half of america makes less than 32,000

[boonstack]

and i thought I was white trash 

http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/make-32k-youre-in-the-richer-50percent.aspx

[Rudee]

And for over a decade banks have been handing out $200k - $300k mortgages to these low income earners. Now you understand why there is such a foreclosure crisis in the US right now.   Many people who had such poor credit history that they couldn't even rent a decent apartment turned around and got huge mortgages from the major banks. 

[El_Pajero]

where are you from big guy?

[io856]

Illegal immigrants where getting mortgages from the banks

[Bluto]

sounds to me some kinda COMMUNISM is going on fucking america up!!!

[ibfasport]

shit, are only 20.000 euros

[Bluto]

shit, are only 20.000 euros

thats what some people spend on supplements alone to support the sport

[El_Pajero]

shit, are only 20.000 euros

wow, thats not much.

[danielson]

And for over a decade banks have been handing out $200k - $300k mortgages to these low income earners. Now you understand why there is such a foreclosure crisis in the US right now.   Many people who had such poor credit history that they couldn't even rent a decent apartment turned around and got huge mortgages from the major banks. 

You are right and wrong. Did many people making 32,000$ and less get mortgages they couldn't afford? Yes. But the only way to qualify for those stated loans was to have good credit. If someone was 21 and worked at McDonalds, lived with their parents and payed their car payment for example on time for a few years and had a 680 plus middle score, they could lie about their income(and job) and obtain large mortgages. It was virtually impossible to obtain a mortgage without income verification with someone with poor credit though.

[leon]

sounds to me some kinda COMMUNISM is going on fucking america up!!!

Nope, just good old fashion capitalism at its finest

[Bluto]

Nope, just good old fashion capitalism at its finest

didnt poor fuckrs with no money get loans so they could get houses they couldnt afford and then the bank took money from taxpayers to clean up that mess? now that doesnt sound like capitalism at it finest to me
that sounds like some communist plan to let poor bastards buy shit they cant afford!

[Tapeworm]

didnt poor fuckrs with no money get loans so they could get houses they couldnt afford and then the bank took money from taxpayers to clean up that mess? now that doesnt sound like capitalism at it finest to me
that sounds like some communist plan to let poor bastards buy shit they cant afford!

Exploitation of the working class, wringing every last drop of blood out of them, is the essence of modern short term view capitalism.  The impending worldwide depression is the result.

[Oldschool Flip]

You are right and wrong. Did many people making 32,000$ and less get mortgages they couldn't afford? Yes. But the only way to qualify for those stated loans was to have good credit. If someone was 21 and worked at McDonalds, lived with their parents and payed their car payment for example on time for a few years and had a 680 plus middle score, they could lie about their income(and job) and obtain large mortgages. It was virtually impossible to obtain a mortgage without income verification with someone with poor credit though.

Untrue. There were many sub standard loans on interest only basis. Sub standard basically meaning shitty credit. With enough of a downpayment, almost anyone with a verifiable income regardless of how bad their credit was. I have relatives, who had to foreclose on their home in CA, who had fucked credit and were able to mortgage a home. Lol, guess who them came to ask for help with their mortgage?

The banks and loan companies KNEW that this could happen. With 3-5 year ARMs they KNEW that people who qualified for the low rate now, would probably default once the ARM was up, but they didn't care because THEY DON'T HAVE TO REIMBURSE WHAT THEY MADE on the deal.

[The Coach]

I have to assume that's for a single income and not house hold? Either way thats sad if there are kids involved. That being said it's also pathetic because alot of those people are probably depending on the government to help support that family. Again, unless you have a mental disability, there is no reason in the world why a person can't find a way to make more to keep their family at the very least pay the rent on time. If you can't find a way to do that.......then it's just flat out lazyness. I know people like that and it pisses me off to know end

[danielson]

Untrue. There were many sub standard loans on interest only basis. Sub standard basically meaning shitty credit. With enough of a downpayment, almost anyone with a verifiable income regardless of how bad their credit was. I have relatives, who had to foreclose on their home in CA, who had fucked credit and were able to mortgage a home. Lol, guess who them came to ask for help with their mortgage?

The banks and loan companies KNEW that this could happen. With 3-5 year ARMs they KNEW that people who qualified for the low rate now, would probably default once the ARM was up, but they didn't care because THEY DON'T HAVE TO REIMBURSE WHAT THEY MADE on the deal.

Yes, you are talking about verifiable income and I was referring to stated loans, meaning no income verification. Stated loans, even with a substantial down payment were never offered to people with poor credit, at least in Michigan. As far as your relatives with foreclosures, I agree it was ridiculous, a few subprime banks overlooked foreclosures after only 6 months. But still, you needed to provide income verification.

[PANDAEMONIUM]

You are right and wrong. Did many people making 32,000$ and less get mortgages they couldn't afford? Yes. But the only way to qualify for those stated loans was to have good credit. If someone was 21 and worked at McDonalds, lived with their parents and payed their car payment for example on time for a few years and had a 680 plus middle score, they could lie about their income(and job) and obtain large mortgages. It was virtually impossible to obtain a mortgage without income verification with someone with poor credit though.

Hey danny, as someone who's a financial guru type, what do you think of the bail out bill?

[danielson]

Hey danny, as someone who's a financial guru type, what do you think of the bail out bill?

Lol, I appreciate the compliment, but my profession was part of the problem. "Hey, I know things will be tight for a year, just call me in 12 months and we will pull out 10 grand and get you a better rate."  I fucked a lot of people, I had no clue what was going to happen, but I definitely pushed ARMS for repeat business, even though I knew they were bullshit loans. I never thought the values would crash though. I know very little about the bailout bill tbh.

[PANDAEMONIUM]

Lol, I appreciate the compliment, but my profession was part of the problem. "Hey, I know things will be tight for a year, just call me in 12 months and we will pull out 10 grand and get you a better rate."  I fucked a lot of people, I had no clue what was going to happen, but I definitely pushed ARMS for repeat business, even though I knew they were bullshit loans. I never thought the values would crash though. I know very little about the bailout bill tbh.

HAHAHAHA!!!!!!  LMAO at the "I fucked a lot of people"  

[Azn Muscle]

WTF does this have to do with Getbiggers?  The average Getbigger sits on the board of directors of 3 or 4 Fortune 500 companies, owns 5 mansions, speaks 7 languages, drives 4 different types of ferraris, and owns many ocean front properties on the luxurious shores of Dubai, India.

Who cares what our gardeners, maids, butlers, limo drivers etc make?  I just leave all those details to the staff of accountants that handle my finances.  Mods please close this irrelevant thread. 

[Gino30]

and i thought I was white trash 

http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/make-32k-youre-in-the-richer-50percent.aspx

you are white trash

[Zach Trowbridge]

You are right and wrong. Did many people making 32,000$ and less get mortgages they couldn't afford? Yes. But the only way to qualify for those stated loans was to have good credit. If someone was 21 and worked at McDonalds, lived with their parents and payed their car payment for example on time for a few years and had a 680 plus middle score, they could lie about their income(and job) and obtain large mortgages. It was virtually impossible to obtain a mortgage without income verification with someone with poor credit though.

I worked with a kid last year that got his $300,000 house at 19 with low 600 credit score and somehow used his INHERITANCE from his grandmother to get the loan.  It would have given him $80,000 when she kicked.  The only problem?  She wasn't even 65 years old and will probably live another 10-12 years.  Last I knew, he's now living out of his car.

[gcb]

And for over a decade banks have been handing out $200k - $300k mortgages to these low income earners. Now you understand why there is such a foreclosure crisis in the US right now.   Many people who had such poor credit history that they couldn't even rent a decent apartment turned around and got huge mortgages from the major banks. 

Yes what should have happened is that the banks should have refused mortgages then the house prices would have collapsed and they would have been able to buy a house at a realistic market price.

[slayer]

I love reading coach's posts when money is involved, I hope he has to deal with alot of people in his day to day life who dont work much and live well off the goverment

The second obama makes his acceptance speach I will think of coach's sour face and the money he will be handing over to the lazy poor people who rather take his money then work harder

[James Phoenix]

I love reading coach's posts when money is involved, I hope he has to deal with alot of people in his day to day life who dont work much and live well off the goverment

The second obama makes his acceptance speach I will think of coach's sour face and the money he will be handing over to the lazy poor people who rather take his money then work harder

Lol.

[The Coach]

Nope. I already have plans to bypass that .......just in case. Obama can kiss my hairy nut weasel.