Bailout bill fails

[SCUDSBROTHER]

Originally Posted by dalakhani

Are you getting defensive because you dont know what you are talking about? Before taking such a stance, it would be wise to understand the subject. Its clear that you don't.

Well, we both support OBAMA. Just how do you expect him to help send people to college etc. if the money goes to bail out your greedy industry? How we gunna fix our infrastructure? Go ahead. Keep living off credit and see where it gets us. I'M so stupid huh? But I am the one that doesn't have my money in stocks that are going down. My money is in FIDC INSURED ACCOUNTS that are all under the limit they will protect. Now tell me why I should want to give up the value of those dollars to bail out your sorry industry? You want to make my money worth half a Euro? How low you want the value of a dollar to go?

[dalakhani]

Originally Posted by SCUDSBROTHER

Well, we both support OBAMA. Just how do you expect him to help send people to college etc. if the money goes to bail out your greedy industry? How we gunna fix our infrastructure? Go ahead. Keep living off credit and see where it gets us. I'M so stupid huh? But I am the one that doesn't have my money in stocks that are going down. My money is in FIDC INSURED ACCOUNTS that are all under the limit they will protect. Now tell me why I should want to give up the value of those dollars to bail out your sorry industry? You want to make my money worth half a Euro? How low you want the value of a dollar to go?

I didnt call you stupid.

You win.

[SCUDSBROTHER]

Originally Posted by dalakhani

I didnt call you stupid.

You win.

Answer th question. What is he gunna have left to spend?

Fact is we need to give out much, much, much less credit to people. People don't like that, but it's the truth. We need to give out some money for loans, but we can't just keep living on credit. Band aid it all you want, but we have to stop abusing credit.

[dalakhani]

Originally Posted by SCUDSBROTHER

Answer th question. What is he gunna have left to spend?

Fact is we need to give out much, much, much less credit to people. People don't like that, but it's the truth. We need to give out some money for loans, but we can't just keep living on credit. Band aid it all you want, but we have to stop abusing credit.

I like you scuds.

Go dodgers!!!!

[SCUDSBROTHER]

Originally Posted by dalakhani

I like you scuds.

Go dodgers!!!!

Gov't is broke. We keep borrowing from the Chinese etc. Where we gunna get this 700 billion? We gunna print it? Either way it's gunna dilute the value of the dollar. Most of these people yelling about doing this bill are people losing money in stocks,stock funds, and 401 k plans. All came with risk that people blew off.

[Mortimer]

Steven H. Crist already!!


SHUT UP!!





YOU'VE MADE YOUR FRIGGIN' POSITION KNOWN TO EVERY SCHEMING MORTGAGE CONSULTANT HERE!

[jwkniska]

Originally Posted by SCUDSBROTHER

Fact is we need to give out much, much, much less credit to people. People don't like that, but it's the truth. We need to give out some money for loans, but we can't just keep living on credit. Band aid it all you want, but we have to stop abusing credit.

100% true, and the worst of it all is that the people that can afford it the least are the ones that get more and more of it. sooner or later the banks are going to have to deal with it, as they're going to have to stop lending to people that don't have any collateral and don't deserve it, and the banks that want to take the risk and pick the wrong people to lend to... DESERVE to be run out of business when they default.

[Antitrust32]

Originally Posted by SCUDSBROTHER

Well, we both support OBAMA. Just how do you expect him to help send people to college etc. if the money goes to bail out your greedy industry? How we gunna fix our infrastructure? Go ahead. Keep living off credit and see where it gets us. I'M so stupid huh? But I am the one that doesn't have my money in stocks that are going down. My money is in FIDC INSURED ACCOUNTS that are all under the limit they will protect. Now tell me why I should want to give up the value of those dollars to bail out your sorry industry? You want to make my money worth half a Euro? How low you want the value of a dollar to go?

Why does Obama have to send people to college??

Werent you just talking about personal responsibility? Isnt putting yourself through college your own personal responsibility? Thats why the Dems are bad... they make Americans believe everything should be given to them and they dont have to work for it.

We should just be so proud and happy we live in a country where we dont have to worry about being bombed today, or if our friends and family will be alive tonight. Then we need to work hard and earn everything you get.

[jwkniska]

Originally Posted by Antitrust32

Werent you just talking about personal responsibility? Isnt putting yourself through college your own personal responsibility? Thats why the Dems are bad... they make Americans believe everything should be given to them and they dont have to work for it.

that's the problem with Fannie and Freddie.... give mortgages to people that didn't deserve them, because the dem's (came from Clinton's administration getting Fannie/Freddie to give loans to people with nothing down and with bad/no credit) believe that EVERYONE should have a house and if they can't afford one, someone else should have to pay for them to be able to keep it.

[Mortimer]

These stupid comments are not necessarily Steve's opinion.



























Are they--Steve?

[ateamstupid]

Originally Posted by jwkniska

that's the problem with Fannie and Freddie.... give mortgages to people that didn't deserve them, because the dem's (came from Clinton's administration getting Fannie/Freddie to give loans to people with nothing down and with bad/no credit) believe that EVERYONE should have a house and if they can't afford one, someone else should have to pay for them to be able to keep it.

You can't be serious.

[Danzig]

dow up a bit today, consumer confidence report is the reason behind the uptick. but a ways to go to correct yesterdays losses.

[Danzig]

didn't deserve them? and here i thought the biggest reason for these loans defaulting was that the ARM went to astronomical levels for many folks, making affordable housing suddenly anything BUT.

[Mortimer]

Usa! Usa! Usa!

[jwkniska]

Originally Posted by Danzig

didn't deserve them? and here i thought the biggest reason for these loans defaulting was that the ARM went to astronomical levels for many folks, making affordable housing suddenly anything BUT.

if you're working (steady income stream), have some $$ to put down, good credit.... then you should and deserve to get an appropriate loan.

the ARM's went up astronomically, because the loaning institutions were giving more money to them than the person should have been eligible for, which caused the ARM to be higher. Personally, I wouldn't ever take out an ARM mortgage for a house.... fixed only (will get less $$ approved, but won't run into any of the problems).
The banks greed is also at fault, as the higher the risk, the higher the interest rate and the higher the bank's income, and all the banks wanted more than the bank next to them which made for more and more of those loans to pad their income statements... but they forgot that loaning the higher interest rate loans... the higher the risk. Trying to get higher and higher income from them means that they have more and more risk, and they didn't take into account what would happen if something happened and the people defaulted on them.

case and point on it's a friend of mine.... bought condo and had std mortgage, no steady income stream and the bank gave him a 2nd and 3rd mortgage on it. he couldn't even pay the first mortgage, let alone the 2nd or 3rd (which he never should have been eligible for). Lost the condo, moved to different part of US and finally now is working again. It'll take him the rest of his life to get any of his credit back, IF he ever does.

[dalakhani]

Originally Posted by Danzig

didn't deserve them? and here i thought the biggest reason for these loans defaulting was that the ARM went to astronomical levels for many folks, making affordable housing suddenly anything BUT.

The effect of the rate adjustments were partially negated by the lowering of the indexes in which the FIAR would adjust to.

When a rate adjusts, the calculation goes like this:

Index + margin= new rate (fiar) fully indexed accrual rate

A vast majority of adjustable rate mortgages originated within the last decade use Libor as an index. Libor was hovering around three percent for most of this year. The standard margin over libor is 2.25%. Using this calculation:

index (3%) + margin (2.25%)= new rate of 5.25%

What was a smaller issue (but the media totally sensationalized) was that subprime loans had margins that were through the roof so when they adjusted, borrowers would go from a 6% teaser rate to a new FIAR of 11%. UGLY. On top of that, there would be a prepayment penalty and on top of that, housing values decrease so they were stuck! Vicious cycle. FHA put out a program called FHA SECURE but the limited use of that program shows that subprime arm adjustments werent the big problem.

[dalakhani]

Originally Posted by Danzig

dow up a bit today, consumer confidence report is the reason behind the uptick. but a ways to go to correct yesterdays losses.

You know what a dead cat does.

[wiphan]

Originally Posted by dalakhani

You know what a dead cat does.

We have definitely seen the Dead cat bounce today.

[Danzig]

Originally Posted by dalakhani

You know what a dead cat does.

um...stink? draw flies?

[dalakhani]

Originally Posted by jwkniska

that's the problem with Fannie and Freddie.... give mortgages to people that didn't deserve them, because the dem's (came from Clinton's administration getting Fannie/Freddie to give loans to people with nothing down and with bad/no credit) believe that EVERYONE should have a house and if they can't afford one, someone else should have to pay for them to be able to keep it.

Yes its because of the poor people! Blame the blacks and the foreigners!!!! They did this and that idiot Clinton mandated it!

It is solely the fault of CRA that we are in this predicament today.