Its nuts. Part of the reason why this problem began is because there was a problem (recession) that was exacerbated by Sept. 11th and the Federal Reserve threw a bandage over it. That bandage was incredibly low interest rates. The markets in general are complicated and intricate. Look at what goes into supporting our economic system : 1) You have Sally Mae, Fannie Mae and Freddie Mac actiby Death_Claw - OT Board
That doesn't make me feel any more sympathetic towards the borrowers. "I was too lazy to read the contract" doesn't hold up as a valid excuse in my book - especially given the gravity, nature and impact of the agreement the borrower is entering into. I don't see an alternative viewpoint that doesn't create a number of ethical and beauracratic problems either. Letby Death_Claw - OT Board
Hillary Clinton is pushing a reset plan that includes a 90 day moratorium on foreclosures. In short, you may not have to pay your mortgage for 3 or more months coming up soon with no consequences. Lovely, I'm sure that won't make things worse or anything.by Death_Claw - OT Board
n/tby Death_Claw - OT Board
QuotehappyorbYou're like a virgin telling someone how to fuck because you read about it in a book. Just wait till you have to go through it my friend, and all your loft ideals hit reality. Also paying rent is not very smart when you could be getting an actual return on your investment with a house or condo. You might as well be throwing that money out the window. You don't need to dropby Death_Claw - OT Board
I'm not saying mortgage dealers aren't douchebags or trying to stick up for them or anything. What I am saying is that the people who have defaulted are equally to blame because they took on a loan they could not afford. I don't care how much of an ass the guy is that I'm talking to, I'm not going to sign a contract to pay out money I know I can't afford. I get aby Death_Claw - OT Board
A lot of this is also based on the difference from myself and other people. I borrow money like a public company borrows money. I borrow it to increase my earnings. Meaning, I use it to allow my capital to be put into more lucrative positions. The typical consumer borrows money to afford things they don't have enough capital to buy. There's a sea of difference between those two viewby Death_Claw - OT Board
QuotehappyorbQuick question, are you a home owner? Have you been through the foul fucking wasteland that is the mortgage industry? I know when I bought my place, I got screwed over pretty good even though I thought I did lots of research. When I got to my closing, basically they changed around most of what we had agreed upon or forgot to mention some things. Which at the time seemed like small thby Death_Claw - OT Board
But man, its going to be tough to get used to. Good job though. Can't you just bulk import the old records from the old board?by Death_Claw - Main Board
Want to know why handholding and coddling people and businesses is bad? This blog has a cornucopia of information regarding the subprime nonsense that's been plaguing the news lately. Below is an interesting tidbit: Quote“Aside from violating the sanctity of a contract and scaring off potential investors, what’s the good news here? ‘It’s a big misconception to think that (mortgageby Death_Claw - OT Board