Understanding Sub Prime Mortgages




Mr Bogus

Trouble Makers Inc.
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OMG I am going to laugh all day about this...


Am I wrong or alone to think we should let those that were involved sink and die?

I also think that the barriers of incorporation should be bounded and we take the homes and assets of the "rocket scientists" that kept his fiasco going?...

I read 700,000,000,000 in bailout and I want to blow my own brains out... Honestly wont the market "self right" after the scum is gone?

I know that it will mean some hard times for some but it was their choice to invest in "crap"... It also gripes me to think I make my payments etc and for those who do not, the govt is going to do it for them? wtf should I be making my own payments then?..

I vote leave it alone, let the jerks that did it perish and let the free enterprise system do its own dirty work..
 

runeight

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It also gripes me to think I make my payments etc and for those who do not, the govt is going to do it for them? wtf should I be making my own payments then?..

QUOTE]

Yes, and I'm pushing the bailout bill along with my friends who "might" ;) have benefited.

Nancy Pelosi
 

LA Busa

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Mr. Bogus, I am completely with you on this one.

If it wont stand on its on, quit trying to prop it up and bulldoze the thing.

Expecting politicians from either side of the isle to understand this, let alone oversee, regulate and fund a bail out is capitalistic insanity.

Here we are, using 20 million barrels of oil a day, and they dont think that drilling for more of it is a good way to bring down prices????? Oh yeah, lets just give them a TRILLION dollars and they will take care of everything alright....
 

rdd102781

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I may be wrong, but I think some of you guys are misinformed about the serious downward effect of the govt not getting envolved in this situation. Matter of fact, there would be serious implications for not taking such actions. But, to each thier own, i guess...
 

Mr Bogus

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I may be wrong, but I think some of you guys are misinformed about the serious downward effect of the govt not getting envolved in this situation. Matter of fact, there would be serious implications for not taking such actions. But, to each thier own, i guess...
Yea it will have a serious downward effect but to what?

Property values in CA and a number of other states will crash... you know what? BFD... they are so OVER inflated over the last 10 years that even if they loose 75%, they are going to be ahead of normal inflation over those same years... Honestly $1200-$4000 a sq ft for a home? :choke:

The people that will suffer:
those who just kept yanking equity (false equity) out of their insanely over valued homes to buy toys and keep up with the Jones's.. (I know some are here but you know what I am talking about I hope)

When the homes sit vacant for a couple years (as it is already happening) the values will crash, and normalcy will begin..

dumping 700 billion dollars (and completely uncontrolled/unregulated/unsupervised) is absolute insanity.... anyone backing this plan must be off the deepend... I am in shock myself..

the same scum bags that padded their pockets and bought their beach cliff properties will only gain even more money.. if 20% goes to where it should, I would eat my own shorts..

This was all predicted many years ago by a few that were sumarily dismissed as quacks... So we either take the bitter pill now or an even worse one later...

I vote now...
 

runeight

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Read the entire article but note the last paragraph.

Harvey, 64, lives on about $3,300 a month in social security and disability payments for herself and her four disabled grandchildren. She nearly lost her home this summer after her adjustable rate mortgage payment jumped.

"I did not understand that in two years, this would adjust out of control," she said.

"Nobody deserves what I've had to go through."



I don't feel sorry for someone who did not read the fine print and why would I feel sorry for you.

Now, Randy is correct. I don't know the exact number but I do know guys at work who have borrowed money every time the value of the home increased. They bought F-350 trucks, new boats, and I'm talking expensive boats, and who knows what else.

Some have mortgages of $2000 a month. Some have more than two home equity loans. Yes, they can make the payments but these guys are working every day and can not afford to lay off.

Me? I'm a bum.

r8
 

WWJD

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so I guess this proves my theory correct: the American Dream is truly a disguised nightmare?

good luck with it. I'm THAT GUY, that zero debt guy that everyone hates. And I'm not rich, but I'm VERY happy and stress free
 

Vic_E55_2001

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so I guess this proves my theory correct: the American Dream is truly a disguised nightmare?

good luck with it. I'm THAT GUY, that zero debt guy that everyone hates. And I'm not rich, but I'm VERY happy and stress free
Me 2 :thumbsup:
 

Vic_E55_2001

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I don't feel sorry for someone who did not read the fine print and why would I feel sorry for you.

r8
Exactly. Screw them. I would be able to get 3 times bigger house if I was that stupid for 1.95ARM 5 years ago. I took 5 1/4% 30 years fixed instead.
 

Mr Bogus

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so I guess this proves my theory correct: the American Dream is truly a disguised nightmare?

good luck with it. I'm THAT GUY, that zero debt guy that everyone hates. And I'm not rich, but I'm VERY happy and stress free
my only debt is my home... no revolving/equity/second mortgage woes/cars/bikes...
 

Adolf

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It's never been about the people. It's always been about the money making scams made possible by the web of questionable laws designed to protect the rich at any cost. Get it through your heads fellows, the american dream was invented by the jews to give you something to waste your life on while enslaving yourself to the interest of the piece of **** dollar which is nothing but a coloured piece of paper that holds no value whatsoever. It all started 95 years ago. The american dream is the bs that keeps your mind busy and away from the reality of greed and deceit on the part of the government. And shame on anybody that is trying to preserve this corrupt enterprise at the expense of the american people.
 

Adolf

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And do you think Bernanke is shaking in his pants? I don't think so. It is all a well acted play just to fool you and me into believing that there are politicians voting against the bailout. Such a sad state of affairs...
 



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