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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Tre on February 14, 2009, 06:12:32 AM
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Absolutely not.
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its the natural evolution....the false economy had to stop at some point..
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Foreclosures should be stopped because they prevented banks from going under.
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Foreclosures should be stopped because they prevented banks from going under.
The American ignorance caused a false economy... now you and rest of world pay...but it will self adjust..
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Absolutely not.
absolutely yes.
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The American ignorance caused a false economy... now you and rest of world pay...but it will self adjust..
You forgot greed, LOL!
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You forgot greed, LOL!
yes...greed fueled the ignorance..
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Tre, at this point the government is not mandating foreclosures be stopped. Citigroup and J.P. Morgan suspended foreclosures on their own. It is in their best interest and ours. The bank will most likely get a better deal working with the homeowner than they would by going into foreclosure on the home. Especially considering that the value of the home is most likely not shit compared to the mortgage. It would be smart for other banks to follow suit.
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Tre, at this point the government is not mandating foreclosures be stopped. Citigroup and J.P. Morgan suspended foreclosures on their own. It is in their best interest and ours. The bank will most likely get a better deal working with the homeowner than they would by going into foreclosure on the home. Especially considering that the value of the home is most likely not shit compared to the mortgage. It would be smart for other banks to follow suit.
Exactly. It's common sense, but these people at the banks don't seem to have any (common sense). I've known folks who wanted to keep their homes, but the banks refused to work with them. They'd rather have the house sit there, bringing in nothing..... :-\
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But c'mon, guys...
We know it was wrong for people to take on mortgages - which includes HELOCs that were based on over-inflated prices - they could in no way afford.
But isn't that compounded by the fact that many of them are now living for FREE in homes that are set to be foreclosed on??
I know many of the homes sit empty - big problem - but I'm really ticked off at the people who just stay in homes they aren't paying a dime on simply because the process can take so long.
Must be nice to be able to live FREE for an entire f'n year. There's no difference between these people in my snooty neighborhood that do that shit and the 'welfare queens' that we've grown to hate over the years.
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As a prospective homebuyer...
NO!
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Exactly. It's common sense, but these people at the banks don't seem to have any (common sense). I've known folks who wanted to keep their homes, but the banks refused to work with them. They'd rather have the house sit there, bringing in nothing..... :-\
same here... "the experts" always advised that homeowners work with their mortgage holders because the last thing they want is the home to go into foreclosure. But that's not true. I too know of people who where only slightly behind and tried to work with the bank and they were locked into pay up or foreclose. Idiot banks.
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But c'mon, guys...
We know it was wrong for people to take on mortgages - which includes HELOCs that were based on over-inflated prices - they could in no way afford.
But isn't that compounded by the fact that many of them are now living for FREE in homes that are set to be foreclosed on??
I know many of the homes sit empty - big problem - but I'm really ticked off at the people who just stay in homes they aren't paying a dime on simply because the process can take so long.
Must be nice to be able to live FREE for an entire f'n year. There's no difference between these people in my snooty neighborhood that do that shit and the 'welfare queens' that we've grown to hate over the years.
but what do you mean they should? I assume government mandated which I have not heard anyone talking about. If it's in the best interest of the bank to do so, then yes they should. And at this moment, how could you possibly argue it's not in their best interest? Not only that but it's in all of our best interest that the banks act now and work with people in trouble. It WILL save them money and it WILL in turn help everyone.
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But c'mon, guys...
We know it was wrong for people to take on mortgages - which includes HELOCs that were based on over-inflated prices - they could in no way afford.
But isn't that compounded by the fact that many of them are now living for FREE in homes that are set to be foreclosed on??
I know many of the homes sit empty - big problem - but I'm really ticked off at the people who just stay in homes they aren't paying a dime on simply because the process can take so long.
Must be nice to be able to live FREE for an entire f'n year. There's no difference between these people in my snooty neighborhood that do that shit and the 'welfare queens' that we've grown to hate over the years.
Yes, unfortunately too many idiots took on mortgages they could not afford. They thought, times were great, and would continue that way. Reality is, we are in this situation now, and I can only hope, that the banks have learned their lesson.
And you're right, it must be great to just sit in a "free" home. I feel for families who are losing their homes, due to unfortunate circumstances (lost jobs, et cetera). But the greedy fuckers who were buying shit left and right, hoping to turn into a millionaire...... ::) I know some. They had it coming.
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same here... "the experts" always advised that homeowners work with their mortgage holders because the last thing they want is the home to go into foreclosure. But that's not true. I too know of people who where only slightly behind and tried to work with the bank and they were locked into pay up or foreclose. Idiot banks.
Countrywide had it down to a science. They *wanted* foreclosures.
And you're right, it must be great to just sit in a "free" home. I feel for families who are losing their homes, due to unfortunate circumstances (lost jobs, et cetera). But the greedy fuckers who were buying shit left and right, hoping to turn into a millionaire...... ::) I know some. They had it coming.
I made an offer on a home back in March 2007. When we looked at it, the list was $490K. Instead of low-balling, my then wife-to-be and I decided to make them an offer they couldn't refuse (she really wanted it) - $470K.
The sellers then raised the list price to $500K and said their agent had 'made a mistake'. They rejected our offer.
Some other stuff went on after that - including them sending us a personal letter and quoting scripture about how much they'd put into the home - but we did finally settle on $490K. There were conditions, though, and within a few weeks, it was clear that the house was losing value, so we voided the contract.
I put in an offer when the asking price fell to $350,000 and they refused it!
Long story short...it's been empty the entire time (since summer 2006) and is now down to $305,000.
Gotta love it when greed turns to spite. They sure are showing how 'Christian' they are. ::)
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no stop
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If people were making 100k on their homes right now, you sure wouldn't stop the sales, right?
Ppl borrowed for something they couldn't afford. they speculated. it's capitalism. the fruits of their lifetimes of work, invested in a 2nd home they planned to flip for a major profit, didn't work. Our population was growing at a lot slower rate than homebuilding, so this should have been common sense for anyone and everyone. The demand wasn't going to be there. plus ppl thought the post-911 rates would last forever. Obviously, bush kept cutting rates, and you can't cut below zero.
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If people were making 100k on their homes right now, you sure wouldn't stop the sales, right?
Ppl borrowed for something they couldn't afford. they speculated. it's capitalism. the fruits of their lifetimes of work, invested in a 2nd home they planned to flip for a major profit, didn't work. Our population was growing at a lot slower rate than homebuilding, so this should have been common sense for anyone and everyone. The demand wasn't going to be there. plus ppl thought the post-911 rates would last forever. Obviously, bush kept cutting rates, and you can't cut below zero.
Rates are lower now than they were post 2001. The values of the homes is the reason the market is so fucked. Values in my area are down 43% over the past 2 years.
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Countrywide had it down to a science. They *wanted* foreclosures.
No they didn't.
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If people were making 100k on their homes right now, you sure wouldn't stop the sales, right?
Ppl borrowed for something they couldn't afford. they speculated. it's capitalism. the fruits of their lifetimes of work, invested in a 2nd home they planned to flip for a major profit, didn't work. Our population was growing at a lot slower rate than homebuilding, so this should have been common sense for anyone and everyone. The demand wasn't going to be there. plus ppl thought the post-911 rates would last forever. Obviously, bush kept cutting rates, and you can't cut below zero.
I agree, everybody complains when they lose money, but they dont really complain when they are earning.
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No they didn't.
you of course would know huh...
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you of course would know huh...
I work for CW and you read about it on the internet. I am thinking I may know more about this subject.
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I work for CW and you read about it on the internet. I am thinking I may know more about this subject.
unless you're on the board you would be the first employee in history that is in the now with regards to their intentions. Now maybe they didn't actually intentionally want foreclosures, that is probably a bit of an overstatement, but I would say for sure several of these guys failed where they could have had some foresight and worked with people. It is true many who were only slightly behind were forced into foreclosure. Now you tell me that makes good business sence? You can't, nobody can... In most cases they would have made more working with the homeowner than letting the house go to forclosure, especially right now...
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unless you're on the board you would be the first employee in history that is in the now with regards to their intentions. Now maybe they didn't actually intentionally want foreclosures, that is probably a bit of an overstatement, but I would say for sure several of these guys failed where they could have had some foresight and worked with people. It is true many who were only slightly behind were forced into foreclosure. Now you tell me that makes good business sence? You can't, nobody can... In most cases they would have made more working with the homeowner than letting the house go to forclosure, especially right now...
They never wanted foreclosures. People stopped paying, they lost their houses. It is common sense, you don't pay for your loan you lose your house. Doesn't mean CW WANTED foreclosures. They were a little later than the other banks to aggressively work with their clients to modify their loans, but now they are more than willing to help clients provided they are in a financial hardship. They still will not help people who for example bought a house for 500 grand and the house next door just sold for 200. They are fucking their customers who actually pay on time and they are starting to walk out on their homes as well. CW needs to address this problem imo. At any rate, they never wanted foreclosures. I can explain to you how mortgages work and why foreclosures hurt banks if you would like.
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whats the big drama here??? If you dont pay, you must get the fuck off the house, simple as that...or not hugo?
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whats the big drama here??? If you dont pay, you must get the fuck off the house, simple as that...or not hugo?
Banks are working with homeowners now, actually lowering rates and principle balance. But yes, at the beginning of the crisis, if you didn't pay you were bounced.
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Banks are working with homeowners now, actually lowering rates and principle balance. But yes, at the beginning of the crisis, if you didn't pay you were bounced.
god damn stupid people buying houses when they dont really have money to eat, they all should go to jail
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Benz is a true patriot.
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Benz is a true patriot.
America should trade him for Hugo Chavez.
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America should trade him for Hugo Chavez.
I support the importation of benz in exchange for whoever is posting as "Hugo Chavez".
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Banks are working with homeowners now, actually lowering rates and principle balance. But yes, at the beginning of the crisis, if you didn't pay you were bounced.
My home lost 20% of its value in little more than a year.
Can I get my rate or balance lowered? No, because my mortgage is current.
Please explain how this is fair, especially considering how much I pay in taxes.
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My home lost 20% of its value in little more than a year.
Can I get my rate or balance lowered? No, because my mortgage is current.
Please explain how this is fair, especially considering how much I pay in taxes.
That is my gripe, we are helping people who are late and fucking over the people who are current. I also work for another company which specializes in modifying loans only. Here is the deal about people who are current on their loans, they can be modified. However, there has to be some type of innaccuracy in your initial documents that you signed(mainly the truth in lending) or your closing documents. My advice to you is to find a loan modification place in your area and take all your paperwork into them to see what they can do for you. There is no fee unless they get your principle reduced. You may get lucky, I used to cut corners with my old clients, and I am having some success modifying their loans right now as a direct result of me fucking them over years ago. ;D
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My home lost 20% of its value in little more than a year.
Can I get my rate or balance lowered? No, because my mortgage is current.
Please explain how this is fair, especially considering how much I pay in taxes.
You want uncle sam's help? stop making payments, ruin your credit and threaten to foreclose....it's not that difficult
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You want uncle sam's help? stop making payments, ruin your credit and threaten to foreclose....it's not that difficult
You still have to prove a hardship though, loss of job etc. I know you are being facetious btw.
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You still have to prove a hardship though, loss of job etc. I know you are being facetious btw.
Easily done. Quit your job. :)
I love these people that are crying because they want out of the stupid decisions they made (buying an extremely overvalued house) because there are others that have screwed up even worse (bought an extremely overvalued house that they can't afford)
The reason the economy is crumbling is not really due to foreclosures but due to the disproportionate cost of home ownership in the past 7 years. Pricing are dropping. Those of us that did not buy during this time will reap the benefits.
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Those of us that did not buy during this time will reap the benefits.
Indeed
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My home lost 20% of its value in little more than a year.
Can I get my rate or balance lowered? No, because my mortgage is current.
Please explain how this is fair, especially considering how much I pay in taxes.
Is it a goverments problem that your house lost 20% of its value?
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Countrywide had it down to a science. They *wanted* foreclosures.
I made an offer on a home back in March 2007. When we looked at it, the list was $490K. Instead of low-balling, my then wife-to-be and I decided to make them an offer they couldn't refuse (she really wanted it) - $470K.
The sellers then raised the list price to $500K and said their agent had 'made a mistake'. They rejected our offer.
Some other stuff went on after that - including them sending us a personal letter and quoting scripture about how much they'd put into the home - but we did finally settle on $490K. There were conditions, though, and within a few weeks, it was clear that the house was losing value, so we voided the contract.
I put in an offer when the asking price fell to $350,000 and they refused it!
Long story short...it's been empty the entire time (since summer 2006) and is now down to $305,000.
Gotta love it when greed turns to spite. They sure are showing how 'Christian' they are. ::)
that was a great story. I don't really wish ill on people in general, but it is always satisfying to hear about pricks like this getting exactly what they have coming to them. kinda reminds me of a fun game me and some friends used to play on greedy fucks back in college during the dot com boom.
back then, around 98-'00 every homo and his cousin were trying to sell domain names.... and for ridiculous prices. low quality domain names with devaluing elements such as misspellings and numbers selling for hundreds of thousands of dollars was not an uncommon site. people thought the road to riches simply included purchasing a catchy sounding name for a few bucks, put a ridiculous price tag on it and watch the offers come in. what made this so funny was their attitude like they were getting ripped off if they were offered less than what they were asking...
we used to call individuals who were selling these domains and act like prospective buyers. I remember one instance that outlines what it was all about perfectly. this asshole was selling this shitty domain name.. it was called petbizzz.com or close to that. he was selling it for about $400k. now anyone that knows anything about domains knows that a shitty domain like this is hardly worth the registration fee let alone a premium. so we talk for a while and finally tell this clown our company really wants the domain name, and we would like to make an offer of $250k. this guy sits there ho humming trying to think of what to do. you could tell he was reeling thinking he had just struck the lottery, but the greed overcame him and he tried to press his luck.
"I can't go any lower than $300,000" he says. perfect. this is the best part of the call, we would then type in a slight deviation of the name, in this case it was like petbizz.com with a z less. we would act like an excited group of dot com assholes and gleefully tell them we just found a domain that was even a little better than theirs and we only had to pay the registration fee. he was speechless as we hung up on him and had a great laugh for the rest of the day at his expense.
nothing to do with the current subject, but a good greed story nonetheless.
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Countrywide had it down to a science. They *wanted* foreclosures.
I made an offer on a home back in March 2007. When we looked at it, the list was $490K. Instead of low-balling, my then wife-to-be and I decided to make them an offer they couldn't refuse (she really wanted it) - $470K.
The sellers then raised the list price to $500K and said their agent had 'made a mistake'. They rejected our offer.
Some other stuff went on after that - including them sending us a personal letter and quoting scripture about how much they'd put into the home - but we did finally settle on $490K. There were conditions, though, and within a few weeks, it was clear that the house was losing value, so we voided the contract.
I put in an offer when the asking price fell to $350,000 and they refused it!
Long story short...it's been empty the entire time (since summer 2006) and is now down to $305,000.
Gotta love it when greed turns to spite. They sure are showing how 'Christian' they are. ::)
That's a bold statement there. Why would Countrywide want foreclosures?
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Foreclosures should be stopped because they prevented banks from going under.
No, homes are still way too expensive.
The average salary still cannot afford an average home.
Lets the banks go under. They caused this mess and should be left to die.