I Love Subprime

[BeantownJim]

hahahahaha thumbsup

[jamnospam]

Very well done! Thanks for taking the time to create this.

[ironjohnlad]

This is bloody brilliant ! And so true as well ! Gread, crulity, and cons, and the illusion of ever higher house prices !

And all these bad debts packaged into investment bonds' and sold world wide to Banks, who did not read the small print, who sold them on who sold them on etc, making huge bonuses ! And we the tax payers have to bail out the banks, and then pay themselves in bigger bonuses at our expense ! John T

[notu286]

This kid Cyrus needs our help to keep Wells Fargo from Shutting down his web site.

[ALR6002]

???

[flyingdutchmanhero]

i don´t get it! why don´t the american citizens start a revolution against their sensless moneysystem??? do you like to get VERARSCHT(german for shitted said: fur-r-sht) by your government?????? do you just have criminals in your politics???? see now you pay the price for the dumbness of your leaders!!!! i hope you learned something for the future guys... there is a easy solution: very simple: JUST SPEND THE MONEY YOU HAVE AND NO MORE! like we in europe do and....it works believe me!

[WesleyHightower]

Why not do a video about the bigger problem-how people (and not just Americans) tend to want to live beyond their means and the fact that they use credit to do it.

[ALR6002]

Old news and not the bigger problem. If the loans weren't out there to ensnare them people wouldn't be able to "live beyond their means."

[WesleyHightower]

This is the biggest fallacy and more proof of your lack of knowledge on this subject. Lenders dont want loans to fail. The lender makes more money if the loan performs. So why would a lender 'ensnare' a borrower in a loan that is doomed to fail? The problem is that lenders AND borrowers were caught up in a skyrocketing RE market. These borrowers were meant to refinance before their rate became adjustable. When values leveled out, thats when the problem started.

[ALR6002]

Right. Just keep handing out the PR message. Only the noteholder makes more money if the loan performs. A lender is more than happy to ensnare a borrower because their money comes from originations. What happens later has no affect on them. The RE market was fueled by lenders who didnt' care what happened after they got their commissions. No matter what it took, no matter if it would survive, they hung them out there and took home their bonus every month.

[WesleyHightower]

'What happens later has no affect on them.' Oh yeah, thats why 100s of lenders have gone out of business in the past year. I don't mean to be disrespectful, but you don't seem to know what you are talking about.

[ALR6002]

You're being disingenous now. If you believe lenders went out of business because of borrowers and defaults, step away from the Koolaid. EVERY FORECLOSURE WINDS UP WITH SOMEBODY IN THE INDUSTRY MAKING ANOTHER LOAN.

Investors pulled the plug on the magic subprime perpetual motion machine and the lenders that could only thrive in the artificially inflated, high-profit abusive lather-rinse-repeat loan business model died off. Their greed finally caught up with them.

[WesleyHightower]

'EVERY FORECLOSURE WINDS UP WITH SOMEBODY IN THE INDUSTRY MAKING ANOTHER LOAN'. So you think that the idea is to get someone into a mortgage and foreclose so that another loan can be made? It would be interesting to know what other wacky 'conspiracy theories' you subscribe to. The fact is 100's of lenders and brokers have gone out of business and look what happened to the nations largest mortgage lender, Countrywide. ..........

[WesleyHightower]

Do you think that was thier goal? I could give you some insight from an insiders perspective but it sounds like you are already too brainwashed by the left-wing 'lets pretend that we are for common man' Koolaid that you have been fed.

[WesleyHightower]

There are bad eggs in every business. There are good loan officers and there are bad loan officers. There are funny videos on YouTube and there are those that aren't so funny. This reminds me of a hack bit from some small town morning radio show.

[ALR6002]

There may be bad eggs in every business, but when the biggest businesses themselves are bad eggs they deserve whatever eventually happens to them. Too bad they ruin millions of people's lives while they enrich themselves along the way.

[WesleyHightower]

As you may have guessed, I am a loan officer and have been for 10 yrs. Do you own a home? Did you pay cash for it? If not, then you do business with these 'bad eggs' every month. THere are 2 sides (or more) to every story. These lenders offered risky products that were sold by LOs like me. Believe me, these borrowers were more than eager to take these loans and when given a choice of a rate that could adjust or a fixed rate with a higher payment, 9 out of 10 times they would take the ......

[ALR6002]

Give us all a break. As you sat back and allegedly did the right thing, you and your fellow LO's were more than happy to contribute to the political campaigns and lobbyists that kept the gas pouring onto the fire. Alcoholics are more than eager too. When you fixate the borrower on the monthly payment and have no fiduciary responsibility to put them in a responsible loan, you perpetuate the disaster.

[WesleyHightower]

payment.With the amount of information that is available these days, there is no reason for a borrower to not do their homework and know what they are getting. THere is incredible redundancy in disclosures to the borrower. Perhaps you live in a world where a person should not be responsible for buying something that they cannot afford and where they can blame 'the man' for their troubles. The folks losing their homes right now are sadly folks who never could have afforded one in the first place

[ALR6002]

Borrowers may or may not do "their homework." You seem to keep hanging on to the industry mantra that your products weren't the problem. Far too many of the "folks" losing their homes were taken advantage of. Many of them could afford the home if they weren't faced with abusive servicing practices and outright fraudulently-created loans foisted on them by people who took their commissions and ran.

[WesleyHightower]

These weren't 'my' products, these were products offered by lenders and yes a lot of them were risky. Any product that I sold had several options regarding rate and terms. Most of them had the option of a fixed rate with a higher payment. When given this option most borrowers took the lower payment. Why would they worry? They could sell the place in a couple years and make a profit, right? What do you do for a living? I'm sure I can find a way to make you look like a bad guy?

[jenniferann2]

I love it. I have been in the housing industry for 15 years. A day of redemption.

[TYX91101]

The imagined wealth of most Americans is centered on "investments" and "real estate". The 25 year boom leading up to Y2K has ended. Expect a return to mid 1970's prices for both.

[Trillion08]

LOLOL

[phillynphx]

Very funy but also a bit unfair. Everyone blames the mortgage company and I will admit a lot of loan officers are liars but I know the majority are not. Some customers need to take responsibility for what they sign, their attitude is get me my house and I will worry about the payment later. Also should we only give loans to people with credit scores above a certain credit score? Like everything else there are good and bad subprime companies.

[ALR6002]

The entire subprime industry was a concoction of unmitigated greed designed to generate and regenerate as many loans as possible in as short a period of time. Artificially low scores were used to jack up rates and fees (including YSP's) and put people into loans they knew weren't going to survive. And every foreclosure generated yet another loan somewhere. For the industry, the revolving door worked for several years, and the only people who were damaged (until recently) were the borrowers.

[WesleyHightower]

When you say "artificially low scores were used to jack up rates and fees (including YSP's)" you are showing a lack of knowledge about the subject. Most loan officers make a living selling products offered by lenders. If you want to blame someone blame the lenders and investors who were hungry for higher and higher return on their investments and offered the products in the first place. Don't blame the entire industry.

[ALR6002]

If there is anyone to blame it's the politicians who sat back and took the word of the industry lobbyists who helped spread millions of dollars around to allow them to rake in billions. Anyone in the industry who didn't stand up and tell the truth and let the PR bullshit keep the disaster on the tracks deserves whatever happens. An entire industry is guilty of saying they were self-regulating when many saw the problems and did nothing to stop it.

[notu286]

BIG Thank's for putting the picture of my ''Ameriquest Suck's!'' house in your video!

I have been Fighting Ameriquest mortgage since 2004.

I spray painted Ameriquest Suck's! on it in April of 2005. I'm still Fighting them, 2007.

Thanks AGAIN! :o)

[notu286]

Did you sing to the words? Great voice! :o)

[ALR6002]

No, but I know who did. He was doing a Kris Kristofferson immitation for it.

[notu286]

He sounded realy good, Please tell him BIG Thanks from all of us out here fighting this EVERYDAY!

:o) Great JOB!

[ICBUSHSFRAUD]

More true... It could not be!

Thanks for the smile.

[notu286]

Thanks for putting a picture of my ameriquest Sucks! House in your video :o)

You sure got the videos going on.

Ambassador Roland Arnall and Adam Bass fishing for borrowers, My two Not So Favorite People.

Thanks That made my weekend! :o)

[notu286]

I Love it and I have only seen a few seconds so far. Thank YOU!