“take your nasty comments and judgemental butt back to school.

you are judging people and making assumptions

you know what they say when you assume
you make an ASS of U \’e2\’80\rdblquote\’e2\’80\ldblquote grow some pubic hairs, learn to respect others hardships before uttering your garbage”

There is another one who does what you claim above to anyone who disagrees with him ….and he gets chants of “you rock” “you have balls” and he uses Nazi analogies…..

Shorty..keep on keeping it on …. you rock…

I love hans…what box did you check for citizenship on page 3?

apparently there is another secret society- “modification hijackers”

I wish everyone who is having difficulty the best of luck and can get things worked out….

anyway that has been my point…the banks and the govt are basically in this together so i get a chuckle when everyone wants the govt to come down hard on the very agencies they pushed to boost housing. The public was saddled with this mess when the initiatives were put into place. All the grant money that was offered out…CRA incentives…FHA money to rehab properties… come on the govt was pushing heavily for increased home ownership since 2001 to look good. I remember the state of the unions— bush took credit “more Americans are proud homeowners now than in an period in our country’s history” yea…ok. All these initiatives forced the values up dramatically. It just was not supposed to end this soon.

The S&L events all over again.

The front line scapegoats are small potatoes… just pawns..Anytime easy money is put on the table you will see a bunch or crooks step up….there were plenty of ethical MB/LO’s who would in fact inform the borrower of the new tax bill they were about to get hit with if they purchased the brand new shiny home…and ask if they are prepared for the new payment 1 or 2 years down the road when this payment kicks in.

guess who would then get slapped for “scaring” the buyer. RE agents, builders, who opened up their own shops to prevent the mortgage professional from potentially tanking their deals.

I know there is a lot of bashing of the mortgage programs sold but in fact in many instances payments jumped up because of the taxes and insurance increases and the shortages in the escrow accounts to pay these items.

Just wait and see how many FoA’s there were lurking in the halls of the regulatory agencies. Look at the guys now putting together the “new” policies.

I know there are some on these posts who want to pin a label on anyone who turns on the light to the bigger picture. But to point the spotlight on only a select few is exactly what those who started this fire are hoping for and count on.

Again the game is bigger than just countrywide and some mortgage brokers/LO’s…. follow the money…..follow who actually benefited…the most from the increased home ownership…that is who you want to burn at the stake…

the industry was not just pushed..it was basically encouraged to hand out money…who took credit for the economic boom for that period??

it really is very simple….

and as for Shorty Wanna Thug on Jun 11th, 2008 at 10:09 am
did you read that article????? they are flat out saying that the banks were doing wrong by saddling borrowers with mortgages they could not afford….

Now if someone came to borrow money from you and you knew that they probably were not going to be able to pay you back but they signed a promissary note for you, would you still lend it?

NO i wouldn’t have taken that risk, that is exactly what the greedy banks, and the rest of them did… took advantage of all the tools they had to fill their pockets with more & more money $$$$$$ while the borrowers are left holding the bag.
the borrower did not push the appraiser to up the value ( i’m sure the borrower would have much rather had a lower value to pay less) the borrower did not tell the UW to look the other way & fund their loan, the borrrower DID however ask for guidance and the expertise of their mortgage broker to guide them in this financial decision since they are the ‘expert’ in their field (yeah right) now for all those few good, ethical, morally correct, and hardworking mtg brokers – they – the good ones are paying the price of all the bad apples who are probably now parking cars.

see how his pinky is off to the side? this is a sign. This is the sign given to denote his membeship in a society.

This is the sign one member gives to another member to garner support when under public scrutiny.

This man will not be indicted….

The affordable housing (code for-low-moderate income)initatives were the first stated income programs and the first to allow ridiculous super high back end ratios. Normal back end ratios were 38-42% these programs would sometimes approve 65-70% ratios….what is left to pay everything else??

People bash CW but they were one of the first working close with fannie mae to market and sell all these “great” affordable housing programs.

Another program iniative- “emerging markets’ code for emigrants- legal or otherwise. follow the money on this one—CW was big in CA before anywhere else. This program was basically the first “no doc” program. Very lax… i mean liberal UW standards indeed and almost no verification. Here is the the best part… CW used to hold conf room seminars with catering for RE agents and brokers to educate and how to “sell” this program.

I remember one of the speakers for CW boasting that he made more than most MD’s using these programs….

this was in 1999-2000. This debacle was just getting kick started.

“In 2004, regulators warned that subprime lenders were saddling borrowers with mortgages they could not afford, the U.S. Department of Housing and Urban Development helped fuel more of that risky lending.

Eager to put more low-income and minority families into their own homes, the agency required that two government-chartered mortgage finance firms purchase far more “affordable” loans made to these borrowers. HUD stuck with an outdated policy that allowed Freddie Mac and Fannie Mae to count billions of dollars they invested in subprime loans as a public good that would foster affordable housing.

Housing experts and some congressional leaders now view those decisions as mistakes that contributed to an escalation of subprime lending that is roiling the U.S. economy.”

1. If you can not afford payments on a depreciating asset, sell it NOW

2. You may want to sell some of your stock portfolio, and purchase inflation hedges.

If this makes no sense to you, than PLEASE connect with a financial planner or someone who has a large net worth, and no debt that can give you some constructive feedback as to your situation.

You get it! Finally, someone willing to cut through the excuses, nonsense, and lack of personal responsibility. Nice job, AND you have taken a Look in the Mirror!!! Great posts!!!

Hopefully, we can come sort of solution to this housing downturn, but it all starts with taking responsibility for our actions, and not blaming others for our misfortunes (as most people on this blog seem to want to do!!!!)