Yeah – Current Events – HabitableZone

Yeah

Robert — 12/6/2007 11:26:39 PM (archived)

I agree the lenders ought to pay the piper. I also think that helping out the borrowers is a necessity as well as the right thing to do. I've seen the mortgage biz from the inside, and the fact is, ARMs were developed to rope in marginal borrowers, and brokers pushed them on marginal borrowers to collect the commission, then walked away. caveat emptor sounds good in theory, but in practice, when a complicated and highly technical product is sold to the unwary using deceptive sales pitches and obfuscatory explanations, I think the seller has to answer for the consequences. Having it any other way just condones and encourages those practices in the future.

I just don't get the practices in the mortgage industry, and it's not just ARMs. If they're so greedy as to make "no-doc" and "NINA" loans on the strength of nothing more than a credit score, they should have to eat the losses. "Hey, my FICO's 750, gimme a million bucks" is no way to run a business.

The whole thread (39 posts)

Bush "fixes" mortgage problem - TB - 12/6/2007 12:32:15 AM
- I see it as politics as usual - Eri - 12/7/2007 1:36:53 AM
  - re: I see it as politics as usual - Lindy - 12/7/2007 2:03:54 AM
    - Oh my. - Eri - 12/7/2007 3:46:43 AM
      - re: Oh my. - Lindy - 12/7/2007 5:36:16 AM
        
        Lindy, I agree that it is predatory - TAFKASE - 12/7/2007 3:49:41 PM
        
        re: Lindy, I agree that it is predatory - Lindy - 12/7/2007 3:59:46 PM
        
        Good for you... - TAKFASE - 12/7/2007 4:11:17 PM
- Bush "fix" another illusion - Publius - 12/6/2007 11:20:01 PM
  - Hey Publius - still kicking! Good to see you. (n/t) - Laurie Street - 12/7/2007 5:34:19 PM
- nah... - TAFKASE - 12/6/2007 5:51:17 PM
  - Yeah - Robert - 12/6/2007 11:26:39 PM
    - the only sad part is... - TAFKASE - 12/7/2007 3:28:37 PM
      - Careful - Robert - 12/7/2007 5:10:14 PM
    - Part of the problem... - TB - 12/7/2007 12:32:20 AM
      - Yep - Robert - 12/7/2007 5:01:43 AM
      - Wells Fargo was my original lender - Eri - 12/7/2007 1:40:51 AM
        
        re: Wells Fargo was my original lender - TB - 12/7/2007 3:19:42 AM
        
        Every time you refinance, the salesman makes a commission. - TAFKASE - 12/7/2007 3:41:09 PM
        
        re: Every time you refinance, the salesman makes a commission. - REB - 12/7/2007 6:48:51 PM
        
        short answer: yes! (n/t) - Eri - 12/8/2007 5:21:06 AM
        
        No. In the long run, you will still be much better off. - TAFKASE - 12/7/2007 11:05:04 PM
        
        Same with me - Eri - 12/7/2007 3:48:57 AM
  - Bush did mention years ago... - Lindy - 12/6/2007 11:15:52 PM
  - Opps... It was redlining...Remember banks being told to take on more risky debtors in Redlined areas? (n/t) - TAFKASE - 12/6/2007 5:55:50 PM
    - The subprime market (new villan) was created to stop redlining (old villan) - TAFKASE - 12/6/2007 6:03:28 PM
- ...and here. - Jody - 12/6/2007 12:22:38 PM
- re: Bush "fixes" mortgage problem - azstrummer - 12/6/2007 3:20:39 AM
  - re: Bush "fixes" mortgage problem - TB - 12/6/2007 6:13:40 AM
    - While I agree, a lot of that stupidity has fuelled the country's growth over last 6 years. - Tony - 12/6/2007 3:49:12 PM
      - Don't panic - TB - 12/6/2007 5:42:38 PM
        
        It's not just subprime - Tony - 12/7/2007 3:38:22 PM
        
        BTW, you do know mortgage rates are going down across the board, right? - TB - 12/7/2007 9:44:47 PM
        
        Kinda irrelevant - Tony - 12/7/2007 10:02:01 PM
        
        Don't panic. - TB - 12/7/2007 9:33:43 PM
        
        it isn't these loans that will slow the economy... - TAFKASE - 12/7/2007 11:08:47 PM
        
        100 billion here, 200 billion there, pretty soon we're talking real money..... (n/t) - Tony - 12/7/2007 9:38:40 PM
  - Follow-up on "Flame". (n/t) - Bowser - 12/6/2007 4:22:57 AM
- I'm sure we haven't heard it all yet. Maybe won't. - Bowser - 12/6/2007 3:20:20 AM

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