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bachar
Gym climber
Mammoth Lakes, CA
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Topic Author's Reply - Dec 30, 2008 - 09:36pm PT
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Great. I got a genius print man....
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salad
climber
Escondido
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Dec 30, 2008 - 09:42pm PT
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i want in
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Lynne Leichtfuss
Social climber
valley center, ca
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Dec 30, 2008 - 09:57pm PT
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IMHO the guy in the pic on the left exemplifies how I perceive the "selected" not voted on (perhaps that might not even make a difference) few elite that make their own rules, then take the money and run.
When people base their decisions on money in their pocket and not what is the right and moral thing to do, our country will reap the consequences.
I was raised to make decisions that would help the other person. Dan's philo was to help those around you up the ladder. It's not about what you can accumulate in this lifetime, it's what you can do to share with others and help them succeed.
Happy New Year...maybe this year our country will get back to basics and a solid moral fiber. Lynne
Ps, who are "the people that receive assistance" ? I've never met one....Fictional characters ?
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Dick_Lugar
Trad climber
Indiana (the other Mideast)
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Feb 24, 2009 - 01:03pm PT
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Ya, that does piss me off...whose the MF lender that gave them the money?
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bluering
Trad climber
Santa Clara, Ca.
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Feb 24, 2009 - 02:59pm PT
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Yeah, Dick, she's trying to blame the bank too. She applies for an $800,000 home loan as a bus driver, the bank gives it to her and now she can't make payments so bank forecloses.
The bank didn't force her to take a loan.
In fact, I could argue that banks were strong-armed into giving out loans to people unqualified for them....for the past 15 years this was happening.
Oh yeah, and this jewel too..
http://theliepolitic.com/2009/02/obamas-homeless-woman-is-actually-real-estate-investor/
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dirtbag
climber
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Feb 24, 2009 - 03:06pm PT
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If I was an investor in that bank with the $800,00 loan I'd want some heads to roll, because you know there are other stupid loans made. That borrower was a partner in this stupid dance, but we expect banks to exercise some common sense.
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Nefarius
Big Wall climber
Fresno
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Feb 24, 2009 - 03:07pm PT
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Gotta go with bluering on this one.
It sucks ass when things happen in people's lives (unexpected circumstances such as losing a job, etc) and you can't cover your house note. I feel for those peeps.
However, if you signed up for a loan you couldn't afford, interest only, or any of the other lame ass things millions of Americans did that started the economic fall... Shame the f*#k on you. The bank isn't at fault, at all, here. I have zero sympathy for those folks. It's called being ignorant and irresponsible.
When you buy a house, you have to sign all sorts of paperwork and contracts. You shouldn't sign anything, at all, without fully reading and understanding what it says - let alone the single largest purchase you will ever make. Dumbasses.
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Dick_Lugar
Trad climber
Indiana (the other Mideast)
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Feb 24, 2009 - 03:29pm PT
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Ya, will blame the homeowner's if it makes you feel better, but ultimately the failure of the banking system will affect you and me more than blaming people who couldn't afford the house in the first place. Lenders were basically giving out loans to people who couldn't afford it. They knew it, now we know it. Because of lameazz lending practices, they drove up the prices of homes to the point of absurdity, now we're left footing bill.
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Nefarius
Big Wall climber
Fresno
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Feb 24, 2009 - 03:42pm PT
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The affects, after the fact, doesn't remove where the responsibility ultimately fell - on the home buyers. Saying otherwise is like supporting that weak ass movie SuperSize Me. No one made that guy fat but himself. If I ate that much food, of any sort, every day, had a milkshake with my meals, etc. I'd be a fat bastard too. And the fact that McDonald's exists, and markets their product doesn't make them responsible for his health.
Again, there's ZERO personal accountability in this country anymore. Drives me f*#king nuts. Everyone finds/places blame on people other than the person who actually made the choice. Weak sauce.
edit: Sorry Rox - but that was a personal choice you made. I read everything when I bought. And, at the very least, you know the general terms of your contract. Interest only, the silly ass variable rate loans, all of that - only a f*#king dumbass would sign that sh#t. You're basically buying a house knowing you're on borrowed time and that you're going to lose it eventually, unless you get all these magical raises, "Oh, it'll be tight, but I can get a new job in the next couple of years, before the payment goes up", etc... Over extending yourself is not the banks fault. period.
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Nefarius
Big Wall climber
Fresno
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Feb 24, 2009 - 03:49pm PT
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And he was doing it due to his own choice. Not to mention he was being a dumbass. If you KNOW you're eating crap for every meal, all day, you KNOW your health will suffer.
That movie was painfully biased, and obviously paid for by funding relating to the twin cows that got the lawsuit going against McDonald's, in the first place. It was a joke.
Will you next also try to convince me that a woman's poor driving is worth $7mil when she spills coffee on her crotch?! hahaha
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dirtbag
climber
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Feb 24, 2009 - 04:05pm PT
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Sorry, but in this case it was 50-50.
Yes, the homeowner made some huge lapses in judgment.
But so did the bank. As the saying goes, a fool and his money are soon parted. Well, the bank was a fool too. We expect institutions like banks to be the sober, savvy ones in the lending deals. And any institution lending $800,000 to someone making a bus driver's salary is a god damned fool that knowingly drove that bus (hah!) over the cliff.
I would say that lender and bank deserve each other and their losses. But the problem is, saps like those two, multiplied by millions, are bringing us all down.
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tolman_paul
Trad climber
Anchorage, AK
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Feb 24, 2009 - 04:59pm PT
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In the case of banks, it's a fool and someone elses money that is parted, the depositors in that bank.
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JLP
Social climber
The internet
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Feb 24, 2009 - 05:11pm PT
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"Ya, that does piss me off...whose the MF lender that gave them the money? "
Hahahhaaa... YOU and ME, buddy, will be paying for that sh#t.
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Nefarius
Big Wall climber
Fresno
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Feb 24, 2009 - 05:19pm PT
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"I've given up Big Mac's, are we on for NIAD?"
I may be getting laid off soon, so this could be the year, Fatty!
I guess I see it all differently. I don't ever take the word of a banker, loan person, car dealer, etc. at face value, without checking on my own. They're sleazy. Plain and simple.
It's funny - when someone gets their arms broken, or worse, by a loan shark, everyone always says the guy that went to get the loan from a loan shark was an idiot. Not the loan shark. It doesn't make what the loan shark did right, but ultimately, it was up to the person needing a loan. The loan shark wouldn't be in business if there were not people stupid enough to take loans from him.
Again, guess I feel differently about it all. Carry on.
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dirtbag
climber
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Feb 24, 2009 - 05:21pm PT
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The thing is Nefarius, the banks, as insitutions, weren't looking after their best interests either. They were stupid for pushing these loans.
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Nefarius
Big Wall climber
Fresno
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Feb 24, 2009 - 05:38pm PT
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I'd agree that the banks owe that responsibility to the shareholders. No doubt. But I don't see a bank as having any responsibility to the buyer.
I think the best time to prevent a foreclosure is when buying a home and when creating your monthly budget.
Whatever happened to common practices such as carefully evaluating how much you can afford in terms of the down payment, monthly payment (including taxes and insurance) and overall interest paid over the life of the loan. You should not buy a home that requires a monthly payment — now or when the payment increases if it’s an adjustable rate loan — that is more than one-third of your monthly income. And you should not pay more in interest over the life of the loan than what the property is reasonably expected to appreciate over the life of the loan.
Every homeowner should create a monthly budget to make sure there is money available to pay the mortgage payment each month. In addition to budgeting for the actual payment, homeowners should build savings into their budget and continue to add to their savings until they have at least enough to pay for six months worth of living expenses. This will ensure that the homeowner will have a cushion on which to fall in the event of a job loss or other incident that causes them to lose their monthly source of income.
Home-ownership is a huge responsibility. It's not something you run down to the bank and just do, on a whim, like so many people did. America went nuts, and now, not only do they not want to own up to it, but they want the government, and the taxpayers to bail them out. Bullshit! Guess you didn't really need that BMW and Mercedes in your driveway, or to be wearing $350 jeans, getting fake boobs and racking up a ton of debt. Suddenly everyone in America is back to the reality that they are NOT wealthy and, thus, cannot live like it...
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Chris Roderick
climber
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Feb 24, 2009 - 05:52pm PT
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Hehe somebody who owns a bank telling you to reduce your "principle", classic..
If you destroy property that's not yours, isn't that criminal damage?
Well at least they serve you three squares in jail I guess
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