Subprimes were who's fault?

[merrylander]

Originally Posted by bobabode

There's some difference between a commercial enterprise such as Faux and PBS. What can I say, Moyer's is more than a partisan mouthpiece with more journalistic integrity than Fox and Fiends have in their hangnail or that codpiece they swing around, IMO.

The reason Moyers gets under people's skin is that he digs into the stories and brings people on his show that tell it like it is, no BS.

[piece-itpete]

On the mortgages I agree, but thank goodness my dad taught me enough sense to NOT do that.

Pete

[BlueStreak]

Originally Posted by piece-itpete

On the mortgages I agree, but thank goodness my dad taught me enough sense to NOT do that.

Pete

So, it's completely ethical for mortgagers to approve loans for people they know damn well could never possibly repay them, then "bundle" these loans, deliberately misrepresent them as "AAA" and pawn them off on unsuspecting investors?

Nice.

I can't wait to see what horrors placing even more trust in these bastards will unleash in the future. In going to be awesome, no doubt.

Dave

[bobabode]

Originally Posted by piece-itpete

On the mortgages I agree, but thank goodness my dad taught me enough sense to NOT do that.

Pete

Yep, it didn't pass the stink test for me either. Pie in the sky BS but then I was spoonfed Woody Guthrie and PPP as a small child.

[Rex E.]

Originally Posted by BlueStreak

So, it's completely ethical for mortgagers to approve loans for people they know damn well could never possibly repay them, then "bundle" these loans, deliberately misrepresent them as "AAA" and pawn them off on unsuspecting investors?

Nice.

I can't wait to see what horrors placing even more trust in these bastards will unleash in the future. In going to be awesome, no doubt.

Dave

Nope not ethical at all, but what about the people who signed for loans they knew they could not pay? They get off because they are ignorant?

"I swear judge, I had no idea it was against the law to beat him to death, can I go now"

Doesn't wash on either side

[djv8ga]

Originally Posted by rex e.

nope not ethical at all, but what about the people who signed for loans they knew they could not pay? They get off because they are ignorant?

"i swear judge, i had no idea it was against the law to beat him to death, can i go now"

doesn't wash on either side

bam...bam...bam...

[Zeke]

Originally Posted by Rex E.

...what about the people who signed for loans they knew they could not pay? They get off because they are ignorant?

They get off because the sanctioning body (banks) told them they could pay.

If you get legal advice, and it is bad, is it your fault or the supposed professional's fault?

Same goes for financial advice.

[bobabode]

Originally Posted by Zeke

They get off because the sanctioning body (banks) told them they could pay.

If you get legal advice, and it is bad, is it your fault or the supposed professional's fault?

Same goes for financial advice.

I'm by nature cynical of pie in the sky promises but I don't expect any responsible organization with as many attorney's on their payroll as Wells Fargo, BofA or the local grocery store to set up a rip off game in their place of business. It just doesn't wash. Just like that slicker than snot Dimond's assertions that it is unavoidable and that shit just happens sometimes.

Keep in mind that most of these so called dummies who willingly bought these BS ARM mortgages were not the AAA credit score holder that was able to purchase a home with no money down. I would like to see a breakdown of the figures as to how much these people scraped together for their down payment, subsequent balloon payments, fees and payments made prior to the foreclosure.
How much profit did they actually realize from their investment? I have a suspicious idea that they would have fared better in a rental than their own little slice of the American dream that blew up in their faces.

[bobabode]

On the other hand I have zero sympathy for a speculator who took a calculated risk and took it in the shorts. Not one iota.

[piece-itpete]

I agree Dave - were's the meltdown convictions?

When I bought my house in 04 they were THROWING money at me. I came out ahead, cash wise! 'Medium' credit. For me, it was put back in the house (it was a large construction project) but for many I bet they just spent it.

Bob, what's 'PPP' ?

Pete