Protect Those Poor Ickle Fools


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Can_I_just_be_Jo is offline Can_I_just_be_Jo Post #11  July 29,2010, 2:48pm

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AudioDad wrote :
But as I stated before, my rates and minimums were being raised *before* the bill was passed - like almost two years before anyone in D.C. was talking about a financial reform bill.



I think you meant GLB....Gramm-Leach-Bliley. Sorry, don't mean to be OCD on ya.



Sorry, I should've been more clear there. I meant Wall Street and K Street should've learned their lessons. It's been awhile, but I read the original CRA as well as the changes that were made to it during the first Bush administration and those under Clinton. I think the CRA was well intentioned - combatting the practice of redlining - but was indeed taken too far.
Sorry I didn't catch a few years ago still parts of this bill, like the credit cards were being discussed back in 2008 . Also people were already falling way behind so the companies were making up those loses through people like you.

Also when I said about other people using fannie and freddie look at post 9/11. The economy should have taken a huge hit there. Instead the flood gates were opened on sub prime. What better stimulus than tapping $20,000 in equity in your home. Heck even better, over appraise the value and give personal loans at mortgage rates and get the tax benefits to boot.

If you can't tell I am tired of the suffering. Too many people caused it and they seem to be the one who didn't pay.
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Can_I_just_be_Jo is offline Can_I_just_be_Jo Post #12  July 29,2010, 3:00pm

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bigfincat wrote :
I tend to blame the children much more than the babysitter....so our primary targets might be different in that sense.
We are the children, who is the parent and who is the babysitter? This is actually an analogy I can sink my teeth into. I blame a lot of the lack of taking resppnsibility for one's actions on what I call day care mentality.

Day care mentality is we now pay people for what we used to do ourselves, such as raising our kids, and no longer find the need to take responsibility for anything.
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chawks64 is offline chawks64 Post #13  July 29,2010, 3:33pm
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Can_I_just_be_Jo wrote :
In my opinion everyone had their hand in the cookie jar, we the consumer turned a blind eye because we liked what the increased access to credit got us.
True. I was working in escrow/title at the time, and there was a huge real estate bubble here. Homebuyers were buying way more than they could afford because the market was going up, and they just knew it would keep rising until they sold and then they'd make a huge profit! Oops! Apparently I'm the only one inb Vegas to actually pass Econ 101. They took low interest APR loans because they wanted the initial low monthly payment, assuming they would either sell or refi when the rate adjusted up. Lenders were more than happy to give them a loan because the rates were bottoming out and they knew they could only go up. Realtors and mortage brokers were also happy to oblige because their income is commission based. Bigger house = bigger commission.

There were blind eyes everywhere, with people even bringing in hand-written notes from supposed "prospective renters" so they could justify buying more than one house. One woman (average income) here in Vegas bought 19 houses from a local builder - I have no idea how. Then the builder dropped its prices and she was paying 19 mortgages on houses no one would rent or buy. I'm going to assume they foreclosed on all 19 and maybe her personal home as well. Ouch.

Anyway, the rates started to rise, which means payments started to climb, and people started to default. Banks tightened up their lending policies because they suddenly saw the error of their ways and so many people couldn't refi into a fixed rate loan, even at a higher payment and with the same credit score as before. Even an FHA loan requires a higher credit score now than it did just a couple of years ago.

The whole thing was just a hot mess. And pretty much everyone involved was to blame. Just sad. And why I'm not a big fan of corporate or personal greed.
 
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chawks64 is offline chawks64 Post #14  July 29,2010, 3:45pm
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(My multi-quote thingy is busted)

Can_I_just_be_Jo wrote :
Sorry I didn't catch a few years ago still parts of this bill, like the credit cards were being discussed back in 2008 . Also people were already falling way behind so the companies were making up those loses through people like you.

Also when I said about other people using fannie and freddie look at post 9/11. The economy should have taken a huge hit there. Instead the flood gates were opened on sub prime. What better stimulus than tapping $20,000 in equity in your home. Heck even better, over appraise the value and give personal loans at mortgage rates and get the tax benefits to boot.

If you can't tell I am tired of the suffering. Too many people caused it and they seem to be the one who didn't pay.
You're right. I don't think most people realize just how long this has been going on. Like I said, I was working in escrow, and we were some of the first ones hit. Real estate prices (at least in Nevada) peaked around 2005 and just started dropping after that. I got laid off in early 2007, and I had seen a year of layoffs before they got to me (the bright side of being the only one that knows how to fix the copier and order supplies ).

The adjustable rate loans were one issue (seriously, why would you want an adjustable when the rates are bottoming out???) but another was people borrowing against the inflated equity in their homes. I know plenty of people who took every dime of equity in cash, and now they're short-selling. To me, that's unethical.

My boyfriend did a short sale on his house, but his case was a little different. His ex left him with the full mortgage payment and his work hours were cut to less than half for almost a year. On top of that, the neighborhood went on a quick downhill slide, dropping the value to less than 1/3 of what he paid. None of those were things he could have predicted. So, lucky for him, he didn't get a lecture from me.
 
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AudioDad is offline AudioDad Post #15  July 29,2010, 4:00pm
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Can_I_just_be_Jo wrote :
If you can't tell I am tired of the suffering. Too many people caused it and they seem to be the one who didn't pay.
I hear ya, no argument from me on that. In fact, many of them seem to be profiting quite handsomely from the fiasco.
 
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Can_I_just_be_Jo is offline Can_I_just_be_Jo Post #16  July 29,2010, 4:31pm

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AudioDad wrote :
I hear ya, no argument from me on that. In fact, many of them seem to be profiting quite handsomely from the fiasco.
I am disgusted because people knew about the housing bubble back in late 2003. I am angry at Wall Street for not plugging that variable into their models. I am angry at financial institutions for realizing it and restricting their lending to compensate but not following the bouncing ball to realize those securities they held were also in danger. I am mad at the past Congress who knew something was wrong but was so arrogant they thought they could fix it before it blew up. I am angry at the current Congress for wetting themselves over having this unstoppable majority and pushing through all their wet dreams and forgetting there is a country that depends on them to be responsible for our money and future.

I am mad at my country folk for walking away from their homes because it was easier. Walking away from their bills so more people lose their jobs when they are still able to pay but they can't live without their internet and cable TV.

I am mad, just not mad enough to let myself be labeled tea party or any other party. I think for myself.

*steps down off soap box*

*sips beer*

All better.
 
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chawks64 is offline chawks64 Post #17  July 29,2010, 4:33pm
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Can_I_just_be_Jo wrote :
*sips beer*

All better.
Best medicine in the world!
 
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Can_I_just_be_Jo is offline Can_I_just_be_Jo Post #18  July 29,2010, 4:38pm

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chawks64 wrote :
Best medicine in the world!
I am cranky cause a cop pulled me over on the way here for making a left on a left arrow only. The sign is off center and as big as my hand....yeah I am sure they don't have it that way as a money maker.
 
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dito is offline dito Post #19  July 29,2010, 5:22pm
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Discover loses money on me. I pay it off every month and I get like 1% cash back more if I shop somewhere that has 5%. Works pretty good for me
 
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AudioDad is offline AudioDad Post #20  July 29,2010, 5:29pm
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Can_I_just_be_Jo wrote :
I am mad at my country folk for walking away from their homes because it was easier. Walking away from their bills so more people lose their jobs when they are still able to pay but they can't live without their internet and cable TV.
I've basically stopped using my credit cards and gotten rid of most of them. Have to periodically use them for hotel reservations or flights, but even that's becoming rare. I've gone back to that revolutionary concept of living within my means.

And, yes, a cold one at the end of long or difficult day is just the thing sometimes.
 
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