"If Wall St. does not end its greed, we will end it for them."

nitro harley

nitro harley

Well-Known Member
Lord Kanti said:
I wish I had bought more. It paid for my truck, but if only...
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Right on,

I wished that I would of held my ford just a bit longer because it went up to 18.00 not long after I sold. But thats the way it goes. Maybe Trump can get it down to under 10.00 and I might buy again. I am going to keep my eye on that one, seeing how it is being used politically at the moment.
 
NLXSK1

NLXSK1

Well-Known Member
Padawanbater2 said:
Let me ask it again...

How does ensuring commercial banks don't invest American's savings into speculation collapse the economy?

Do you even understand wtf is going on with people's savings? Why the mortgage crisis occurred?

Sleazy fucks bet that people wouldn't be able to pay their mortgages.. people weren't able to pay, houses were foreclosed, and those that bet they couldn't WON big time!

Those that bet they couldn't were the people that sold them the loans in the first place, and they walked away with millions.

The taxpayers bailed out their shoddy loans that couldn't be paid back (and they knew they couldn't when they sold them) and the American taxpayer - the American middle class - was fucked because of it.

Anyone supporting this shit is either too stupid to know what's fucking them or too stupid to connect the dots. It fucks both left and right constituents.
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You sorta missed the part where Americans signed a bunch of loans for houses they couldnt afford to make a quick profit and when the market turned they were left holding the loans.

Because I dont see any personal responsibility in your explanation of why people didnt pay back all that money they agreed to...
 
NLXSK1

NLXSK1

Well-Known Member
Harrekin said:
You should Google sub-prime lending.

You can't even correctly identify the root of the 08 crash yet claim to have a plan to move forward?

Clownshoes.
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He has no clue that banks were forced by political forces to offer loans that were not going to get paid back and then after the smoke cleared the banks got blamed for the whole mess...
 
Uncle Ben

Uncle Ben

Well-Known Member
Padawanbater2 said:
Why would a bank allow a person to take out a loan they knew they couldn't afford?
.
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Ever hear of Barney Frank and the libtards that said everyone has the right to own a house? Those loans never should been made but when the banks are federally insured by Fannie Mae and Freddie Mac, why not?

I see you have never bought a house or land and don't have a clue as to what it takes to "get in".

Padawanbater2 said:
He is way too stupid to understand any of this. Fuck him.
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oh the irony.....
 
MuyLocoNC

MuyLocoNC

Well-Known Member
Padawanbater2 said:
That's exactly what I just said you would say, so thanks for proving my point.
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My pleasure and it's just as accurate and damning as the first time I posted it. Oddly, there hasn't been a decent rebuttal to my observation. The only excuse offered thus far, is some lame-ass bullshit about political contributions from organizations made up of human members called "unions" being different than political contributions from organizations made up of human members called "corporations".

Even with the media in the bag, vomiting out your progressive nonsense all day, the slightest hint of a level playing field repulses the average liberal douchebag.
 
Harrekin

Harrekin

Well-Known Member
NLXSK1 said:
He has no clue that banks were forced by political forces to offer loans that were not going to get paid back and then after the smoke cleared the banks got blamed for the whole mess...
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Some people paying up to a 10% interest rate (on a fucking mortgage)...

"A fool and his money are easily parted"
 
Harrekin

Harrekin

Well-Known Member
NLXSK1 said:
People in the 70's were paying upwards of 20% for credit during the great times with Carter!!
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The loans were generally smaller and for a shorter term so the compounding was less harsh, in the early 00's people were taking high interest loans on shitty over priced houses for 30 year terms.
 
NLXSK1

NLXSK1

Well-Known Member
Harrekin said:
The loans were generally smaller and for a shorter term so the compounding was less harsh, in the early 00's people were taking high interest loans on shitty over priced houses for 30 year terms.
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What killed a lot of them was they did not take 30 year notes they took 3-5 year notes thinking they were going to sell the property for a profit within 6 months. By the time 6 months rolled around the property had devalued past what they owed on the house so automatically no re-finance or a really bad term refinance or a balloon payment due with no way to refinance.

It was not just the politicians or the banks, every individual person who signed a contract thinking they were going to make money on property is responsible for the balloon and eventual pop. I lost a good chunk of money over that same period making stupid decisions along with many people.

If we ignore some of the underlying factors then we will end up with it happening again... Like it is beginning to again already. Next bubble is currency and there is no fall back from that one.
 
londonfog

londonfog

Well-Known Member
Harrekin said:
The loans were generally smaller and for a shorter term so the compounding was less harsh, in the early 00's people were taking high interest loans on shitty over priced houses for 30 year terms.
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hmmmm... To be a guy in and from Ireland you sure do a lot of America.
Do you know Skunkdoc ? He was from England until he was not.
 
Harrekin

Harrekin

Well-Known Member
NLXSK1 said:
What killed a lot of them was they did not take 30 year notes they took 3-5 year notes thinking they were going to sell the property for a profit within 6 months. By the time 6 months rolled around the property had devalued past what they owed on the house so automatically no re-finance or a really bad term refinance or a balloon payment due with no way to refinance.

It was not just the politicians or the banks, every individual person who signed a contract thinking they were going to make money on property is responsible for the balloon and eventual pop. I lost a good chunk of money over that same period making stupid decisions along with many people.

If we ignore some of the underlying factors then we will end up with it happening again... Like it is beginning to again already. Next bubble is currency and there is no fall back from that one.
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Do the math on the total amount owed on a 30 year mortgage of $100,000 at a 10% interest rate then come back to me.
 
Rob Roy

Rob Roy

Well-Known Member
Harrekin said:
Or maybe I just read alot.

Whichever narrative you prefer bro, just don't steal me lucky charms...
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He's more of an orange grove fruit stealer and pilferer of laundromat underthings. I bet his wife won't let him have Lucky Charms.
 
Harrekin

Harrekin

Well-Known Member
NLXSK1 said:
The interest should be 150,000 I think... That actually sounds reasonable though.
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Lol, no not when compounded.

Give it another go.

EDIT: Two variables I'm missing to get a complete picture is what the average down payment rate was in the US, in say 04 and what people were paying monthly on the subprime mortgages.
 
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NLXSK1

NLXSK1

Well-Known Member
Harrekin said:
Lol, no not when compounded.

Give it another go.

EDIT: Two variables I'm missing to get a complete picture is what the average down payment rate was in the US, in say 04 and what people were paying monthly on the subprime mortgages.
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There would not be any compounding because the amount of the note is continually decreasing.

Take 100,000 at 10% and you have 300,000 dollars after 30 years if you pay the full interest rate for every year. However, the payments keep decreasing the principal until after the 30 years the entire sum is paid. So I just divide the interest in half for the full time because theoretically by the mid point of the loan you are only paying 1/2 the interest you were in the beginning of the loan.

My math is wrong for some reason. I just went on the internet and quickly located the first free loan calculator available. It appears you would pay about 315,000 for the house over 30 years with 215,000 of that being interest. Anyone stupid enough to do this deserves what they get. Within 5 years of the loan origination almost anyone would be able to refinance with a good payment history, by 7 years nothing should remain of previous credit issues.

You will pay mortgage insurance if you put down less than 20% downpayment on a house but you can get deals that had ridiculous initial payments, sometimes like 2% of the value of the loan and even some without an initial payment.
 
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