The Making of Another Great Depression

[HankD]

Not sure what you are getting at with this.

Are you referring to interest rate changes?

Yes, also balloon payments, addons, ARM agreements disguised as fixed rate, etc...

http://www.bbb.org/us/article/ftc--deceptive-mortgage-ads-what-they-say;-what-they-leave-out-4743

HankD

 

[alatide]

His administration did, at his direction, so yes...at least that much.



We should have done what America does...let the free market work things out. If criminal behavior occurs, punish it...but we all know that the government doesn't do much of anything as well as the private citizenry.



Yes.


Historical precedent.




Both were monumentally stupid, if not fraudulent, in their approach, methodology, and in their communication to the people they supposedly work for. Probably the only difference is that Obama might have more folks spending his money who have a blatantly anti-American agenda. (though Bush had some morons, buffoons, and scary leftists helping him)




I'd put my knowledge of economics up against your knowledge of freedom. I'd win.



What will be funny to me is that somehow, you'll still accuse me of defending your bosom buddy, George W. Bush.


CALLING ALL BB MEMBERS: If you know what kind of car alatide drives, I'll pay you $20 to put a "Bush" bumper sticker in his back window. Oh, the laughs we'd have...

This reply wasn't addressed to you. I didn't say anything about your support of George Bush. You're the one who is continuing this not me.

 

[targus]

Yes, also balloon payments, addons, ARM agreements disguised as fixed rate, etc...

http://www.bbb.org/us/article/ftc--deceptive-mortgage-ads-what-they-say;-what-they-leave-out-4743

HankD

Anyone entering into a mortgage for a house purchase should understand the terms of the agreement before signing.

The ad is to get business in the door and of course would not have all the details for every possible borrower.

I know from personal experience that at the closing the mortgage company spells out the payments, rate, balloon date, etc.

I don't think that there were a lot of mortgage companies misleading borrowers at the closing - but I do think that there were quite a few borrowers that rationalized taking terms that they could never actually meet.

 

[HankD]

Anyone entering into a mortgage for a house purchase should understand the terms of the agreement before signing.

The ad is to get business in the door and of course would not have all the details for every possible borrower.

I know from personal experience that at the closing the mortgage company spells out the payments, rate, balloon date, etc.

I don't think that there were a lot of mortgage companies misleading borrowers at the closing - but I do think that there were quite a few borrowers that rationalized taking terms that they could never actually meet.

When all else fails blame the victim.

Read the article and others like it.
Dishonest mortgage agents and bank officers have been prosecuted.

Most of us lock and secure our homes, some even with a burgler system when they are away, but thieves break in anyway.

We lock our cars, but they still get stolen.

Loan shark thieves are no different except for the tools they use; personality charm, stealth, cunning, deception, etc.

OK what about protecting oneself through theft insurance you might ask? AIG?

Agreed, fraud happens on both sides of the desk.

My original post was an exception to your rule of a Christian honoring a contract.

If a contractor has swindled the contractee through deception there is no moral obligation on the part of the victim to honor said fraudulent contract.

HankD

 

[OldRegular]

If a contractor has swindled the contractee through deception there is no moral obligation on the part of the victim to honor said fraudulent contract.

HankD

No moral obligation but!!!!!!!!!!! tell that to the government unless you know the right people.

 

[HankD]

No moral obligation but!!!!!!!!!!! tell that to the government unless you know the right people.

Well, yes there may be a legal obligation, especially if the government is the victimizer.

HankD

 

[OldRegular]

Well, yes there may be a legal obligation, especially if the government is the victimizer.

HankD

Rather that say the right people I should have said the right party.

 

[OldRegular]

Obama's chief financial expert has admitted that employment will not impriove next year, that the stimulus has don its do, whatever that was. So wait until next year when:

The Bush tax cuts will expire and everyones taxes will increase.

Cap and tax will become law and everyones taxes will increase.

Citizens will be fined if they don't have medical insurance.

Rationing of Medical care will start and there will be fewer people paying taxes and of course fewer drawing Social Security. Look at the bright side.

The depression will continue and worsen!