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| Facts leading up to the housing bubble that broke our economy; "Just the facts ma'am just the facts" | |
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| Tweet Topic Started: Dec 21 2013, 04:04 AM (1,985 Views) | |
| Mountainrivers | Dec 21 2013, 05:09 AM Post #11 |
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Fire & Ice Senior Diplomat
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That just shows how little you know about that situation. |
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| Mountainrivers | Dec 21 2013, 05:13 AM Post #12 |
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Fire & Ice Senior Diplomat
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I didn't blame Bush, I blamed the people who were responsible. You can add to that list I gave, AIG, which "insured" the mortgage bundles, but didn't really "insure" them. What they did was issue something they called credit default swaps, which weren't actually insurance, because if they had called it insurance, it would have been regulated. When the bottom fell out, AIG didn't have the money to pay up and the taxpayers ate the losses. |
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| Sea Dog | Dec 21 2013, 05:14 AM Post #13 |
Fire & Ice Senior Diplomat
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You could be correct. What part of my statement is wrong? |
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| Mountainrivers | Dec 21 2013, 05:17 AM Post #14 |
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Fire & Ice Senior Diplomat
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Read up on it Sea. People were offered loans that they could afford at first, but then when those ARM's went up and house prices went down, people weren't able to pay the mortgage. It's very complicated, but you can understand it if you do some research. |
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| Neutral | Dec 21 2013, 05:23 AM Post #15 |
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Fire & Ice Senior Diplomat
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Sea, MR evidently doesn't know but those banker's loans you speak of were guaranteed by the government, thus they loaned money to about anyone. |
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| Mountainrivers | Dec 21 2013, 05:37 AM Post #16 |
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Fire & Ice Senior Diplomat
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They were not. You continually show how little you know about the housing crisis, which, at this point, appears to be nothing. The GSE loans were guaranteed by Fannie Mae and Freddie Mac, neither of which were government agencies, but private corporations. Those loans performed as expected until the crash. It was the big banks like Merrill/Lynch, Bear Stearns, and others that made low-doc or no- doc loans to people without having to worry about whether they would be repaid or not, because AIG "insured" them. Taxpayers had to bail out AIG too. You can also add to my list the credit rating agencies, which approved sub-prime loans, knowing they were bad credit risks. Go read the article at Wikipedia. It's long, but explains it in detail. |
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| Pat | Dec 21 2013, 06:06 AM Post #17 |
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Fire & Ice Senior Diplomat
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Not everybody Sea Dog thinks about hiring an attorney to go over the loan documents and put into laymen terms what they are signing on for. The lower income borrowers in my opinion, were scammed for the most part. Lied to by loan officers, realtors, the media, advertising, and so forth. All they did was see the home and the extremely low sucker inducing entry level payment, and any doubt was answered by the government telling them that they deserved a home of their own and to take the plunge into the American dream. I read about people earning ten bucks and hour buying homes for a hundred grand. Once the sucker entry level payments ended, reality and the truth became apparent. It was and still is a nightmare and very few of the scam artists have been held accountable.. |
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| Mountainrivers | Dec 21 2013, 06:08 AM Post #18 |
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Fire & Ice Senior Diplomat
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Have you heard of anybody being held accountable? They would have to build a few new prisons to lock up everybody involved in the scam. |
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| Pat | Dec 21 2013, 06:13 AM Post #19 |
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Fire & Ice Senior Diplomat
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Yes Neal, I read in the paper about a couple of the scoundrels being arrested. A couple. My son would have the figures but I know we got added to a bunch of law suits. Once the suits start flying the lawyers add anybody connected at all to the situation. All we did was build the development, yet I guess they smelled money or something. This event hurt a lot of people and cost a lot of innocent people money too. I would rather we strung the people responsible up by their thumbs, but nothing is going to happen. |
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| Berton | Dec 21 2013, 06:18 AM Post #20 |
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Thunder Fan
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http://spectator.org/articles/42211/true-origins-financial-crisis |
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