brentspeak
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Thu Aug-18-11 08:08 PM
Response to Reply #55 |
| 74. "But the banks didn't screw them. No could could have forseen the economic downturn" |
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Your post is in the running for Dumb Post of The Year. http://en.wikipedia.org/wiki/Subprime_mortgage_crisis#M... The Financial Crisis Inquiry Commission reported in January 2011 that: "...mortgage fraud...flourished in an environment of collapsing lending standards and lax regulation. The number of suspicious activity reports—reports of possible financial crimes filed by depository banks and their affiliates—related to mortgage fraud grew 20-fold between 1996 and 2005 and then more than doubled again between 2005 and 2009. One study places the losses resulting from fraud on mortgage loans made between 2005 and 2007 at $112 billion. Lenders made loans that they knew borrowers could not afford and that could cause massive losses to investors in mortgage securities. Nouriel Roubini predicted a global financial meltdown5 lies the big banks keep telling us...including that "No could have predicted the crisis"Inside Job: how bankers caused the financial crisisFinancial Crisis Was Avoidable, Inquiry Finds |
| -Our foreclosed homes being sold to vultures?? |
Flora |
Aug-18-11 09:51 AM |
#0 |
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Kick. Just wish I could read the full article. Another link on info appreciated. |
glinda |
Aug-18-11 09:54 AM |
#1 |
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I've tried to find more info |
Flora |
Aug-18-11 10:03 AM |
#5 |
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Here: full story. |
dixiegrrrrl |
Aug-18-11 10:04 AM |
#6 |
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Here is an article about this same line - Very interesting!...Houses for $200: but not for you... |
1776Forever |
Aug-18-11 10:32 AM |
#19 |
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I think Elizabeth Warren suspected something like this when |
sabrina 1 |
Aug-18-11 01:12 PM |
#45 |
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Of course! |
Newest Reality |
Aug-18-11 09:56 AM |
#2 |
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Of course! That was the plan all along. "Money returns to its rightful owners." |
SharonAnn |
Aug-18-11 09:06 PM |
#76 |
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The writing was on the wall... |
ljm2002 |
Aug-18-11 09:59 AM |
#3 |
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Don't blame the vultures for being vultures |
tularetom |
Aug-18-11 10:01 AM |
#4 |
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Bingo! When we force them to be responsible citizens, they will |
Horse with no Name |
Aug-18-11 10:06 AM |
#8 |
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Interesting - and hard to find a full article on the topic. |
enlightenment |
Aug-18-11 10:04 AM |
#7 |
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The fire sale has started. |
MedicalAdmin |
Aug-18-11 10:11 AM |
#9 |
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how is it robbery |
rdking647 |
Aug-18-11 10:20 AM |
#11 |
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I get what you say and if you focus on the small picture it isn't clear. |
MedicalAdmin |
Aug-18-11 01:00 PM |
#41 |
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That's not the point (generally) at all here. It's to boost the GNP numbers. |
FormerDittoHead |
Aug-20-11 08:30 PM |
#87 |
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if you lost your home because you didnt pay back what you owned |
rdking647 |
Aug-18-11 10:19 AM |
#10 |
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Meanwhile the banks were bailed out by us |
Broderick |
Aug-18-11 10:22 AM |
#12 |
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The banks were LOANED money which they paid back. |
badtoworse |
Aug-18-11 10:32 AM |
#18 |
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And why was that? |
Broderick |
Aug-18-11 10:38 AM |
#21 |
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I complertely agree! |
badtoworse |
Aug-18-11 11:43 AM |
#35 |
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Oy. (slaps head) |
MedicalAdmin |
Aug-18-11 01:03 PM |
#42 |
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That's nothing new. Banks have borrowed from the Fed for decades. |
badtoworse |
Aug-18-11 01:56 PM |
#47 |
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No as a favor to the banks? Really? Really? n/t |
MedicalAdmin |
Aug-18-11 02:29 PM |
#48 |
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Keeping rates low is one of the few bullets the Fed has left to help the economy |
badtoworse |
Aug-18-11 03:45 PM |
#49 |
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Yes, it is now, but it wasn't then. |
MedicalAdmin |
Aug-18-11 05:24 PM |
#53 |
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Those rates were not unreasonable by late 2008 or early 2009 standards |
badtoworse |
Aug-18-11 06:29 PM |
#61 |
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More disinformation |
Lorien |
Aug-18-11 10:42 PM |
#78 |
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What can you say about some comments... |
MedicalAdmin |
Aug-19-11 10:09 AM |
#82 |
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Nonsense. |
girl gone mad |
Aug-18-11 06:18 PM |
#56 |
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Gifted? Not the way I remebber it. |
badtoworse |
Aug-18-11 06:37 PM |
#63 |
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Add it up. |
girl gone mad |
Aug-18-11 06:53 PM |
#67 |
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I can't easily follow the links on my BlackBerry |
badtoworse |
Aug-18-11 07:37 PM |
#71 |
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No. They were given money to renogotiate loans and didnt |
Bluebear |
Aug-18-11 06:25 PM |
#59 |
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Why would they need loans to do that? |
badtoworse |
Aug-18-11 06:45 PM |
#66 |
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because they didn't need loans at all, they wanted gifts |
me b zola |
Aug-18-11 11:03 PM |
#80 |
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The banks have NOT "paid it back" |
Lorien |
Aug-18-11 10:32 PM |
#77 |
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Thankfully, |
Flora |
Aug-18-11 10:24 AM |
#13 |
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Those are tax-payer owned homes via the mortgage and bank bailouts - being handed to Vultures. n't |
nomb |
Aug-18-11 10:24 AM |
#14 |
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who else is going to buy them? |
rdking647 |
Aug-18-11 10:28 AM |
#16 |
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Well MAYBE people with home loans who are now turned away in favor of LOWER cash buyers? |
nomb |
Aug-18-11 10:37 AM |
#20 |
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GIVE them to homeless people. |
Odin2005 |
Aug-18-11 10:50 AM |
#24 |
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they cant |
rdking647 |
Aug-18-11 10:53 AM |
#25 |
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I mean let the poor rent for cheap. |
Odin2005 |
Aug-18-11 11:03 AM |
#29 |
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the problem is there are still carrying costs |
rdking647 |
Aug-18-11 11:18 AM |
#32 |
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Those are based on the value of the home. |
girl gone mad |
Aug-19-11 12:47 AM |
#81 |
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They've already been granted an unlimited bailout. |
girl gone mad |
Aug-18-11 06:21 PM |
#57 |
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What if you weren't in default, or even paid up in full, and you still had |
GreenPartyVoter |
Aug-18-11 10:54 AM |
#27 |
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how? eom |
yawnmaster |
Aug-18-11 06:35 PM |
#62 |
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Rubber stamping, no checking to be sure addresses are correct or |
GreenPartyVoter |
Aug-18-11 06:43 PM |
#65 |
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Wrote a song about it, and it goes like this |
WingDinger |
Aug-18-11 10:25 AM |
#15 |
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Those homes, now OWNED by us, should undergo rehabs, by the unemployed, and then sold |
WingDinger |
Aug-18-11 10:30 AM |
#17 |
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Lose! Lose! Lose! |
badtoworse |
Aug-18-11 11:32 AM |
#34 |
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So do all other job programs lose on money input vs. jobs added. |
WingDinger |
Aug-18-11 06:07 PM |
#54 |
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Some jobs programs make sense |
badtoworse |
Aug-18-11 06:43 PM |
#64 |
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Very well said. |
A HERETIC I AM |
Aug-18-11 07:07 PM |
#68 |
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Since the 70's, we have made little. We use bubbles to mimmic growth. |
WingDinger |
Aug-19-11 10:35 AM |
#83 |
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it's part of our perpetual bubble economics. nt |
Javaman |
Aug-18-11 10:47 AM |
#22 |
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The Elites always make out like bandits in depressions. |
Odin2005 |
Aug-18-11 10:48 AM |
#23 |
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and how do you propose they stop them |
rdking647 |
Aug-18-11 10:53 AM |
#26 |
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We shouldn't have to "stop" them' |
Flora |
Aug-18-11 10:58 AM |
#28 |
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BINGO! |
Little Star |
Aug-18-11 01:05 PM |
#43 |
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I am a radical socialist, what do you think ? I want the Capitalist Class eliminated. |
Odin2005 |
Aug-18-11 11:05 AM |
#30 |
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that philosophy has never worked |
rdking647 |
Aug-18-11 11:15 AM |
#31 |
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You are confusing a market economy with Capitalism. |
Odin2005 |
Aug-18-11 12:48 PM |
#38 |
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Deleted message |
Name removed |
Aug-18-11 01:55 PM |
#46 |
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"Potter isn't selling. Potter's buying!" n/t |
hugo_from_TN |
Aug-18-11 11:28 AM |
#33 |
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what are the vultures going to do with them? |
mysuzuki2 |
Aug-18-11 11:47 AM |
#36 |
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NPR Story: Couple bid 320k w/loan, Vulture buys instead w/cash for 160k, couple pays vulture 380k. |
nomb |
Aug-18-11 12:55 PM |
#39 |
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And people here are defending this. |
girl gone mad |
Aug-18-11 06:24 PM |
#58 |
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This from a Democratic President is OBSCENE. |
Donnachaidh |
Aug-18-11 11:48 AM |
#37 |
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WATCH THIS VIDEO, then get ready to be very, very upset |
Ezlivin |
Aug-18-11 12:55 PM |
#40 |
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Yep, foreclosed homes are the biggest bargain on the |
Cleita |
Aug-18-11 01:08 PM |
#44 |
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So how did he get screwed? |
badtoworse |
Aug-18-11 04:08 PM |
#50 |
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Let's see. All the equity he had put into the home |
Cleita |
Aug-18-11 04:52 PM |
#52 |
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That's bullshit |
badtoworse |
Aug-18-11 06:09 PM |
#55 |
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"screaming about working class people being shut out of the housing market?" |
girl gone mad |
Aug-18-11 07:21 PM |
#70 |
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"But the banks didn't screw them. No could could have forseen the economic downturn" |
brentspeak |
Aug-18-11 08:08 PM |
#74 |
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So you are all right with the robbing of the ordinary |
Cleita |
Aug-18-11 10:51 PM |
#79 |
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Yup. banks walk off with all of the down-payments also. Like they will with ours when we fold. |
glinda |
Aug-20-11 08:06 PM |
#85 |
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This alwasy happens during the Bust cycle that always follows the Boom |
SoCalDem |
Aug-18-11 04:12 PM |
#51 |
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In hindsight, should he have bought it? n/t |
A HERETIC I AM |
Aug-18-11 07:11 PM |
#69 |
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It's hard to tell. I'm sure he would have made money when he eventually sold it again |
SoCalDem |
Aug-18-11 07:48 PM |
#72 |
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Well...not being a particularly religious person..... |
A HERETIC I AM |
Aug-18-11 09:01 PM |
#75 |
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Banksters. |
Rex |
Aug-18-11 06:25 PM |
#60 |
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How is that a transfer of wealth? Aren't they going to get money from them? Are they not selling |
Egalitariat |
Aug-18-11 08:07 PM |
#73 |
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IMO |
Mr Dixon |
Aug-19-11 11:03 AM |
#84 |
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A lot of Canadians have been coming into Florida to pick up some sweet deals... |
Imagevision |
Aug-20-11 08:11 PM |
#86 |
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