The Life of a Bad Loan

[MichaelPAUSA]

Yea .. we don't need Federal regulations as we can see the Banks & Morgage companies police themselves .. (laughs).

[1978atcarroll]

2:39 a 320,000 dollar FIXER-UPPER? We, as a country, are well and truly fucked.

[beast36001]

speak english, and GTFO of the USA

WTF were there loaning him money anyways?

or any non US citizens?

[imah8ter07]

His bad loan!! He signed the paper!! He bought more then he could afford! It is not the banks job to babysit you!

[ohcysp21178]

@imah8ter07 but it is the job of the bank to verify income make sure the tax returns are legit so dont give me that "its all his fault"

[RyanTheIncredulous]

@imah8ter07 The banks knowingly and PURPOSEFULLY gave loans to people they specifically knew could not pay off the debt to create their debt packages. Is that clear for you now?

[imah8ter07]

@RyanTheIncredulous So, they forced him in to this loan?

[RyanTheIncredulous]

@imah8ter07 No, they didn't force him into the loan. Their dealings with him were fraudulent, but not physically forceful.

[sleuthsloth]

While idiots committed fraud to get as much debt as they could I saved hard. Now my savings are being stolen to pay the people that committed fraud via the low interest rates. Also my take home salary is being taxed more. What kind of lesson does this send out?

[rocketlauncher2]

Schools aren't having mandatory classes on managing your finances to prevent something like this to ever happen.. we do, however, have a mandatory class on playing basketball called 'Physical Education', a failed project in it's own..

[turbotrana]

a great example that shows how getting rid of the Glass Stegal act and getting rid of laws where banks were not allowed to securitize, laws that were put into place in the 1930s came to cause havock again in the 2000s

[sjcpal]

Walk away from it , thats what the banks did..

[gbhobson]

"A sucker is born every minute."

The buyer is the one in control of any deal. They voluntarily put their signature on the paperwork, so the responsibility is strictly the buyer's to know what they are getting into. Spare the 'oh poor me' rhetoric and stop getting in over your head.

[theslimeylimey]

@gbhobson The problem is, everyone needs to be an expert in economics to invest or have a law degree to understand a contract these days. Desperate or uninformed people can and will be exploited if the laws allow.

[MrYoubrian]

Doesn't anyone get it? IT WAS A SCAM!

It was dreamed up by the banks, real estate dealers, etc. to make billions off of people who would never qualify for a loan.

The trick was that they had to make it very convincing. So they told people that these loans (subprime, N.I.N.J.A.,etc.) were ESPECIALLY designed for you!

These loans were for low income people and they KNEW that these people could NEVER pay them back.

By the time anyone found out they had already made their billions....

!

[MrYoubrian]

It is still shocking to me that after all has been said and done about this subject that Americans are still so ignorant on this subject. And yes, I am talking about you, the posters on Youtube, not the gentleman in the video!

It was a SCHEME, a FRAUD, a CON JOB, by the banks, real estate dealers, you morons!

When someone plans and schemes to trick you out of your money, they don't explain to you how they are going to do it! They work it so you will NEVER catch on until it is too late.

[nuprincenj]

i like blonde bimbo : )

[jokertim777]

Eliseo Guardado did everything wrong:

1. I think I'll move to a country who uses a language I'm not fluent in, so that I will have poor job prospects and be easy to swindle.

2. I know that houses aren't something I can afford, but I'll let this stranger talk me into buying one anyway.

3. I think that I'll sign some papers that I don't understand what they say and haven't verified are correct.

4. I think I'll throw good money after bad.

5. I think I'll whine about it to HuffPo.

[jokertim777]

You will NEVER be able to protect people from their own stupidity.

However, if in this specific case, a prosecutor can find evidence that the lender, broker, or real estate agent committed fraud, they should be prosecuted. All I saw was a guy with a sob story that may or may not even be true.

[cbreitel]

I think you're a moron.

[jokertim777]

Thank you. Have a Merry Christmas!

[grayshorts]

People should watch the whole video before talking.

He says

"Im guilty, but more guilty are the people who understand the situation. They offer you false promises and because of ignorance you fall into their trap.."

So stop saying this guy doesnt take responsibility for his actions.

If I go around selling an AIDS cure that doesnt cure anything, do I have any fault in what I do or is the blame only in the person that took my word? According to many of you, I have no blame.

[hobo59]

This whole thing is a crock of shit. If this guy is here legally, then why can't he speak English ? In other words is he here legally according to INS. or according to Nancy Pelosi. The whole story should be accompanied by violin music playing when my heart gently weeps. I mean come on how gullible are people now days ? I grew up in a one room shack with no electricity or running water. He also didn't attend school so he has no idea how to math like $230,000 vs $150 a week paycheck ? Bullshit !

[jqueezy76]

Banks gave loans for anything so they could repackage them and resell them overseas. The goverment didn't make them do that. A bank should be responsible to who they loan money to so that they can get it back. Since they were reselling them it didn't matter. This is the banks greedy problem

[cypher954]

he paid 300K for that? that's not a 300K house, that's about a 60K house

[Vitalon1152]

Why should I feel bad for this guy Huffington Post? Hes a idiot who didn't read what he was signing. To fucking bad. "If it sounds to good to be true, it probably is." Newspapers like yours make this guy out to a be a victim when in fact he is just a dumb shit.

[myster1234]

It doesn't matter if the government lightens up on regulations, but what matters is when they give people bad loans, bad sells, this subprime crap. Out of control. Banks are the ones who are expecting to make a profit. For this situation, they shot themselves in their own damn foot. Rather than let them suffer the pain and learn from their mistake, the Obama gov steps in, bandages them, comforts them (bailout). Meanwhile, the ex-homeowner remains SCREWED. It's BULLSHIT and completely wrong.

[davidpark68]

Hold on now, this "TARP" program was started under Bush, Obama & McCain both voted for it. don't pick & choose, except for a few, the whole damn Government is the ones we need to point our fingers at.

[bigdogsdontbark]

He has the Democrats and Acorn for this. They leaned on the banks to give minorities homes they couldn't afford. That is why we are in a depression now, but Obamas stimulus didnt help it any, it lost another 4 million jobs.

[babygd3]

It isn't the Dems that are for less regulation. Even with the pressure this could not have happened without Financial Deregulations that happened in 2000.

Republican controlled congress.

[alarmsinsight]

The guy seems to have a problem. Buying things that he doesn't think about: His house, and his alarm system. APX Alarm, his alarm company, only goes door-to-door and just shows up at peoples houses. Similar to his house, he had to pay nothing down and just sign a 5 year contract worth $50 per month to get a free alarm system. With no cancellation policy, tack on a few thousand he now owes them. Really sad story about the guy, but, he has got to think before buying!

[alarmsinsight]

It really sucks when people have no personal responsibility that is so bad that it spills over into the business' they run. Both people are at fault here. The dude lost his house, the company lost their account. The loan company must have more responsibility. I don't think the mortgage officer and real estate agent are innocent either. Everyone wanted to make some non-existent money.

[WindHarps]

Thank you for your positive work, HuffPost ~

[mummbleswers]

I guess it's everybody else fault this guy didn't bother to read the contracts. Oh now he can look at it with a camera crew and realize it's all bullshit. Thanks there buddy!

[ivyshoots]

Is that Pete from 30 Rock suckering immigrants into bad loans at 1:42 ???

[ric0rich]

Typical Liberals blaming people other that the the homeowner. No one forced that man to sign a $300k mortgage.

[CattButt]

How do you know this guy is a liberal? You shithole fucktard you dont even know what you are talking about. Looser. ric0rich is a shit bucket.

[grayshorts]

If you cant see how a mortage company telling this guy that he could afford that house, when they knew he couldnt, isnt wrong then I dont know if you are capable of ever seeing wrong in anything.

Pat yourself of the back, tough guy.

[davidpark68]

anyone can give you a bull story to sell you anything, it's up to you to do the research.

isn't that how we ended up with Obama?

[alarmsinsight]

No one forced him, but they fooled him. They put down $8k+ per month in earnings. Do you really think that guy is smart enough to lie to get that house? If you are a Christian, you will understand this: Satan doesn't force people to do wrong things, we all have our will to do what we want. However, when scheming men take advantage of people, this is what happens. It's sad he believed the wrong people. Sure, some responsibility is on him, but not all. People lied to him. That sucks.

[myster1234]

@ric0rich no one forced the bank to give this guy a $300K loan after seeing that he didn't speak English and didn't make much money.

[ric0rich]

The US Govt forced the banks to give out these loans with the Community Reinvestment Act along with the Federal Reserve forcing cheap money into the system. It is called blowing bubbles.