[pea-jay]

Its unbelievable and the effects perverse. I have little sympathy for the borrower, the lender and the other nincompoops involved in the realestate industry

But what annoys me is the fact that all of these insane purchase deals inflates the median so that existing landowners capitalize, become accustomed to and depend on their inflated home values. This boosting of the average only forces more people to scramble to afford and encourages the amoral realeastate industry to create ever more unique home owning schemes.

A 15K yr worker buying one home for his own family is at least a decent goal acheived by dubious means

There was a case of a Sacramento teen, a 19 year old russian immigrant with no income that used documentation-free loans to acquire 8 houses for investment purposes. That is truly insane. His goal was to flip his way to prosperity. It worked on the first house or two before property values stopped climbing.

Or the idiots that bought property sight unseen from across the country. When I was a planner in central ca I remember the time some schmuck that called us from out east to ask about the property he just bought. I couldnt stop laughing when I found out he bought a useless piece of property that was swamp when it rained and zero agricultural worth, no road access, no water no rights to build. What a fool. Fortunately I didnt have to break him the news.

People are idiots and even normally rational ones will fail to "get it" if they are sitting on the hope their housing decision was the right one.

[katkinkate]

$this->bbcode_second_pass_quote('TommyJefferson', '.')...Charles Schumer (D-N.Y.), owned and operated by the northeastern financial industry, is *always* looking out for the Little Guy.

[threadbear]

$this->bbcode_second_pass_quote('TommyJefferson', '')$this->bbcode_second_pass_quote('', 'W')ant to pick up the check for every homeowner who got saddled with a risky mortgage?

[TommyJefferson]

$this->bbcode_second_pass_quote('threadbear', 'A')lways on the side of big business, T.J?

[The_Toecutter]

$this->bbcode_second_pass_quote('', 'A')lways on the side of big business, T.J?

[nocar]

Just a question, do all of you that express the view that stupid or retarded people should blame themselves, really think it is fair play for powerful institutions like banks to con or trick retarded people?

nocar

[highlander]

An article in our local paper described the ability of the sub-prime lenders to get under (or un) qualified lenders into a home which the lender ends up holding the title to as a "gift from God"
I just about gagged.
These carpet baggers need to be hung.

[emersonbiggins]

$this->bbcode_second_pass_quote('nocar', 'J')ust a question, do all of you that express the view that stupid or retarded people should blame themselves, really think it is fair play for powerful institutions like banks to con or trick retarded people?

[holmes]

PLEASE RETHINK HOW HARD THEY WORK. THANK YOU! I DO NOT WANT YOU TO BE RUNNING AROUND WITH FALSE TRUTHS AND PONTIFICATING THESE FALSE TRUTHS A WELL. IT IS NOT GOOD FOR ANYONES CREDIBILITY. DO SOME RESEARCH LIKE ACTUALLY OBSERVING AND UNDERSTANDING WHAT IT IS They ACTUALLY DO. THERE ARE ALSO MANY MANY OF THEM. THE AMOUNTS OF THEM TEND TO MAKE DETACHED AMERICANS AND FOREIGNERS BELIEVE THEY ARE ACTUALLY HARDER WORKER THAN THEY TRULY ARE. THANKS! First off they work only 6 months a year! Thats a good beginning for you all that are detached. For those of us that know true hard work understand true hard work! Get my drift. For soft handed urbanites sure they work like mules. Not to folks like me. sorry.
The legal migrants used to work hard. They work less and less over the years.
Now they are beginning to blame others as well now for their mistakes and the lenders corruption. The screams from them and their owners and lawyers will be directed to the tax payers. WE are going to end up having to pay for this as well. Add it to the heap.
I wish they would all be cut off and left to rot in the sun.

[dissimulo]

$this->bbcode_second_pass_quote('nocar', 'J')ust a question, do all of you that express the view that stupid or retarded people should blame themselves, really think it is fair play for powerful institutions like banks to con or trick retarded people?

[holmes]

$this->bbcode_second_pass_quote('dissimulo', '')$this->bbcode_second_pass_quote('nocar', 'J')ust a question, do all of you that express the view that stupid or retarded people should blame themselves, really think it is fair play for powerful institutions like banks to con or trick retarded people?

[PrairieMule]

Unfortunately, this scenario is 100% plausable.

I have never seen a migrant worker get a $750K loan but I have seen brokers attempt to do mortgages for members of the non-english speaking union with 0 fico scores for home loans for as little as $80K to $400K. They do it with non-traditional credit report rankings. This is done in Lieu of w-2's and credit histories showing history. They use utility bills, car insurance, bank statements, cell phone accts as references that the borr pays their bills.

Believe it or not they actually do make their payments, by cramming a dozen of their "Amigos" into a 1400square ft house. Then each worker each chips in say $200 each month.

[holmes]

yes you do know Mule. I am happy you do. Yes we liken one illegal home to the matrix scene. remember the scene when he was fighting all the clones of the one dude. How they were streaming at him in undending waves. That is one house of illegals. hahaha! Just stand there with your mini chain gun and keep mowing them down as they exit. That will give u a pile of bodies equal to the one in the movie 300! Hopefully they get trapped in there becuase of the bodies piled up! O my if all leave at once it truly will be matrix like!

[holmes]

the parasites have drained the body of the host. Death is near. Parasites die off after host is dead. There is no other host as profitable for them. They will attach to lesser hosts. But they will eventually fall off and die. They do not look past their primitive lust response mechanisms of sex, money and food.

[PrairieMule]

I tell ya'll what, it reaches a point where logic has long been thrown out to "Do the deal man! We gotta get this deal done Chief, ASAP, let me speak to your supv, you don't understand! If they don't get this loan they will default and then it's your fault! "

Then I reply:"OK sir, you want us to get a 12 month history and rating for Guy's Groovy Auto sales, what's that no acct#? I sould just reference the for a 94' Corrolla? Ohhh, OK. Yes, get a rating on a personal loan from a guy named Steve?"

Motrgage Rep;"Yeah, yeah! we gotta get this f@#ker to fund by the end of this month, you don't understand! I have to do the deal.


Also they like to tell me thay needed this yesteday to which I respond then we will be unable to meet their expectations. this leads to more vomiting out of the rep's mouth.

The more I speak with these high strung reps the more I believe Red Bull rots the brain.

[PrairieMule]

$this->bbcode_second_pass_quote('mmasters', 'T')he one I keep seeing in New York here is a Chase commercial. The whole theme of the commercial is using credit is freedom.

[MD]

I just don't grok the math. C'mon now, in 1985 I was making $27k/yr and had to bust my ass to get a $32k mortgage.

I look at these mortgage deals and just don't get the insanity of it all.

Seriously now . . . we must be completely screwed or this wouldn't have happened.

[Laughs_Last]

I've started getting advertisements for equity cards. That's right, not debit or credit cards, but equity cards. The deal was that I could spend money using the plastic card, and pay off the balance monthly. Carrying a balance would be at some variable rate not to exceed 300% or something like that. There was a service fee for using it less than $400 per month. Failure to pay the balance after some X period of time would forfeit my mortgage note or something.

I declined the offer.

[pea-jay]

$this->bbcode_second_pass_quote('MD', '
')
I look at these mortgage deals and just don't get the insanity of it all.

Seriously now . . . we must be completely screwed or this wouldn't have happened.

[Evltre]

I really can't believe how easy it is to get loaded up with debt! My dad was telling me the other day that when he applied for his first home loan he had to have 33% deposit, and the bank wanted both his first, and second born children. (plus the interest rates were about 18%?!?)