Bill #1 - Credit 101 (what is it, how does it work, why does it affect me) shall be taught to every 8th grader in America with mandatory follow up courses in homeroom over the next 3 years.
Agreed. They should be regulating this properly so that it can't happen again.
People make dumb decisions. But don't act so high and mighty as to completely ignore how they get suckered into making these decisions.
I see myself as an average everyday dumbass....no smarter or no dumber than anyone else....and if I know not to get myself in over my head, and I am able to live up to the responsibility of a loan, I don't see why everyone else can't.
Not that I'm great, or even above average, just that it's a pretty simple thing to understand what you're getting in to....."borrow money, pay it back".
I don't feel "high and mighty" more like "pretty damn average".
Agreed. They should be regulating this properly so that it can't happen again.
People make dumb decisions. But don't act so high and mighty as to completely ignore how they get suckered into making these decisions.
I see myself as an average everyday dumbass....no smarter or no dumber than anyone else....and if I know not to get myself in over my head, and I am able to live up to the responsibility of a loan, I don't see why everyone else can't.
Not that I'm great, or even above average, just that it's a pretty simple thing to understand what you're getting in to....."borrow money, pay it back".
I don't feel "high and mighty" more like "pretty damn average".
Agreed. They should be regulating this properly so that it can't happen again.
People make dumb decisions. But don't act so high and mighty as to completely ignore how they get suckered into making these decisions.
I see myself as an average everyday dumbass....no smarter or no dumber than anyone else....and if I know not to get myself in over my head, and I am able to live up to the responsibility of a loan, I don't see why everyone else can't.
Not that I'm great, or even above average, just that it's a pretty simple thing to understand what you're getting in to....."borrow money, pay it back".
I don't feel "high and mighty" more like "pretty damn average".
but there was more to it than just that
Really?
I've signed a few mortgage laons in my life, how's about you??
Both sides deserve some blame. When my wife and I wanted to buy a home they pushed us to buy out of our price range. The told us we could get an adjustable rate loan and they approved us for way more than we could ever afford. We stuck to our price range and didn't buy until we found something we could afford. I can see how some folks would be tempted to reach outside of their means, but that is no excuse. The loan agents and the realators get paid at closing and they don't give a crap if you lose the house in a couple of years, shit they might get a chance to resell it. It is not a clear cut matter of blame. Both sides fucked up the money.
I see myself as an average everyday dumbass....no smarter or no dumber than anyone else....and if I know not to get myself in over my head, and I am able to live up to the responsibility of a loan, I don't see why everyone else can't.
Not that I'm great, or even above average, just that it's a pretty simple thing to understand what you're getting in to....."borrow money, pay it back".
I don't feel "high and mighty" more like "pretty damn average".
there must be a ton of rocket scientists or professors or something in DTX if you are an "average" citizen i think you have a better understanding of how things work than the typical dumbass added with peoples greed (on both sides of the fences) folks up are way were way caught up in the greed & money to be made in the market + a large number of legal & illegal immigrants jumping into the market (most who really didn't know what they were getting into) & greedy lenders who were being way to risky & now have a bunch of foreclosed abandoned properties as liabilities bringing down the value for people who did read fine print & could afford to invest & did all the right things & now my tax money is going to those who give their ceo's big boni & golden severance baaaaaaaaaaaa
I see myself as an average everyday dumbass....no smarter or no dumber than anyone else....and if I know not to get myself in over my head, and I am able to live up to the responsibility of a loan, I don't see why everyone else can't.
Not that I'm great, or even above average, just that it's a pretty simple thing to understand what you're getting in to....."borrow money, pay it back".
I don't feel "high and mighty" more like "pretty damn average".
there must be a ton of rocket scientists or professors or something in DTX if you are an "average" citizen i think you have a better understanding of how things work than the typical dumbass added with peoples greed (on both sides of the fences) folks up are way were way caught up in the greed & money to be made in the market + a large number of legal & illegal immigrants jumping into the market (most who really didn't know what they were getting into) & greedy lenders who were being way to risky & now have a bunch of foreclosed abandoned properties as liabilities bringing down the value for people who did read fine print & could afford to invest & did all the right things & now my tax money is going to those who give their ceo's big boni & golden severance baaaaaaaaaaaa
I hear what you're saying......and I appreciate the compliment(I think).
But I tend to blame the drunk driver not the bar, the drug addict not the dealer and the gun user not the store that sold it to them.
And since you're right, and my tax money will also go to bail their asses out, I choose to place blame on the folks who signed the dotted line.
That being said...... Golden parachutes and boner bonuses is a whole nother can of worms.
i dont think the banks can get off that easy. its predatory lending based on an unfiar bargaining position that the banks have over mostly minority or poorly educated individuals. I'm all for people being held accountable for their decisions, but the lending practices of some of these institutions is fraud, certainly in the spirit of the law - if not the letter.
i dont think the banks can get off that easy. its predatory lending based on an unfiar bargaining position that the banks have over mostly minority or poorly educated individuals. I'm all for people being held accountable for their decisions, but the lending practices of some of these institutions is fraud, certainly in the spirit of the law - if not the letter.
of course....and my man is talking about "why don't they get lawyers?" haha. i don't know many lawyers that can afford their own hourly rates, but you want folks who can't even afford a regular mortgage to pay the hourly rates of an attorney. its called predatory lending for a reason - these people are being taken advantage of. also, the fact that all these mortgages have been bundled up into bonds and shipped out all over the place is mostly to blame. the borrowers who are in danger of defaulting have no leeway to go in and negotiate because they don't even know who owns their mortgage anymore.
i dont think the banks can get off that easy. its predatory lending based on an unfiar bargaining position that the banks have over mostly minority or poorly educated individuals. I'm all for people being held accountable for their decisions, but the lending practices of some of these institutions is fraud, certainly in the spirit of the law - if not the letter.
of course....and my man is talking about "why don't they get lawyers?" haha. i don't know many lawyers that can afford their own hourly rates, but you want folks who can't even afford a regular mortgage to pay the hourly rates of an attorney. its called predatory lending for a reason - these people are being taken advantage of. also, the fact that all these mortgages have been bundled up into bonds and shipped out all over the place is mostly to blame. the borrowers who are in danger of defaulting have no leeway to go in and negotiate because they don't even know who owns their mortgage anymore.
Obviously lawyers charge too much.
Maybe an IQ test should be part of the loan approval process.
i dont think the banks can get off that easy. its predatory lending based on an unfiar bargaining position that the banks have over mostly minority or poorly educated individuals. I'm all for people being held accountable for their decisions, but the lending practices of some of these institutions is fraud, certainly in the spirit of the law - if not the letter.
of course....and my man is talking about "why don't they get lawyers?" haha. i don't know many lawyers that can afford their own hourly rates, but you want folks who can't even afford a regular mortgage to pay the hourly rates of an attorney. its called predatory lending for a reason - these people are being taken advantage of. also, the fact that all these mortgages have been bundled up into bonds and shipped out all over the place is mostly to blame. the borrowers who are in danger of defaulting have no leeway to go in and negotiate because they don't even know who owns their mortgage anymore.
Obviously lawyers charge too much.
Maybe an IQ test should be part of the loan approval process.
I think a few indictments followed by a good class-action could probably take care of the problem.
i dont think the banks can get off that easy. its predatory lending based on an unfiar bargaining position that the banks have over mostly minority or poorly educated individuals. I'm all for people being held accountable for their decisions, but the lending practices of some of these institutions is fraud, certainly in the spirit of the law - if not the letter.
of course....and my man is talking about "why don't they get lawyers?" haha. i don't know many lawyers that can afford their own hourly rates, but you want folks who can't even afford a regular mortgage to pay the hourly rates of an attorney. its called predatory lending for a reason - these people are being taken advantage of. also, the fact that all these mortgages have been bundled up into bonds and shipped out all over the place is mostly to blame. the borrowers who are in danger of defaulting have no leeway to go in and negotiate because they don't even know who owns their mortgage anymore.
I agree that there's a good amount of "buyer beware" in this situation, but the lenders are on some shit, for sure. Back in the day, didn't mad people who applied for mortgages get turned down? It seemed like a home loan was something you kinda had to earn, through good credit and assets and all that.
Recently, it seems like home lenders are on some late-night used car commercial shit. "You can drive regardless of credit." except that a home is not a used '91 Ford Escort. The borrowers are the same kind of people who just want to buy a house, but instead of getting turned down like they would have they're being sucked into wack ARM loans. That, to me, is because the lenders changed their tactics.
Bill #1 - Credit 101 (what is it, how does it work, why does it affect me) shall be taught to every 8th grader in America with mandatory follow up courses in homeroom over the next 3 years.
This is a HUGE problem in the Latino community.
Muthafuckaz get credit and a goes out the window.
Word, 90% of the US can't even manage their credit card debt, so it's no surprise that subprime loans were invented by greedy companies who want to milk the consumers even more. The banks and lenders were just stacking up a house of cards, and then there are the insurers and lenders who also hedged their bets on insuring these risky loans, sick sick shit. Blame the system and the fools who buy into it.
The cards came toppling down and now we have a fed that also can't do anything right. The sky is definitely falling (more people now also defaulting on credit card loans and auto loans), but if you're smart you're BUYING into this recession.
Money Management 101 should be definitely be required at every US public institution but then financial advisors, money managers, and your broker would be out of a job, hah.
I find it amazing that some folks are saying it's one or the other. People bought homes because they thought it was too good of a deal to pass up and the mortage companies disguised their shit like it was too good of a deal to pass up. All of our hands are bloody.
I find it amazing that some folks are saying it's one or the other. People bought homes because they thought it was too good of a deal to pass up and the mortage companies disguised their shit like it was too good of a deal to pass up. All of our hands are bloody.
Stack your chips and buy a house in '08-'09 as the market bottoms bigtime, saying.
Truth. Same goes in the stock market. Rich people wait for it to bottom out and then they buy big. The people who get scare and sell or the people that didn't have the money in the first place lose.
A good friend of mine who is a real estate agent in Arizona was telling me how crazy it's been the past 8 months. I wish I had some spare cash to invest right now.
Comments
Thes One for president '08 :
Bill #1 - Credit 101 (what is it, how does it work, why does it affect me) shall be taught to every 8th grader in America with mandatory follow up courses in homeroom over the next 3 years.
This is a HUGE problem in the Latino community.
Muthafuckaz get credit and a
I see myself as an average everyday dumbass....no smarter or no dumber than anyone else....and if I know not to get myself in over my head, and I am able to live up to the responsibility of a loan, I don't see why everyone else can't.
Not that I'm great, or even above average, just that it's a pretty simple thing to understand what you're getting in to....."borrow money, pay it back".
I don't feel "high and mighty" more like "pretty damn average".
but there was more to it than just that
Really?
I've signed a few mortgage laons in my life, how's about you??
And why didn't we
there must be a ton of rocket scientists or professors or something in DTX if you are
an "average" citizen
i think you have a better understanding of how things work than the typical dumbass
added with peoples greed (on both sides of the fences)
folks up are way were way caught up in the greed & money to be made in the market
+ a large number of legal & illegal immigrants jumping into the market
(most who really didn't know what they were getting into)
& greedy lenders who were being way to risky & now have a bunch
of foreclosed abandoned properties as liabilities bringing down the value for
people who did read fine print & could afford to invest & did all the right things
& now my tax money is going to those who give their ceo's big boni & golden severance
baaaaaaaaaaaa
I hear what you're saying......and I appreciate the compliment(I think).
But I tend to blame the drunk driver not the bar, the drug addict not the dealer and the gun user not the store that sold it to them.
And since you're right, and my tax money will also go to bail their asses out, I choose to place blame on the folks who signed the dotted line.
That being said......
Golden parachutes and boner bonuses is a whole nother can of worms.
Bought more this morning, AAPL at under $140???incredible deal
they have $18 billion in cash alone
of course....and my man is talking about "why don't they get lawyers?" haha. i don't know many lawyers that can afford their own hourly rates, but you want folks who can't even afford a regular mortgage to pay the hourly rates of an attorney. its called predatory lending for a reason - these people are being taken advantage of. also, the fact that all these mortgages have been bundled up into bonds and shipped out all over the place is mostly to blame. the borrowers who are in danger of defaulting have no leeway to go in and negotiate because they don't even know who owns their mortgage anymore.
Obviously lawyers charge too much.
Maybe an IQ test should be part of the loan approval process.
I think a few indictments followed by a good class-action could probably take care of the problem.
Do you think it'll go back up? It was at $200 even three weeks ago--kinda wish we'd sold then.
18 billion in cash means way more Steve Jobs "Boom"s in the future... I say BUY BUY BUY. If you're selling now, you know nothing.
AAPL and all the SOLID companies aren't going anywhere, you might cry for 6 months - 1 year, but that's the difference between investing and trading.
Disclosure: yes I'm long AAPL
I agree that there's a good amount of "buyer beware" in this situation, but the lenders are on some shit, for sure. Back in the day, didn't mad people who applied for mortgages get turned down? It seemed like a home loan was something you kinda had to earn, through good credit and assets and all that.
Recently, it seems like home lenders are on some late-night used car commercial shit. "You can drive regardless of credit." except that a home is not a used '91 Ford Escort. The borrowers are the same kind of people who just want to buy a house, but instead of getting turned down like they would have they're being sucked into wack ARM loans. That, to me, is because the lenders changed their tactics.
Word, 90% of the US can't even manage their credit card debt, so it's no surprise that subprime loans were invented by greedy companies who want to milk the consumers even more. The banks and lenders were just stacking up a house of cards, and then there are the insurers and lenders who also hedged their bets on insuring these risky loans, sick sick shit. Blame the system and the fools who buy into it.
The cards came toppling down and now we have a fed that also can't do anything right. The sky is definitely falling (more people now also defaulting on credit card loans and auto loans), but if you're smart you're BUYING into this recession.
Money Management 101 should be definitely be required at every US public institution but then financial advisors, money managers, and your broker would be out of a job, hah.
^^^(MARV ALBERT EMPHATICALLY) "YESSS!"
Stack your chips and buy a house in '08-'09 as the market bottoms bigtime, saying.
RECORDS ARE YOUR BEST INVESTMENT!
For the properly situated, the housing bust is the best thing that's happened in years...
hence the partial explanation for my avatar
SCHITT IS EXPONENTIAL, BATCHES
Hmm. From where I'm sitting both of those look decidedly non-exponential.
I meant SCHITT IS LINEAR, SON!!!!
This is why I'm reviewing my maths.
AN ISOSCELES RIGHT TRIANGLE is a standard mathematical object. The student should know the ratios of the sides.
Theorem. In an isosceles right triangle the sides are in the ratio 1:1:radical 2.
Proof. In an isosceles right triangle, the equal sides make the right angle. They are in the ratio 1 : 1.
To find the ratio number of the hypotenuse h, we have, according to the Pythagorean theorem,
h?? = 1?? + 1?? = 2.
Therefore,
h = radical 2
And therefore the three sides are in the ratio 1 : 1 : radical 2.
Note that since the triangle is isosceles, then the angles at the base are equal. (Theorem 3.) Therefore each of those acute angles is 45??.
Truth. Same goes in the stock market. Rich people wait for it to bottom out and then they buy big. The people who get scare and sell or the people that didn't have the money in the first place lose.
A good friend of mine who is a real estate agent in Arizona was telling me how crazy it's been the past 8 months. I wish I had some spare cash to invest right now.