Foreclosures at record as household wealth falls (Page 17/19)
aceman MAR 09, 12:16 AM

quote
Originally posted by ditch:


Well, I know it's not me. I have always done fixed rate. I'm the type of person who thinks ahead, way ahead. I would never do an ARM, but if I had done an ARM I would have read the entire contract and plugged the max interrest rate into a mortgage calculator to see if i could afford it based on my salary.

To answer your question, my opinion is this: There are two idiots in the end, the lender and the borrower. Now to go into more depth on my opinion, I think the bigger idiot is the borrower. Here is why I say this. The lender can absorb the cost associated with the fallout of many buyers who made bad decisions. The buyer can't absorb anything, they default and it's all over; therefore, they have to be more vigilant.



I'll agree with you 100% again. No, it's not you. It's not me. It's not even Mr Bitter. It's the people who THOUGHT that the house price was going to go up and they could sell the house in a matter of 1 month. It's idiots that took out loans they knew they couldn't afford. It is idiots like banks that figured they could lend more money on shoddy loans.
ditch MAR 09, 12:18 AM

quote
Originally posted by 84Bill:


LOL.. it's like romper room around here any more I tell ya!!!



no kidding

I would love to see the insults decrease around here. I have been doing a pretty good job of controlling myself lately...although I have done my share of it over the years

[This message has been edited by ditch (edited 03-09-2008).]

84Bill MAR 09, 12:18 AM

quote
Originally posted by aceman:
I'll agree with you 100% again. No, it's not you. It's not me. It's not even Mr Bitter. It's the people who THOUGHT that the house price was going to go up and they could sell the house in a matter of 1 month.



I agree with that.


quote

It's idiots that took out loans they knew they couldn't afford. It is idiots like banks that figured they could lend more money on shoddy loans.



I very much disagree with this. If you loan your money to a street bum and expect him to pay you back.. well shame on you aceman because you are a flaming idiot for thinking you will ever get your money back... Now what does he have that you can flip for a few buchs than what he got it for? House maybe?
84Bill MAR 09, 12:20 AM

quote
Originally posted by ditch:
no kidding
I would love to see the insults decrease around here.


No doubt! It's always the same people too.


quote

I have been doing a pretty good job of controlling myself lately...although I have done my share of it



ditch MAR 09, 12:20 AM

quote
Originally posted by 84Bill:


They only "lost" in the short term while the bubble was increasing. Now they are losing their freaking asses and I do love it so... I really really do. It just puts a smile on my face.



I can agree with you on one thing man, I'm glad to see banks take a hit in the nuts. Sometimes that is what it takes to knock someone back in line
maryjane MAR 09, 12:23 AM

quote
Originally posted by aceman:

Read Mr Bitter's comment's, Don. Mr Bitter believe that this mortgage meltdown is coming from all walks of life....From those that have been laid off, or get a smaller wage, or are disabled, or die. Mr Bitter believe that the economy is the reason for the mortgage meltdown.

The mortgage meltdown: Idiots took out loans there was no way in hell for them to afford. Banks allowed it and no one wanted to realize that there is a ceiling on the price/value of a house in a given point of time.




Well, you have to look at a very big picture. In a growing economy banks have lots and lots of money to lend. More than there are borrowers. They offer subprime loans to entice more borrowing. All is well-the economy is booming and everyone is paying their loans back. When something happens to slow or even reverse the economic cycle, a number of things take place. People-(and people are what constitutes a bank's assets)-have less money to spend, less maney to stick in a bank. The same holds true for businesses. Both individuals and businesses cut their deposits. This makes banks more vulnurable. A person may be able to afford to pay the high rates during good economic cycles, but when raises dry up, energy costs skyrocket, healthcare costs increase, the wage earner is in a bind. He may have looked at that loan carefully, looked back at what his income rate has increased by, and figured he was safe. All it takes is one domino to fall.

maryjane MAR 09, 12:39 AM
In the bigger picture, on a personal note, I am very much alarmed at where this whole mess will come home to roost at. I am currently moving assets around trying to find a safe place, and there aren't a lot of options. Should banks begin to fail, everyone will be at risk, even tho the percentages appear to be low, the total capitalization tied up in foreclosures and subprime loans is a lot, considering the economy as a whole is slowing.
I'm not at all convinced the banking industry can survive this large of a loss, so all this discussion hits a lot closer home than a lot of people may think. Remember back last month when the Fed suddenly met and acted, then the bill was introduced to spur the economy? I believe when all is said and done, it will come out that a very large US bank, or a group of banks let the Fed know that they were in dire straits if something wasn't done and done immediately.
84Bill MAR 09, 12:51 AM

quote
Originally posted by ditch:
I can agree with you on one thing man, I'm glad to see banks take a hit in the nuts. Sometimes that is what it takes to knock someone back in line



Well there was a reason for "banking regulation." How long has it been since the deregulation? What 8 - 9 years? In that time frame they have managed to fark up the entire economy and it will probably take twice as long to repair.
84fiero123 MAR 09, 08:40 AM

quote
Originally posted by aceman:
YOU ARE SO FUKING IGNORANT!

HERE'S THE FUKING MATH AGAIN........

Keep up your barroom brawl drunken argument you ignorant, uneducated, worthless fuk!



Something I guess you can’t learn in school is,
Respect,
Respect of another’s ideas,
Respect of another’s opinions,
Respect period.

Obviously that was something that some here don’t know how to do.

------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.

aceman MAR 09, 08:43 AM
Why did/do I have to repeat things to you, Mr Bitter. You wouldn't get that lashing out if you'd listen to the FACTS and understand them. I'm NOT the example you are looking for.


My apologies, Avengador1. It comes out when I'm dealing with a total idiot that can't get a simple point through a thick skull.

[This message has been edited by aceman (edited 03-09-2008).]