David Posted September 30, 2008 Report Share Posted September 30, 2008 But if the people that got the mortgages knew they didn't have the money or didn't know better to get in a house on an arm they simply shouldn't have gotten in the house in the first place soooo its Ok for the mortgage industry to make sure these people can get into homes Knowing these people will lose their Ass and their company will make more money cause now they can finance that house to someone else who cant afford it, its a scam. Link to comment Share on other sites More sharing options...
CR Boom Posted September 30, 2008 Report Share Posted September 30, 2008 I will have to agree with David on this one... Look back to Fanny Mae in 1999...... un secured loans???? maybe a bad idea no shit!!!!!!! 2007 Great Wall So Cool 4-12' RE audio MX's Stetsom 7k2D 6-Batts 3-Mechman 250 amp Rhino's Link to comment Share on other sites More sharing options...
Aaron813 Posted September 30, 2008 Report Share Posted September 30, 2008 soooo its Ok for the mortgage industry to make sure these people can get into homes Knowing these people will lose their Ass and their company will make more money cause now they can finance that house to someone else who cant afford it, its a scam.Oh hell no its not ok for them to do it thats why im saying im glad they didnt pass it you and me shouldnt help out companies get out of hot water. On another note people that did get into the house should have known better to get into an adjustable rate mortgage but instead they seen it as an opportunity to get into a house untill the the first of the month when they realized what the hell they just did and looked at there mortgage bill and it was thru the roof. It basically comes down to if you know its to good to be true then it usually is well this is one of those cases just on a much much larger scale Link to comment Share on other sites More sharing options...
David Posted September 30, 2008 Report Share Posted September 30, 2008 soooo its Ok for the mortgage industry to make sure these people can get into homes Knowing these people will lose their Ass and their company will make more money cause now they can finance that house to someone else who cant afford it, its a scam. no its not ok, and here is why, now we have thousands upon thousands of homes sitting empty because they are worthless to banks, they have paper on these homes that say these homes are worth this much money, but they really aren't worth that much money, and now the banks and mortgage companies have all these homes but no cash, and what happens when you have no cash to loan??? you go outa business so now they want the government to keep them afloat, HELL NO, fuck them dudes, they made their bed, now they have to sleep in it. Link to comment Share on other sites More sharing options...
Aaron813 Posted September 30, 2008 Report Share Posted September 30, 2008 no its not ok, and here is why, now we have thousands upon thousands of homes sitting empty because they are worthless to banks, they have paper on these homes that say these homes are worth this much money, but they really aren't worth that much money, and now the banks and mortgage companies have all these homes but no cash, and what happens when you have no cash to loan??? you go outa business so now they want the government to keep them afloat, HELL NO, fuck them dudes, they made their bed, now they have to sleep in it. That is exactly what im saying man and have been saying hell if the banks where smart they would rent all the damm houses out and try to recoupe some of there cash they put out Link to comment Share on other sites More sharing options...
David Posted September 30, 2008 Report Share Posted September 30, 2008 yeah its gonna be real hard financially for some( like me) but I have made it this far in life I'll keep plugging away and hope that this doesnt result in some serious rebellion, rioting and looting, cause if the government inst careful that's exactly whats gonna happen IMO. Link to comment Share on other sites More sharing options...
Big P Posted September 30, 2008 Report Share Posted September 30, 2008 Man were screwed. The first grate depression started just like this. Theres these crazy loans that were easy to get with a catch tho. The loan could be called on at any time. There was a lot of smaller banks starting and a lot of pore becoming rich its called "new $" Well they started calling in these loans. this made a lot of people pore and caused many banks to be consumed. They then called in all gold. This is when u.s. $ stopped saying it was worth such amount of precious metal. So then the stock market crashes black tuesday. were assed out on the street. Now that were all assed out on the street we get this great natural disaster called the great American dust bowl. Now the current president wouldn't do shit about it. It took the next president to make this thing called "the new deal" this when a lot of rail rays and free ways were made and paved. That helped a lot but it wasn't until ww2 did we really pull out of the great depression. Now a little while ago it was really easy to home loans and refis. A lot of people who couldn't own homes could buy one wait a small amount of time and sell it taking the profit and buying a legit home. A lot of people made millions of buying homes with $ they didnt have. We also saw the lowest Refi % ever. This made a lot of people who wouldn't normally do such a thing do it. Credit card company's would give any one credit even dogs! WE BOUGHT NOW AND PAID LATER AND WORSE CAME to worse we could file chapter 11. Well they changed the law on chapter 11 bankruptcy. All these bogus home loans are being called on. Now we got a black monday! Were in trouble. A lot of trouble. and I dont see a ww3 coming any time soon to pull us out. Link to comment Share on other sites More sharing options...
Aaron813 Posted September 30, 2008 Report Share Posted September 30, 2008 yeah its gonna be real hard financially for some( like me) but I have made it this far in life I'll keep plugging away and hope that this doesnt result in some serious rebellion, rioting and looting, cause if the government inst careful that's exactly whats gonna happen IMO.Only time will tell whats gonna happen I sure as hell hope it doesnt get to much worse then it is now maybe it will maybe it wont Link to comment Share on other sites More sharing options...
Ipod Posted September 30, 2008 Report Share Posted September 30, 2008 this bill was designed to save Wallstreet , if they didnt resort to unethical business practices we wouldnt be in this boat to begin with. deregulation caused this, thank your fine friends at fannie mae and freddie mac. x2... damn.. great-er depression here we come... Hustle hard, Stack paper, It's alright, ya'll haters, It's nothing, We major, You see me, Hi Hater! =) ~ Manio Link to comment Share on other sites More sharing options...
David Posted September 30, 2008 Report Share Posted September 30, 2008 On another note people that did get into the house should have known better to get into an adjustable rate mortgage but instead they seen it as an opportunity to get into a house untill the the first of the month when they realized what the hell they just did and looked at there mortgage bill and it was thru the roof. It basically comes down to if you know its to good to be true then it usually is well this is one of those cases just on a much much larger scale But that's just the thing man, these people thought they could afford it, they didn't take into consideration that the Interest rate would jump up so quickly, not only that but you cant fault them for trying to give themselves and their families a better life, by buying a home, its the American way! its easy for us to say they shouldn't have done it when we weren't in their situation. yeah Big P, I think your correct in saying where screwed. Link to comment Share on other sites More sharing options...
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