Call Now: 888-641-9725. If you are in any of these situations: You have current of pending foreclosure You have been denied for a loan modification You have defaulted or delinquent on your mortgage payments You have Negative equity
And you want to stop the foreclosure process immediately, and you desire to avoid damaging effects of a foreclosure on your credit.
The banks are kicking people out of their homes and selling them for nothing. The Senators, Representatives, Governors and Attorney Generals along with all their agency's that are suppose to help people say one thing and do another. It isn't right!
I feel that it takes two to tango, if the borrowers didn't go to borrow they couldn't have taken advantage of them. If the guy who got $200,000 bought the house that cost 200K instead of 350k, he wouldn't have lost his house. But greed lead this borrowers to borrow so now they're trying to blame someone else. I say, renting is the best way to go.
@moniequa because someone wants to have a home to go home to, and the scammers took advantage of them, you blame the victim? Do you blame carowners if they got scammed with a lemon too, just because they want a car to drive to work?
@Yankhadenough, If they can't afford it they can rent! Home buyers are not victims, they're greedy idiots who wanted shit they couldn't afford. No one took advantage of them, they went to open houses by the thousands, they lied on their loan applications and bid up the price making it unfordable for legitimate buyers. They're evil assholes who needed to be fucked. Car buyers who unknowlingly bought lemons are real victims u can't compare them with stupid homes buyers who bought new homes.
@moniequa you are unbelievable misinformed about the fraudclosure crisis in the home loan industry. Please search for videos about foreclosure fraud and MERS and get educated. You cannot possibly blindly believe that millions of Americans are in foreclosure because they are all bums. There is a RECESSION going on and there is rampant FRAUD going on because of it!!!
@Yankhadenough You're in denial! People bought homes on their own free will, they saw unlimited credits, they borrowed and bought and now they're screwed. Those home buyers need to be imprisoned for being stupid and greedy.
@moniequa, The real criminals are home buyers, they stop paying their mortgages yet continue to live in the house for free. They should evicted and prosecuted immediately.
@moniequa maybe you are one of then you stupid whore, people like you don't need to be in this world ooooooooooooooooooo just helll with your mom in the back cock sucker
My nieghbor saved up 200 k for a home. He bought a home back in 07 for 350k and put the hard earned 200k as a down payment. Now the house is worth 110k. He lost his job and house payment doubled. He lost the house moved in back with parents. What an American dream.
Interestingly these people are in California and when we lost our house we decided to start over somewhere completely different. So we drove from Indiana to California with only the things that fit in our car.
If you would like a free print, make a donation to the charity of your choice, web add, for charity choices, my images, and directions, on my Youtube. CLIC THIS MESSAGE
Banks were scamming people since before the recession started. This video is a prime example of that. Visit my channel, it's chalk full of evidence on how that statement is fact.
Well you shouldn't have bought home you could not afford to begin with, people are so stupid to dream beyond their ability to pay. I want a house by the beach to but I'm about to take a giant loan to buy one. I cannot afford and I know it. Banks should be able to foreclose anytime they want, those homes are theirs and they can take them if they want to.
Looks to me like theres a whole bunch of people that are getting their just desserts.You had your tongue as far up the systems ass as you could get it and now it shit you out...sad.You played the game and got gamed....lol...i always knew it would happen.Next round...pay attention dummy...Are you going to tell me you didnt know that all these politicians youve been voting for for years who engineered this were crooks?...LIAR! You voted for liars and this is what you got for it idiot!!
The brokers, mortgage lenders, bankers and loan services knew exactly what they did. It's about money. They should be tried under the RICO act. Homeowners lost and are still loosing. And now the same people who craeted the mess are cleaning it up. Give me a break. The HAMP program is a joke more profitable for investors to foreclose. THey collect on their insurance. Boy people need to wake up. We have been taken for a ride.
A non-partisan investment advisor named Bruce Wiseman names five historical factors. He includes CRA but not to 'blame Carter'. ANYTHING Congress did or was done to suppress Regulatory was done to benefit Banks, not people.
When FDR developed Fannie Mae, that was life support for Big Capitalism by Corporate Welfare, buying frozen mortgages, like TARP and other Fed programs now. Big Corp Capitalism has *always* relied on govt subsidy, gifts, and other intervention. ck Kevin Carson's blog
The banks are playing hard ball betting that the homeowners will want to stay in their homes. This is why the loans were structured the way they were....so that the homeowners would walk away from their money. The banks have it both ways on this one. They keep our money and they get backed with our tax dollars!
i dont understand why people are complaining about their foreclosures?? arent u responsible for the bad decision? my family owns three homes, all payed off, why is it that people cant even pay for a homes that not even reletively expensive? not trying to be rude or anything, but i just dont understand.
Juk-What planet are you from? It depends on MANY factors. It is not all about bad decisions, it is about fairness. Have you seen what is happening in the banking and credit industry? Today it is not too hard to get behind or just try for a loan modification and be slammed with fees and inaccurate information. The Help for Homeowners plan offered is voluntary and takes months meanwhile the banking industry can accelerate the foreclosure process.
The bad decision is a two sided affair. The banks essentially "created money" by over-appraising the value of homes...getting people to take on debt that would otherwise be non-existent. If we did this, we would go to prison for embezzlement. Madoff did.
The government doesn't give a rats ass about what happens to us. Vote all of these sons of bitches out of office next year REGARDLESS of what party. They dropped the ball twice...once for no oversight of the problems and twice for bailing the banks out only. The "HELP" they are giving us is a bunch of bullshit. No one is holding the banks accountable. Yes people actually buy homes in good faith
Jd-Not only that but in 2004 the bankruptcy laws were changed so that you cannot restructure debt on your primary residence. Congress is being run by the credit card and banking industry. WE need to change the rules in our favor, since the banking industry and auto industry can. The Help for Homeowners program is a joke and needs to be changed so that you account is frozen while you go thru the process. The mortgage company makes no guarantee and proceeds with the foreclosure while you wait.
They have even changed the rules so they can accelerate the foreclosure process. The average wait time is now 30 days to get into the system and up to 6 months to get a final determination. In the meantime you are told NOT to pay, if you do you are OUT! So after 90 days they start to foreclose. And this is the best that Congress can come up with? Even under chapter 13 or 11 I don't believe you can restructure you primary house loan, basically the average working stiff is screwed.
This needs to be passed by the Senate. I am very close to being forced out of my home. I owe 205k and my house was appraised at 72k. I can barely pay this and do not wan't to lose my house. The financial institution is making jump through hoops which do nothing.
Although most people wont agree with my previous post an investment in any field is not guaranteed. Its a slower process and like many people have said in my group of friends its easier. The trip I take can be reclaimed on my income tax return so I suffer no loss from any part of the trip. Airplane ticket,hotel stay,use of convention facilities or business contacts that I take out to eat.
Rose colored glasses? I make more buying toys and reselling them at 1 convention. For instance me buying 100 toys at 40.00 each and selling at 100.00 each since its the current hot toy line. People need to know how to make investments and not throw in with investment firms like Fannie and Freddie Mac which has done what? Go and buy 3 and 4 houses and get stuck with them and not even break even now trying to sell them before forclosure hits them going on your permanent credit report.
Helping Families Save Their Homes in Bankruptcy Act of 2009.
Granting bankruptcy judges this authority gives home mortgages on primary residences the same treatment as vacations homes, yachts or investment properties owned by wealthier borrowers. Why should those facing financial crises, whose homes are their most valued asset, be denied relief given to others?
there is a great lawyer who truly believes in justice for the people and helping people in CA who are victims of EMC Mortgage. I am a victim too, please call himHere again is my contact information:
its the owners fault, the lenders fault, and the companies fault. if youre home is "underwater" , the lender and the company should take a pay cut. and get rid of the interest but, the homeowner should still pay the the extra 50K+. it was greed and irresponsibility on everybody's part.
agents are sworn to uphold a fiduciary responsibility in order to be licenced so all this let the buyer beware crap!
This is not just about foreclosure anymore, all Americans who own homes and have investments are CRIME VICTIMS. Also, this Barney Frank stuff is nonesense - at the height of sub prime Fannie and Freddie combined amounted to 1.5 trillion - the totally UN-regulated derivitive market thanks to Phil Gramm's 2000 legislation is approximatly 62 trillion dollars.
Dear Ms. Adams ... quite simply, I left Orange County because of the stench of the largest enclave of Republicans in the country. These are the very people that helped to put Nixon, Reagan, Bush Sr & Jr into office. Reagan began this mess 30 yrs ago with deregulation and now we are reaping the rewards. Dear Joan, I have no doubt in my mind that you voted for one of these bums ... and now I'm supposed to feel sorry for you. You made your bed - now sleep in it.
I agree with your position about the affects of deregulation and Reaganomics, but disagree with your stand on blaming the victims here. Sure, some were stupid and/or greedy. But most were just hardworking family types whose only crime was to believe what the "experts" in the financial services industry told them. This is like blaming someone for believing the prognosis of a crooked or incompetant doctor.
Its not the peoples fault the goverment keeps printing money and handing it to the banks! INFLATION IS A HIDDEN TAX! EVERY DOLLAR THE GOVERMENT PRINTS WILL BE A DOLLAR LESS IN YOUR POCKET A FEW MONTHS LATER!
Joan made me feel very sad for her. The banks and their PR firms tried to smear the homeowners but now it seems we are finding more and more information that points to the fact they really were targeting these people and setting them up for failure with loans that would make them money...but would cost the homeowners dearly. *sigh* What happened to humanity?
@CreoleInDC, how did the bank set them up. Did the bank ask them to lie on their application, did the bank urge them to spend beyond their means? They did it to themselves.
This video gives you a one sided view on the subject. These stories are sad, I definitely agree these people yhould recieve help. But there are a lot of home owners who have to take responsibility for theyr situation as well.
ohw84me-Until it happens to you, then you'll see how biased the system is and how all of the pieces where already in place by our elected representatives. It's not about a hand out, it's about a hand up. What so wrong about that?
Seriously? The companies threw parties because they were bailed out? They got bailed out and the people are STILL homeless. The people who are homeless should have been bailed out
There is nothing to be ashamed of renting a less expensive apartment versus an expensive home. People took out home loans knowing they couldn't pay. Why would they buy a home when they didn't have the money in the bank? In Finland, people rent mostly, because its cost effective and economical. The whole American buying a home as a means of status seems superficial, esecially when you can't afford one. And they treat renting an apartment like poverty. I rent and I owe less money of course
You just don't get it. This is no more the bankers fault than it is your fault if you found $50 dollars sitting on your front porch. Bankers simply took advantage of the situation set up by Reaganomics 30 years ago. If any one is to blame for this world financial crisis it is the Republicans. Reagan deregulated the system 30 years ago and now the whirlwind of fire has come home to roost. Canada seems untouched by this crisis ... why? Because they simply chose not to follow Reagonomics.
It's ridiculous to excuse unethical an immoral business practice simply because the practitioners have found technicalities and loopholes that exempt their vile behavior from legal sanctions. That's the kind of amoral thinking that gets us into messes like this. Furthermore, you overlook the fact that many of the financial criminal types were actually allowed to write or at least influence the laws that governed them. Republicans are to blame for enabling the scum, but that doesn't excuse scum.
How about helping the people who were smart enough to realize they couldn't afford a mortgage in a house they didn't belong in and instead chose to rent.
I am so sick of hearing just about the homeowners -- what about the renters? Everyone else and their mothers is getting relief is some way shape or form.
That's a novel thought. Good luck getting that through this pro-greedy homeowner circlejerk of whiners that wrongly claim homeowners are victims. You're the victim. You didn't buy beyond your means, and now get to pay for the losers.
in reply to ndvuncle. WWII actually got us out of the depression not FDR's Big Deal. The benefit of looking back on history has shown, by a lot of reputable economists, that the Big Deal actually delayed the depression from recovering.
Dude are you serious, I've seen so many people make that bullshit argument, "They signed the mortgage knowing they couldn't afford the house"
When they signed the mortgage which typically over ten years ago the environment was now where as expensive as it is now, and million of people didn't fucking predict they might be layed off. When the mortgage was signed people typically had the means to pay it off eventually. No one is a fucking physic, shut the fuck up and be a little more understanding.
@ brovic777, please work on getting your point across your messages were unnecessarily difficult to understand. And "sarcasm" isn't your friend. My point stands, many people didn't know that the economy would turn into such a mess when they signed their mortgages. Unprecedented factors led to their situations today so stop blaming homeowners at the point they signed the mortgage unknowing of the disaster that was to come.
Apply some consideration before you attack homeowners.
UH HELLO, probably over 99% of the people were still employed when they signed the mortgage, what an incredibly stupid point to make. Now sure factors might have happened afterward unemploying them while they still had a mortgage. Which shouldn't be put upon the buyer to blame.
@brovic777 maybe they need to take your family home stupid whore or better yet just die one lesss stupid fuck in this world, looser maybe you mom is a whore
Unbelievable the amount of ignorant neocon comments here blaming the purchasers while the banks upped the mortgage rates. That was the problem. That was the theivery. Irresponsible lending to take advantage of the working class. STFU yourselves!
The banks did not "give" anyone money you neocon stinky poontard. The banks raised the mortgage rates charging people hundreds more per month than what they originally signed for. Pull your head out of Limbaugh's roid covered ass.
Exactly. They signed for them. That means that in the biggest financial decision of their lives, they didn't read the farking papers. Or maybe they did, like a lot of people I knew, but they didn't give a shit because their houses were going to make them rich. Retard homeowners with greedy ambitions.
BTW I'm not a neocon. Neocons are almost entirely focused on a psychotic foreign policy agenda, not on giving dumbass homeowners money. Grow a brain.
The fact that neocon politicians deregulated rates was not written in any contract. Neo Conservativism has everything to do with failed economics, and moronic foreign policy. You don't have to pull your head out of Limbaugh's ass. He blew it out for you. Fuckin Joe-Not-the-Plumber on Youtube.
You dont know jack shit about economics, foreign policy, or the housing bubble. I didn't vote for either McCain or Bush, so if you want to call me a neocon, you can go fuck yourself with a rusted girder.
I know more about the economic decisions of the Bush administration that got us into this mess than you do. You support the same failed policies, you neocon deuschbag.
Why the hell do I even bother explaining the obvious to an asswipe who uses his mother's name on YouTube? Eat shit and die, POON.
Well all our big dreams are over inflated. The bad part is that we live in "property land" where the only value anything has is calulated in dollars that are no longer worth anything but a squabble. I think we have reached a limit of "limo and airplane potatoes". Those bankers that took bonuses from the tax payers need to be executed or run over by a tank. At some point we have to change the master plan of burning fuel as fast as we can and passing out medals and awards.
The more I think about it, the more I conclude that ANY consumer borrowing is a bad idea. Even for houses. Certainly for cars. Especially true for television sets, furniture, and crap like that.
If the lady was making 'good money', in her opinion, apparantly she wasn't making enough to keep mortgage payments current. No one stole her home. She signed a binding contract collaterilizing the loan with the real estate. So, what is all the 'cry baby' shit all about? Grow up: THERE IS NO SANTA CLAUSE! Life doesn't care if you live in the biggest house in Beverly Hills or in a gutter in E. Los Angeles. YOU have to care. No one else cares!!! WAKE UP!!!!!!!!!!!!!!
the congress is disgusting giving all this money to stupid bankers who are rich out of their ass, and leaving people homeless, and then people think the government is thinking for them. These thieves should give the money straight to the homeowners and pay their houses off. So let me get this straight they are taking our money giving it to bankers, and leaving us homeless, how sad is this, and the people are allowing it, thats even more sad
There are bad people in the world, and as adults it is OUR responsibility to look out for our own financial well beings. Is the government screwing up by doling out cash to banks- YES. The government giving money to ANYONE, including "home owners" is a mistake.
The economy MUST recede to pre-bubble levels. How much farther it continues to recede and how long it stays unstable is directly influenced by how long the government keeps its fingers in it.
The "homeless", for the most part, were probably renters before and will be renters again. Once the government is taken out of the game FINANCIALLY RESPONSIBLE private investors WILL buy the foreclosed homes and probably rent them back to the financially IRresponsible.
The cons that originated these loans no longer own the loans, they were packaged and sold as investments long ago. That being said i hope there is a way the authorities can track down those people and put them in jail, but THE MONEY GIVE AWAY (TO ANYONE) MUST STOP.
At the same time, through no fault of your own, watching your entire life savings vanish as the FDIC runs out of money to cover the deposits of an entire banking system gone down when you get your wish. Maybe the free market will recreate itself. Just make sure you don't bitch then about us all starting from zero because all previously accumulated wealth disappeared into thin air. Hey, let the free market do what it will, right? The self-regulating free market is a dead proposition. Get over it.
This entire deadbeat vs. villainous bank is moot. It's not the goal of the bill to bailout homeowners. The goal of the bill is to stem foreclosures and stop the downward spiral of home prices that in turn feed the downward spiral of securities. Like it or not, it just needs to be done. Otherwise, all you free market loonies will find yourselves, through no fault of your own, losing half the equity in your home you so diligently and responsibly paid for over the years.
No, it doesn't need to be done. Houses are way overpriced. They haven't even finished correcting yet, and people are yammering about "putting a floor on home prices" aka propping them up. Horrible idea. Look at what it did to Japan.
If housing prices were insular, I'd agree with you, but there is a $40 trillion CDO market out there based in part on home prices that is spiraling down and taking the entire financial system along. In principle you're right, but principle is nothing amid this madness. With voluntary foreclosures piling on the damage, and the credit card debt shoe yet to drop, it's not propping up the housing market, but shoring up the entire economy before this shitestorm washes off guilty and innocent alike.
So what if housing isn't insular? Trillions of dollars were created by an asset bubble, now trillions are going to disappear. You didn't hear anyone complaining when they were created. So with the ying you get the yang. We spent five fat happy years enjoying the rewards of fake equity liquidation. Now we have to take our medicine. There's no easy way out. Let foreclosures continue and let housing prices plummet.
uh no-Obama sued on behalf of ACORN to force the lenders to give the loans. These people do read dont they? It usually takes a few months to foreclose-why not downsize to an affordable apt? People who are renigging on their mortages are making it impossible for new buyers to buy because the standards are now being set incredibly high so the banks will no longer loan to unqualified uncreditworthy people. If u pass this bill-no mort lend will ever lend to people who dont have cash deps and hi cred
I feel for Joan Adams- Its so sad! people cant get ahead in life. There are so many people like her. Im trying to get my home and its just not happening. I pry for you Joan. She lost the place where her memories where at. I cant imagine that happing to me.
Lie to the Banks , buy what you can't afford , file bankruptcy and just leave the mess for someone else to clean up. SORRY! I WAS NOT BROUGHT UP THAT WAY.
The banks and hedge fund managers are directly responisible for this entire fiasco. Here in Britain 18 months ago the banks were willing to lend couples SIX times their joint salary. Even one of the countrys top financial experts said their is no long time planning in the banking sector...make your pile and then get out. They are the modern day versions of Dick Turpin......and we all know what happened to him.
the amount of ppl posting on here supporting the banks and calling all the ppl that have lost their homes "losers" is astounding, and if that is attitude of the ppl in this country i hope it falls
The Banks were being sued when they refused loans to high risk borrowers. I worked two jobs to pay my morgage and now you want my money to bail out losers.
fuck you faggot, alot of ppl got tricked into getting houses that cost more than they could pay, some worked THREE jobs and still couldn't pay, so fuck you you self righteous bastard
Nobody was tricked. People like me were telling these idiots not to do it, that prices would come crashing down. What did they do? Bought houses they couldn't afford. Now they want responsible people to bail them out. FUCK THEM AND FUCK YOU.
Hey ssgtforce, who designed the balloon mortgage? I'll give you a hint, it was the greedy fucking bankers. Nobody twisted their arm on the details regarding these loans. It doesn't take a genius to figure out that if you finance a home for a family at 1,000 per month and it goes to 2,000 in 1 year that the home loan would result in foreclosure. It's greedy heartless assholes like you who have created America's crisis. They did it, and you support it, fucking trader!
Hold up mate. If you are taking a loan for ANY AMOUNT, it is your responsibility to know exactly how that loan works and what your costs will be in the long term. It is your responsibility to factor in interest rate rises and work out how that would effect you. It is your responsibility to seek legal advice and obtain loan insurance. If the lazy americans had bothered to do that then none of these crazy loan schemes would have ever been signed off on. Look to Australia and learn.
See, the problem with this argument is that the borrowers DID know the terms of their loans. They DID live within their means. They DID plan for the long term. Their circumstances just unforseeably and dramatically changed.
No, I do not feel sorry for the majority of them people facinf foreclosure, as many need a good serving of humble pie so maybe the next time around thier noses will not be aimed so high at the sky.
Why does anyone need to live in a home that is valued at over 500K ? For the same reason some people drive a Rolls Royce, or a Hummer instead of a regular Ford or Chevy. Status symbol baby. They feel they are better than the average person, & want the goods to prove it.
Maybe some of the borrows lived within thier means, but giving the total number of people who either already lost thier homes, or soon will lose their homes, there is no way you can say that they was all living within thier means.
I have seen most of the types of homes that either was already lost or soon will be lost, & they was not a 4 room shanty, but more like something someone with a upper 6 figure salary would live in, clearly beyond most people's reach.
Capitalism unregulated is exactly what got us all into this mess. The profit motive is greedy by nature that's why you have so much price fixing and manipulation of the markets. If there is a fair playing field these so called capitalist don't want to play. They just want a free ride.
since the death of feudalism into capitalism, the rich and powerful requires the modern state to violently suppress common ownership for example in order to secure private property- the cornerstone of any inequitable society, forcing the landless poor into wage slavery.
here's the story of american capitalism for example: lnative and theft, african slavery and european poverty.
Sad but a lot of the enablers of the right wing money machine were liberals. They ignored the problems of society and bought into the apple pie lie. I watched this happen along with many others. Maybe these people will actually wake up now.
Who forced these people to buy homes they couldn't afford. Who forced them to lie about their income? Why couldn't they just rent and be responsbile like the majority of us? Why should my tax dollars go to help some greedy or irresponsbile person keep their McMansion? Owning a home is not a right. If you didn't read the papers on the most important financial decision of your life, you have nobody to blame but yourself. Don't punish the majority to subsidize lavish lifestyles of the few.
An Economy which overemphasizes profit maximization, control and power to the obvious detriment of decency and human worth is wrong and will create crisis after crisis.
I lived in southern CAduring the housing boom. The realtors, appraisers, and lenders, were all in cahoots to get me in house I couldn't afford. I would've been so easy to say OK. Instead I said FU and moved away. Those who weren't as savvy got in a load of trouble because they trusted these "experts."
1.) Cut up your credit cards and refuse to use these cards which will continue to fuel the card companies' profits (Interest Fees)!
2.) Let the banks foreclose on homes and the people refuse to sign loan agreements but rather offer to be a house sitter for the banks which we would get paid for doing? That stimulates JOBS! Can We refuse their services? Like our Pres would say, "YES WE CAN!"
While the banks definetely share some of the blame for this. The homeowners are also responsible for taking out loans they wouldn't be able to afford. It's kinda stupid to take out a loan for a 550,000 house when you make 24,000 a year...
"Yes I agree. Which is why I said they are definetly responsible as well."
But your comment appears to lean in favoritism to the banks. And my comment should read "..making 24k a year."
The lenders inform you 'what you are able to afford.' Its their stock and trade to know what you can afford. And you do not have access to the information they use to make those decisions. They do. And they ignored that information in favor of making a quick buck at the expense of the lender.
"The lenders inform you 'what you are able to afford.' Its their stock and trade to know what you can afford."
That's true. But again personal responsiblity comes in. At what point are you responsible for your own actions? Once again the lenders are at least half as responsible. But come on if you're making 24k a year you should have the brains to know you can't afford a 600,000 house. Get real...
"At what point are you responsible for your own actions?"
I think your example is an obvious(and ridiculous) demarcation point: if you make 24k, it should be obvious you can't afford a 600k house. But still, who is the scum making such an offer?
"Get real..."
Its ironic for you to demand this from me when you are the one who came up with such a 'realistic' example: 24k getting a 600k mortgage. lol Thats not really realistic, is it?
Would you expect someone making 24k to be well educated?
It may not be as much of an exaggeration as you think. People were taking out ridiculous mortgages. See this is my primary issue with the far left. It's always 'the other guys' fault'. People are more intelligent than you think. If you took out a mortgage that you could afford the blame rests with both of you. Period.
You are a freaking wingnut idiot repeating discredited Chicago School neo-con ideology. Many countries, such as France, make it a crime for banks or mortgage brokers to act against the fiduciary interest of the buyer. Many of our existing laws, weak as they are, were broken by these mortgage scammers. I know drug dealers and people convicted of fraud hired by banks and mortgage companiers in California -- why would they hire crooks if they were not involved in crime?
A wignut idiot? LOL did you come up with that all by yourself? Funny. And actually yes once again the banks are not blameless... The blame is spread between the government, the banks, and the consumers...
Yes that's right. People are midless drones that need a nanny state to do everything for them. What's funny is I'm not conservative by most measurements, I'm left of center but these arguments that it's everyone elses' fault except theirs are really cajoling. You have yet to acknowledge the responsibility of the borrower in this situation.
But see, that's the thing. Why should a person have to borrow money in order to buy a home? Why should a person have to borrow from a bank in order to buy a home? Why can't the Real Estate agent sell you the home, put you on a NO or LOW interest payment plan at a fixed payment. Why can't the Consumer buy their house directly from the Real Estate agent? Why? It's because the system is set up on a Loan/Credit basis. Which is not Free Market. It's not Capitalism.
The system is corrupt! Get rid of the Federal Reserve and this Loan/Credit business and let the Consumer buy direct. Stop letting the Fucking banks control the Housing system. The banks are controlled by the Federal Reserve which is controlled by the fucking government. That is why it's Communism/Socialism and not Free Market Capitalism! That is why they are getting the bailouts!!!! LOL
Buy direct? How does a person with today's stagnant wages, sky high healthcare costs, and inflated energy prices to come up with several hundred thousand dollars to buy single family home without being able to finance it? Oh by the way, the next shoe to fall is the commercial property market. When that begins you can start blaming businesses for not being competitive enough in a depression. Free market capitalism is a failure because there's not enough money to feed the greed.
Read one of my previous posts on how the Federal Reserve and the Corporations have control of the Resources and Materials and how they create scarcity in the market to drive up prices; in addition to doing that, they set the system up where instead of creating the Living Wage, which forces Corporations and Employers to pay workers so that they can afford the cost of living, they force people to buy on credit.
Explain the difference between communism and socialism because they are two different things. Also, explain your definition of "buying direct" and how that would be feasible? And lastly explain how our current situation is actually a result of communism and socialism? Allowing banks to design bad lending schemes is free market capitalism at its worst because it lacks regulation. Forcing banks to carry out honest lending practices isn't socialism, it's called effective Government.
I know that Communism and Socialism are two different things. The problem with your statement is that you claimed that I said that forcing banks to conduct honest lending practices is socialism. I never said that and I agree with you that it is effective government. However, who controls the Federal Reserve, prints the money, drives inflation, and gives bailouts to the banks that are conducting dishonest lending practices and crashed the economy? The Government...
For starters, the Real Estate Agent doesn't own the home, they only sell it for the owner for a fee. Secondly, the owner needs "All" their money up front into order to move and pay off their previous home loan so they buy another home. How many people have a few hundred thousand laying around when most of us live check to check? You can't expect a home owner to move out of their home, assume the entire cost of a new home, and wait each month for the buyer to pay them in monthly payments.
Leaders are competive with a distinctly sociopathic self aggrandizing nature. There most basic sense of propriety is that they can get away with crimes due to status implementations. To be a leader you have to know what criminal action are owned by which status level and to be a really good leader you have to know how to get away with murder. To be a status person they almost have to be raised or conditioned to indifference to the results of their personal crimes. That take generations.
Well if you ever get hurt on the job, just be awar the adjudicators are going to be in bed with the workman's comp people (in my case Liberty Mutual). It is about being part of the working class that always gets ripped off by the criminal or professional white shirt and tie class. The suit and tie means class disparity where the higher class can make a massive personal profit simply by ripping off the injured class. In my case the state had to pay and Liberty Mutual kept the cash.
We live in preditory times. Preditation and collusion have always been the primary tools fo the wealthy. Most of the permissions in civilization is about what people can get away with. The more they learn to screw others the more status or social power they wield, right up to the point where they are killing people and other creatures by the millions. To status people it is right, because no one can get to them. This is why every now and again leadership has to be eliminated or replaced.
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tangero123 1 week ago
Love it...it so true....
Come As You Are Community Development
atl2tex 4 months ago
The banks are kicking people out of their homes and selling them for nothing. The Senators, Representatives, Governors and Attorney Generals along with all their agency's that are suppose to help people say one thing and do another. It isn't right!
gsbmusic 11 months ago
My song "THE WORLD" talks about what people are going through right now.
Come check it out.
ty ... JAH-K
JustAnotherHumanKind 1 year ago
This has been flagged as spam show
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bass109 1 year ago
I feel that it takes two to tango, if the borrowers didn't go to borrow they couldn't have taken advantage of them. If the guy who got $200,000 bought the house that cost 200K instead of 350k, he wouldn't have lost his house. But greed lead this borrowers to borrow so now they're trying to blame someone else. I say, renting is the best way to go.
moniequa 1 year ago
@moniequa because someone wants to have a home to go home to, and the scammers took advantage of them, you blame the victim? Do you blame carowners if they got scammed with a lemon too, just because they want a car to drive to work?
Yankhadenough 1 year ago
@Yankhadenough, If they can't afford it they can rent! Home buyers are not victims, they're greedy idiots who wanted shit they couldn't afford. No one took advantage of them, they went to open houses by the thousands, they lied on their loan applications and bid up the price making it unfordable for legitimate buyers. They're evil assholes who needed to be fucked. Car buyers who unknowlingly bought lemons are real victims u can't compare them with stupid homes buyers who bought new homes.
moniequa 1 year ago
@moniequa you are unbelievable misinformed about the fraudclosure crisis in the home loan industry. Please search for videos about foreclosure fraud and MERS and get educated. You cannot possibly blindly believe that millions of Americans are in foreclosure because they are all bums. There is a RECESSION going on and there is rampant FRAUD going on because of it!!!
Yankhadenough 1 year ago
@Yankhadenough You're in denial! People bought homes on their own free will, they saw unlimited credits, they borrowed and bought and now they're screwed. Those home buyers need to be imprisoned for being stupid and greedy.
moniequa 1 year ago
@moniequa why just die you stupid whore, maybe they din't lie to you bacause you suck cock
1382Ramon 11 months ago
@moniequa, The real criminals are home buyers, they stop paying their mortgages yet continue to live in the house for free. They should evicted and prosecuted immediately.
moniequa 1 year ago
@moniequa maybe you one of the cock sucker , that even fuck your own mother in thw aaaassssh just die fuck
1382Ramon 11 months ago
@moniequa maybe you are one of then you stupid whore, people like you don't need to be in this world ooooooooooooooooooo just helll with your mom in the back cock sucker
1382Ramon 11 months ago
Be Happy with Asian bride *lushfmlk.info*
bvnbmklopvcxzas 1 year ago
My nieghbor saved up 200 k for a home. He bought a home back in 07 for 350k and put the hard earned 200k as a down payment. Now the house is worth 110k. He lost his job and house payment doubled. He lost the house moved in back with parents. What an American dream.
Saborsaoco 1 year ago
You also keep up the asset that the investors make money off of. A regular bond, paper takes no maintenance. Don't say owners are not investors.
419boyos 1 year ago
Interestingly these people are in California and when we lost our house we decided to start over somewhere completely different. So we drove from Indiana to California with only the things that fit in our car.
kupwtj 1 year ago
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If you would like a free print, make a donation to the charity of your choice, web add, for charity choices, my images, and directions, on my Youtube. CLIC THIS MESSAGE
scobbad 1 year ago
stop calling people who fucking use debt...home owners...
they dont own shit...youre a house borrower....
obviously people with mortgages cant afford their homes...this is why they needed to use huge loans and debt to borrow the house
gotchacervix 1 year ago
obviously they werent homeowners if they got their house takeeeeeen.....
ownership doesnt exist...you stupid fucking sheep...always property taxes
gotchacervix 1 year ago
Blame the housing market burst on the Democrates who allowed people to purchase homes that they could not afford. Life is unfair!
GaunletofDestruction 1 year ago
Banks were scamming people since before the recession started. This video is a prime example of that. Visit my channel, it's chalk full of evidence on how that statement is fact.
MoeBedard 1 year ago
Well you shouldn't have bought home you could not afford to begin with, people are so stupid to dream beyond their ability to pay. I want a house by the beach to but I'm about to take a giant loan to buy one. I cannot afford and I know it. Banks should be able to foreclose anytime they want, those homes are theirs and they can take them if they want to.
moniequa 1 year ago
Looks to me like theres a whole bunch of people that are getting their just desserts.You had your tongue as far up the systems ass as you could get it and now it shit you out...sad.You played the game and got gamed....lol...i always knew it would happen.Next round...pay attention dummy...Are you going to tell me you didnt know that all these politicians youve been voting for for years who engineered this were crooks?...LIAR! You voted for liars and this is what you got for it idiot!!
Gunnarsguns 2 years ago
The brokers, mortgage lenders, bankers and loan services knew exactly what they did. It's about money. They should be tried under the RICO act. Homeowners lost and are still loosing. And now the same people who craeted the mess are cleaning it up. Give me a break. The HAMP program is a joke more profitable for investors to foreclose. THey collect on their insurance. Boy people need to wake up. We have been taken for a ride.
42255nell 2 years ago
@42255nell, buyers should be tried for their stupidity and greed.
moniequa 1 year ago
A non-partisan investment advisor named Bruce Wiseman names five historical factors. He includes CRA but not to 'blame Carter'. ANYTHING Congress did or was done to suppress Regulatory was done to benefit Banks, not people.
When FDR developed Fannie Mae, that was life support for Big Capitalism by Corporate Welfare, buying frozen mortgages, like TARP and other Fed programs now. Big Corp Capitalism has *always* relied on govt subsidy, gifts, and other intervention. ck Kevin Carson's blog
dilbertgeg 2 years ago
$150k into a $460k home and I'm $150k underwater? How the fuck does that work? Looks like legalized grand theft to me.
Spadadiforza 2 years ago
The banks are playing hard ball betting that the homeowners will want to stay in their homes. This is why the loans were structured the way they were....so that the homeowners would walk away from their money. The banks have it both ways on this one. They keep our money and they get backed with our tax dollars!
Spadadiforza 2 years ago
i dont understand why people are complaining about their foreclosures?? arent u responsible for the bad decision? my family owns three homes, all payed off, why is it that people cant even pay for a homes that not even reletively expensive? not trying to be rude or anything, but i just dont understand.
JUKIO01 2 years ago
Juk-What planet are you from? It depends on MANY factors. It is not all about bad decisions, it is about fairness. Have you seen what is happening in the banking and credit industry? Today it is not too hard to get behind or just try for a loan modification and be slammed with fees and inaccurate information. The Help for Homeowners plan offered is voluntary and takes months meanwhile the banking industry can accelerate the foreclosure process.
warp13 2 years ago
The bad decision is a two sided affair. The banks essentially "created money" by over-appraising the value of homes...getting people to take on debt that would otherwise be non-existent. If we did this, we would go to prison for embezzlement. Madoff did.
Spadadiforza 2 years ago
Senators: The truth hurts don't it You just keep right on supporting those banks, then notice the 28,000 views of this video. PASS 1106
tprice11murrieta 2 years ago
The government doesn't give a rats ass about what happens to us. Vote all of these sons of bitches out of office next year REGARDLESS of what party. They dropped the ball twice...once for no oversight of the problems and twice for bailing the banks out only. The "HELP" they are giving us is a bunch of bullshit. No one is holding the banks accountable. Yes people actually buy homes in good faith
Spadadiforza 2 years ago
i would like to kick off on tims ass.
ducklamb1 2 years ago
Congress isn't blind they see whats going on..Hell their to blame signing a piece of paper that can be thrown in the trash means nothing!
jdrothrock 2 years ago
Jd-Not only that but in 2004 the bankruptcy laws were changed so that you cannot restructure debt on your primary residence. Congress is being run by the credit card and banking industry. WE need to change the rules in our favor, since the banking industry and auto industry can. The Help for Homeowners program is a joke and needs to be changed so that you account is frozen while you go thru the process. The mortgage company makes no guarantee and proceeds with the foreclosure while you wait.
warp13 2 years ago
They have even changed the rules so they can accelerate the foreclosure process. The average wait time is now 30 days to get into the system and up to 6 months to get a final determination. In the meantime you are told NOT to pay, if you do you are OUT! So after 90 days they start to foreclose. And this is the best that Congress can come up with? Even under chapter 13 or 11 I don't believe you can restructure you primary house loan, basically the average working stiff is screwed.
warp13 2 years ago
"TIM"said he was made to do things that where wrong...Sounds like a scared coward...Hiding at that..Come into the light Tim.....
jdrothrock 2 years ago
This needs to be passed by the Senate. I am very close to being forced out of my home. I owe 205k and my house was appraised at 72k. I can barely pay this and do not wan't to lose my house. The financial institution is making jump through hoops which do nothing.
az98z28 2 years ago
Although most people wont agree with my previous post an investment in any field is not guaranteed. Its a slower process and like many people have said in my group of friends its easier. The trip I take can be reclaimed on my income tax return so I suffer no loss from any part of the trip. Airplane ticket,hotel stay,use of convention facilities or business contacts that I take out to eat.
Iseeme63 2 years ago
Rose colored glasses? I make more buying toys and reselling them at 1 convention. For instance me buying 100 toys at 40.00 each and selling at 100.00 each since its the current hot toy line. People need to know how to make investments and not throw in with investment firms like Fannie and Freddie Mac which has done what? Go and buy 3 and 4 houses and get stuck with them and not even break even now trying to sell them before forclosure hits them going on your permanent credit report.
Iseeme63 2 years ago
HELP US! PLEASE HELP PUSH THROUGH S.61 NOW...
Helping Families Save Their Homes in Bankruptcy Act of 2009.
Granting bankruptcy judges this authority gives home mortgages on primary residences the same treatment as vacations homes, yachts or investment properties owned by wealthier borrowers. Why should those facing financial crises, whose homes are their most valued asset, be denied relief given to others?
Please support S. 61...NOW!
AllenStovall 2 years ago
there is a great lawyer who truly believes in justice for the people and helping people in CA who are victims of EMC Mortgage. I am a victim too, please call himHere again is my contact information:
David Griggs
Canada Ridley, LLP
1120 Metrocrest, Suite 220
Carrollton, TX 75001
214-244-5979 cell
972-416-2500, ext.222 wk
972-417-0685 fax
melisscali 2 years ago
its the owners fault, the lenders fault, and the companies fault. if youre home is "underwater" , the lender and the company should take a pay cut. and get rid of the interest but, the homeowner should still pay the the extra 50K+. it was greed and irresponsibility on everybody's part.
foripu 2 years ago
Not one single word on why or how this homeowner stopped making her house payments?
jsbruzina 3 years ago
agents are sworn to uphold a fiduciary responsibility in order to be licenced so all this let the buyer beware crap!
This is not just about foreclosure anymore, all Americans who own homes and have investments are CRIME VICTIMS. Also, this Barney Frank stuff is nonesense - at the height of sub prime Fannie and Freddie combined amounted to 1.5 trillion - the totally UN-regulated derivitive market thanks to Phil Gramm's 2000 legislation is approximatly 62 trillion dollars.
jessthehorse 3 years ago
Dear Ms. Adams ... quite simply, I left Orange County because of the stench of the largest enclave of Republicans in the country. These are the very people that helped to put Nixon, Reagan, Bush Sr & Jr into office. Reagan began this mess 30 yrs ago with deregulation and now we are reaping the rewards. Dear Joan, I have no doubt in my mind that you voted for one of these bums ... and now I'm supposed to feel sorry for you. You made your bed - now sleep in it.
EuroRant 3 years ago
I agree with your position about the affects of deregulation and Reaganomics, but disagree with your stand on blaming the victims here. Sure, some were stupid and/or greedy. But most were just hardworking family types whose only crime was to believe what the "experts" in the financial services industry told them. This is like blaming someone for believing the prognosis of a crooked or incompetant doctor.
elperropatron 3 years ago
Its not the peoples fault the goverment keeps printing money and handing it to the banks! INFLATION IS A HIDDEN TAX! EVERY DOLLAR THE GOVERMENT PRINTS WILL BE A DOLLAR LESS IN YOUR POCKET A FEW MONTHS LATER!
athriaxo 3 years ago
Joan made me feel very sad for her. The banks and their PR firms tried to smear the homeowners but now it seems we are finding more and more information that points to the fact they really were targeting these people and setting them up for failure with loans that would make them money...but would cost the homeowners dearly. *sigh* What happened to humanity?
CreoleInDC 3 years ago 3
@CreoleInDC, how did the bank set them up. Did the bank ask them to lie on their application, did the bank urge them to spend beyond their means? They did it to themselves.
moniequa 1 year ago
This video gives you a one sided view on the subject. These stories are sad, I definitely agree these people yhould recieve help. But there are a lot of home owners who have to take responsibility for theyr situation as well.
ohw84me 3 years ago
ohw84me-Until it happens to you, then you'll see how biased the system is and how all of the pieces where already in place by our elected representatives. It's not about a hand out, it's about a hand up. What so wrong about that?
warp13 2 years ago
Seriously? The companies threw parties because they were bailed out? They got bailed out and the people are STILL homeless. The people who are homeless should have been bailed out
RedNymph234 3 years ago
There is nothing to be ashamed of renting a less expensive apartment versus an expensive home. People took out home loans knowing they couldn't pay. Why would they buy a home when they didn't have the money in the bank? In Finland, people rent mostly, because its cost effective and economical. The whole American buying a home as a means of status seems superficial, esecially when you can't afford one. And they treat renting an apartment like poverty. I rent and I owe less money of course
RedNymph234 3 years ago
"First thing we do, is kill all the bankers"
elperropatron 3 years ago
You know, elperropatron it wouldn't surprise me if there were a few bankers killed over this. People being pissed off and assassinating them
RedNymph234 3 years ago
I for one, wouldn't blame anyone if they decided to take this course of action.
In fact, I'd applaud it.
elperropatron 3 years ago
You just don't get it. This is no more the bankers fault than it is your fault if you found $50 dollars sitting on your front porch. Bankers simply took advantage of the situation set up by Reaganomics 30 years ago. If any one is to blame for this world financial crisis it is the Republicans. Reagan deregulated the system 30 years ago and now the whirlwind of fire has come home to roost. Canada seems untouched by this crisis ... why? Because they simply chose not to follow Reagonomics.
EuroRant 3 years ago
It's ridiculous to excuse unethical an immoral business practice simply because the practitioners have found technicalities and loopholes that exempt their vile behavior from legal sanctions. That's the kind of amoral thinking that gets us into messes like this. Furthermore, you overlook the fact that many of the financial criminal types were actually allowed to write or at least influence the laws that governed them. Republicans are to blame for enabling the scum, but that doesn't excuse scum.
elperropatron 3 years ago
What we really need is for Obama to regulate the credit card companies, putting a max cap of 6% on interest rates they can charge.
NOW THATS WHAT I CALL CHANGE!!!!!
brovic777 3 years ago
How about helping the people who were smart enough to realize they couldn't afford a mortgage in a house they didn't belong in and instead chose to rent.
I am so sick of hearing just about the homeowners -- what about the renters? Everyone else and their mothers is getting relief is some way shape or form.
mattdelias 3 years ago 2
That's a novel thought. Good luck getting that through this pro-greedy homeowner circlejerk of whiners that wrongly claim homeowners are victims. You're the victim. You didn't buy beyond your means, and now get to pay for the losers.
stinkypoon 3 years ago
in reply to ndvuncle. WWII actually got us out of the depression not FDR's Big Deal. The benefit of looking back on history has shown, by a lot of reputable economists, that the Big Deal actually delayed the depression from recovering.
funnymanva 3 years ago
More lying conservative bullshit. Take Limbaugh's dick out of your mouth.
yt5454 3 years ago
I was going to get outraged about this, but I was distracted by the news of Jessica Simpson's weight gain. USA! USA! USA!
nickybabs 3 years ago
These people would NOT afford to buy a home and THEY KNEW IT!!!
Even so, they still signed the mortgage. Nobody put a gun to their heads to sign it and know their whinning that they lost their homes!!!!
Sure, blame the bankers, but what about these IDIOT home buyers who SHOULD OF NEVER SIGNED THE MORTGAGE!!!!
brovic777 3 years ago
Dude are you serious, I've seen so many people make that bullshit argument, "They signed the mortgage knowing they couldn't afford the house"
When they signed the mortgage which typically over ten years ago the environment was now where as expensive as it is now, and million of people didn't fucking predict they might be layed off. When the mortgage was signed people typically had the means to pay it off eventually. No one is a fucking physic, shut the fuck up and be a little more understanding.
a1q2s3 3 years ago
Sure, steal your money to pay for other people's mistakes!!!!!
brovic777 3 years ago
Also, if your layed off, how the hell you suppose to pay ANY type of mortgage? Unemployment don't even give you enough for food!!!!!!
COMMON, WAKE UP!!!!
brovic777 3 years ago
@ brovic777, please work on getting your point across your messages were unnecessarily difficult to understand. And "sarcasm" isn't your friend. My point stands, many people didn't know that the economy would turn into such a mess when they signed their mortgages. Unprecedented factors led to their situations today so stop blaming homeowners at the point they signed the mortgage unknowing of the disaster that was to come.
Apply some consideration before you attack homeowners.
a1q2s3 3 years ago
Again, how the HELL you going to pay a revised mortgage if your unemployed????
HELLO, WAKE UP!!!!!
brovic777 3 years ago
UH HELLO, probably over 99% of the people were still employed when they signed the mortgage, what an incredibly stupid point to make. Now sure factors might have happened afterward unemploying them while they still had a mortgage. Which shouldn't be put upon the buyer to blame.
a1q2s3 3 years ago
oh wait, I get it, you guys want OBAMA to print another trillion dollars so he can give away the houses for free!!!
SURE, LETS ALL GET FREE HOUSES!!
OBAMA, OBAMA, OBAMA, THE SAVIOR TO THE WORLD!!!!!!!!
brovic777 3 years ago
@brovic777 maybe they need to take your family home stupid whore or better yet just die one lesss stupid fuck in this world, looser maybe you mom is a whore
1382Ramon 11 months ago
Unbelievable the amount of ignorant neocon comments here blaming the purchasers while the banks upped the mortgage rates. That was the problem. That was the theivery. Irresponsible lending to take advantage of the working class. STFU yourselves!
ndvuncle 3 years ago
Thievery? They GAVE THEM MONEY. That isn't thievery you pinko commie retard.
stinkypoon 3 years ago
The banks did not "give" anyone money you neocon stinky poontard. The banks raised the mortgage rates charging people hundreds more per month than what they originally signed for. Pull your head out of Limbaugh's roid covered ass.
ndvuncle 3 years ago
Exactly. They signed for them. That means that in the biggest financial decision of their lives, they didn't read the farking papers. Or maybe they did, like a lot of people I knew, but they didn't give a shit because their houses were going to make them rich. Retard homeowners with greedy ambitions.
BTW I'm not a neocon. Neocons are almost entirely focused on a psychotic foreign policy agenda, not on giving dumbass homeowners money. Grow a brain.
stinkypoon 3 years ago
The fact that neocon politicians deregulated rates was not written in any contract. Neo Conservativism has everything to do with failed economics, and moronic foreign policy. You don't have to pull your head out of Limbaugh's ass. He blew it out for you. Fuckin Joe-Not-the-Plumber on Youtube.
ndvuncle 3 years ago
You dont know jack shit about economics, foreign policy, or the housing bubble. I didn't vote for either McCain or Bush, so if you want to call me a neocon, you can go fuck yourself with a rusted girder.
stinkypoon 3 years ago
I know more about the economic decisions of the Bush administration that got us into this mess than you do. You support the same failed policies, you neocon deuschbag.
Why the hell do I even bother explaining the obvious to an asswipe who uses his mother's name on YouTube? Eat shit and die, POON.
ndvuncle 3 years ago
Oh shit, I think I've seen that woman's kid before in real life.
GO IRVINE and ORANGE COUNTY! Woo!
VictimOfBoredom 3 years ago
Well all our big dreams are over inflated. The bad part is that we live in "property land" where the only value anything has is calulated in dollars that are no longer worth anything but a squabble. I think we have reached a limit of "limo and airplane potatoes". Those bankers that took bonuses from the tax payers need to be executed or run over by a tank. At some point we have to change the master plan of burning fuel as fast as we can and passing out medals and awards.
hypnofan35 3 years ago
BULLSH!T
DO NOT BUY SH!T U CANT AFFORD!
STFU
IF I GAVE U CRACK, ITS YOUR CHOICE NOT TO SMOKE IT!
grow up
martic1280 3 years ago
The more I think about it, the more I conclude that ANY consumer borrowing is a bad idea. Even for houses. Certainly for cars. Especially true for television sets, furniture, and crap like that.
Save your money, then pay cash.
yt5454 3 years ago
If the lady was making 'good money', in her opinion, apparantly she wasn't making enough to keep mortgage payments current. No one stole her home. She signed a binding contract collaterilizing the loan with the real estate. So, what is all the 'cry baby' shit all about? Grow up: THERE IS NO SANTA CLAUSE! Life doesn't care if you live in the biggest house in Beverly Hills or in a gutter in E. Los Angeles. YOU have to care. No one else cares!!! WAKE UP!!!!!!!!!!!!!!
xmenrus 3 years ago
the congress is disgusting giving all this money to stupid bankers who are rich out of their ass, and leaving people homeless, and then people think the government is thinking for them. These thieves should give the money straight to the homeowners and pay their houses off. So let me get this straight they are taking our money giving it to bankers, and leaving us homeless, how sad is this, and the people are allowing it, thats even more sad
vanityvideo 3 years ago
There are bad people in the world, and as adults it is OUR responsibility to look out for our own financial well beings. Is the government screwing up by doling out cash to banks- YES. The government giving money to ANYONE, including "home owners" is a mistake.
The economy MUST recede to pre-bubble levels. How much farther it continues to recede and how long it stays unstable is directly influenced by how long the government keeps its fingers in it.
xxElxDuderinoxx 3 years ago
The "homeless", for the most part, were probably renters before and will be renters again. Once the government is taken out of the game FINANCIALLY RESPONSIBLE private investors WILL buy the foreclosed homes and probably rent them back to the financially IRresponsible.
xxElxDuderinoxx 3 years ago
The cons that originated these loans no longer own the loans, they were packaged and sold as investments long ago. That being said i hope there is a way the authorities can track down those people and put them in jail, but THE MONEY GIVE AWAY (TO ANYONE) MUST STOP.
xxElxDuderinoxx 3 years ago
At the same time, through no fault of your own, watching your entire life savings vanish as the FDIC runs out of money to cover the deposits of an entire banking system gone down when you get your wish. Maybe the free market will recreate itself. Just make sure you don't bitch then about us all starting from zero because all previously accumulated wealth disappeared into thin air. Hey, let the free market do what it will, right? The self-regulating free market is a dead proposition. Get over it.
blogbloggerson 3 years ago
This entire deadbeat vs. villainous bank is moot. It's not the goal of the bill to bailout homeowners. The goal of the bill is to stem foreclosures and stop the downward spiral of home prices that in turn feed the downward spiral of securities. Like it or not, it just needs to be done. Otherwise, all you free market loonies will find yourselves, through no fault of your own, losing half the equity in your home you so diligently and responsibly paid for over the years.
blogbloggerson 3 years ago
No, it doesn't need to be done. Houses are way overpriced. They haven't even finished correcting yet, and people are yammering about "putting a floor on home prices" aka propping them up. Horrible idea. Look at what it did to Japan.
stinkypoon 3 years ago
If housing prices were insular, I'd agree with you, but there is a $40 trillion CDO market out there based in part on home prices that is spiraling down and taking the entire financial system along. In principle you're right, but principle is nothing amid this madness. With voluntary foreclosures piling on the damage, and the credit card debt shoe yet to drop, it's not propping up the housing market, but shoring up the entire economy before this shitestorm washes off guilty and innocent alike.
blogbloggerson 3 years ago
So what if housing isn't insular? Trillions of dollars were created by an asset bubble, now trillions are going to disappear. You didn't hear anyone complaining when they were created. So with the ying you get the yang. We spent five fat happy years enjoying the rewards of fake equity liquidation. Now we have to take our medicine. There's no easy way out. Let foreclosures continue and let housing prices plummet.
stinkypoon 3 years ago
Please rename this video to HELP LYING GREEDY SCUMBAGS GET BACK INTO THIER HOMES. Take responsiblity. Don't take my money.
badonkadonk34 3 years ago
uh no-Obama sued on behalf of ACORN to force the lenders to give the loans. These people do read dont they? It usually takes a few months to foreclose-why not downsize to an affordable apt? People who are renigging on their mortages are making it impossible for new buyers to buy because the standards are now being set incredibly high so the banks will no longer loan to unqualified uncreditworthy people. If u pass this bill-no mort lend will ever lend to people who dont have cash deps and hi cred
canditaylor68 3 years ago
I feel for Joan Adams- Its so sad! people cant get ahead in life. There are so many people like her. Im trying to get my home and its just not happening. I pry for you Joan. She lost the place where her memories where at. I cant imagine that happing to me.
bennieboy3215 3 years ago 2
Lie to the Banks , buy what you can't afford , file bankruptcy and just leave the mess for someone else to clean up. SORRY! I WAS NOT BROUGHT UP THAT WAY.
leftwingwacko 3 years ago
This financial crush was done purposely and the homeowners won't be helped by the gopvernment because that's what they want.
zigyzigy13 3 years ago
i lied through my fuckin teeth to get a mortgage if i loose the house so fuckin what its a place to be then move on fuck the banks
FUCK THE BANKS just lie to the bastards.
1peoplesun 3 years ago
The banks and hedge fund managers are directly responisible for this entire fiasco. Here in Britain 18 months ago the banks were willing to lend couples SIX times their joint salary. Even one of the countrys top financial experts said their is no long time planning in the banking sector...make your pile and then get out. They are the modern day versions of Dick Turpin......and we all know what happened to him.
northwest500 3 years ago
the amount of ppl posting on here supporting the banks and calling all the ppl that have lost their homes "losers" is astounding, and if that is attitude of the ppl in this country i hope it falls
ipwnorcs 3 years ago
They are losers. Plain and simple.
stinkypoon 3 years ago
The Banks were being sued when they refused loans to high risk borrowers. I worked two jobs to pay my morgage and now you want my money to bail out losers.
ssgtforce 3 years ago 2
fuck you faggot, alot of ppl got tricked into getting houses that cost more than they could pay, some worked THREE jobs and still couldn't pay, so fuck you you self righteous bastard
ipwnorcs 3 years ago
Nobody was tricked. People like me were telling these idiots not to do it, that prices would come crashing down. What did they do? Bought houses they couldn't afford. Now they want responsible people to bail them out. FUCK THEM AND FUCK YOU.
stinkypoon 3 years ago
Hey ssgtforce, who designed the balloon mortgage? I'll give you a hint, it was the greedy fucking bankers. Nobody twisted their arm on the details regarding these loans. It doesn't take a genius to figure out that if you finance a home for a family at 1,000 per month and it goes to 2,000 in 1 year that the home loan would result in foreclosure. It's greedy heartless assholes like you who have created America's crisis. They did it, and you support it, fucking trader!
fywacia 3 years ago
Hold up mate. If you are taking a loan for ANY AMOUNT, it is your responsibility to know exactly how that loan works and what your costs will be in the long term. It is your responsibility to factor in interest rate rises and work out how that would effect you. It is your responsibility to seek legal advice and obtain loan insurance. If the lazy americans had bothered to do that then none of these crazy loan schemes would have ever been signed off on. Look to Australia and learn.
zzlgrant 3 years ago
See, the problem with this argument is that the borrowers DID know the terms of their loans. They DID live within their means. They DID plan for the long term. Their circumstances just unforseeably and dramatically changed.
SevenSixTwoNato 3 years ago
No, I do not feel sorry for the majority of them people facinf foreclosure, as many need a good serving of humble pie so maybe the next time around thier noses will not be aimed so high at the sky.
sphinxrising58 3 years ago
Why does anyone need to live in a home that is valued at over 500K ? For the same reason some people drive a Rolls Royce, or a Hummer instead of a regular Ford or Chevy. Status symbol baby. They feel they are better than the average person, & want the goods to prove it.
sphinxrising58 3 years ago
Maybe some of the borrows lived within thier means, but giving the total number of people who either already lost thier homes, or soon will lose their homes, there is no way you can say that they was all living within thier means.
I have seen most of the types of homes that either was already lost or soon will be lost, & they was not a 4 room shanty, but more like something someone with a upper 6 figure salary would live in, clearly beyond most people's reach.
sphinxrising58 3 years ago
The late WOODY GUTHRIE sez:
Yes, as through this world I've wandered
I've seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen
aikido7 3 years ago
Capitalism unregulated is exactly what got us all into this mess. The profit motive is greedy by nature that's why you have so much price fixing and manipulation of the markets. If there is a fair playing field these so called capitalist don't want to play. They just want a free ride.
atripa645 3 years ago
truth.
since the death of feudalism into capitalism, the rich and powerful requires the modern state to violently suppress common ownership for example in order to secure private property- the cornerstone of any inequitable society, forcing the landless poor into wage slavery.
here's the story of american capitalism for example: lnative and theft, african slavery and european poverty.
mikezephyr 3 years ago
Sad but a lot of the enablers of the right wing money machine were liberals. They ignored the problems of society and bought into the apple pie lie. I watched this happen along with many others. Maybe these people will actually wake up now.
atripa645 3 years ago
Democrats yes, liberals no.
yt5454 3 years ago
You have a good point.
atripa645 3 years ago
I want to know WHY Joan Adams could not pay her mortgage?
Did she spend too much? On what?
Did her income fall? Why?
Why did she accept the terms of the mortgage in the first place?
Lenders can be deceptive, but there is no substitute for reading the mortgage documents and thinking about them.
freesk8 3 years ago
Congratz on buying a house you can't afford!
MeAndMyBlanket 3 years ago
Who forced these people to buy homes they couldn't afford. Who forced them to lie about their income? Why couldn't they just rent and be responsbile like the majority of us? Why should my tax dollars go to help some greedy or irresponsbile person keep their McMansion? Owning a home is not a right. If you didn't read the papers on the most important financial decision of your life, you have nobody to blame but yourself. Don't punish the majority to subsidize lavish lifestyles of the few.
stinkypoon 3 years ago
An Economy which overemphasizes profit maximization, control and power to the obvious detriment of decency and human worth is wrong and will create crisis after crisis.
mikezephyr 3 years ago
This is exactly what caused the global financial crisis. Sub prime mortgages.
zzx2847 3 years ago
these bibmos.........wall st suckss
omarhea1 3 years ago
I lived in southern CAduring the housing boom. The realtors, appraisers, and lenders, were all in cahoots to get me in house I couldn't afford. I would've been so easy to say OK. Instead I said FU and moved away. Those who weren't as savvy got in a load of trouble because they trusted these "experts."
newbreed1 3 years ago
Think it's time to protest the banking industry?
1.) Cut up your credit cards and refuse to use these cards which will continue to fuel the card companies' profits (Interest Fees)!
2.) Let the banks foreclose on homes and the people refuse to sign loan agreements but rather offer to be a house sitter for the banks which we would get paid for doing? That stimulates JOBS! Can We refuse their services? Like our Pres would say, "YES WE CAN!"
Save, refuse credit, bye bye BANKSTERS!
nvsyru 3 years ago
While the banks definetely share some of the blame for this. The homeowners are also responsible for taking out loans they wouldn't be able to afford. It's kinda stupid to take out a loan for a 550,000 house when you make 24,000 a year...
Starmexus84 3 years ago 2
"It's kinda stupid to take out a loan for a 550,000 house when you make 24,000 a year... "
Its kinda stupid to offer such a loan to someone making 2k a year.
itry2brational 3 years ago
Yes I agree. Which is why I said they are definetly responsible as well.
Starmexus84 3 years ago
"Yes I agree. Which is why I said they are definetly responsible as well."
But your comment appears to lean in favoritism to the banks. And my comment should read "..making 24k a year."
The lenders inform you 'what you are able to afford.' Its their stock and trade to know what you can afford. And you do not have access to the information they use to make those decisions. They do. And they ignored that information in favor of making a quick buck at the expense of the lender.
itry2brational 3 years ago
"but your comment appears to lean in favoritism to the banks"
Well it shouldn't. Your eyes are just too biased my friend.
Starmexus84 3 years ago
"The lenders inform you 'what you are able to afford.' Its their stock and trade to know what you can afford."
That's true. But again personal responsiblity comes in. At what point are you responsible for your own actions? Once again the lenders are at least half as responsible. But come on if you're making 24k a year you should have the brains to know you can't afford a 600,000 house. Get real...
Starmexus84 3 years ago
"At what point are you responsible for your own actions?"
I think your example is an obvious(and ridiculous) demarcation point: if you make 24k, it should be obvious you can't afford a 600k house. But still, who is the scum making such an offer?
"Get real..."
Its ironic for you to demand this from me when you are the one who came up with such a 'realistic' example: 24k getting a 600k mortgage. lol Thats not really realistic, is it?
Would you expect someone making 24k to be well educated?
itry2brational 3 years ago
It may not be as much of an exaggeration as you think. People were taking out ridiculous mortgages. See this is my primary issue with the far left. It's always 'the other guys' fault'. People are more intelligent than you think. If you took out a mortgage that you could afford the blame rests with both of you. Period.
Starmexus84 3 years ago
You are a freaking wingnut idiot repeating discredited Chicago School neo-con ideology. Many countries, such as France, make it a crime for banks or mortgage brokers to act against the fiduciary interest of the buyer. Many of our existing laws, weak as they are, were broken by these mortgage scammers. I know drug dealers and people convicted of fraud hired by banks and mortgage companiers in California -- why would they hire crooks if they were not involved in crime?
bright93 3 years ago
A wignut idiot? LOL did you come up with that all by yourself? Funny. And actually yes once again the banks are not blameless... The blame is spread between the government, the banks, and the consumers...
Starmexus84 3 years ago
"People are more intelligent than you think."
I guess this is where we will really disagree. You might want to read the book "Just How Stupid Are We?" by Rick Shenkman.
itry2brational 3 years ago
Yes that's right. People are midless drones that need a nanny state to do everything for them. What's funny is I'm not conservative by most measurements, I'm left of center but these arguments that it's everyone elses' fault except theirs are really cajoling. You have yet to acknowledge the responsibility of the borrower in this situation.
Starmexus84 3 years ago
But see, that's the thing. Why should a person have to borrow money in order to buy a home? Why should a person have to borrow from a bank in order to buy a home? Why can't the Real Estate agent sell you the home, put you on a NO or LOW interest payment plan at a fixed payment. Why can't the Consumer buy their house directly from the Real Estate agent? Why? It's because the system is set up on a Loan/Credit basis. Which is not Free Market. It's not Capitalism.
DameDiabolique 3 years ago
The system is corrupt! Get rid of the Federal Reserve and this Loan/Credit business and let the Consumer buy direct. Stop letting the Fucking banks control the Housing system. The banks are controlled by the Federal Reserve which is controlled by the fucking government. That is why it's Communism/Socialism and not Free Market Capitalism! That is why they are getting the bailouts!!!! LOL
DameDiabolique 3 years ago
Buy direct? How does a person with today's stagnant wages, sky high healthcare costs, and inflated energy prices to come up with several hundred thousand dollars to buy single family home without being able to finance it? Oh by the way, the next shoe to fall is the commercial property market. When that begins you can start blaming businesses for not being competitive enough in a depression. Free market capitalism is a failure because there's not enough money to feed the greed.
fywacia 3 years ago
Read one of my previous posts on how the Federal Reserve and the Corporations have control of the Resources and Materials and how they create scarcity in the market to drive up prices; in addition to doing that, they set the system up where instead of creating the Living Wage, which forces Corporations and Employers to pay workers so that they can afford the cost of living, they force people to buy on credit.
DameDiabolique 3 years ago
Explain the difference between communism and socialism because they are two different things. Also, explain your definition of "buying direct" and how that would be feasible? And lastly explain how our current situation is actually a result of communism and socialism? Allowing banks to design bad lending schemes is free market capitalism at its worst because it lacks regulation. Forcing banks to carry out honest lending practices isn't socialism, it's called effective Government.
fywacia 3 years ago
I know that Communism and Socialism are two different things. The problem with your statement is that you claimed that I said that forcing banks to conduct honest lending practices is socialism. I never said that and I agree with you that it is effective government. However, who controls the Federal Reserve, prints the money, drives inflation, and gives bailouts to the banks that are conducting dishonest lending practices and crashed the economy? The Government...
DameDiabolique 3 years ago
For starters, the Real Estate Agent doesn't own the home, they only sell it for the owner for a fee. Secondly, the owner needs "All" their money up front into order to move and pay off their previous home loan so they buy another home. How many people have a few hundred thousand laying around when most of us live check to check? You can't expect a home owner to move out of their home, assume the entire cost of a new home, and wait each month for the buyer to pay them in monthly payments.
fywacia 3 years ago
These arguments that it's the teller's fault for supporting bank robbers is kinda dumb too.
aikido7 3 years ago
especially when you work for a bank that considers american consumerism to be an endless cash cow to be milked
and
provides every imaginable incentive to magnify greed, selfishness and narrow-mindedness.
mikezephyr 3 years ago
Well said, mikezephyr.
itry2brational 3 years ago
Why not? Governments think its citizens are endless cash cows!
RecceMan90 3 years ago
Yeah it's stupid, but that doesn't excuse the borrowers. They aren't victims.
stinkypoon 3 years ago
Exactly!
Starmexus84 3 years ago
Here's a crazy idea: Rent an apartment you can afford, save your money, and when you have 20 percent for a down payment, THEN go shopping for a home.
So many people took shortcuts to owning homes. Well, easy come, easy go.
internate 3 years ago 2
Exactly.
nzalud2 3 years ago
"We bought home we couldn't afford, and we want people to fix our mess."
internate 3 years ago
Leaders are competive with a distinctly sociopathic self aggrandizing nature. There most basic sense of propriety is that they can get away with crimes due to status implementations. To be a leader you have to know what criminal action are owned by which status level and to be a really good leader you have to know how to get away with murder. To be a status person they almost have to be raised or conditioned to indifference to the results of their personal crimes. That take generations.
hypnofan35 3 years ago
Well if you ever get hurt on the job, just be awar the adjudicators are going to be in bed with the workman's comp people (in my case Liberty Mutual). It is about being part of the working class that always gets ripped off by the criminal or professional white shirt and tie class. The suit and tie means class disparity where the higher class can make a massive personal profit simply by ripping off the injured class. In my case the state had to pay and Liberty Mutual kept the cash.
hypnofan35 3 years ago
We live in preditory times. Preditation and collusion have always been the primary tools fo the wealthy. Most of the permissions in civilization is about what people can get away with. The more they learn to screw others the more status or social power they wield, right up to the point where they are killing people and other creatures by the millions. To status people it is right, because no one can get to them. This is why every now and again leadership has to be eliminated or replaced.
hypnofan35 3 years ago
Government takes away risk and this is the result.
CheekyMonkey888 3 years ago
The best ideal, I've heard to date in answer to the bailout, was giving our services members ( military and vets) a $50,000 line of credit.
On a political level, who in their right mind would say no to that?
Pleblian 3 years ago
I owe 59,923 US to a bank called; Ben Dover.
Get it? Haha
Reqrezentin 3 years ago
Down with the international jewry banksters!
teachatot 3 years ago
It is all Gods will, God works in mysterious ways.
rogulet666 3 years ago