look at these low income scum that cost us 700 billion

[crockett]

http://kcet.org/socal/2008/09/foreclosure-alley.html

Man of man I'm sure glad we can blame the the Democrats whom forced those poor loan companies to loan to low income people. What on Earth were they thinking to allow these people to buy homes? I think I've seen the light, this really is the true problem. Darn hose Democrats.

[lazs2]

I think you miss the point crock-it..  when you come up with this well meaning social engineering.. you open the floodgates..  just like "minority business" loans let in minority front men and people who were 1/32 indian... or just said they were "are you dissing my indian heritage?"   

Just like affirmative action only helped middle class white women..  the idiots remain idiots no matter what and the greedy take advantage of every loophole you give em.

lazs

[oakranger]

http://kcet.org/socal/2008/09/foreclosure-alley.html

Man of man I'm sure glad we can blame the the Democrats whom forced those poor loan companies to loan to low income people. What on Earth were they thinking to allow these people to buy homes? I think I've seen the light, this really is the true problem. Darn hose Democrats.

So, are you saying that low income people are to blame for this?  Because i fall in the low income. Not by chose, but so CEOs could make 10-100 millions, and i am a white male that is discrimate do to race and sex.

[Holden McGroin]

What is Lucy Lu doing reporting on this?

[Mr No Name]

loans to people who should have never been given loans caused it.

[lazs2]

And.. you need to realize that the low income loans to people who should not have loans caused the housing bubble where they all got loans and drove up the price..  where builders overbuilt to supply homes at inflated prices to people who could not afford it until a larger and larger segment of the nation had to get creative loans to buy the inflated priced housing.

This also led to sensible people who would have been fine otherwise.. thinking their home was an ATM.. that... hell..  their 200k home now had 500k in equity that they could be....should be...  using...  but guess what?  it was really only worth 200k or a little better.  they unbalanced their equity.

"acorn" is indeed the best description of the program I have ever seen....

It started out as a little acorn in our back yard and turned into a mighty tree whose roots ripped the foundation and plumbing right out of our house.

lazs

[Nwbie]

Friend of mine in real estate - always says about one of the largest wealthier areas in the southwest suburbs near here.
--3/4's of those homes have only 1 room of furniture, most of those people in there don't know the crap they have caused their lives.

[crockett]

So, are you saying that low income people are to blame for this?  Because i fall in the low income. Not by chose, but so CEOs could make 10-100 millions, and i am a white male that is discrimate do to race and sex.

No I'm making fun of the hardcore O'Cub right wingers, who blame this entire mess on Democrats forcing mortgage companies to lend to low income families.

[Entr0py]

....affirmative action only helped middle class white women.....

lazs

Thats the conclusion I came to at my dinner table.

[Kaw1000]

        I think you have trouble comming.

[Fangio]

And.. you need to realize that the low income loans to people who should not have loans caused the housing bubble where they all got loans and drove up the price..  where builders overbuilt to supply homes at inflated prices to people who could not afford it until a larger and larger segment of the nation had to get creative loans to buy the inflated priced housing.

This also led to sensible people who would have been fine otherwise.. thinking their home was an ATM.. that... hell..  their 200k home now had 500k in equity that they could be....should be...  using...  but guess what?  it was really only worth 200k or a little better.  they unbalanced their equity.

"acorn" is indeed the best description of the program I have ever seen....

It started out as a little acorn in our back yard and turned into a mighty tree whose roots ripped the foundation and plumbing right out of our house.

lazs

Excellent Post   <S>

The problem really was not the Stated Income and other Alt-A type loan programs and such....  the problem was the astronomical home price appreciation.  These kinds of no income or assets verification loan programs have existed for decades. They have been the backbone for how self employed people (who by using all the legal tax deductions possible end up not showing tons of income on tax returns even though they may make plenty of money) are able to purchase a home. But when you have home prices appreciating 50% per year and you have teachers or janitors saying the earn $250K a year....  it results in what we are experiencing now.

I have long said that individuals who's only source of income is W2 wage based should not be permitted to have these stated income loan programs.  Now its not an issue as all such loan programs are long gone....  and if your self employed your probably going to be a renter.


Fang

[oakranger]

No I'm making fun of the hardcore O'Cub right wingers, who blame this entire mess on Democrats forcing mortgage companies to lend to low income families.

LOL, well the problems that we are in is debatable.  Just like what got us in the depression in the 30's, nobody really knows.  I repect your ideals just like anybodys.