Use access key #2 to skip to page content.

Press Still Can't Get this Right

Recs

25

September 22, 2008 – Comments (10)

A wee note to all the editors, reporters, and caption-writers out there.

To be a homeowner, you need to own a home.

People who have no equity in a home, a giant mortgage, and are behind on their payments are not really homeowners. They are debtors, maybe even freeloaders. But "owners," they really ain't.

I realize it seems nicer to say "Bill includes aid for homeowners," than "Bill includes aid for deadbeats behind on their house payments," but BS-ing is a major part of why we're in this mess in the first place.

Sj

 

10 Comments – Post Your Own

#1) On September 22, 2008 at 7:35 PM, eldemonio (98.53) wrote:

Debt owners maybe?  How about those unfortunate victims who were taken advantage of? 

They root of the problem lies in the elimination of dodgeball from our nation's PE curriculum.  Seems overly simplified, I know.  I'm sorry if I hurt your feelings. 

 

Report this comment
#2) On September 22, 2008 at 7:37 PM, pjani06 (29.10) wrote:

Haha, nice clarification.

Thanks. TMF, I've enjoyed following you here on CAPs and today, I was brought out of apathy to post my first blog post - hitting on the financial system crisis.  check it, think about it, & discuss/circulate the ideas.

Here's the link:

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=89802&t=01005302674505139157

Thanks.  Report this comment
#3) On September 22, 2008 at 7:54 PM, TMFBent (99.81) wrote:

How about those unfortunate victims who were taken advantage of? 

These are a tiny percentage, and far fewer than those who claim to have been taken advantage of. Anyone who says "how could they have loaned me more money than I could pay back," is no victim, but someone with buyer's remorse.

Sj

Report this comment
#4) On September 22, 2008 at 7:56 PM, gsricks55 (< 20) wrote:

If you are a homeowner and say that you were taken advantage of, the proof is in your closing papers. I have done hundreds of mortgage closings and they are all covered by RESPA . If you received a false truth in lending or a false HUD you were screwed and deserve help. If you knew better but closed your eyes and signed anyway; oh well tough luck.

If you can't prove the income you stated on your mortgage application you commited fraud and don't deserve help. You deserve jail time.

If you can prove you were provided false closing documents, the closer and the mortgage broker deserve jail time.

Report this comment
#5) On September 22, 2008 at 9:42 PM, EScroogeJr (< 20) wrote:

gsricks55,

By definition, a lender who writes a no-income-verification loan is willing to accept the fact that stated incomes will be exaggerated, so he should take full responsibility, and not the applicant. And don't tell us how immoral it was to put a lie on the application. These lenders got more than generous compensation for their risk, 8-10% mortgage interest on the upside should things go their way. They took a calculated risk and they lost.

Report this comment
#6) On September 23, 2008 at 8:04 AM, TMFBent (99.81) wrote:

Wow, how do we decide which frauds are bad then? By which side of the desk you occupy? (Note to eveyone, there's  business, then, in selling stickers to put on the desk denoting which side of the table absolves you of fraud, and which side leaves you accountable to law...)

If the lender accepts the lies, chances are he has already paid a financial price, and heck, why not let them do more? But it makes zero sense to try and absolve the "exaggerators" for their lies too. Fraud is fraud, and everyone involved should pay.

Unfortunately, the "I am a victim" complex, writ enormous, packaged by an ignorant and ridiculously sympathetic press means that all of us who were uninvolved will probably have to pay for the lies and frauds of our neighbors.

Sj

Report this comment
#7) On September 23, 2008 at 11:26 AM, LouieJunior (23.29) wrote:

A social policy pushing "affordable housing" (or free housing if you like) from FRE and FNM via ninja (no interest, no job, no assets) mortgages is the root cause.

This crisis isn't a result of a failure of free markets -- it is a failure of big government.

Report this comment
#8) On September 23, 2008 at 11:48 AM, EScroogeJr (< 20) wrote:

"If the lender accepts the lies, chances are he has already paid a financial price, and heck, why not let them do more?"

Because the lender wants you to lie so that he could sell you the loan, that's why. Do you really think these lenders believed all the crap they saw on the application even for a second? By the way, I still think they made a correct bet that has gone sour. Eventually those of them who survive this setback and don't panic and sell their junk loans, will have the last laugh. 

Report this comment
#9) On September 23, 2008 at 4:56 PM, jdlech (< 20) wrote:

Let's face it.  The mortgage owner does not deserve a bailout because they all had to know what they were getting themselves into.  The loan officers desrvve to lose their jobs for selling people on mortgages they had to know their client could not afford.  The mortgage underwriter don't deserve a bailout because that's what they do - take risks for money.  This time they lost - that's the yolks.  The banks don't deserve a bailout because they bought these garbage loans expecting to make money on them.

 All the way down the line, the only people who deserve a bailout are the little guys getting their head slammed in the door by the politicians trying to bail out all their rich friends.  Write to your Congressman and tell them to let these rich parasites die.  If these bas***ds want a hand out, they can go on welfare for six months.  See how they like it then.

The way I see it, we're going to pay up to 700 billion dollars in Corporate welfare, ON TOP of the billions of their USUAL corporate welfare.  Heck, the other welfare program NEVER cost us that much!!

Report this comment
#10) On September 23, 2008 at 4:56 PM, jdlech (< 20) wrote:

Let's face it.  The mortgage owner does not deserve a bailout because they all had to know what they were getting themselves into.  The loan officers desrvve to lose their jobs for selling people on mortgages they had to know their client could not afford.  The mortgage underwriter don't deserve a bailout because that's what they do - take risks for money.  This time they lost - that's the yolks.  The banks don't deserve a bailout because they bought these garbage loans expecting to make money on them.

 All the way down the line, the only people who deserve a bailout are the little guys getting their head slammed in the door by the politicians trying to bail out all their rich friends.  Write to your Congressman and tell them to let these rich parasites die.  If these bas***ds want a hand out, they can go on welfare for six months.  See how they like it then.

The way I see it, we're going to pay up to 700 billion dollars in Corporate welfare, ON TOP of the billions of their USUAL corporate welfare.  Heck, the other welfare program NEVER cost us that much!!

Report this comment

Featured Broker Partners


Advertisement