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| | Author | Messages | |
klix76
Posts:95
 | | 08/01/2008 6:23 AM |
 Alert | | Leon is correct as well as thick. We the people who have done things the right way are losing the money we earn to help? And when the bottom falls out? Also look five years ahead when the same people don't care because the government, like a bad parent, they expect the feds to bail them out again, "They did before" The economists that aren't widely publicized have recommended let em foreclose otherwise we will never see the true bottom and be able to move forward with reality. I wager the root is still in responsibility in self and not playing the hopless victim. Educate and learn consequences. This is like Palosi offereing to extend unemployment benefits.........now they should really be motivated! | | | |
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| | tigre_azul
Posts:26
| | 08/01/2008 10:14 AM |
Alert | Posted By Colgate on 07/23/2008 12:56 AM
I wouldn't call all of those person's stupid that is harsh, however, nieve may be a better term to use. They were listening to supposedly professionals who were blowing smoke up their butts and they bit off more than they can chew due to lack of experience in home purchasing!!!!!!! They got all caught up in the fact that the lender told them it was affordable and they qualify, when really it was not the case at all. That is the key word they were told QUALIFY!!!! So wrong.
Stupid may be a harsh word. (I don't understand why people think that it is such a strong word any ways. If stupid people didn't exist, then they wouldn't have a word for them.) I was told that I "qualify" for X dollar amount and I'm suppose to belive that?? ok great. Then they tell me that I would have to x dollar amount a month to pay for it, and because I "qualify" I'm suppose to listen to someone else that is making money off me. to say yes your right I can afford that if a I live like a hermit for the next 30 years!!!! Yes. I belive there are stupid people out there.
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| | Krzy
Posts:64
| | 08/02/2008 9:22 AM |
Alert | Banks and lenders have become greedy over the last 20 years. Interest rates on standard savings accounts are crap, fees are outrageous, and they don't care about their customers.
Those that bought into an ARM did so knowing the interest rate would go up. What they didn't know is that the property could lose value preventing them from refinancing. Does it make them stupid? No, Ignorant maybe. It's a bad situation and bad situations happen to good people.
The thing that bothers me is that the federal government has decided that eating the bill for peoples ignorance is the right thing to do. Meanwhile, the banks are going to continue being greedy and screwing their customers at every turn. The banks hired the 'experts' that encouraged customers with these poorly structured, very expensive loans. I think the banks need to pay for their mistakes. Maybe the goverment needs to look at getting people back to creditworty status sooner? It would certainly cost less and people will have learned some lessons. For my situation an ARM is and never was an option. It's too much of a gamble. For some, it may make sense. Then there are those that have learned a lesson on how to determine what they can actually afford. I would have a much easier time giving them a loan now that they have a better understanding of financing a home.
The point is that 'we the people' are paying for the mistakes made by the greedy banks, and they get to continue being greedy. I think we can allow the removal of a forclosure from a credit report. If we just made it disappear, then people would be able to get back in the saddle faster. Armed with new knowledge, a fresh perspective I think people would be able to get and maintain good loans as we move forward. Meanwhile, we get to tell the banks to screw off. This whole situation is their fault anyway. | |
When the only tool you own is a hammer, every problem begins to resemble a nail."
- Abraham Maslow (1908-1970) | |
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| | klix76
Posts:95
| | 08/02/2008 9:46 AM |
Alert | | Krzy, question for you. When you put money in a bank or market of some type would you like to see a favorable return? Banks aren't greedy thay for the most part are investor based and some held publicly. I for one would like to see my money grow, if banks are greedy then oil companys are criminal and we should never expect anything back for saving or investing. Think about the concept. | | | |
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| | Krzy
Posts:64
| | 08/02/2008 5:42 PM |
Alert | I absolutely think a bank should show a favorable return on my investment. I just checked and for a savings account, Wells Fargo and Bank of America both pay 0.2% on a regular savings account. I distinctly remember getting 6.5% on a savings account a little over 15 years ago. Perhaps the market has changed, but is my money really worth that much less to them? Or are they just being cheap? My guess is the latter. Between crappy interest rates and the 'charge for everything' attitude they have, my money is safer in my mattress. Nobody can charge me fees for that. I did however find that Desert Schools Federal Credit Union is paying WAY more than everyone else and they have much lower requirements for those accounts. My hat is off to them. I'll be ditching my bank soon.
I don't have an evaluation of the oil companies since this is a discussion about the hope bill and what a train wreck it is. | |
When the only tool you own is a hammer, every problem begins to resemble a nail."
- Abraham Maslow (1908-1970) | |
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| | LeonPotter
Posts:653
| | 08/02/2008 6:26 PM |
Alert | Interest rates on loans were also much HIGHER 15 years ago. Banks are in business to make a profit. They make that profit on the spread. The spread that must be paid to depositors and the money they earn lending it out.
Are they being cheap? Possibly. I know I am cheap, too. I look to make a profit where I can. Thankfully, one can look other places becuase there is competition. I look favorably on Desertschools myself. I do my banking with them. I do have a home loan with them, too. | |
My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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|  | Phantom
Posts:38
| | 08/15/2008 10:27 AM |
Alert | Unless the government stepped in to take some kind of action things would just get worse. Those banks that survive this crisis will thrive in years to come.
The price of oil has dropped, the price of commodities have dropped, the price of gold has dropped.... but the US dollar has hit a 2 yr. high against the Euro. Have we hit bottom? I don't think so, but I think we can see it now.
Once the credit crisis and mortgage crisis stabilises, I think you are going to see a very sharp upswing in financial stocks. The banks will be back to reporting their outrageous profits and housing will once again sky rocket.
There are millions of people waiting to buy all the houses that are being foreclosed on or abandoned. These people are simply waiting for the bottom to arrive. This latest bill is going to attempt to stop unscrupulous lending practices and force lenders to do their due diligence before approving mortgages. Hopefully this bill will speed up the healing process. Doing nothing would be a sure recipe for disaster.
There will, I hope, be many upper crust folks from the lending industry who knowingly committed fraud and other illegal activities, enjoying 3 meals a day in an over crowded "Crow Bar Hotel"
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=-If You Always do what You've always done -=
=-You'll always be what You've always been-= | |
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