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Morgan

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#30 : June 18, 2009, 02:08:13 PM

Can't see how any business would intelligently allow this guy to buy another home.

Why not �I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.


You said in the first post "yes im walking away from my mortgage down in FL".

Cant sell it. Will try to rent it. But most likely saying bye bye to it.

Welll that changes the whole meaning of this thread. You originally said you foreclosed.

dalbuc

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#31 : June 18, 2009, 02:09:24 PM

Nobody forced banks to make bad loans. �They were making money hand over fist by originating loans without having to worry about the risk. �The more loans they originated, the more money they made. �It doesn't take a brain surgeon to realize that when risk=/= reward problems won't be too far behind.

Yeah they were "forced" to do that because they had to increase their loans to "at risk" or "underserved" groups. When home ownership was at 70% in the early 90's we were far over the levels of homeownership in any other country. When various politicos and their minions started pushing for even more loans there was only one group who could get those loans - people who should not have them. The only way they were able to pawn off the risk was if Freddie and Fannie bought bad loans and those beasts were being told to buy those riskier loans. It is only at that point that the lenders found out that they'd struck riskless gold.

If making the loans alone was enough to make a ton of cash banks woulda been doing this for ages. It is a new phenomenon so what changed? The way Freddie and Fannie acted and the way the Feds pushed ownership. Countrywide was a huge hero for Barney Frank because they led the way into the "at risk" loans whole hog and once they went there the industry followed.


All posts are opinions in case you are too stupid to figure that out on your own without me saying it over and over.
If you think Manziel is the best QB in this draft I can safely assume you are an idiot and will treat you as such.

duanet75

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#32 : June 18, 2009, 02:23:02 PM

Can't see how any business would intelligently allow this guy to buy another home.

Why not �I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.


You said in the first post "yes im walking away from my mortgage down in FL".

Cant sell it. Will try to rent it. But most likely saying bye bye to it.

Welll that changes the whole meaning of this thread. You originally said you foreclosed.
Can't see how any business would intelligently allow this guy to buy another home.

Why not �I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.


You said in the first post "yes im walking away from my mortgage down in FL".

Cant sell it. Will try to rent it. But most likely saying bye bye to it.

Welll that changes the whole meaning of this thread. You originally said you foreclosed.

When did i say i forclosed


duanet75

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#33 : June 18, 2009, 02:28:29 PM

Can't see how any business would intelligently allow this guy to buy another home.

Why not �I have good credit the mortgage is up to date we'll try to keep both houses. Theres a house for rent in PSL if anyone interested lol.


You said in the first post "yes im walking away from my mortgage down in FL".

Cant sell it. Will try to rent it. But most likely saying bye bye to it.

you should be real proud of yourself.

trash.


I am proud of myself. Im making more money my bills are a 3rd of what they used to be. Go ahead call me trash dude im only 33 should i throw my life savings away for a house.  Look up Port ST Lucie im not the only one making this decision and its not an easy one to make.
Ill take trash as a compliment as i sip my umbrella drink while your struggling to make ends meet down in FLA


bradentonian

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#34 : June 18, 2009, 02:29:50 PM

Nobody forced banks to make bad loans.

That's precisely what the CRA did, or they were discriminating.

Untrue.  The CRA emphasizes that lending should be conducted in a "safe and sound manner".  The law does not require institutions to make high-risk loans that jeopardize their safety.  
Why did we see the proliferation of so many financial institutions in the last several years that specialized in originating sub-prime paper?  Because they were forced?  Or because they were making money?
Why were so many of our largest financial institutions gobbling up these sub-prime specialists like there was no tomorrow?  Because they were forced?  Or because they were making money?
The larger problem was that these loans were securitized starting in 97 and guaranteed by Freddie & Fannie which gave the securities an implied AAA rating, again unbalancing risk vs reward and giving the originators no reason to police their lending practices.


Morgan

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#35 : June 18, 2009, 02:33:23 PM

doesn't "walking away from my mortgage" mean foreclosing?

dalbuc

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#36 : June 18, 2009, 02:33:43 PM

Untrue. �The CRA emphasizes that lending should be conducted in a "safe and sound manner". �The law does not require institutions to make high-risk loans that jeopardize their safety. �

The larger problem was that these loans were securitized starting in 97 and guaranteed by Freddie & Fannie which gave the securities an implied AAA rating, again unbalancing risk vs reward and giving the originators no reason to police their lending practices.

Here we see the problem, while the CRA says that, it is bunk, because once Freddie and Fannie were pressured into serving the ends of making even more loans. Plus, the CRA has two incompatible goals - increasing home loans but doing so safely. US homeownership is really high so once you want to expand it you have to take risks. You also see the same effect in the Fed sending out recommendations to not use traditional critieria (income and credit history) to determine your fitness for loans. Once agai, what they are doing is redefining what is "safe".

All posts are opinions in case you are too stupid to figure that out on your own without me saying it over and over.
If you think Manziel is the best QB in this draft I can safely assume you are an idiot and will treat you as such.

duanet75

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#37 : June 18, 2009, 02:42:11 PM

doesn't "walking away from my mortgage" mean foreclosing?

Yeahbut i made sure my mortgage wsup to date before i put down on another property.

BTW i went and bought a nice big American flag before i left FLA. Atleast i can proudly say i got one of our flags out of that state


Morgan

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#38 : June 18, 2009, 02:54:44 PM

I'm looking for a cheap, bargain home that someone walked out on. Wouldn't have been a pool home on a golf course, would it?

Biggs3535

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#39 : June 18, 2009, 03:05:09 PM

Nobody forced banks to make bad loans.

That's precisely what the CRA did, or they were discriminating.

Untrue. �The CRA emphasizes that lending should be conducted in a "safe and sound manner". �The law does not require institutions to make high-risk loans that jeopardize their safety. �

Uh huh.  Was the "*wink*wink*" in the actual law as well?  

Institutions were punished (by the FDIC and it's rating) for not making more risky loans under the Community Reinvestment Act, whether the areas were full of high-risk loans or not.


Why did we see the proliferation of so many financial institutions in the last several years that specialized in originating sub-prime paper? �Because they were forced? �Or because they were making money?
Why were so many of our largest financial institutions gobbling up these sub-prime specialists like there was no tomorrow? �Because they were forced? �Or because they were making money?
The larger problem was that these loans were securitized starting in 97 and guaranteed by Freddie & Fannie which gave the securities an implied AAA rating, again unbalancing risk vs reward and giving the originators no reason to police their lending practices.

People were making money because the market values were so ridiculously inflated.

The CRA, Bawney Fwank, and Fannie and Freddie (and Bawney's lover) were all apart of this entire mess.


duanet75

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#40 : June 18, 2009, 03:06:28 PM

I just recently bought a house here in NC yes im walking away from my mortgage down in FL. I did the pros and cons of it. Lets see 7 years of bad credit vs 7 years of struggling. Does Obama expect the American people to struggle paying a mortgage when in the last 2 years all of a sudden people owe more on there house then its worth. They bail out the banks but how about giving me back the $90000 that i lost in equity. My mortgage just went from $1200 to $500 not to mention taxes and insurance are'nt even a 3rd of the property taxes i ws paying in FLA. If your in a bad spot with your mortgage you might want to consider doing what i did. I already own 2 vehicles and im 2 years in on an brand new 07 cobalt so should i care about my credit.

You shouldn't be allowed to ever buy another house if you walked away from your mortgage.

And President Obama isn't responsible in any way for recovering your poorly planned real estate investment.

You should never have purchased a home - you should be renting an apartment.

Don't buy what you can't afford.

There are too many people  like you in our country that are irresponsible and looking for a handout.

Ive never needed a hand out in my life also im the 4th person on my block who has followed suit. But im not going to just sit around and keep cashing in IRA's to pay bills. The economy in FLA is in the pits there's no work and even if you can find work what are they going to pay? nothing. Did i mention i had a nice job offer from a friend of mine up here.


dalbuc

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#41 : June 18, 2009, 03:11:38 PM

Ive never needed a hand out in my life also im the 4th person on my block who has followed suit. But im not going to just sit around and keep cashing in IRA's to pay bills. The economy in FLA is in the pits there's no work and even if you can find work what are they going to pay? nothing. Did i mention i had a nice job offer from a friend of mine up here.

So if you hired, say, a painter, to paint your spiffy new house for $1000 and signed a contract to that effect and the price of paint doubled after that would you feel ok with the painter backing out or changing the terms of the deal to better suit him? I bet not.  I bet you'd be the first sort to be screaming about the sanctity of a contract then.

What do you do about cars that always depreciate? The loan was for $X and the car the day you drive it off the lot is worth at least $X-1. Do you walk away from that?

All posts are opinions in case you are too stupid to figure that out on your own without me saying it over and over.
If you think Manziel is the best QB in this draft I can safely assume you are an idiot and will treat you as such.

Morgan

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#42 : June 18, 2009, 03:12:47 PM

If jobs are unpredictable, why not rent, not buy two cars, live well beneath your means? Where does it say that you should commit to buying a house, buy new cars, then whine about the bad luck when you can't pay your bills?

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#43 : June 18, 2009, 03:17:41 PM


Ive never needed a hand out in my life also im the 4th person on my block who has followed suit. But im not going to just sit around and keep cashing in IRA's to pay bills. The economy in FLA is in the pits there's no work and even if you can find work what are they going to pay? nothing. Did i mention i had a nice job offer from a friend of mine up here.

You've never needed a handout? Sounds like you need one pretty bad actually. You weren't man enough to handle your responsibility to you just quit and gave up. That's downright pathetic.

It's not Florida that's the problem, it's gutless losers that quit on their responsibilities and find it easier to quit rather than tough it out.

If you and your sister do have kids together you sure just taught them a great a responsibility. "If something is hard, quit".

Way to be a man.

duanet75

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#44 : June 18, 2009, 03:20:50 PM


Ive never needed a hand out in my life also im the 4th person on my block who has followed suit. But im not going to just sit around and keep cashing in IRA's to pay bills. The economy in FLA is in the pits there's no work and even if you can find work what are they going to pay? nothing. Did i mention i had a nice job offer from a friend of mine up here.

You've never needed a handout? Sounds like you need one pretty bad actually. You weren't man enough to handle your responsibility to you just quit and gave up. That's downright pathetic.

It's not Florida that's the problem, it's gutless losers that quit on their responsibilities and find it easier to quit rather than tough it out.

If you and your sister do have kids together you sure just taught them a great a responsibility. "If something is hard, quit".

Way to be a man.


Jealous?

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