie Mae and Freddie Mac
will accept the following as valid income sources: overtime and
part-time work, second jobs (including seasonal work), retirement and
Social Security income, alimony, child support, Veterans
Administration (VA) benefits, welfare payments, and unemployment
benefits."


All verifiable income. And permamenent income as well. But again this only
affected 5% of the loans. 5% Mike. Ma I repeat that? 5%. Guess what
Mike, all those people are STILL receiving that income. They are probably
not in danger of defaulting either.

This crap was defended (and still is being defended) by Bawney Fwank,
who along with Brack The ONE! Obama, has received gobs and gobs of
money from the FMs.

Bawney had exactly zilch to do with Countrywide (and dozens of other
lenders) and their predatory lending practices. And again Mike, this is a
WORLD wide problem. Explain how your *theory* addresses that?

The blame for the subprime housing crisis lies squarely on Fwank,
Clintong, and Andrew Cuomo, who was Clintong's Secretary of HUD.

In your dreams. Even Alan Greenspan said yesterday that was not the case.
Is he a terrorist now?

Any other wild arm flailing is just an attempt at blame shifting and
obfuscation.

Oh yeah, there is just no evidence whatsoever of fraud. None. Sorry Mike,
what you are engaging in is desperation pure and simple. Everyone knows the
truth. Some admit it, some do not. It's called cognitive dissonance.

Paul


.

Relevant Pages

  • Re: NO down payment?
    ... first time buyers that otherwise met their credit, income and cashflow ... Not with FHA or VA loans it doesn't. ... buyers leverage is not a wise idea. ... Credit card problems are next. ...
    (misc.invest.stocks)
  • Re: not racist, not violent, no longer silent
    ... ownership by offering to buy loans of questionable security. ... are not the low income loans. ... Step back and look at the dynamic interactions in the market, ... the reasons that firms are larger now than in the past is the regulatory ...
    (rec.arts.movies.current-films)
  • Re: Free Beer
    ... We already agree in the subject of welfare. ... when the majority of income levels do not pay any tax. ... and, at 45k a year your not on welfare, yet still not paying any taxes either, ... the housing loans, the left has turned that into "it's all the rights" fault, ...
    (rec.motorcycles.harley)
  • Re: personal loans/gift money
    ... money at a rate of interest that; gets your business, ... credit risk, makes business sense to do so, helps generate income of some ... authority to regulate whether or not interest is charged on loans, ... Well, state and federal banking laws often apply, as do contract laws, usery ...
    (misc.taxes)
  • Re: Tell you what, Rush...
    ... income. ... anywhere else for that matter. ... I don't blame him for wanting to leave NY. ...
    (rec.sport.football.college)