Dave Ramsey Discusses Subprime Fallout

[withtheoldbreed]

Ramsey is a dip. I'm glad I didn't listen to him in 03 when he said to sell gold and that investing in gold is stupid.

[atlbraveswin00]

@withtheoldbreed it is stupid...

[withtheoldbreed]

@atlbraveswin00 Yep. That's why I am up 120 grand since 2003 from it.

[atlbraveswin00]

@withtheoldbreed Sure you are...

[rubenator85]

Dave Ramsey Hard Yo, He Knows Whats Up, His Shit He Teaches Are Great, He Speaks It Real

[auctionmusic]

For all their bad, bankers and corporations are the reason everyone survives.

ALL small business is derived from larger companies who provide the initial job that get the whole process going.

No job at big bad IBM?. No bank to finance IBM?......then... no haircut, no eat out, no go to grocery store, no clothing, no car, no call plumber, no buy house, no medical treatment, no movie, literally nothing happens....

[sferris33]

Wow. Dave is really great with these news people and put them in their place.

[auctionmusic]

Dave is clueless in this video...and otherwise as welll

He tells people on his show to "pay for food first".....duh!!!!!

He told an unemployed guy that the solution to his problem was "you got to get a job"...

Another person who didn't make enough was advised to "get a better paying job"...

Dave is simply not right....he preys on down and out people.....

[dbhaisley]

@auctionmusic What are you talking about? How is telling someone unemployed that they need to get a job "preying" on them? He's telling them the absolute truth.

Apparently common sense isn't so common in your neck of the woods.

[auctionmusic]

@dbhaisley you must be a dave ramsey fan I guess.

Let me say it like this...

a guy is in the middle of the desert, he is dying from thirst, he calls Dave, and Dave says "hey bro...you need to find some water, then get yourself out of there!".....

Dave is preying on people who are down-and-out, selling them materials that are just dumb, stupid, demeaning to anyone's intelligence, and offer no real solution....

see additional post

[rush7777me7777]

Didn't Dave opine that Peter Schiff was an idiot and this was never gonna happen...?

[fuckyiuyiu]

How predictable, Cavuto on the side of the corporate bankers. What a cock sucker. Thanks Ramsey for at least empathising with people on the wrong side of a banking deal.

[demrev1]

Hey you repubs caused this mess Just like you did 20 years ago.Except then they were called adjustable rate loans. And do remember that Bush SR. bailed out all the savings and loans on feb 6 1989 at 100% taxpayer expense. Unlike the Obama tarp that has been paid back by the banks with a profit. And lets not forget the exxon valdez that the taxpayers payed to clean up under Bush SR since a 75 mil cap was ok by you repubs. And your ohio guy John B want to do it again. yet ur tea party cry debt

[tbaarr]

hey dave I challenge any answer you make

I am Tbaarr ..feel free to google me then refute my effective use of credit cards

[flutingaround]

Neil just demonstrated that he didn't know much about Dave Ramsey's teachings. What a goober.

[pgoossen]

By buying in 2005. I bought my house with 20% down and voila, it has lost half it's value, from $275,000 to $145,000 (Las Vegas market)

Yes, there are countless ways house values are affected, bad lending and bad borrowing is one of them.

[pgoossen]

Dave has no clue on what is happening to the economy. This is not only a subprime problem. Good borrowers for one reason or another will have to move from their houses, how do you sell a house when you are upside down by 40%

[astroman30]

How does a "good borrower" get upside down in a house by 40%? Please explain.

[joelmc73]

Bad lending and bad borrowing affects a "good borrower's" property value.

Only a clueless person doesn't get that.

[doclsdc]

dave ramsey is a moron. he just said fannie mae makes good loans. what a useless charlatan. I respect Jim Rogers because he understands the economy and tells the truth. this moron didn't see anything that was coming from the housing collapse.

[batman3787]

If Dave Ramsey is such a moron, why does he have a television show, a radio show and 3 New York Times bestsellers, not to mention his endorsement of the common sense plan for fixing the housing crisis. Tell us what solution you have, dude?

[kellyjam1]

So does Donald Trump and Paris Hilton.

[sistermitzi]

Hello? Anyone home? Dave has helped thousands of families pay off their mortgages! Are those families in danger here? No, they have paid for homes with only property taxes to pay. Besides, we turned down a loan on a rental investment for 10% down! It was tempting. So Dave is right, conventional loans are readily available if we can get 10% down on an investment prop. Unheard of! And we declined it! Why? Because debt is a four letter word & we don't need it. We'll build wealth in the black.

[kellyjam1]

No Fico score. Expect to pay more for Car and Life Insurance. Deposits for public utilities etc.

I have heard him give bad tax advice also

Neil was stating the obvious for the Northeast. Houses are still 7-10 times median income. You want a mortgage? Average home price $500,000 20% down $100,000 plus closing costs Mort of 3 times median income of $70,000= $210,000 How many homes are you going to close in that environment.

Dave is out of touch. BTW Neil Cavuto is his boss.

[schmeckendeugler]

As far as I know, the LAMPO group is under Dave. He often refers to himself as being self-employed. Therefore, I believe you're incorrect about Cavuto being his boss.

[kellyjam1]

This guy is dangerous. Ok you shouldn't carry credit card debt at 18% or have car payments of $500 a month when we make $20,000 a year. This is common sense. I heard a person call him the other night and he said a collection company was trying to get him to pay on a 10 year bad debt. Dave told him to offer them 20 cents on the dollar. The debt is past the statute of limitations and the creditor doesn't have a leg to stand on. But you make him an offer and you have just redated the debt.

[heftizzle]

I think I may have heard this same call. Dave know sht statue of limitations and you might have taken just a snipit of what he told the guy. He tells him not to pay that most of the time. I head that same call just the other day.

[schmeckendeugler]

His credentials are more genuine than yours, random YouTube commenter, so... I trust him more than you.

[kellyjam1]

Last night someone from Hawaii told him her credit score was 937. Dave told her I don't care that its 937 you are living in your car. There is no FICO above 850.

[jbevan81]

have you ever thought that he did not say anything b/c he is a gentleman and did not want to "on air" make this woman look like a complete dumbass? He made his point and maybie she will look at her life.

[schmeckendeugler]

I was not aware that re-offering a debt re-dates it; that's interesting. I do know that Dave is quite aware of the statute of limitations, but he also believes that if you actually owe the money, then you should PAY the money, morally.

How is that dangerous?

[jbevan81]

and that is why you are a bad person.... just wait it out on the creditor and they cant collect.... you are a real scumburger! its your moral obligation to pay YOUR DEBT TO SOMEONE!

[TrustedMortgagePro]

Cavuto is an idiot. I'm a banker and deals are being made with 20% down even with FHA. Unless you have a Bankruptcy and a Foreclosure recently and mortgage lates up the wazoo, but those clients were not being qualified even when subprime was around with less than 15-20%.

[rdillon7872]

You leave out a lot of sub prime loans were made on a ARM with a good introductory interest rate. In other words the idiot signed and did not read.

[Ba101]

Just because he hasn't experienced it doesn't mean it is not happening.

Again Mr Ramsey is too general,and a bit on the arrogant side

And I like the guy!

[paulymtn]

Hey jonsteingraber, when they were "promised" they would be able to refi in 6 months, was there anything in the contract that said they would be able to do that. Why in the world would you have an ARM when interest rates are at an all time low. Were do you think that interest rate is going to go!

[refugeguy777]

Dave Ramsey is awesome! My grandmother lives 15 minutes from the Financial Peace Plaza, and I am taking his student version of that course. He is so funny!

[mahnarch]

He is awesome with his "My FICO score is 0 cuz I don't borrow money!"

I'm in the same boat as him but, sans a few million.

....it takes me more than a day to build up enough to buy a $100,000 house with cash....

But, I don't borrow.

Same boat. Same freedom!

[cl652000]

Why does Neil Cavuto have to be a moron. Where did he hear that lenders are leaving borrowers at the closing table?!! bcs they got "skiddish" about the market? LOL - DAve is right that doesn't happen if you have good credit period. Cavuto we've seen this line of yours before - cut the crap.

[Holmes245]

Yeah, I think Neil was wanting to sound like he knew what he was talking about and when Dave called him on it, Neil tried to hold his story to keep his credibility.

Also, I kind of think Neil was being serious when he told Dave that he was being a little nasty. Not sure, maybe not, but if you look at Neil's face after he made the comment, he doesn't smile to let Dave know he was joking (if he was) until Dave starts laughing. Like you said, Neil needs to cut the crap.

[kellyjam1]

He had the people on his show and they told him. I saw the show. Its happening a lot in the NE.

[yourperfectwealth]

crazy stuff!

[jonsteingraber]

The "professionals" convince people that this is an "opportunity" for them, when it's the exact opposite. Don't get me wrong some individuals took advantage of these loans and got money back at closing and then were happily foreclosed on but the average person who took out an ARM was promised that they could refi 6 months down the line.

[jonsteingraber]

The problem are not the people getting these loans. It's the greedy mortgage brokers, bankers, and realtors that are enticing people to buy homes that shouldn't be buying homes in the first place.

[clayp72]

Everyone has to pay the price because it's polically correct to give idiots mortgages. Some people are too stupid to handle money no matter how many govt. diapers you give them.

[pbl1]

this has nothing to do with "govt. diapers" -- these loans were made in the private sector, based on what loans wall street agreed to buy.

[hisjedi]

Dave Ramsey for President!

[nesnman]

I sold my home in 2000 for triple the money I paid for it. I then paid cash for the home I live in now and still had profit after that. Subprime loans are not a good idea. I used ingdirect.

[nesnman]

He's on the Fox Business Channel now at 8pm. This guy is great.

[powercatjeffy]

If you are dumb enough to take out an ARM or some other stupid type of loan, you deserve everything you get. Foreclosure? Tough luck! Quit trying to buy a $200,000 house on a $50,000/year income! The government shouldn't bail out any of these people or the banks. If you quit being stupid, these things won't happen to you.

[Arrow1975]

Most of us were taught our abc's in public schools, and everyone takes that for granted. Unless you are one of the fortunate ones, we were not taught about managing money and budgeting. Savvy unethical licensed people see this as an opportunity and run with it. - By wishing the worst on people, you are not helping the situation. Because you know more, you should focus your efforts on teaching rather than chastising others less fortunate.

[Supadave7]

Preach!

[tpribors]

Predatory lenders beware! Dave Ramsey is on your case.

[psyop63b]

Desperate spin attempt hits the brick wall of logic. Dave clearly knows his stuff.

[bloodsurf69]

Cavuto didn't you hear that the story you are trying to spin "is not happening".

[sgl8888]

Cavuto is an idiot.

[julianlile]

I agree. We need to get some of Dave's CBS stuff on here!!

[wyldedixie]

Dave is The Man.  Why don't we have more of him on YouTube?

[truthforamerica]

I love listening to Dave every day!

[jjjfisher123]

Love Dave Ramsey. Speak the truth, brother!