al gore busted.....................

[BlueWahooChambordDevil]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Spuds</div><div class="ubbcode-body">So what is your point? It snowed, the world could warm 15 degrees and it would still snow. The climate is changing, we have an influnce on it, you are stuck with it. You believe the scientists when you talk about historic cycles, but doubt the same people when they say the earth is warming? I see a pattern here, bet you want the middle class taxpayer to bail-out the housing/lending industry, too. </div></div>
no

and thats an industry i do alot of work in

but i dont think anybody should bail out anybody

let the borrowers learn a [censored] lesson

read your paperwork and understand what you are getting yourself into......if you cant be responsible.......then you deserve to lose your house

the bank gave you a 2 year ARM.......if you didnt understand your loan......or didnt fully understand what happens after that 2 years is up......oh well

your own [censored] fault......nobody elses

i think this enema thats being given to the housing and lending markets is a good thing for the long term

right now.....it sucks......but long term its good

and if it means a couple of big banks have to go down in the process because they gave loans to people who shouldnt have gotten them.....oh well

thats their own fault and when they go under some other bank will be there to pick up the pieces

And right there is Bush's whole economy for 8 years.

[BlueWahooChambordDevil]

you do realize that the president doesnt really control the ecomony, right?

you do know that its the federal reserve that essentially controls the economy because they control monetary policy and interest rates with zero input from the president

nice attempt to take a shot at bush though

Yse ,I realize all that. But is it or is it not what has driven the country since the ...oh say past 6-8 years have gone by? If people commit crimes, they should be punished. and the lending that has taken place the last 15 years is a crime. No, George doesn't run the fed...he is just the leader of the country. It is starting to look like America is fresh out of leaders.

[BlueWahooChambordDevil]

no.......the lending hasnt been a crime

the truth is that money was cheap and banks had alot of it to lend.......so some started making subprime loans easier to get and in order to not get left out......many banks subsequentally followed along and for a few years things were great until that money was no longr cheap and readily available

then the banks had to start to tighten up their lending regulations

less people qualified

when it came time to re-fi their ARMs many people no longer qualified at higher rates, which is what lead to the situation we are in now

all the banks did was create a product to meet the demand

its no different than what car companies did by making SUVs bigger

now they are having trouble selling them because they get 8 miles to the gallon

but its the same general concept

banks gave borrowers what they wanted and went into the hot markets to try and make money

unfortunately they didnt manage their risk properly and now that market has dried up and they put too many eggs in that basket and now are in bad shape

but there was nothing criminal about what they did

Sure...an loan with the option of paying interest only SHOULD be legal. The CEOs should be stripped of the cash, too.

[BlueWahooChambordDevil]

I/O loans dont last forever

they are normally only for 3/5/7 years

at which point it becomes P&I but its a fixed rate still......so depending on your loan amount......you payments are only going up minimally every month

compared to ARMs where after your first 2/3/5 years your payments could potentially double depending on where rates are

banks have offered I/O loans for certain periods on car loans, personal loans, lines of credit and even certain credit card offers for a very long time

Why shouldn't the Americans bail out other Americans? Bush is spending some of our cash on someone's housing project...

" Half of the money for the new mortgage company, $250 million, will come from the United States through the Overseas Private Investment Corporation. The rest will be from the Palestine Investment Fund, the International Finance Corporation of the World Bank and the Bank of Palestine, with a smaller contribution from the British government. "?Mr. Abbas, who has been engaged in peace talks with Israel's prime minister, Ehud Olmert, will be in Washington next week to see President Bush, who hopes to have a Palestinian-Israeli peace outline before his term ends."?


At a ceremony in Ramallah, Tony Blair, the former British prime minister who is representing the international community in helping the Palestinian Authority build institutions, called the plan "a major step forward for ordinary Palestinians."?

This is the second major international initiative of its kind in the West Bank. Last summer, $230 million was pledged for a similar program for small- and medium-size businesses in the area.


Now I know why Blair and Bush were/are such good friends. The appear to be on the same page as far as appeasing terrorist Mooslims, all the while, waging a War on Terror, yet refusing to admit and condemn the root of all terrorism, Islamofacism, and seem to support certain factions thereof.

Notice the New York "Slime's"? choice of words "besieged by Israeli occupation."?


I'm taking bets right now that Bush will NOT be tough on Abas, nor hold his feet to the fire with regards to any concession, much less, try and get him to accept publicly, Israel's right to exist."

Ha, and that is from the "I love George " site. Freepers.com [img]/LDPforum/ubbthreads/images/%%GRAEMLIN_URL%%/grin.gif[/img]

http://www.freerepublic.com/focus/f-news/2003747/posts

"banks have offered I/O loans for certain periods on car loans, personal loans, lines of credit and even certain credit card offers for a very long time"
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One more reason some groups bear watching...you don't live in your car, course with the lending that has taken place looks as if a lot won't be living in their home either.

[BlueWahooChambordDevil]

its been a common practice for banks to offer I/O loans to certain types of borrowers on certain loan programs for a very long time

qualified borrowers who have a good credit score......good payment history and good DTI ratio should be able to take advantage of things like that they

they have the proven track record of payment.....have the income....and one would think the knowledge to understand those programs

why shouldnt they have access to things like that?

because there are a certain percentage of idiots in the world the educated borrowers have to suffer too?

nice theory