Morality of Wealth Redistribution

[manifold]

Really? Hmmm... Interest rates go up on a variable rate mortgage... to the point where they can't afford their payments anymore. Apparently someone has not been paying attention. After all... every time one company sells the mortgage, they have to get their cut in.

I'm too tired to bother trying to educate you right now.

But you're talking out of your ass. No offense.

 

[Steelplate]

OK... so you think it was all a bunch of house flippers too, right?

 

[lizzie]

Really? Hmmm... Interest rates go up on a variable rate mortgage... to the point where they can't afford their payments anymore. Apparently someone has not been paying attention. After all... every time one company sells the mortgage, they have to get their cut in.

Ummm- yeah. Those buyers signed the contract when they bought their home with a variable rate mortgage. If they weren't able to figure that out, then they were being stupid.

 

[Steelplate]

So stupidity... especially when Salesmen try to spin it so it makes good sense... is worthy of kicking families out of their homes while the people that had already made a fortune on this crazy ponzi scheme get bailed out by US taxpayers.

You guys are all heart.

 

[Mr.Nick]

Business owners aren't stupid - they know when the government spends trillions it wont be the crack head in the projects covering it.... They will respond by laying off workers to save themselves.

 

[Steelplate]

Business owners aren't stupid - they know when the government spends trillions it wont be the crack head in the projects covering it.... They will respond by laying off workers to save themselves.

OK... WTF does this have to do with the Mortgage problem?

You think that Billionaires are "Worthy" of the bailout and Homeowners who have seen their once affordable homes become a fucking Albatross around their necks aren't?

As far as the layoffs... If they wouldn't have played Casino with other people's money, this wouldn't have happened. That's why there needs to be regulation so that it never happens again. Maybe the next time... we should hold the fuckers responsible and take their private assets and let THEM live in the projects with the crackheads.

 

[tallmike]

Steelplate-
Are you talking about adjustable rate mortgages or the fact that mortgages are sold from one mortgage company to another?

The ARM is a contract that the homeowner agreed to. The sales tactics on them were pretty stiff because of how much the sales folks were able to make by getting everyone into a mortgage but that does not excuse the folks who signed the contracts thinking they were going to come out on top in the end. It was a gamble and they lost, some other folks won by getting out sooner.

Most of us heard the sales pitch and said "Well that just sounds stupid, what do I do in year 5 when my rate jumps? I think I'll just take a smaller home with a fixed mortgage"

As for mortgage companies selling the contract to another company, that does not have any effect on the mortgagee other than where they mail their payment. The originator of the loan got their payment from the closing fees, the buying company hopes to make their money back on interest payments. They don't add to the mortgage balance or adjust the interest in a sale.

 

[Care4all]

Really? Hmmm... Interest rates go up on a variable rate mortgage... to the point where they can't afford their payments anymore. Apparently someone has not been paying attention. After all... every time one company sells the mortgage, they have to get their cut in.

Ummm- yeah. Those buyers signed the contract when they bought their home with a variable rate mortgage. If they weren't able to figure that out, then they were being stupid.

they were sold a bill of goods....

they were told that when the loan kicked in to the adjustable stage, they could refinance with a conventional mortgage and for a while they did get the refinancing....but when the time came on the later groups of subprime adj mortgages, the banks were not lending out for too many conventional mortgages for these people....they could not get the refinancing in to a conventional mortgage as they were told they could....it was all downhill from there....prices stopped going up on home values with the foreclosures, less money avail to loan, more and more foreclosures....bubble bust, Pyramid scheme by the banks came to its end, homeowners screwed, banks bailed out by homeowner's and our taxes.

 

[Steelplate]

they were sold a bill of goods....

they were told that when the loan kicked in to the adjustable stage, they could refinance with a conventional mortgage and for a while they did get the refinancing....but when the time came on the later groups of subprime adj mortgages, the banks were not lending out for too many conventional mortgages for these people....they could not get the refinancing in to a conventional mortgage as they were told they could....it was all downhill from there....prices stopped going up on home values with the foreclosures, less money avail to loan, more and more foreclosures....bubble bust, Pyramid scheme by the banks came to its end, homeowners screwed, banks bailed out by homeowner's and our taxes.

Thank you Care4all... That's what I was trying to say and failing miserably at.

 

[Rodack]

Stealing wealth, labor and wages from people is immoral

so is Democrat baby killing, illegally Bombing Libyans, forcing homo sex on children in school and basically everything liberal.

 

[Steelplate]

Let me add something else... yes... My wife and I have a fixed rate mortgage. But they offer the variable rate too, don't they?

A lot of people think that they can trust the banks and were suckered into those variable rates. Don't forget, mortgage brokers are salesmen too. So just because there are people out there that are savvy, doesn't mean the rest of them DESERVE to be screwed.

 

[Rodack]

Did you know that liberals are currently forcing banks to loan out Adjustable rate mortgages to their ghetto voting blocks again?


LOL


Democrats are not bright

 

[Care4all]

Stealing wealth, labor and wages from people is immoral

so is Democrat baby killing, illegally Bombing Libyans, forcing homo sex on children in school and basically everything liberal.

what's immoral with the party that you support rodack, anything you see ever immoral with them...or do you turn a blind eye to it?

 

[lizzie]

So stupidity... especially when Salesmen try to spin it so it makes good sense... is worthy of kicking families out of their homes while the people that had already made a fortune on this crazy ponzi scheme get bailed out by US taxpayers.

You guys are all heart.

Make no mistake- I did not support the bailout, TARP, or the economic stimulus, but yes, people who sign contracts without reading the fine print are neglecting their own responsibility as buyers. It doesn't matter how good it looks, what a slick salesman tells you, or how much you think you need it. When you sign a contract for a variable rate mortgage, you're screwing yourself.

 

[Care4all]

Did you know that liberals are currently forcing banks to loan out Adjustable rate mortgages to their ghetto voting blocks again?


LOL


Democrats are not bright

LINK please.

 

[tallmike]

they were sold a bill of goods....

they were told that when the loan kicked in to the adjustable stage, they could refinance with a conventional mortgage and for a while they did get the refinancing....but when the time came on the later groups of subprime adj mortgages, the banks were not lending out for too many conventional mortgages for these people....they could not get the refinancing in to a conventional mortgage as they were told they could....it was all downhill from there....prices stopped going up on home values with the foreclosures, less money avail to loan, more and more foreclosures....bubble bust, Pyramid scheme by the banks came to its end, homeowners screwed, banks bailed out by homeowner's and our taxes.

They were sold a lottery ticket, and they jumped at it eagerly. They thought they were going to be set for life with the increased value of their home over the course of the first few years. They bought into a chance to make lots of money, they ignored the chance of losing lots of money.

Did the banks do things wrong? Absolutely, but so did the buyers. Lets not let any of them off the hook.

We should have let the banks and the homeowners live with the contracts they signed...

 

[Rodack]

Did you know that liberals are currently forcing banks to loan out Adjustable rate mortgages to their ghetto voting blocks again?


LOL


Democrats are not bright

LINK please.

Lazy liberal


No handouts here

 

[Steelplate]

Stealing wealth, labor and wages from people is immoral

so is Democrat baby killing, illegally Bombing Libyans, forcing homo sex on children in school and basically everything liberal.

Wow... baby killing? I've never seen infants on pikes or anything like that... Forcing Homo Sex on Children? OHHHH... you're talking about Catholic Priests!!!! Well.. I think that most of our Catholics and their clergy are upstanding people... but there are a few bad apples out there.

If you're talking about Abortion... well, I am don't approve of abortion myself and I would hope my daughter would not choose such an option if she became pregnant. But you know what? It's her soul, isn't it? Who are you to dictate another's morality?

As far as "Forcing Homo sex on Children in School"... If you can make a case for Actually forcing Homo sex in schools(like literally having sex with school kids), I think you should contact the authorities.. because I do believe that in all 50 states, sex with minors(homo OR hetero) is quite illegal.

I'll take the "everything liberal" part as the ridiculous pigshit that it is, thank you very much.

 

[lizzie]

A lot of people think that they can trust the banks and were suckered into those variable rates. Don't forget, mortgage brokers are salesmen too. So just because there are people out there that are savvy, doesn't mean the rest of them DESERVE to be screwed.

Then those people are suckers. It's not my (or anyone else's) fault that people can't control their impulses enough to pay attention to what they are doing.

 

[Rodack]

Stealing wealth, labor and wages from people is immoral

so is Democrat baby killing, illegally Bombing Libyans, forcing homo sex on children in school and basically everything liberal.

Wow... baby killing? I've never seen infants on pikes or anything like that... Forcing Homo Sex on Children? OHHHH... you're talking about Catholic Priests!!!! Well.. I think that most of our Catholics and their clergy are upstanding people... but there are a few bad apples out there.

If you're talking about Abortion... well, I am don't approve of abortion myself and I would hope my daughter would not choose such an option if she became pregnant. But you know what? It's her soul, isn't it? Who are you to dictate another's morality?

As far as "Forcing Homo sex on Children in School"... If you can make a case for Actually forcing Homo sex in schools(like literally having sex with school kids), I think you should contact the authorities.. because I do believe that in all 50 states, sex with minors(homo OR hetero) is quite illegal.

I'll take the "everything liberal" part as the ridiculous pigshit that it is, thank you very much.

I never said liberals were bright