quote You agree, through your use of this service, that you will not use this messageboard to post any material which is knowingly false and/or defamatory, inaccurate, abusive, vulgar, hateful, harassing, obscene, profane, sexually oriented, threatening, invasive of a person's privacy, or otherwise violative of any law.

Didn't we also have a rule about bypassing the filter? Can't you guys watch your language? This is a family forum afterall.

[This message has been edited by avengador1 (edited 03-09-2008).]

Jayzuss!!!
I didn't even read the last two pages of feces-slinging.
I will offer an opinion, though.

I've only seen this mentioned once, and never again.
A few years ago, there were a "disproportionate" number of middle class (generally white) borrowers who were getting approved, and a disproportionate number of ethnic borrowers who were getting denied. Of course, this was perceived to be due to ethnicity, not buying power.
People screamed "discrimination!" (and indeed, there may have been some, but generally all the lender cares about is "green".)
In any event, the finance industry was told to be "more inclusive. More creative."
Hence, all the ARMs and other silliness.

The stage was set.

This is a rerun of the Telecom collapse.
After all of the day traders lost their collective asses when the telecoms tanked, everyone said "Real Estate!
Real Estate is always stable!"

And everybody got involved.
The lenders knew they would make their money (at least in the short term. Never anticipating more than two weeks into the future.)
The buyers saw an opportunity to either flip a house or two, or to buy more house than they could afford.
The realtors happily went along with it and collected their commissions. ("If the bank says you're approved, it's gotta be good.")
And it all worked fine until those first ARMs started converting. And the "house of cards" started tumbling.

In a nutshell, there a a lot of people who bought houses, who had no business doing so.
They were financed by lenders who had no business writing those loans, in the first place.

And they ran off the end of the earth with it, like they did with Telecomm stocks.
And just like the telecomms, it's come back to bite them on the ass.

One other thing, and I'll shut up.
The people mentioned on that Real Estate Panic forum or whatever it was, who are sitting on several hundred grand from previously flipped houses, and are going to let their present mortgages go into default and hope the government will bail them out...
Ought to be sued to within an inch of their lives.
They are at the heart of the problem.

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

quote Originally posted by Phranc: Says the man who calls Ace an "educated idiot". Before you talk about respect you may want to check yourself. You talk all the smack about schooling, schooling you didn't get, yet its a lesson you didn't learn. I guess they didn't teach respect to union worker lackeys either.

I respect anyone’s opinion as just that their opinion, they are entitled to it.
Right or wrong.

I never lashed out and called ace names until after all the name calling he did to me. For what were facts he just didn’t like the fact that someone of my education had the facts correct.

That it was not just those who took out the loans fault, there were many who were at fault, I said that in the beginning.

From his first post to me, on page 2, long before I made any disparaging remark to him.

quote Originally posted by aceman: Mr Bitter, ..Right, Mr Bitter? BTW, Mr Bitter, you're throwing up your bitter, drunken bum in a crappy bar argument again. I don't have anymore time to waste on you. Come back with a better argument and maybe I'll talk to you again after work.

And then of course there was this on page 3

quote Originally posted by aceman: What fuking part of LOSE vs LOOSE didn't you fuking understand? What part of your post relates to the title of the post: Foreclosures at record as household wealth falls

And still page 3

quote Originally posted by aceman: Dillusional Mr Bitter, Houses will ALWAYS increase in value. (Well, except mobile homes) Stop painting a little corner of the picture and you'd see that. Everyone but you saw and understood the analogy I used between a car dealership and the home buying experience. That analogy just couldn't get a seat in your brain. Too much paranoia and broken seats inside the brain for that analogy to sit down.

Still page 3

quote Originally posted by aceman: OH JEEZUS! Good Day, Mr Bitter. You are so fuking dense!

All pages before I called ace anything. I can take a lot but to just simply degrade someone for no reason at all is just plain stupid.

Ace degrades anyone who has a different opinion than his. That is his MO.

Don’t want to be degraded by Aceman,
Don’t disagree with him,
Or point out that he is wrong.

------------------
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.

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