Stockton, CA. Foreclosure Capital Of US - Page 3

StMark · #21 01-28-2008, 02:33 PM

Quote:

Originally Posted by TRFrance

Theres a pretty big UPC in Stockton... used to be Haney's church.

I wonder if any saints in Stockton are affected by this.

Yes, and it's affected our entire area from Sacramento south.
All of Calif. has been affected.Church members everywhere have suffered losses.

I understand that this situation has hit all over the U.S now though.

storms blow from west to east

Monkeyman · #22 01-28-2008, 02:35 PM

For folks who may not know...Stockton is a bedroom community for Bay Area (san francisco) commuters who work in technology. A lot of the overprice initially came with the dot-com boom...we all know what happened there!!!

Monkeyman · #23 01-28-2008, 02:39 PM

Quote:

Originally Posted by StMark

Yes, and it's affected our entire area from Sacramento south.
All of Calif. has been affected.Church members everywhere have suffered losses.

I understand that this situation has hit all over the U.S now though.

storms blow from west to east

Yes mark and according to some here on AFF, our church members and family are fruity, nutty, shacked up waifs, with no backbone! I would love to see someone call that to some of my family's faces, lol!!!!!!

Monkeyman · #24 01-28-2008, 02:40 PM

Mark, how is the Tracy/Modesto/Manteca area?? Far behind or is this hitting them as well?

Ferd · #25 01-28-2008, 02:41 PM

Quote:

Originally Posted by TRFrance

Well, the borrowers bear ultimate responsibility, but in many cases the lenders and mortgage brokers were dishonest or irresponsible also. many of them gave loans to people who they had to know would have trouble paying the loans... people without steady income or work history... people stating questionable income (like a taxi driver claiming to make $95,000/yr). and many were told he loans were fixed but they were actually fixed for only a period of time, but many of these people,sometimes elderly, minorities, or just simply not very savvy about this stuff just signed where they were told to sign.

I know. I've worked in banking and finance for a few years now and I've spoken to many of these people myself, and theres a side of the story that many people aren't exposed to.

TR, there is no question that there is blame to go around.

Starting with over stated income... sorry bro, but when you lie you know you are lying.

now, the reality is the people writing this bad paper did so because CONGRESS relaxed the rules on lending to incurrage home ownership in poorer areas....

next, the guys issuing the bad loans knew they were bad and SOLD them to other investors, in many cases the other investors resold the loans as well.

the lean holder, left holding the bag, got stuck by everyone from the borrower to the lender, to the banking house that allowed the practice. Now the lean holder is on the hook for billions.

stupid stuff, from congress to the banks to the borrower, to the knuclehead in the big banking house that ended up with the bad paper and everyone in between.

bottom line, when the sorry cuss called my house and told me i could get an intrest only ARM at 3% and only pay two or three hundred per month, I told him to get lost and told him he was a crook.

Yea that happened several times.

Sometimes bad things happen to good people. Economy goes south, people loose jobs, houses get forclosed and really nobody is to blame.

in this case, people over spend on a house, get a 120% loan and pocket the 20% extra at closing, their ARM goes up because interest rates rise as they are expected to do, and they loose their house.
the borrower is to blame, the crook that advised them is to blame, the bank that employed the crook is to blame, the bank that bought the bad loan is to blame and congress is to blame for makeing law that caused the chain reaction.

theres lots of stupid to go around with this one.