BoA OWNED by person

[Particle Man]

Originally Posted by Captain Morgan

Good grief, the author of that article is ignorant.

Ignorant or not, it takes 2 to fuck and both banks AND a fairly large number of consumers make 1 + 1...

[Captain Morgan]

Originally Posted by Particle Man

Ignorant or not, it takes 2 to fuck and both banks AND a fairly large number of consumers make 1 + 1...

I don't disagree.

[goof2]

Originally Posted by Particle Man

Ignorant or not, it takes 2 to fuck and both banks AND a fairly large number of consumers make 1 + 1...

Oh, absolutely. That is what I said in my first post too.

[Avatard]

Originally Posted by Captain Morgan

Please explain how the banks are profiting from the foreclosures.

Sure, if you explain quantum physics. Otherwise, eat shit. Who am I, your fucking mom? Bite me. If you wanna believe stupid shit, that's on you.

Go look at a chart with the distribution of wealth before and after this fucking fart show, and then get back to me, OK? Anything else is crap. Crap perhaps you choose to believe, but that's on you...

[101lifts2]

Originally Posted by goof2

I especially didn't like how home buyers were forced at gunpoint by those dastardly bankers to take out loans they couldn't afford. Wait, that didn't happen.

Home buyers happily signed on the dotted line and obligated themselves to pay back loans they couldn't pay back. The banks certainly bear some responsibility for what happened but the individuals who by the millions took out loans and "stuck them in their greedy pockets" with little consideration about paying them back bear some responsibility as well.

This couldn't have happened without a lot of greed on both sides.

This is true to an extent, but please rent the movie Inside Job to better understand the whole mess. It was more profitable to write subprime loans than conventional 30 yr loans because the interest rates were higher over the long term and yielded more profit when they were sold off. I believe many people were duped by loan officers for the sole purpose that banks did not care if the homeowner could pay after the fixed rate period. They packaged up these loans and sold them as CDOs to investors.

You wouldn't borrow 100k to your friend if you knew he couldn't pay...why would banks UNLESS they have had nothing to loose. The largest of greed came from the top.

[Captain Morgan]

Originally Posted by Avatard

Sure, if you explain quantum physics. Otherwise, eat shit. Who am I, your fucking mom? Bite me. If you wanna believe stupid shit, that's on you.

Go look at a chart with the distribution of wealth before and after this fucking fart show, and then get back to me, OK? Anything else is crap. Crap perhaps you choose to believe, but that's on you...

Typical Avatard. "If you don't believe what I say, you're an idiot."

Why don't you fill in the blank on goof's step #2. You know, the one with all the question marks.

Do you want to know WHY the wealthy are wealthy and why the poor are poor? Habit, thought and action. The poor make poor choices. They buy more than they can truly afford. They don't pay attention to their money. They rely on credit because they want what the wealthy have, regardless of what they can truly afford. They live beyond their means. Sure, sometimes circumstances come around like a lost job, or huge medical bills, but in the end, the poor have simply made poor choices. If people had not been living beyond they're means, this financial crisis would not be anywhere near what it is today. People fell into the trap of "ooh, look, I can buy a brand new house with granite countertops, a huge backyard with a pool and a deck and a waterfall, etc., etc., etc." Nobody stopped to think about HOW they were paying for that. Then, after buying that house, they NEEDED patio furniture and a new bed and an entire new living room, not to mention the boat, motorcycle and $45k SUV. Why? Because they want to live like the wealthy people live and they're willing to borrow as much as anyone will lend to them, without thoughts of the consequences.

I'm not saying that all wealthy people got wealthy because they were completely honest, but many of them became wealthy because they worked hard, saved, and followed basic financial principals. They didn't become wealthy because they own banks and set up some elaborate scheme to foreclose on houses.

Originally Posted by 101lifts2

This is true to an extent, but please rent the movie Inside Job to better understand the whole mess. It was more profitable to write subprime loans than conventional 30 yr loans because the interest rates were higher over the long term. I believe many people were duped by loan officers. Banks did not care since they packaged up the loan as derivates and sold them off.

You wouldn't borrow 100k to your friend if you knew he couldn't pay...why would banks UNLESS they have had nothing to loose.

I'm not arguing in any way, shape or form that banks weren't partially responsible for this mess. However, the main culprit here was greed, pure and simple. Greed by the banks, greed by the loan officers that were paid on commission, and greed by the people who just HAD to have that bigger house with all the fancy crap inside. People want more and more and more, so the banks found a way to sell it to the people and the people ate it up. People kept buying more crap on credit, then when the payments got too high, they borrowed against their houses to pay off their credit cards, then did it all over again. If anyone thinks this was solely set up by the banks, just so the banks could foreclose on houses, then they really need to take a look at the big picture. And the title of that picture is "Greed."

[101lifts2]

Originally Posted by Captain Morgan

Please explain how the banks are profiting from the foreclosures.

Many of these banks did NOT hold the mortgages for subprime loans. Do you think banks were stupid? They kept the 30yr/15yr loans with 5% down/PMI and sold off the subprime loans. The ONLY purpose of the subprime loans were to sell to investors to make a buck when they bundled them and sold them off. Since these investments were AAA rated, many investors from other countries bought them up. The investors lost, not the banks, yet the banks got the bailout.

Once in a foreclosure, the bank will sell the property for it's value, then the PMI pays 25% of the market value. If the owner put 5% down and say paid 3 years in payments, the bank is not taking a loss. In many cases, the bank makes money. This is why they force you to pay PMI unless you put 20% or more down.

We can also go into how banks bet against CDOs paying out the full loan terms.

Avatard is right (not very tactful, but right). These banks and large corporations are using the government to deregulate shit/mandate legislation or tax so a small few can become very weathly at the expense of the taxpaper. It's going to lead to this country's demise.

[Avatard]

Admittedly, tact has never been my strong suit. Pain can make you a very impatient human.

[101lifts2]

Originally Posted by Captain Morgan

.....I'm not arguing in any way, shape or form that banks weren't partially responsible for this mess. However, the main culprit here was greed, pure and simple. Greed by the banks, greed by the loan officers that were paid on commission, and greed by the people who just HAD to have that bigger house with all the fancy crap inside. People want more and more and more, so the banks found a way to sell it to the people and the people ate it up. People kept buying more crap on credit, then when the payments got too high, they borrowed against their houses to pay off their credit cards, then did it all over again. If anyone thinks this was solely set up by the banks, just so the banks could foreclose on houses, then they really need to take a look at the big picture. And the title of that picture is "Greed."

The deregulation started way back in the Carter years, but progressed significantly under Clinton and continued under Bush. The whole point was to keep from regulating derivative loans so banks could create this "subprime" loan in order to sell it off for a profit. Keep the less risky loans and sell off the risky ones. Therefore, write as many subprime loans as possible without regard to delinquency.

This was thought out way before the housing bubble. The greediest usually reside at the top.

[Particle Man]

Originally Posted by 101lifts2

Avatard is right (not very tactful, but right).

tact is overrated