Yes, slimy mortgage companies who have no oversight....they don't ask anything
Posted By: sm on 2009-02-25
In Reply to: Unfortunately, there is no illegal prohibition against it - lenders don't have to ask............nm
just selling 'em as fast they could and packed them all up into nice little derivatives to drive up the bubble and make fast money - at our expense.
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Slimy trooper
The trooper that wasn't fired (even with what appears to be pressure from someone on her staff) that she's under investigation about is a wife beater and tasered his 11 year old step-son. It's not a clear cut, "Oh I don't like my BIL so lets get him fired" case. People are wondering why the guy wasn't fired in the first place and it wasn't brought to light until the top dog (Monegon) was let go from his job.
From Anchorage Daily News:
Troopers found four instances in which Wooten violated policy, broke the law, or both:
- Wooten used a Taser on his stepson
- He shot a moose without a permit, which is illegal. At the time he was married to McCann, who has a permit but never intended to shoot it herself.
- He drank beer in his patrol car on one occasion.
- He told others that his father-in-law - Palin's father, Chuck Heath - would "eat a f'ing lead bullet" if he helped his daughter get an attorney for the divorce.
Wooten's 10-day suspension was reduced to five after his union filed a grievance.
Sometimes things really are not as clear as they first sound.
He's a slimy lawyer - (nm)
.
There is no oversight when it comes to them. sm
The banking cartel has been stuffing their pockets with our money and making money off misery for a long time. They fund both sides in wars. Paulson is just one of their lackeys. I agree with everything you say about Bush, but it really isn't his fault. He is following a script and doing what he is told. It is so crucial for everyone to understand our monetary system, and why the people controlling it are the root of all our problems. They are the reason 2009 is going to look like 1929.
G. Edward Griffin tells the story the best. He is the author of "The Creature From Jekyll Island." Jekyll Island is off the coast of Georgia, and is where the banking cartel met to make plans to create the Federal Reserve.
Here is Griffin on You Tube. There are 5 parts to it (they are short), but worth watching.
http://www.youtube.com/watch?v=iqn9AF3wkqQ
Also, search for Money Masters on You Tube. It is long, but very informative and worth the watch.
No, there does not need to be oversight...
Oversight from our government is a big NO NO. Government has no business overseeing any private business. The banks got everyone in this fix because they were forced to give subprime loans to folks who had absolutely no business having a loan for a home or anything else because they couldn't afford it!!!
Who put those rules on the banking industry? The GOVERNMENT. Don't blame the banks for this mess. They were going by government rules and this is where the government ALWAYS gets us....into nothing but a huge mess. Democrats love this crap. They can now use this as an excuse to impose all their bigger government social programs, all under the disguise of Americans needing these rules. BULL!!
Had the government kept their butts out of private businesses in the first place, this entire scenario would have been much less severe. Democrats have always wanted to control private businesses and they use this fear tactic to get any uninformed uneducated individual to believe they actually need the government.
More government = MORE PROBLEMS, MORE TAXES, MORE GARBAGE!!!
Sorry for the oversight...(sm)
Independents are more than welcome to express thier views as well -- not that I have any control over that...LOL.
There was tons of oversight...that's the problem
xx
Who gave the banks all that money with no oversight?
This site would be much more interesting if you knew what you were talking about. You'll be sniveling in the bread lines along with the rest of us as a result of Bush's "I'm the Decider" BS. Better add some vodka to that Kool-Aid - it's going to be a miserable ride.
Why should we pay your mortgage?
Why on earth should the people who were smart enough not to jump on the bandwagon and buy a bigger house than they could afford give a 30% mortgage decrease to the people who went hog wild and spent above their means? I am not a homeowner, by choice, and I am totally against giving anyone a decrease on a mortgage that they agreed upon when they purchased their home. You make a mistake, you pay the consequences!
Mortgage
Somebody who cannot afford to buy a house should not buy a house, bedasue they do not want to lose out on the rent money.
There are people out there who buy a house, rent it out and expect the tenants to pay the mortgage. If something goes wrong, who pays the mortgage then?
Wrong speculations!
about that fixing your mortgage --
are they going to go back and fix everybody's mortgage that has already had their house foreclosed?
DH and I should get our mortgage fixed....
we have no debt but our home, have never missed a payment or been late, pay a few hundred dollars extra every month towards the principal, have never taken out a HELOC or used our equity (quite a bit) for anything and have a fantastic credit score. We should have our rate lowered below the 5% it is now for doing a great job. But no, we'll give a break to those who bought too much house, had to compete with the Jones' and who took out foolish loans to begin with.
The Mortgage Failure......
Check out the mortgage failures.
Tell me which failed more, prime or subprime
Tell me what is the rate of failures under the CRA or even Bush's ADDI (which i attack alll the time)
Once again, REALITY AND THE DATA doesn't fit ya'lls claims.
Basically what happened was.. we reformed bankruptcy laws.. so that people who ran into dire straights could not restructure.
We packaged the loans into commodity derivatives. These are sorta mirror bets on the loans. Sorta..as the same loan will be sold many times in many derivative packages.. that's why the housing derivatives are worth more than all the real estate in the US. Derivatives are actually not that bad.. when a market is stable and only has to deal with natural forces. The housing market was bubbled.. partially due to low interest rates that encouraged everyone to buy, even the rich, and partially due to the CRA and the ADDI.. which did add customers to the market (helping form the bubble was the extent the CRA and the ADDI had in this mess)
All it took was a few failures to pop the bubble..and make real estate prices drop,. and mind you, it was mainly prime loans (READ not loans given to poor people and not loans under the CRA) that failed. The derivative market.,.which like I said, is really mirrors of the same loans.. cause the defaults to explode with ten times the ferocity, because one loan could effect the price of dozens of derivatives.
Really the poor and even irresponsible people .. simply did not have the economic ability to cause this mess. Pool all their money together and waste it on hookers.. it would have zero effect without help from the rich elites and their magnifying packaged derivatives.
THE CRA and ADDI both had stricter requirements than loans you got from normal banks.. both required income data.. where many prime loans did not.. they also greatly limited you on how much home you could purchase..whereas private banks did not care if you tried to buy something you could not afford.
Don't believe me?.. Look in the phone book.. call your own housing authority - you can get a loan for 106% the purchase price of a home even today.. if you're poor enough.
Ask to hear the red tape and hoops you must go through.. Heck, it is probably easier to just get a real job and earn real money than go through the FHA.
I don't think we should bail out anyone's mortgage.
Anyone who took out a mortgage and signed a contract to repay the loan and needs to do so. I don't care if they are illegal aliens, legal aliens, space aliens, or United States citizens.
That's how the mortgage cookie crumbles!
I am still against bailing out homeowners only!
the whole mortgage thing upsets me...sm
I have a subprime mortage and have had for over 3-1/2 years, but I make my payments on time every month. I can't even get a refinance to go through with almost $40,000 in equity in the house and only needing a loan for $85,500, as I put down a big down payment when I bought the house, but if I had an ARM or was in foreclosure there are programs that would put me in a new mortgage. So, here I am trying to take care of my bills, be a productive citizen, and I get no help. Makes lots of sense don't it.
McCain's mortgage plan
Did anybody understand when McCain brought up plan to buy bad mortgages and renegotiate, etc. Would that be with the $700 billion we are already shelling out or would this be an additional $300 Billion the taxpayers have to pay. If I can get my mortgage renegotiated with the government, maybe I'll just stop paying my mortgage and get something out of this after all!
Citi is my mortgage holder too. sm
They are just downright nasty when you call, can never post things on time, and then have the nerve to call and ask me when I am going to send my check when I have my bank statement in front of me saying they processed the check 3 days before they called me.
I am with you...LET THEM ALL TANK. Why should I give ANYBODY more of my hard earned money. And that includes Obama and his "redistribution of the wealth" schtick.
Disagree. Mortgage lenders FM/FM
and sub-prime mortgages did it, along with all the money certain senate leaders got for sticking up for for FM/FM. It's called GREED.
Dear Crabby, about the mortgage
Yes, American people were also greedy, but there were predatory lenders who got higher commissions for giving out those certain types of ARM mortgages. Do you know what an ARM is? Even if people qualified for conventional mortgages, the mortgage brokers didn't offer them because there was more money in it commission-wise for them if they brokered the ARM loans. We can thank Bush and the repubs because they did not want to regulate any of this.
You really should educate yourself.
Fugget about Uncle Tom's Cabin. Is that your claim to fame? aww shucks.
I have my mortgage throught CitiCorp.....
I wonder if I will see any of that largesse....NOT. Guess you have to be on the letter head. Oh well....LOL
No need to wonder...current mortgage bank crisis...
brought to you courtesy of greedy democrats on Congress and greedy Democrats at the top of Fannie Mae. The handwriting is on the wall. This one's on you. McCain saw it coming in 2005 and the dems shut him down. Well, we are reaping what they sowed. To quote Toby Keith...how do you like them now?
Rush just said the same thing....give everyone with a mortgage...sm
something like $75,000 to pay down their mortgage.
Do you agree with him also?
You don't mind paying for an illegal mortgage?
nm
If the current mortgage securities plan prevails,
come out of it all smelling like a rose. They are proposing to refinance the mortgages based on inflated appraised values that existed BEFORE the mortgage crisis, not the current lower values. In this way, the homeowners will still end up owing more on their mortgages than their homes are actually worth....they will just be paying for it for a longer term with more accumulated interest on the loan. Those terms are the ones we need to keep our eyes on and see how it plays out, but it looks to me like it is not going to make it into the next session of Congress.
BT, I am sooo with you, we also finally paid the mortgage, the cars are ours....sm
and no more credit, bad debts and loans killed the economy and Wall Street. Just providing for our 3 kids and making ends meet is the daily challenge, but we have each other and a good extended family, I so hope that the good thing that comes out of this crisis is LESS MATERIALISM in this country, back to simpler living and being happy with less!
I'd be happy if they just reduced everybody's mortgage rate to a fixed 3%. sm
Then everyone is still responsible for the debt they took on, yet they're still getting a break. It would free up a couple hundred bucks a month for me, which I could then use elsewhere to stimulate the economy. Fewer foreclosures, banks are still getting their money.
Yeah, but wouldn't it be great if they paid your mortgage?
Apparently, you have no problem with charity if it begins at "home."
Wrong. Democrats are responsible for the mortgage meltdown, not Bush....
McCain tried to tell them in 2005...Dems blocked the regulation he begged for for Fannie/Freddie. But the Dems were too deep in the pockets...Franklin Raines, Jamie Gorelick, James Johnson, Timothy Howard...all democrats, all walked away from fannie Mae with golden parachutes of millions...and we are left holding the bag. Fannie contributed more to Chris Dodd, Democratic head of Banking and COmmerce committe than any other senator in the past 20 years...followed closely by Barack Obama, who has only been IN the senate for 2 years...you do the math and follow the money. Democrats largely responsible for this. ANd you want to put one in the white house. Who wants to raise taxes in this financial crisis. What part of collapse of the economy don't you...and Mr. Obama...understand?
McCain has fogotten the stock market crash, mortgage/credit crisis,
unemployment rates, job losses, stagnant wages, rising prices in gas, food, health care, etc, etc, etc.
oil companies
There was just a senator from North Dakota debating on the senate floor (MSN sometimes has live video feed in the net, quite interesting..they also carried the John Roberts questioning which I watched)..Anyway this senator..I didnt get his name, he and Senator Barbara Boxer from CA are introducing a bill that would give rebates back to the people because of the high gas and oil prices we are paying. He said, it would be different if the oil companies were using their profits to look and drill for oil but they are using it to buy back their stock and invest in wall street. He said last year they made over a trillion dollars! He said some of that profit should go back to the consumer who is carrying a heavy load right now and the oil companies are doing nothing but make a profit. He said it is estimated oil prices for this winter will increase by 40% and natural gas by 70%.
oil companies
if one of your most pressing concerns is that the large corporations are being abused by government, keep reading. Have you seen news reports on the executives are given huge million dollar bonuses and pensions? A lot of them "earn" them by closing facilities, firing workers, destroying unions, downsizing or removing benefits from workers. Our benefits go down; corporate execs compensation are sky-rocketing. The history-making profit of the oil companies this quarter in the billions? Do they still need more tax breaks? Sorry, my sympathy and concern for the well-being of these corporations is minimal to none.
But if you really want to protect the corporations, vote McCain!
If they help car companies out, they will have to
do it again and again for the next 2 years because that is how long it is going to take car companies to make a good economy vehicle. If government bails them out, next will come airlines and so on. We do not have enough money to bail them out for the next 2 years. Those companies BURN money each month.
Do not get me wrong, I do want the American car companies bailed out. I WILL ONLY OWN AMERICAN MADE CARS. NEVER will buy a foreign made car so I can help the car companies stay in business. Geesh, I am from Michigan, born and raised there for 18 years. Most of my family is from Michigan on my mother and father's side.
If the car companies fold, we could have the Great Depression or close to it. Shoot, Toyota and Honda, etc., could buy our car companies and now will be foreing made cars only. It is a mess, chaos mess. What I do know is most of my family in Michigan blame the American car companies. My cousin just took early retirement from them 3 weeks before the US financial mess. Thank God he did. A 3 car companies had years to design and make cars better than Toyota, but did not. Some of my family members blame the gas companies for jacking up the price of oil which is what started the car companies to have problems. If only the oil companies did not raise it to 4.00, our 3 American car companies just might not be in the mess they are in. So now my family believes it should be the OIL COMPANIES to bail them out since they started the mess with high gas prices. Family actually do not want the government to bail out car companies because the costs will be from you, me, and the USA and will go on and for the next 2 years. Family wants them to stop production, think about what to build next and then start building it. The 3 car companies need to make what consumers want and need.
It is a mess and horrible. I personally do not want so many jobs to be lost. It is such mixed feelings. I just want new jobs created NOW. Drill, drill, drill, and create new technology and start building and working by all of us coming together and creating new jobs and what we really need for these new jobs. Hope this all makes sense, I am really tired from a long night of working.
So do we let the car companies die for now?
Make them think about what to build next? Or they will just fold up and we end up having to buy foreign made cars on US soil.
Drug companies
Why is it that other countries have American made medications so much cheaper than America. The argument has been well we pay the extra amount so drug companies can do research. Why us? We are expected to pay more for medications and also health benefits when other countries have universal healthcare and lower drug costs. It isnt right that Americans foot the bill for the world to enjoy the medications we produce at less cost than us. It isnt right that Americans have to go bankrupt when faced with a major illness because either their healthcare is inadequate or they dont have healthcare. If this administration really cared about what Americans need most, they wouldnt be talking about Social Security, they would be devising a universal health plan for all Americans. Some say that would be socialized medicine. Heck, when you dont have any health coverage, socialized medicine is better than nothing.
Maybe the tobacco companies have
I suppose that is another reasonable explanation as to why he would veto a bill that only promised to raise the cigarette tax. Too bad so many of the politicians that are supposed to work for us work for big business. I'm so disapointed in our government today.
Insurance companies.
I agree the insurance companies need a very, very major overhaul, but do you think the insurance companies are going to do that??? If they would there would be no need for a government run system, but the insurance companies will do absolutely zilch, and things cannot contine the way that they have been going.
I'd like to see the insurance companies
You've got to think of all the other companies
that would go out of business if the auto industry tanks, not to mention the auto workers themselves (what's left of them).
I don't think it would be a good idea. They stated 3 million people would lose their jobs if they let the industry tank. That would really throw us into a depression.
Actually, I agree, these companies
all 3 didn't just hit bankruptcy level at the same time. As a matter-of-fact I seriouisly doubt they are even in a financial crisis. I think they've been working up to this panic for the past 6-8 years. Unfortunately your husband and other companies that have supplied the big 3 are going to suffer. I think this is all a smoke screen and what they REALLY want is to get out from under their union contract. Do you really think if that happens they are going to lower the costs of their cars? Nope. They'll take as many billion as they can wanagle out of Bush and then file BK which will let them out from under their union contract. Then miracously they'll recover.
As for people and their big Hummers, SUVs, etc. That is a bit on the "look what I've got" front. I think those Hummers are undoubtedly the UGLIEST things I've every seen. I know a couple of people who bought them with payments approaching $1000 a month and they worry how they're going to pay their gass bill. BOOHOO!!!
Things are going to get rough for all of us. Even if Obama does what he promised, it probably won't be in his first term. It will take him that long to undo 8 years of Bush....not to mention Clinton before him and Big Daddy before him.
I took it for what it IS -- companies getting TAX BREAKS
Although English grammar & keyboarding can be taught to just about anyone, the deep-down knowledge of language, word & phrase patterns, ability to spell and acute hearing are things you're either born with, or your're not.
Bottom line: American work should be done in AMERICA. Let India and Pakistan support their growing middle class some OTHER way, because the United States is losing their middle class. If something doesn't change, there will only be 2 classes in this country - the very rich, and the very poor. The middle class, which USED to support both of them, will be nonexistent.
I feel bad for the companies that are being
taken down with them, though. They don't deserve it.
GE stock on Friday was only $.10 a share. So sad. Other stocks are just as bad and some of them were good ones before all this started.
But insurance companies already tell us no
What's the difference who says no? Some insurance companies pretty much say no to everything but wellness visits - and that's simply so they can find out if you develop a condition, so they can drop your coverage on a threabare excuse, or jack your rates to the moon so you'll have to drop it. Then no other company has to cover you due to it being preexisting. I don't want to pay for insurance that only covers me if I'm not sick!
At least if there was universal healthcare, even with a wait, they'd have to treat you eventually instead of NEVER. And do it for free.
How are insurance companies...
...involved in the transcription of patient notes?
That just doesn't make sense. 
Insurance companies and the politicians they buy..
Doesn't anybody in DC have a conscience? The system as it stands now is disgusting. They are literally making billions by killing of thousands upon thousands (maybe millions?) of Americans. Anyone with half a brain should recognize profit-driven health insurance only serves the best interest of the CEOs of the insurance companies - not healthcare recipients! This needs to change NOW!
I saw my first AMA commercial last night urging people to vote with the millions of uninsured Americans in mind. I loved it! It is at least a step in the right direction. Vote with the healthcare crisis in mind people!
Insurance companies cont...sm
You made reference to the fact that you already are paying through the nose for insurance premiums and don't want to end up paying even more to cover the uninsured.
I think the general gist of reform is to guarantee access to all, and at the same time, lower the costs for people such as yourself.
Whatever direction health care reform takes it will take government intervention, either in terms of mandating what insurance companies can charge for policies for all people, likely putting caps on prohibitive prescription drugs and windfall profits made by health care providers and hospitals, etc.
What the US spends on health care is far, far above what every other country pays for health care, and that is not because the US has superior care in many cases. It's a profit driven business that has become extremely out of control. It cannot continue in its current business as usual form, as it is no longer working to the benefit of most.
Oil companies employ people too...
thousands upon thousands of them. Just throw them under the bus?
The economy was fine until the last year...and who has been in control of Congress for the last year?
Our sons and daughters are in Iraq, not Iran. Obama has said that an immediate withdrawal is not a viable solution, that troops would remain there for at least a year, which is what the Bush administration is also saying. We just handed back to them the 11th of 18 provinces. The surge worked. Most of the combat troops will be coming home within a year. Obama and the Republicans agree on that issue.
How can Obama give tax breaks to companies to keep jobs here and then turn around and raise taxes on companies that make more than $250,000? Don't hardly see how he can do both.
Lobbying for big drug companies....oh my!
http://sirenschronicles.com/2008/08/24/hunter-biden-lobbyist-for-big-pharma/
What will happen if the car companies bankrupt.
Duh, I know there will be job loss along with lawyers, computer companies who do business with auto dealers, human resources and so on. Job loss will not just be car company manufactures. Motorola supplies car companies with their technology and so many other companies. Would it be the Great Depression? What about all the people who lease cars with these companies or who make payments to these companies? What if you own American made cars and where do you get the parts to repair your american made cars? Geesh I could go on and on. Sounds like a horror flick.
Better pray car companies are not next in line.
x
Maybe if small businesses like MT companies
receive a tax credit as a reward/incentive to keep jobs INSIDE the USA, that policy will help American MTs.
That's Obama's policy.
If by draining and destroying companies you mean
advocating for fair wages, good benefits, pensions, job security, PTO, reasonable schedules, OT policies and safe working conditions, please explain to me why companies should not be providing a forum for workers' input on these issues? Why are these things too much to expect?
Are these not the same things you look for in an MT job? If a company is "destroyed" by providing them, maybe it's time for them to go down. Had unions not done their thing, we would still have child labor, lax, noncompliant or nonexistent safety standards in factories and various other industries, exclusionary hiring practices, substandard wages, no benefits, be fired without redress and basically would not have much of a middle class to speak of, not to mention a much wider disparity of wealth distribution. It might be a good idea to sit and reflect for a moment or two exactly how much unions have contributed to our economic culture and what things would be like had they not. There is still a place for them in terms of preserving the advances that have been made. No doubt, these things would be disappearing right and left, slowly but surely, in their absence. Just look at what's happened in our own MT sector.
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