The economy, is it good or bad. (Page 64/181)
heybjorn OCT 07, 04:22 PM
I have to think 84bill is more or less right. We may not all be victims of this subprime housing stupidity directly, but all of us are certainly going to pay for it. Add in the strong possibility of a Democrat president and Congress giving us higher taxes, and all I see in the next two or three years is a recession that will go into economics textbooks as an example of what goes wrong.

Of course, all of this is merely proof of the one rule that governs everything in life: You can't get something for nothing. Everything has a
price, and we have decided that we don't want to plan for paying that price. We want it all to be easy, with the effort and results to be without pain. That simply isn't going to be true, ever.

None of this changes the need for responsibility. If you don't have sense enough to manage your money, someone is going to take advantage of you, or you will at the very least pay heavily for your lack of planning.
Phranc OCT 07, 04:56 PM

quote
Originally posted by JazzMan:

But back to the poor sods that got tricked into going with an ARM, or just simply saw an ARM as way to get a brief taste of that rapidly fading dream, owning a home in America. What should happen to them? Some here basically all but say that they should suffer the most severe consequences of their choice, showing no compassion or mercy toward these people that should have been told more clearly up front just what risk ARMs entail. No compassion, no mercy, make them pay for their mistake the rest of their lives.
JazzMan


Tricked? They could have maybe read what they were signing, maybe. And why should I have compassion or mercy for some one who did something willingly. No one forced them to live beyond their means no one. They weren't tricked or trapped. They were stupid and should pay for their bad choice. Again they did this to them self.

Why did these fools have to be told what an ARM was? Shouldn't they have asked? Shouldn't they know full well what exactly it is they are about to sign for? More so when its to the tune of a few hundred thousand plus interest?

I don't feel sorry for people who are "victims" of their own willing actions.
84Bill OCT 07, 05:13 PM

quote
Originally posted by 84Bill:

So you fellas are condoning / defending the trappers methods and are blaming the victim?

Just to make sure you are aware, the motivation was to get the sale and make that buck. The trap was a carefully designed tool, created spacifically for the purpose of increasing the odds of failure for the victim.



I need to rephrase the above... The trap most likely wasnt designed to increase the odds for failure.. I dont believe that was the true intent. I believe the intention was to milk the victim of cash at a later date. I believe there was careful consideration for failure it in a very high roll over market. In short, a bank can flip a house very easily and quickly and make even more money on that same property. Banks make the loans, created the trap, bait it with sweets and one banker in particular... one man... can adjust those interest rates. That means money money money... that awesome green leafy wonderfully liberating gushing green stuff!!!! Umm.. Damn nice plan.. to bad... seems it backfired on everyone. More so those who didnt make anything off the trap.
aceman OCT 07, 05:47 PM
Bill, there was no frikken trap. These people aren't victims. They're idiots. Stop grabbing onto a fairy tale concept that has no merit. These people had EVERYTHING layed out in front of them. A bank doesn't want a house. A bank makes more money to have the loan go full term. No trap! Just stupidity!
84Bill OCT 07, 06:17 PM
Ace.. believe it wasnt a trap... I dont give a rats behind or two shakes of it's tail. NO ONE goes into a deal thinking I want to lose my house and everything I paid for. Not one person!

Theres this concept of a "good faith" relationship between lenders (banks) and the people they loan their money to. A bank wont just hand anyone a several hundred thousand dollar mortgage loan if they felt they couldnt get repaid. It would be insane to believe otherwise.

The trap as it were, Is the fact that it appears there is a strong desire to avoid hot, cold, wind, rain, snow and sunshine. Seems that any combination of anyone of them makes life just a bit more intolorable... Even cavemen understood this aspect of rocket science.

So the victim is not a victim BY CHOICE but rather is cought (trapped) in the web spun by the very people they entrusted with enabeling them to obtain their most basic necessity... that being shelter... and the people who gave them their most basic necessity did so with the idea they can make alot of money off this most basic of human instints (other than sex) if they build that shelter on a sliding scale and moved it around in any way they want.

Pull the lever and out pours the cash.. Push the lever and there inst a whole lot. Hummm.. Pulling is WAY WAY better. If I pull this this much... I can buy that mansion.. Yeah, just pull it a little more and I can buy that 300million dollar yatch... Ohhhh heheheh... a touch more and I can take a month off to glob trot... YES!!! Money money money!!! mine mine mine!!! WOOHOO!!!! Living large.. Thanks pions! So sorry you lost out.. YES!! WOOHOO!!!!
84fiero123 OCT 07, 06:35 PM

quote
Originally posted by aceman:

Bill, there was no frikken trap. These people aren't victims. They're idiots. Stop grabbing onto a fairy tale concept that has no merit. These people had EVERYTHING layed out in front of them. A bank doesn't want a house. A bank makes more money to have the loan go full term. No trap! Just stupidity!



So then if they are idiots, those that bought into the ARMs.

Then so are those people in California who bought all those homes on the side of a hill. Only to have them slide down the hill when it rained.

They should have known that the house was going to slide down the hill in a few years.

So lets stop insuring those homes, or maybe we should sell insurance to people when buying a home with an ARM. That will pay the increase in the mortgage.

Ya that’s the ticket.

Saying these people who just wanted to get out of the rental hell that they were in are idiots because they bought an ARM. Is the same thing.

------------------
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 OCT 07, 06:39 PM
WHAT A CONCEPT! That's already there, Steve. It's called Private Mortgage Insurance (PMI). It's mandatory for all that take out a loan and don't have 20% down when they buy a loan.

Get out of the pool before you drown, Ste........................F@ck it. Stay there and drown.

Steve, maybe you should stick to your posts with useless trivia about how things are in Maine. It's about all you really can contribute to threads.

[This message has been edited by aceman (edited 10-07-2007).]

84fiero123 OCT 07, 06:42 PM
Ain’t you got somebody to go shoot Ace?

Or better yet go show someone how to point a mini gun full of tracers rounds and stand in front of it.

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

Uaana OCT 07, 06:43 PM

quote
Originally posted by 84fiero123:


So then if they are idiots, those that bought into the ARMs.

Then so are those people in California who bought all those homes on the side of a hill. Only to have them slide down the hill when it rained.

They should have known that the house was going to slide down the hill in a few years.

So lets stop insuring those homes, or maybe we should sell insurance to people when buying a home with an ARM. That will pay the increase in the mortgage.

Ya that’s the ticket.

Saying these people who just wanted to get out of the rental hell that they were in are idiots because they bought an ARM. Is the same thing.




Steve, I know you're being sarcastic.. but this is exactly what some people are proposing.
We already do with Flood relief.. (build on a flood plain, don't buy insurance and the gov't is supposed to bail them out?)
There as been talk recently of the federal gov't stepping in and propping up these people who are in foreclosure..
http://www.npr.org/template...php?storyId=12555904
aceman OCT 07, 06:44 PM
Tell me another trivia story about Maine, Steve. Maybe one about how tracers are illegal in Podunk County, Maine.