Shocking News: 60,000 Families have lost there homes,and are now living in tent city

[Ex Post Facto]

I'm actually one of these people that couldn't afford the house payment. Now, I won't say you should feel bad for me, you shouldn't, my mistake in signing an adjustable rate morgage. However, to think the my morgage company fixed a rate increase and caused all the morgages to reset during a time period which just so happened to be the highest rate percentage in the recent history (mine went up to 13% from 6%) only to fall one month later after the reset to an all time low, makes me curious as to was the fix in? I think morgages are at like 5-6%now.

I should have to repay the loan, sure. But, the government should not bail out the banks or morgage companies, because it only encourages them to do it again. If a citizen is to be accountable, then corporations must be held to the same standard and not get a bail out. And if they do bail out corporations, then they better bail out those that signed the loans. But this is why we need RP for president. He would allow all the banks to go out of business, for their mismanagement of funds. New banks, would rise up and have different standards. Thus a free market.

 

[Highland]

you expect me to feel sorry for 3 million idiots who were buying 50K+ SUVs and 200K+ homes for cheap 3-5 year ARMs and cheap car loans, living large for 5 years while i and family lived a small life, because we knew this would happen????

fuck them. they are the one that created this problem not only for themselves, but for the whole country with their irresponsibility. why the fuck do i need to feel sorry for them and why the fuck we now have to take care of them???

Those are blanket statements...plus I didn't say to feel sorry for them..You should not judge them without facts. Every situation is different...and you should be ashamed of yourself...what goes around comes around.

 

[Highland]

I'm actually one of these people that couldn't afford the house payment. Now, I won't say you should feel bad for me, you shouldn't, my mistake in signing an adjustable rate morgage. However, to think the my morgage company fixed a rate increase and caused all the morgages to reset during a time period which just so happened to be the highest rate percentage in the recent history (mine went up to 13% from 6%) only to fall one month later after the reset to an all time low, makes me curious as to was the fix in? I think morgages are at like 5-6%now.

I should have to repay the loan, sure. But, the government should not bail out the banks or morgage companies, because it only encourages them to do it again. If a citizen is to be accountable, then corporations must be held to the same standard and not get a bail out. And if they do bail out corporations, then they better bail out those that signed the loans. But this is why we need RP for president. He would allow all the banks to go out of business, for their mismanagement of funds. New banks, would rise up and have different standards. Thus a free market.

BUMPPPPPPPPP and God Bless Us All!

 

[Signzit]

since i've been living in usa for 13 years, i always tell my wife (who has only been here for 4 years) that america is a cut-throat country. the wolves are always hungry. they may have smiles on their faces, but they'll take your last penny if you'll let them.

after bush cut interest rates after 9/11, and after all those cheap arm mortgages were advertised, i was looking into buying a house, but i thought i should learn what exactly is an ARM mortgage. it is only a good thing if you do not intend to live in the house for more than 5 years and it is a good thing if you want to buy and sell after 5 years to make money.

but back then i looked at our economy and wars and thought that it may not be a good deal to get into a 200k+ home, especially after all those housing analysts were talking about the housing prices to go down soon.

so, here we go: housing sales are down, housing prices are down, good employment is hard to come buy, etc, etc.

unlike them, i was able to think independently and made a decision that it is not a good time to buy a house and to date we still live in apartments.

the problem is that most american people are victims of advertisements/persuasions and can not think independently.

Yeah no, I know Mortgage Brokers that also fell pray to these arms. Everyone thought we were on a tare and there was no end in sight. So you can't paint people with such a broad brush. Stupid comes from all walks of live, even those within the industry itself as stupid a statement as that is.

 

[cageybee]

Wake them by caring for them and their situation...those people are fertile ground for Ron Paul votes...they have nothing to lose and everything to gain....be a bit more caring please.

those people have sold their souls to democrats like Clinton. they sit there and get excited when Hillary talks about a moratorium and mortgage crisis bail outs. let them fall face down hard. let it be a lesson to everyone in the future how to be a responsible citizen and how not to screw yourself.

 

[Ex Post Facto]

Those are blanket statements...plus I didn't say to feel sorry for them..You should not judge them without facts. Every situation is different...and you should be ashamed of yourself...what goes around comes around.

Thanks for that. I myself couldn't pay my morgage increase only because I was laid off from my employer that I had been with since buying the house, because of a slowing economy.

Every situation is different. Most Americans are two paychecks away from being homeless. Cut that paycheck, and you are couch surfing.

 

[Highland]

those people have sold their souls to democrats like Clinton. they sit there and get excited when Hillary talks about a moratorium and mortgage crisis bail outs. let them fall face down hard. let it be a lesson to everyone in the future how to be a responsible citizen and how not to screw yourself.

Stop judging everyone...and help resolve the problem. Kicking people when they are down will only make the problem worse...how would you like it if you were living the the tent city without your computer to post on this forum???? It would suck...so hush with the crappy rhetoric.

 

[cageybee]

Those are blanket statements...plus I didn't say to feel sorry for them..You should not judge them without facts. Every situation is different...and you should be ashamed of yourself...what goes around comes around.

let me guess, you must be one of them??? ha ha ha.

 

[Highland]

let me guess, you must be one of them??? ha ha ha.

Luckily I am not...but I do not take my situation for granted and you are acting self-righteous. You should be praying for each and every one who finds themselves in desperate situations. People die, children die...and our liberty dies.

 

[cageybee]

Stop judging everyone...and help resolve the problem. Kicking people when they are down will only make the problem worse...how would you like it if you were living the the tent city without your computer to post on this forum???? It would suck...so hush with the crappy rhetoric.

look, i personally went through 3 financial turmoils in my life. on top of that, i wasted 4 years of my life on learning english and learning the american culture so that i could finally get a better job. and, i had to leave my country, because your country created a financial and political hell in my previous country for everyone. i am not going to feel sorry for anyone. they signed bad deals - it is their problems. that's the american way of life - capitalism. no one really gives a shit about anyone in this country because it is all about money over here.

so, you tell me, how is it that in 2002, a 25 year old immigrant from Russia who has been in US for 7 years at that time, with a 45k/year job in mid-west, made a right decision and did not fall for this low interest mortgage bait, but 3 million of REAL Americans got screwed???

 

[Highland]

let me guess, you must be one of them??? ha ha ha.

Let me guess...you must be a troll and voting for McCain! No Ron Paul supporter would think that Ron Paul would laugh openly at the poor. Who are you following? Ron Paul served the poor's medical needs for free...what have you done lately but laugh at them...Inexcusable.

 

[Highland]

look, i personally went through 3 financial turmoils in my life. on top of that, i wasted 4 years of my life on learning english and learning the american culture so that i could finally get a better job. and, i had to leave my country, because your country created a financial and political hell in my previous country for everyone. i am not going to feel sorry for anyone. they signed bad deals - it is their problems. that's the american way of life - capitalism. no one really gives a shit about anyone in this country because it is all about money over here.

so, you tell me, how is it that in 2002, a 25 year old immigrant from Russia who has been in US for 7 years at that time, with a 45k/year job in mid-west, made a right decision and did not fall for this low interest mortgage bait, but 3 million of REAL Americans got screwed???

So you screwed up three times (majorly)...came to America...living the American Dream and are currently spitting on the American Poor....what part of that is ethical????

 

[cageybee]

Luckily I am not...but I do not take my situation for granted and you are acting self-righteous. You should be praying for each and every one who finds themselves in desperate situations. People die, children die...and our liberty dies.

we live in a capitalist nation - not communist/socialist. remember that.

 

[Highland]

look, i personally went through 3 financial turmoils in my life. on top of that, i wasted 4 years of my life on learning english and learning the american culture so that i could finally get a better job. and, i had to leave my country, because your country created a financial and political hell in my previous country for everyone. i am not going to feel sorry for anyone. they signed bad deals - it is their problems. that's the american way of life - capitalism. no one really gives a shit about anyone in this country because it is all about money over here.

so, you tell me, how is it that in 2002, a 25 year old immigrant from Russia who has been in US for 7 years at that time, with a 45k/year job in mid-west, made a right decision and did not fall for this low interest mortgage bait, but 3 million of REAL Americans got screwed???

I am curious as to which country you are from...you give them a bad name.

 

[Cowlesy]

Lack of any sort of lending standards is what caused a lot of the problems. There was no accountability. If I am a mortgage broker in California, do I care about making a good loan? Absolutely not. I write the loan, and get my commission. (first place where the loan risk is transferred) My company doesn't hold the asset on our balance sheet. We sell them to the big investment banks. (second place the risk is transferred) Well those guys don't want to hold the loans either. Who the hell wants subprime loans? So the banks packaged a bunch of those crap loans with a bunch of okay loans, and some good loans and called it a Residential Mortgage Backed Security ("RMBS"). Since I put a couple good loans with a bunch of garbage, I can get a rating agency to put a AAA stamp on it --- especially easy when a bond insurance agency (AMBAC/FGIC) rubber stamps a AAA insurance tag on it. Now I have this fancy RMBS that I sell to giant pension funds or municipal funds in Norway and say that they're going to get a great rate of return on it (third transfer of risk).

And now unfortunately, we're seeing that people just aren't sending in payments. No one has any clue what's packaged in what as those documents creating a RMBS is about 8,000 pages. Everyone freaks out, because who the hell knows what the thing is actually worth?

And here we are today.

 

[Highland]

we live in a capitalist nation - not communist/socialist. remember that.

When did the action of praying become communist???? Praying is Democratic.

 

[cageybee]

So you screwed up three times (majorly)...came to America...living the American Dream and are currently spitting on the American Poor....what part of that is ethical????

you did not answer my question.

 

[Cowlesy]

look, i personally went through 3 financial turmoils in my life. on top of that, i wasted 4 years of my life on learning english and learning the american culture so that i could finally get a better job. and, i had to leave my country, because your country created a financial and political hell in my previous country for everyone. i am not going to feel sorry for anyone. they signed bad deals - it is their problems. that's the american way of life - capitalism. no one really gives a shit about anyone in this country because it is all about money over here.

so, you tell me, how is it that in 2002, a 25 year old immigrant from Russia who has been in US for 7 years at that time, with a 45k/year job in mid-west, made a right decision and did not fall for this low interest mortgage bait, but 3 million of REAL Americans got screwed???

Well if you're so big on Russia, why don't you go home? I don't think anyone will shed a tear here if you do.

 

[cageybee]

When did the action of praying become communist???? Praying is Democratic.

what i meant was only in communist/socialist nations governments take care of all the people. in capitalist nations, governments don't give a shit and i have a choice of not giving a shit because it is a democratic state.

 

[Cowlesy]

Let me guess...you must be a troll and voting for McCain! No Ron Paul supporter would think that Ron Paul would laugh openly at the poor. Who are you following? Ron Paul served the poor's medical needs for free...what have you done lately but laugh at them...Inexcusable.

Pretty sure he's an Obama guy, or maybe Hugo Chavez.