These comments are in response to an anti-homeowner article by Steve Chapman of the Chicago Tribune tittled, “Democrats may commit the real mortgage fraud”.
These are the voices of the American people, that you rarely get to read in these self serving articles by so called journalists.
Submitted by JJK;
Of course when corporations bankrupt after paying CEOs millions to do so, they walk away paying 10¢ on the dollar and all you hear are crickets.
Submitted by Robert Hotchkiss;
It is truly amazing the hypocrisy of conservative financial writers. When the rules change in favour of the wealthy they never question the justice of it. But if they change in favour of the poor they call it theft.
For example a wealthy person buys an apartment building with rent controls. They have paid a price that reflects those controls. They lobby the government to get rid of the controls the property value rises immensely on the backs of the renters. But you won’t here commentators such as Chapman call this theft.
A company lobbies politicians to ease environmental regulations. The company makes a huge profit but thousands have to pay huge amount of medical bills for asthma. Hundreds of children die. But you won’t see Chapman calling this theft.
The bankruptcy law is changed so that companies that new perfectly well that they were issuing loans that could not be repaid get a much large amount of money from their bankrupted clients. But you will never see Chapman call this theft.
Companies require consumers to use arbitration instead of the courts. Because all companies do this the consumer has little no real choice. Since companies win up 98% of arbitrated cases. This is a direct transfer from victims of fraud or in the case of Blackwater persons who have claimed to be gang raped. But Chapman will never call this theft.
Doctors want immunity from law suits. When the patient doesn’t have enough to pay for treatment doctors claim that medicine is just a business. But when doctors create horrible harm through negligence they want to be exempt from the laws of business. But Chapman will never call this theft.
For conservatives when money passes from the wealthy to the poor it is always theft. When it passes from the poor to the wealthy it is always justice.
Submitted By Bob;
No the Dems are correct, but you don’t understand what happened out here in the real world of folks making less than 6 or 7 figure incomes.
I own my home free and clear – but this stupidity has driven down the value of my home too. So it is not just the poor bank that got hurt. But, what about the real estate agent who walked away with commissions, the private lender who worked with the real estate agent and defrauded the lender into the deal? they already have pocketed their money, haven’t they.
I have been an insurance agent for 37 years, if I did what these Realtors, lenders, brokers, etc did, to my client, I would be in jail today. So why don’t they have the same “due diligent” requirement I have to have before I sell an insurance policy, retirement fund, or investment plan?
Bob Smith
Albert Lea MN
Submitted by Spec4;
Let the free market operate. The lenders made bad loans, let them suffer the consequences. The borrowers took on more than they could or would pay, let them suffer the consequences. I’ve always wanted a Rolls Royce. Problem is I can’t afford it. Therefore, I don’t have one. As an aside, the liberal groups (ACORN), and the Jesse Jackson types are the first to cry discrimination when loans are harder to obtain. Now that loans became easier to obtain, these same types cry “predatory” lender. The borrowers have no one to blame but themselves if they don’t understand what they are signing. Big brother has come up with every conceivable disclosure requirement, starting with “Truth in Lending” back in 1969.
Sumitted by PoEd Lib;
WOW! WHat an ignoramus! Typical repukeliscum “magic of the markets” BULLCRAP.
What happened here is that Stevereno’s little buddies, the Repukeliscum, got greedy. They rejiggered the entire mortgage system. Now, NO ONE cares if the mortgage is based on reality. There are NINJA loans – NO INCOME NO JOB. Why are these loans possible? Because the money is made on LOAN FEES, NOT ON INTEREST. This has changed the market and MUCH MUCH for the worse.
We need to cap fees at .25 of the total loan, and ensure that this cap is followed.
Steverino should get out more. His lunatic pie in the sky repukeliscum idiocy has put us into this mess. ThanK GOD the Dems are gonna fix this mess, but that’s what the Dems do. Repukeliscum make a TOTAL BOTCH of EVERYTHING, and DEMS HAVE TO fix it up.
It is OBVIOus that MOST of the IDIOTS posting here do not understand the current financing situation.
1) The lenders DO NOT make the loans. The loans are made by LOAN FIRMS.
2) The loan firms then SELL THE LOANS. In other words, THEY DO NOT CARE HOW GOOD THE LOANS ARE. THEY JUST WANT TO SELL THE LOAN.
3) The money comes from FEES, not INTEREST. The FEES can be very very high.
4) Once the loan is sold, the LOAN FIRM has its money. It can then sell a new loan.
The DECOUPLING OF LOAN and PAYBACK has caused this entire problem. It’s a typical REPUKELISCUM idea: Make the quick buck, and to HELL with the consequences.
Submitted By Roger;
Boy, I haven’t read a greater misstatement of the facts since Saddam Hussein cleimed to have won the Gulf War.
Most of the mortgages that are in jeopardy are the ones whose rates are “going to” adjust, not the ones that have adjusted. The problem isn’t poor people being unable to pay the increases, it’s the middle class that will soon be living next to boarded up homes. The lenders have already sold the loans and closed up shop – fees, etc., in hand and off to the next loan sharking escapade.
I don’t know if bail outs ARE the right option. A lot of people were speculating, and other people were just ignorant and taken for a ride. But I can see a lot of Americans who had nothing to do with that being hurt when the crunch hits in 08 if nothing is done sooner.
Punishing the lenders is no different than punishing loan sharks or trying to curb prostitution in communities. It’s done all of the time. Just because the pimp wears a dark, pin-stripped suit doesn’t make him any less of a pimp.
Submittted by James Griffin;
Your line of thinking is typical the banker set and their “Look the other way” Political cronies. Let’s just misdirect this a little more and take the REAL issue out of the equation eh? NO DEAL!
You see I’ve heard the fast talking pitch these low life’s used on the poor people they got roped into these “Sucker loans” and it’s despicable. It’s goes something like “Hey you know the main thing here is to get ownership of the place. You’re getting a VERY low rate on this ARM, and the way the interest rates have been over the last couple of years, when the rate change comes it will probably drop even further, and even if it doesn’t you can just refinance for a fixed term loan at the same rate No problem”. RIGHT? WRONG!
What these poor fools failed to consider was that the same bad credit rating that prevented them from getting a competitive fixed rate to begin with would also keep them from getting one in the future. You see Mr. Chapman I know something about working poor people that you either don’t know or choose to ignore.
That is that poor people don’t have bad credit because they don’t pay their bills, they have trouble paying their bills because they have poor credit.
Sounds stupid to you right? Yeah, it would. Corporate America lays traps for people right and left to try to get them shoved into the “Less than ideal credit rating” group. WHY? You know as well as I do that these big banking/mortgage/consumer finance conglomerates make TONS more money off of people they can stick with higher interest rate, higher payments and stiffer late payment penalties (which by the way is where the REAL money gets made). And it’s a deal with the Devil scenario for literally ANYONE who ever has to deal with ANY financial institution these days.
All our lives we are taught by our parents and teachers and just about ANYONE who can influence us that you DON’T discuss your finances openly. And you know what. The bankers and financiers LOVE IT! Because it enables them to defraud,cheat, swindle, and steal outright from just about EVERY BODY and the beauty of it is that NOBODY TALKS!
Well time is running out for these carpetbagging slimeballs because they’ve finally gotten us to the point where you can’t pile any more debt and taxes onto the middle class. if they try, the middle class is going to collapse under the strain. This latest mortgage tiff is just a warning shot. It’s coming, and if you can’t see it you’re either blind or stupid.
But I’ll NOT have you pleading the case of greedy corporate opportunists that make their CEO’s BILLIONAIRES through the financial suffering of honest working men and women.
It’s EVIL! Plain and simple.There is NO possible defense for it. And besides, if it’s such a great problem then it could always be solved by doing the OBVIOUS: “Leave the interest rates on the ARM’s where they are”. OH! Uh…no that wouldn’t be good business. Give it a rest pal, I ain’t buyin’ it.
{ 3 comments… read them below or add one }
I go with the crowd that recognizes lending as amoney making endeavor that saw a waiting opportunity to rip the equity out of “subprime” homes he do this through offering financing that they package as a wolf in sheep’s clothing.
Thanks to the efforts of these new day loan sharks we now have a crises appraoching biblical proportions. It s everbody’s job to deal with this and discontinue the denial.
Thank God, we’ve got some THINKING Americans weighing in on this subject. The truth is coming to light, slowly but surely, and just watch as we cut on the lights, you’ll see the roaches scurry away into the dark corners.
I agree Jmac and that is why I posted these thoughtful and accurate comments.
The best one was by Robert Hotchkiss;
“For conservatives when money passes from the wealthy to the poor it is always theft. When it passes from the poor to the wealthy it is always justice.”