How Long Before This Happens Here.....

[layoutshooter]

If you don't understand contracts, hire a lawyer. It is not all that expensive for just real estate contracts. There is NO excuse for stupidity, not when there are options out there. It is the responsibility of the individual to insure that THEY know what they are getting into.

ARMS where good, IF, you understood them. We used one once. Got a REALLY low interest rate for several years. Paid on it as if it were a HIGHER rate which payed down the balance faster. When rates started up we kept an eye on the, refinanced for a LOWER payment than what we are already doing each month AND was able to shave 5 years off the loan at the same time. Of course that REQUIRED US to pay attention to what was going on around us. Many people refuse to pay attention, THAT is what got them in trouble. So did buying more than they could afford. THAT was 100% the fault of the individual as well.

 

[BillChaffey]

"write risky loans and bundle them for resale" "and the loans have been resold many times"
According to the Wall Street Journal " Fannie Mae, Freddie Mac, and the Federal Housing Administration, which collectively account for more then nine of ten loans being made"
Who are they they selling to, many times?

 

[Tennesseahawk]

"write risky loans and bundle them for resale" "and the loans have been resold many times"
According to the Wall Street Journal " Fannie Mae, Freddie Mac, and the Federal Housing Administration, which collectively account for more then nine of ten loans being made"
Who are they they selling to, many times?

Each other, and other countries. China has bought many many of our loan bundles.

 

[clcooper]

Retail is not a job to be buying a house on. Young couples starting out SHOULD be using their retail job to help pay for an upgrade of their skill so they can get a job that pays enough to buy a house. They can get into apprenticeships, or tech schools and do as well or even better than many college grads do. Skills are always in demand.

Many today also believe that they are entitled to free or subsidized health care.

WHY is retail not a job to be buying a house with ??? is/are people in the retail not worth having a human life . what if they have a learning disability. and cant pass the test they need to .to get in . SO THEY DONT DESERVE TO HAVE A BETTER/GOOD LIFE because they are not as SMARTS as others


somebody doing a apprenticeship for the same time as somebody going to a tech school .
which learns more??
which is worth more ??

apprenticeships have been around alot longer then any college .

 

[clcooper]

If you don't understand contracts, hire a lawyer. It is not all that expensive for just real estate contracts. There is NO excuse for stupidity, not when there are options out there. It is the responsibility of the individual to insure that THEY know what they are getting into.

ARMS where good, IF, you understood them. We used one once. Got a REALLY low interest rate for several years. Paid on it as if it were a HIGHER rate which payed down the balance faster. When rates started up we kept an eye on the, refinanced for a LOWER payment than what we are already doing each month AND was able to shave 5 years off the loan at the same time. Of course that REQUIRED US to pay attention to what was going on around us. Many people refuse to pay attention, THAT is what got them in trouble. So did buying more than they could afford. THAT was 100% the fault of the individual as well.

so somebody is STUPID if they dont hire a lawyer . to read over contracts . so only a lawyer can read the fine print ??
contracts should not be made hard to read .
no person should have to hire anybody to read a contract
i pay you so much to do this work for me . like if i need my roof replaced i am paying you to do it . you should be SMART ENOUGH TO KNOW .what is /to be done from start to finish i paid you to bring your own tools , your own help , you got the material , you tear roof off . you get ride of old roof , you put new roof on , you clean up just like it was before you started . if it leaks within a stardard time you fix/replace untill it doesnt leak aany more . one of your helpers droped a hammer and put a hole in the ceiling . you fix/rplace that at your cost not mine
if you cant do the job right dont do it .
The contract for this should be i paid you this much to replace roof . simple as that . you dont need 200 pages

same as with loans . just as simple .

 

[clcooper]

"write risky loans and bundle them for resale" "and the loans have been resold many times"
According to the Wall Street Journal " Fannie Mae, Freddie Mac, and the Federal Housing Administration, which collectively account for more then nine of ten loans being made"
Who are they they selling to, many times?

selling loans sounds like something the MAFIA came up with .

i loan you 50,000 at 5% .joe offers me ?? .i cant even think if he offers me more or less . i gave you 50,000 joe offers me 50,001


how is money being made ??? and who is makeing the money ??

i am so glad people drink the koolaid

 

[Tennesseahawk]

WHY is retail not a job to be buying a house with ??? is/are people in the retail not worth having a human life . what if they have a learning disability. and cant pass the test they need to .to get in . SO THEY DONT DESERVE TO HAVE A BETTER/GOOD LIFE because they are not as SMARTS as others


somebody doing a apprenticeship for the same time as somebody going to a tech school .
which learns more??
which is worth more ??

apprenticeships have been around alot longer then any college .

Has nothing to do with what one deserves. But rather what one can afford. I deserve a mansion in the Caribbean. My wallet doesn't care what I deserve, and neither do the lenders.

 

[Tennesseahawk]

selling loans sounds like something the MAFIA came up with .

i loan you 50,000 at 5% .joe offers me ?? .i cant even think if he offers me more or less . i gave you 50,000 joe offers me 50,001


how is money being made ??? and who is makeing the money ??

i am so glad people drink the koolaid

Here's something people don't understand. They are selling your SIGNATURE attached to the mortgage note. Your signature, promising to pay, is money. Think about it... what is a note? You see that written on a dollar bill... Federal Reserve Note. A note is legal tender. Once you sign that mortgage note, you're validating it as legal tender, that the bank can use as an asset. THAT'S why they are selling your mortgage.

But the funny thing is... if your lender doesn't have the ORIGINAL wet ink copy, you signed yourself... you owe them NADA!

 

[Ragman]

Nope. I could say I have a right to 3 wanton women a night . . .

I deserve a mansion in the Caribbean . . .

How about a mansion in the caribbean with 3 wanton women?

 

[clcooper]

People can also get very low cost or no cost care at the medical schools. Doctors have to learn on real people at some point. Much of the care at VA hospitals is provided by student doctors. My surgery last year was done by a student. If it good enough for me it is for everyone else.

It is far easier to demand that someone care for you than doing the work yourself. Lazy and demanding is never good.

i would trust a VA student doctor .before i would trust most other medical college student doctors.

can you tell me why ??? give you a clue. standards . which one has to follow them and which one doesnt . which one is out partying every night and which one isnt

 

[clcooper]

Here's something people don't understand. They are selling your SIGNATURE attached to the mortgage note. Your signature, promising to pay, is money. Think about it... what is a note? You see that written on a dollar bill... Federal Reserve Note. A note is legal tender. Once you sign that mortgage note, you're validating it as legal tender, that the bank can use as an asset. THAT'S why they are selling your mortgage.

But the funny thing is... if your lender doesn't have the ORIGINAL wet ink copy, you signed yourself... you owe them NADA!

answer the questions i asked . but how is money being made ???

i know and understand what you said .

 

[Tennesseahawk]

How about a mansion in the caribbean with 3 wanton women?

Nah... one woman in my life is more than I can handle. I will take the mansion, however.

 

[Tennesseahawk]

answer the questions i asked . but how is money being made ???

i know and understand what you said .

I wasn't clarifying that for just you. There are plenty of people who didn't know that.

But to answer your question, it's being made everyday by people like you and me. But the banks are making most of it themselves, by selling those notes, and any other notes they come in contact with.

Real money has not been made since 71, when Nixon took us off the gold standard. We have not printed real money since then. What we have created is money based on debt. So basically, everything that is debt is money... like when you sign your mortgage note... you're making debt (money).

 

[layoutshooter]

i would trust a VA student doctor .before i would trust most other medical college student doctors.

can you tell me why ??? give you a clue. standards . which one has to follow them and which one doesnt . which one is out partying every night and which one isnt

I am not sure there is any difference. Most of the student doctors at the VA hospital in Ann Arbor, MI, attend the U of Michigan Medical school. The VA and U of M work together.

I am not sure where the student doctors I had at the Erie, PA, VA went to school.

It really does not matter. If medical school students can afford a person with low or no cost health care then those who need it should avail themselves of it.

Again, beggars can't be choosers.

 

[tbubster]

1 Its not the banks Job to make sure you understand the contract you sign for a loan.Their job is to make sure in that contract that it covers the bank in every way in case you defualt.Not saying its right just the facts.

2 A home is by far for millions of people the largest most important purchase they will ever make.And in being that it is their personal responsibility to make sure they understand everything in that loan contract.People know when they read a contract if the understand it or not.If they dont understand what it says and sign anyways then yes that is dumb!

3 Why do contracts have to be so long?because of people like the lady in the first link.Has not made a payment in 25 years.Also because of groups like the 2nd link

The 25-Year 'Foreclosure From Hell' - WSJ.com

Foreclosure Help & Foreclosure Assistance Through The Foreclosure Process | You Walk Away - Strategic Default Help - Foreclosure Protection - Strategic Default Assistance

4 I buy your loan for say 120,000 dollars now you owe with interest fo the remaing 20 years 180,000.now with out any interest you really only owe say 100,000.They sell it to me for 120,000 and make 20,000 dollars in a matter of minutes instead of years.Now I buy up say 5,000 of these mortgages and bundle them all together and sell them making a 10,000 dollar profit on each one.Now the guy that buys them from me decides that because you did not understand the loan contract and what ADJUSTABLE RATE really means and signed it anyway he is going to raise the interest rate.In doing so he turns the loan he bought that was worth 180,000 into a loan that is worth 215,000.He paid 130,000 for the loan then sells it for 150,000.You see what they are really selling and making money on is the future interest payments.This is why when the bubble burst and people started loseing their homes buy the millions because they could not afford to pay investers lost billions of dollars.

5 How could people not know what ADJUSTABLE RATE means?And that yes the interest rates are low right now but they will go up so I will pay alot more then what I am now?

6 Retail,well we will say a person makes ten dollars an hour in retail times two thats 20 an hour.Young couple one kid one car payment and the other car barley stays running.Now 20 dollars an hour befor taxes with all that is not making enough to go out and buy a 150,000-200,000 dollar home.

 

[layoutshooter]

WHY is retail not a job to be buying a house with ??? is/are people in the retail not worth having a human life . what if they have a learning disability. and cant pass the test they need to .to get in . SO THEY DONT DESERVE TO HAVE A BETTER/GOOD LIFE because they are not as SMARTS as others


somebody doing a apprenticeship for the same time as somebody going to a tech school .
which learns more??
which is worth more ??

apprenticeships have been around alot longer then any college .

What I meant was that retail does, not for the most part, pay enough to afford to save for a down payment. Many retail jobs are part time, the majority are low paying. Some retail managers make enough, barely, to afford a home. I did when I was with Cabela's. I could NOT afford my home that I already had when I was a manager with Gander Mountain which is why I am expediting now.

Apprenticeships have been around a very long time and can be very good. Many tech school are good. As to which is better I cannot say. If either affords a person a better job, who cares?

Home ownership is NOT a right. There are MANY places for people to live who cannot afford a home.

 

[clcooper]

1 Its not the banks Job to make sure you understand the contract you sign for a loan.Their job is to make sure in that contract that it covers the bank in every way in case you defualt.Not saying its right just the facts.

2 A home is by far for millions of people the largest most important purchase they will ever make.And in being that it is their personal responsibility to make sure they understand everything in that loan contract.People know when they read a contract if the understand it or not.If they dont understand what it says and sign anyways then yes that is dumb!

3 Why do contracts have to be so long?because of people like the lady in the first link.Has not made a payment in 25 years.Also because of groups like the 2nd link

The 25-Year 'Foreclosure From Hell' - WSJ.com

Foreclosure Help & Foreclosure Assistance Through The Foreclosure Process | You Walk Away - Strategic Default Help - Foreclosure Protection - Strategic Default Assistance

4 I buy your loan for say 120,000 dollars now you owe with interest fo the remaing 20 years 180,000.now with out any interest you really only owe say 100,000.They sell it to me for 120,000 and make 20,000 dollars in a matter of minutes instead of years.Now I buy up say 5,000 of these mortgages and bundle them all together and sell them making a 10,000 dollar profit on each one.Now the guy that buys them from me decides that because you did not understand the loan contract and what ADJUSTABLE RATE really means and signed it anyway he is going to raise the interest rate.In doing so he turns the loan he bought that was worth 180,000 into a loan that is worth 215,000.He paid 130,000 for the loan then sells it for 150,000.You see what they are really selling and making money on is the future interest payments.This is why when the bubble burst and people started loseing their homes buy the millions because they could not afford to pay investers lost billions of dollars.

5 How could people not know what ADJUSTABLE RATE means?And that yes the interest rates are low right now but they will go up so I will pay alot more then what I am now?

6 Retail,well we will say a person makes ten dollars an hour in retail times two thats 20 an hour.Young couple one kid one car payment and the other car barley stays running.Now 20 dollars an hour befor taxes with all that is not making enough to go out and buy a 150,000-200,000 dollar home.

1 yes it is the banks job . it is their contract .

2 i borrow from bank i pay bank this much back if not bank does a repo . what more needs to be in there .

3 isnt that like a loop hole ??

4 when i had a ADJUSTABLE RATE loan it had a limit and was told didnt have to read .
so if i sign a contract with you it is only good with you . when you sell it the buyer can change it to suit him .
So what you are saying loan sharking is legal now . oh only if there is a contract .

5 yes i know what a ADJUSTABLE RATE is

6 retail makes 10$ a hour . where at i will be moveing there . so the people who work in retail or other that nake that are just scum of the earth and dont deserve a good life .

the thread is about riots . what i have brought up are somethings why they happen . do you think when people show up to the protests they wipe their minds clear of their everyday lives . a

KEEP IT SIMPLE STUPID .

 

[clcooper]

What I meant was that retail does, not for the most part, pay enough to afford to save for a down payment. Many retail jobs are part time, the majority are low paying. Some retail managers make enough, barely, to afford a home. I did when I was with Cabela's. I could NOT afford my home that I already had when I was a manager with Gander Mountain which is why I am expediting now.

Apprenticeships have been around a very long time and can be very good. Many tech school are good. As to which is better I cannot say. If either affords a person a better job, who cares?

Home ownership is NOT a right. There are MANY places for people to live who cannot afford a home.

i ask why are they not good enough to have a good life . why are they only worth low pay.

so only people that make over 15$ are the only ones aloud to life in a house . are the only people aloud to do thing they enjoy doing . in their free time .

kind of sounds like the American Indians were savages . blacks were only good enough to be slaves . Mexicans are only good enough to do manual labor anybody that makes under 15 a hour dont deserve their own house to live in . they can all live in the camps with all the rest . that are not good enough to be treat like the rest of us humans

should the worker get paid more then the owner. NO
if owner has to make cuts should he only cut his workers or should he cut some of his.YES

SCHOOLS are only as good has you learn . and alot today are not learning . but they still get that peice of paper that said they did learn . how many great young truck drivers are there today . and all of them went to school to learn to drive .

you can lead a horse to water but you cant make it drink . you can send a kid to school but you cant make him learn .

 

[layoutshooter]

i ask why are they not good enough to have a good life . why are they only worth low pay.

so only people that make over 15$ are the only ones aloud to life in a house . are the only people aloud to do thing they enjoy doing . in their free time .

kind of sounds like the American Indians were savages . blacks were only good enough to be slaves . Mexicans are only good enough to do manual labor anybody that makes under 15 a hour dont deserve their own house to live in . they can all live in the camps with all the rest . that are not good enough to be treat like the rest of us humans

should the worker get paid more then the owner. NO
if owner has to make cuts should he only cut his workers or should he cut some of his.YES

SCHOOLS are only as good has you learn . and alot today are not learning . but they still get that peice of paper that said they did learn . how many great young truck drivers are there today . and all of them went to school to learn to drive .

you can lead a horse to water but you cant make it drink . you can send a kid to school but you cant make him learn .

I don't think you understand what I mean. I am NOT demeaning ANY legal work. I ADMIRE anyone who is willing to EARN their way through life rather than live off the public teat. Facts are facts. Some jobs pay more than others, for many reasons. Not all pay enough for home ownership. That is just reality.

Those who DON'T learn in school, unless they have a REAL learning problem, CHOOSE not to learn.

 

[tbubster]

1 yes it is the banks job . it is their contract .

2 i borrow from bank i pay bank this much back if not bank does a repo . what more needs to be in there .

3 isnt that like a loop hole ??

4 when i had a ADJUSTABLE RATE loan it had a limit and was told didnt have to read .
so if i sign a contract with you it is only good with you . when you sell it the buyer can change it to suit him .
So what you are saying loan sharking is legal now . oh only if there is a contract .

5 yes i know what a ADJUSTABLE RATE is

6 retail makes 10$ a hour . where at i will be moveing there . so the people who work in retail or other that nake that are just scum of the earth and dont deserve a good life .

the thread is about riots . what i have brought up are somethings why they happen . do you think when people show up to the protests they wipe their minds clear of their everyday lives . a

KEEP IT SIMPLE STUPID .

Its people with thinking like you that will be the down fall of america.You asked a queiston a few questions really and I gave you the answers.If you would have read the contract and understood it you would have known they have the right to sell your loan.When you signed it you gave them the permission to sell it..By signing the contract you by law make it your contract also.

You are the one that called them the scum of the earth!!!! not me.If 10 dollars an hour is alot for a retail job to you then even less an hour would only make thing harder for someone to buy a house and pay all the bills that come with it.If you only make 8,9,10 dollars an hour you can not afford to buy a home and its not your right to have one at the expence of someone else.You see that is the problem with you and people like you you try and twist words to make them sound worse then what is being said.As I wrote in another post the only one calling anyone a scumbag is you!In no way shape or form can my post be taken to mean I think some one is a scumbag,yet you felt the need to say thats what I ment.

You might know what a adjustable rate means but millions of people did not.How many times have we heard on the news people saying they did not know that the banks could raise their intrest rate even though they had a adjustable rate mortgage??????

so you take a adjustable rate loan they tell you you dont have to read it you dont and you are telling me to "keep it simple stupid"??????????????????????????????????

The banks by making sure the contract favors them in every way is their only job.The banks are there to make money not to lose it.

You are right the post about riots.And the fact that you think its ok for a person use their mistakes and lack of personal responsibility and basic understanding of how things work as an EXCUSE to riot,loot and steal and cause millions of dollars in damage is ok then that really speaks to the kind of person you are.