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View Full Version : 'If you had a pulse, we gave you a loan'


Steve
03-23-2009, 11:02 AM
'If you had a pulse, we gave you a loan'

What a quote! When a business gets to the point where no one is watching what is going on and employees are making such statements, you know the time for that business is up.

'If you had a pulse, we gave you a loan' (http://www.msnbc.msn.com/id/29827248/)
Inside the fiasco that led to the mortgage mess and Countrywide's collapse

You wouldn't think it be possible in a capitalist society that things could get so out of whack, but they it seems they can.

What's your take on this?

swstout
03-23-2009, 02:26 PM
'If you had a pulse, we gave you a loan'

What a quote! When a business gets to the point where no one is watching what is going on and employees are making such statements, you know the time for that business is up.

'If you had a pulse, we gave you a loan' (http://www.msnbc.msn.com/id/29827248/)
Inside the fiasco that led to the mortgage mess and Countrywide's collapse

You wouldn't think it be possible in a capitalist society that things could get so out of whack, but they it seems they can.

What's your take on this?

In 2008 there were 3.2 million foreclosures, but 97% of all mortgages were paid on time. This is true even though the value of these homes had dropped to a point where many homes values were less than the mortgage amount (the so called "under water"). The mainstream press immortalizes the "preyed upon" 3 percent but almost totally ignored the 97% who have sacrificed to keep current.

Sure the 'If you had a pulse, we gave you a loan' period was a financially bankrupt process that was even promoted by Congress and financial institutions. But, in my opinion, the main blame falls on the consumers who took advantage of the process. People who couldn't afford the mortgage in the first place or were incapable of financial restraint.

There were three foreclosed homes within 1/4 mile of my house. One directly across the street from me. The "owners" couldn't pay the mortgage because they had 3 2007-2008 luxury vehicles in their driveway! With only the husband working the couple didn't need 3 vehicles. They rented most of their furniture (including 2 large screen plasma TV's) from Rent-A-Center. I looked into getting a plasma TV from Rent-A-Center. Almost $250 per month! Still want one but am saving to buy one outright.

They actually expect to get a government bailout.

It is people like this that have destroyed the home values of the people who have the integrity to budget and sacrifice. When a $180K home goes into bankruptcy, the $180K next door looses $25K of its value (16%). This is equal to or greater than the equity in the home.

Add to this climate the continuous ineffective bailouts of the financial institutions industry and the problem grows geometrically.

If the Government did what they said the bailouts were originally for. Remove the toxic assets from the various institutions we wouldn't have the problem now. If they took the $trillions spent on TARP etc. and bought up the foreclosed mortgages (discounted - not at face value as what few have been purchased), the problem would be almost over.

I can't remember who proposed it but, having the Fed auction off these properties at 2% interest with 10% of the bit price down and a condition that the could not rent out or sell the property for 2 years would quickly
reduce the "held" properties, while at the same time give more qualified families the American Dream. Speculators and Slum Lords would be eliminated from the market. Property taxes would be based upon home values again and everyone would benefit.

Thats my opinion.

Steve

musician/lawnman
03-23-2009, 11:33 PM
AMEN BROTHER!

How about this.....

I spoke to he company that does my payroll today, we chatted about the current administrations screw ups & the conversation turns to the AIG mess, shes say well ya know our liability insurance is through AIG (or was), She recently got a letter..... now they have branched off into several different companies, one being AIU Holdings who is now carrying their liability policies. The split was done because AIG can't bonust employees because it was "bailed out" but the newly formed AIU Holdings Company has never been bailed out & can bonus who ever with out any of that pesky scrutiny! WTF IS GOING ON IN OUR COUNTRY!! These sleeze balls are shameless a@@holes.

swstout
03-23-2009, 11:46 PM
AMEN BROTHER!

How about this.....

I spoke to he company that does my payroll today, we chatted about the current administrations screw ups & the conversation turns to the AIG mess, shes say well ya know our liability insurance is through AIG (or was), She recently got a letter..... now they have branched off into several different companies, one being AIU Holdings who is now carrying their liability policies. The split was done because AIG can't bonust employees because it was "bailed out" but the newly formed AIU Holdings Company has never been bailed out & can bonus who ever with out any of that pesky scrutiny! WTF IS GOING ON IN OUR COUNTRY!! These sleeze balls are shameless a@@holes.

One of my neighbors, an 87 year young woman, who is blind follows politics with a vengeance. She says that being blind she isn't distracted by the gestures and expressions of the speakers and gets a real feeling of their "truthfulness". She is always promoting conservatism. "no one in this country really knows the difference. Conservatives believe that if you give a man a fish you feed him for a day; if you teach him to fish, you feed him for life. A liberal believes if you teach a man to fish, he will vote for the man who gave him the fish. That is why we have such an entitlement mindset in the US now.

I have to agree with her!

Steve

musician/lawnman
03-24-2009, 07:26 AM
As do I, As a kid I remember everyone used to talk about the
"Damn Commies" Now were on a path to become them? With the same generation that hated them now in power..... I don't get it.

Steve
03-24-2009, 12:48 PM
Where was the government anti-trust people? It's amazing how AT&T and many others were split up because they got too big and powerful. Heck what is or was AT&T compared to AIG!

swstout
03-24-2009, 02:10 PM
Where was the government anti-trust people? It's amazing how AT&T and many others were split up because they got too big and powerful. Heck what is or was AT&T compared to AIG!

AT&T didn't contribute the millions for political campaings that AIG did.

Note: AIG has split itself up into 11 AOM companies that are not subject to the bonus laws.

Steve