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speaks 10x more truth in 5 minutes than I've heard out of Bush's mouth in 8 years!
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View this Thread in Original format
| Krypton |
| That's why I love Democrats right now... |
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| hardcore trancer |
HOLY THAT WAS THE BEST SPEACH EVER!!!!!!:eyespop: :eyespop:
She in naaaaaaaaaaaailed it!!!!:eyespop: |
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| jerZ07002 |
That was a bunch of bull. i agree with accountability, however, she clearly doesn't have a handle on the situation. I don't know why you guys are showing a video of an urban planner by trade. People are being too academic with solutions.
Although i don't ever expect it, a healthy dose of blame on 'taxpayers' for overextending themselves would be refreshing. After all, if stupid taxpaying want-to-be homeowners didn't apply for the mortgages, and subsequently fail to pay the mortgages, we wouldn't be in this mess. The blanket of blame needs to be spread more widely. I start with irresponsible borrowers, followed by credit rating agencies, and then mortgage issuers. |
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| Krypton |
| quote: | Originally posted by jerZ07002
That was a bunch of bull. i agree with accountability, however, she clearly doesn't have a handle on the situation. I don't know why you guys are showing a video of an urban planner by trade. People are being too academic with solutions.
Although i don't ever expect it, a healthy dose of blame on 'taxpayers' for overextending themselves would be refreshing. After all, if stupid taxpaying want-to-be homeowners didn't apply for the mortgages, and subsequently fail to pay the mortgages, we wouldn't be in this mess. The blanket of blame needs to be spread more widely. I start with irresponsible borrowers, followed by credit rating agencies, and then mortgage issuers. |
I've always said, there are subprimer's in every market, every economy, in every business cycle. It's dependant on the lender to decide, yes or no. Are you going to criminalize a subprimer from asking for a loan? Or...wouldn't it be more logical to regulate the lenders so they are more apt to say "no" to the subprimers. Honestly, most of the country lives pay check to pay check, do you honestly believe the masses understand a complex financial decision such as a mortgage? We're talking about 20% of Americans who can't find the USA on a map. The masses are sheep for slaughter. Consumers need protection because most are incapable of protecting themselves. Sure we can blame them for this and that, but it is not logical to try to police them. How would you do it? Jail for anyone who defaults on a mortgage? That would be unacceptable... |
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| jerZ07002 |
| quote: | Originally posted by Krypton
I've always said, there are subprimer's in every market, every economy, in every business cycle. It's dependant on the lender to decide, yes or no. Are you going to criminalize a subprimer from asking for a loan? Or...wouldn't it be more logical to regulate the lenders so they are more apt to say "no" to the subprimers. Honestly, most of the country lives pay check to pay check, do you honestly believe the masses understand a complex financial decision such as a mortgage? We're talking about 20% of Americans who can't find the USA on a map. The masses are sheep for slaughter. Consumers need protection because most are incapable of protecting themselves. Sure we can blame them for this and that, but it is not logical to try to police them. How would you do it? Jail for anyone who defaults on a mortgage? That would be unacceptable... |
Wait....it's not logical to police the consumer, but they need to be protected because they are incapable of protecting themselves? By protecting them aren't we policing them?
at any rate, i'm not advocating putting defaulters in jail, i'm just saying let them burn, and we don't need to bail out the consumer. There is certainly blame to be had by the mortgage issuers and bankers, however, the problem starts with those who fail to make their payments. I'm tired of hearing how we need to protect people from having their homes foreclosed. that!! We need a narrow plan to protect the financial system, not the irresponsible consumers. |
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| Krypton |
| quote: | Originally posted by jerZ07002
Wait....it's not logical to police the consumer, but they need to be protected because they are incapable of protecting themselves? By protecting them aren't we policing them? |
Yes...no...Protecting consumers means regulating the lending standards of financial institutions. As I said, there are subprime borrowers in every business cycle, it's just dependant on the lender to say "yes" or "no". The lender can deny the borrower at any time. I've worked in a lending institution. We denied people everyday. It's not hard. Check their credit, debt-to-income ratio, employment history, etc. etc. Call them up and say, "I'm sorry Mr. Soso, but at this time we're unable to give you a loan. The reason is because..." Easy right?
| quote: | | at any rate, i'm not advocating putting defaulters in jail, i'm just saying let them burn, and we don't need to bail out the consumer. There is certainly blame to be had by the mortgage issuers and bankers, however, the problem starts with those who fail to make their payments. I'm tired of hearing how we need to protect people from having their homes foreclosed. that!! We need a narrow plan to protect the financial system, not the irresponsible consumers. |
We can argue about damage control all day, but at the end of the day, the most important question is, "how do we prevent this from ever happening again?" My answer is, enforce lending regulations on financial institutions. |
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| jerZ07002 |
| quote: | Originally posted by Krypton
We can argue about damage control all day, but at the end of the day, the most important question is, "how do we prevent this from ever happening again?" |
i agree....kind of. That's the second most important question right now. The most important question is how do we tackle the current underlying problem. Banks have already started tightening their requirements, so that's not a problem that needs to be dealt with immediately; Banks are already protecting themselves against bad debtors, which is a protection to our entire system. How to fix the problem they got themselves into is a much more immediate concern. |
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| spdandpwr |
An issue that I hardly see coming up is tightening up the way the credit bureaus derive fico scores. I've noticed that there is no real way of authenticizing the applicants income. I am sure many of you have fibbed about the income you make on one of those applications and have gotten a car or whatever because of that. Now if the credit bureaus had a more definitive means of assessing income, it would help them come up with a score that more accuretely reflects the credit applicants ability to pay -- thus nullifying, or at least reducing, the risk of default by the credit applicant.
I also wanted to say that I agree with both Reps Kaptur & DeFazio in their efforts to bring attention to the bailout plan. This solution was derived way to quickly to be a be-all-end-all solution. |
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| Dervish |
Yeah it's all the big bad banks not Freddie Mac or Fannie Mae (both government created organisations) or the CRA which forced them to loan to sub-prime candidates or the people who lied on their applications.
Yeah burn the greedy investors on wall st who make all the money.... and burn your pension plans (might increases pension liability for all companies but burn the investors), never take a loan ever again and why not cut off your own face at the same time? |
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