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.
...
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.
Very well said. And I don't disagree at all.
But the thing is I listen to a lot of [mostly conservative] talk radio and it irritates me how so many of these guys make is seem like its just the ("stupid/greedy/irresponsible") homeowners fault...while they ignore the fact that the mortgage industry, Wall Street, and many other fat cats were feeding the monster too, and getting rich in the process, blowing up a bubble that had to burst eventually!
I just wanted to show the other side of he story, because I think a lot of people have a false impression of how this all came about.
__________________ http://endtimeobserver.blogspot.com
Daniel 12:3 And those who are wise shall shine like the brightness of the firmament; and those who turn many to righteousness, like the stars for ever.
Mark, how is the Tracy/Modesto/Manteca area?? Far behind or is this hitting them as well?
It's all about the same and as you know, that whole area has all grown together. we are only 30 min from modesto turlock is 18 miles - it's all been hit hard. I hear that 1 in 4 homes are in foreclosure in Elk grove(south sacramento).
but southern CA. is being hit really hard too- just ask socaliupc.
well, folk that marry their cuzins generally dont defraud banks!
they might make a little moonshine and have gun fights with the revenuers and such, but they dont take out loans they cant pay!
and lets not kid ourselves, most folk in California, dont marry. they just shack up and who even knows if they is shacken with a person of different gender or not!
FERD! You are on a ROLL! Don't stop now - SIC-UM!!!
__________________ "It is inhumane, in my opinion, to force people who have a genuine medical need for coffee to wait in line behind people who apparently view it as some kind of recreational activity." Dave Barry 2005
I am a firm believer in the Old Paths
Articles on such subjects as "The New Birth," will be accepted, whether they teach that the new birth takes place before baptism in water and Spirit, or that the new birth consists of baptism of water and Spirit. - THE PENTECOSTAL HERALD Dec. 1945
"It is doubtful if any Trinitarian Pentecostals have ever professed to believe in three gods, and Oneness Pentecostals should not claim that they do." - Daniel Segraves
I saw an article on that on Cnn, how foreclosure investors are now snapping up bargains like crazy in that area.
Like they say... the rich get richer.
__________________ http://endtimeobserver.blogspot.com
Daniel 12:3 And those who are wise shall shine like the brightness of the firmament; and those who turn many to righteousness, like the stars for ever.
Very well said. And I don't disagree at all.
But the thing is I listen to a lot of [mostly conservative] talk radio and it irritates me how so many of these guys make is seem like its just the ("stupid/greedy/irresponsible") homeowners fault...while they ignore the fact that the mortgage industry, Wall Street, and many other fat cats were feeding the monster too, and getting rich in the process, blowing up a bubble that had to burst eventually!
I just wanted to show the other side of he story, because I think a lot of people have a false impression of how this all came about.
well, it clearly needs to point back to a congress that relaxed banking rules to allow this.
Republicans wanted home ownership to poorer people because it would help them build wealth
Democrats wanted this because they advocate for the people to begin with.
neither party thought their actions thru and the number crunchers figured out how to make a buck.
and the people who wanted more house than they could buy found out how to do it.
__________________ If I do something stupid blame the Lortab!
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