What Happened And Why It Will Happen Again

[BlueStreak]

It appears to me that the bailout was a bailout of the mortgage lenders and not the foreclosed homeowners anyways, regardless of the politicians claims.

Dave

[BlueStreak]

Originally Posted by mpholland

I still marvel at how that took place. I bought my house right before the downturn and every little morsel that I put down on paper was questioned, verified, and double checked before I was even pre-approved. Had to go through a more thorough process than that for final approval. All this on top of the fact that I had good credit, good debt:income, stable job history, and money in the bank. Guess I sought money from the wrong place, are the right place as shown in the long run.

I had one mortgage officer from Wells Fargo, at the beginning of the housing boom* tell me, "I can do some creative financing and get more money if you want oceanfront property."

I declined and financed a home at $2,000 less than the maximum amount I had set for myself.

Dave

(*1996)

[donquixote99]

What the loose loan period before the crash illustrates is the usual capitalistic ethics, exercised whenever they can get by with it, due to lack of effective legal control and regulation.

[mpholland]

Originally Posted by BlueStreak

I had one mortgage officer from Wells Fargo, at the beginning of the housing boom* tell me, "I can do some creative financing and get more money if you want oceanfront property."

I declined and financed a home at $2,000 less than the maximum amount I had set for myself.

Dave

(*1996)

Any time a financial person tells me he can do something creative I assume he is trying to fuck someone, who in the long run will probably be me.
I set my max at 200K and bought for 173.5k

[merrylander]

Originally Posted by BlueStreak

I had one mortgage officer from Wells Fargo, at the beginning of the housing boom* tell me, "I can do some creative financing and get more money if you want oceanfront property."

I declined and financed a home at $2,000 less than the maximum amount I had set for myself.

Dave

(*1996)

And this was the bank that was found guilty of some of the worst offenses. It would not have been that difficult to weed out the 'janitors' who thought to game the system, but the system was designed to be gamed. I have owned property in both Canada and here and frankly I was amazed that it took so long for it to happen.

USA:

You get a third party to locate a lender, he/she charges 1% of the loan and disappears.

The lender charges 2 to 3% of the loans, bundles it and disappears

Enter the title company, bills $400 for title insurance, keeps 80% and charges you a small fortune for an inch thick pile of paper.

Canada:

You approach your bank tell them where the property is and ask for a loan.

The bank checks the property, title, you and calls about a week later to set up an appointment.

You meet with your bank, sign one piece of paper pay less tha 1% of the loan value. Loan is 25/5 meaning it runs 25 years interest rate r- negotiated every 5 years.

Home ownership as percentage of popuation is marginally higher in Canada

[BlueStreak]

Yes, but here in America enterprising entrepreneurs are free to wiggle in on the action and rip you off at will. Even do it with the governments nod. Some think we need to protect that. Why they feel this way is beyond me. When you ask them, all you get is a bunch off glassy-eyed drivel about "pro-business free markets", "Christian principles", "individual liberties" and "the founders".

They wish to protect their "right" to be bamboozled by con-artists.

Then, they wonder why we think they're brainwashed................

Dave

[Charles]

Originally Posted by BlueStreak

Pukka is not a new member, he has returned after a long absence. Welcome back Pukka! Missed you, Man!

Dave

If I remember correctly, Pukka was an advocate of the 7x57 cartridge, preferred in an English bolt rifle.

Interesting sort, spoke of everything other than what was being discussed...but addressed the topic better than being forthright.

I'll admit, I enjoy those who speak in parables.

Chas

[d-ray657]

Originally Posted by Charles

If I remember correctly, Pukka was an advocate of the 7x57 cartridge, preferred in an English bolt rifle.

Interesting sort, spoke of everything other than what was being discussed...but addressed the topic better than being forthright.

I'll admit, I enjoy those who speak in parables.

Chas

Hey Chas. Good to see you poking your head in. We're still mean and nasty.

Regards,

D-Ray

[BlueStreak]

Originally Posted by Charles

If I remember correctly, Pukka was an advocate of the 7x57 cartridge, preferred in an English bolt rifle.

Interesting sort, spoke of everything other than what was being discussed...but addressed the topic better than being forthright.

I'll admit, I enjoy those who speak in parables.

Chas

That's right and I share that sentiment, Chas.

Dave

[bobabode]

How ya doin' Chas.