I firmly believe that we ALL will soon be replevined. The banksters WILL be forced to return the property they have stolen. Nutshell: The borrower signs a note. The lender receives a bond. Those are two different things. If we let them continue with this fraud you are giving houses to brokers who never put up a penny for the funding of the note. We don’t expect free houses, but we certainly don’t expect the brokers to get free houses either which under the current system is clearly the case.
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What about the people who made the right choice of not getting into the market? I could have taken the crazy loan to buy a mansion. I didn't, cause it was more than 5X my annual salary. I made the right choice. In a mean time, my asthmatic son and I were forced to live nearby freeway to continue suffering. Thanks to those idiots who decided to jerk up the price by recklessly paying higher price for a house.
This is so sickening even the damn pastor is encouraging financial irresponsibility. Go and spend someone elses money when you can't pay back cry to the government and he'll bail you out. What a stupid parasitic mentality! No amount of bail out or financial support will save them from their genetically predetermined poverty class.
@moniequa I hope you suck cock better than you comprehensively watch a video. By the way you must be just fine and sucking cocks and making your mortgage! Good Girl! 5cents a blow must be keeping you busy. The PRIEST not Pastor suggested that all four in the family should have qualified for the loan instead of the Mother that made 10 bucks and hour hence making the loan a higher percentage rate in the long run. The family seems honest and willing and able to pay collectively.
@moniequa Nope I don't need loans. But some do. But I suspect that when you need one you simply find a bank with a male CEO and offer to cram as much rod in your gullet as possible then walk away with the same credit rating and 14% APR as you did before you gullet crammed cock. So I guess what I am trying to say is you don't need a reason to get your gullet crammed with cock you do it for the love if it.
The amount of modifications do not equal bailout money, but I did see these places offering the same loans, now they can make more money off it offering normal rates with the funds for the mods at different rates
The blame should be on the purchaser of the loans. The greedy buyers who knew they couldn't really afford the properties are at fault for getting involved and signing the loans. The saddest thing is that the greedy people that bought homes they couldn't afford with no down payment and adjustable mortgages think they deserve a bailout. It's the people who were smart enough to continue renting and didn't accept one of those bad loans that deserve a reward, since they were not part of the mess.
@1stPlaceDirector, I'm with you 100%. Financially responsible renters should be rewarded with some financial aid. They helped the economy by living within their means therefore they didn't contribute the national deficit. The borrowers should be prosecuted for lying on their applications and for not paying their mortgages.
its a tragedy on how the banks are put before the American people who fund the banks in the first place! My channel is chalk full of videos on how the banks have been scamming since before the recession. I'd appreciate if comments were made on my videos.
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Low housing costs are good. households making $59,000 a year or less (75% of the households in the U.S. make that much), can only afford a $147,500 house as a rule of thumb. The average house in the U.S. was worth $292,600 in 2008. That means the household would need to be making $117,040 to afford it. A household making that much money is in the top 5%. So housing has to drop a lot more to be part of the American dream.
It's too bad that the media always portrays the victims of what's happened as poor uneducated minorities. The truth is, every homeowner in the world has lost equity, had their peace of mind destroyed, and seen their retirement resources evaporate as a result of this Wall Street ponzi scheme. Banks did everything in their power to assure people it was a wise decision to buy a home, and government kept collecting the fees on building permits. These are the same people whose job it is to protect us
@farmboycarl and too bad stupid ass home buyers continue to buy despite the fact home market is declining. Bankers, realtors, loan officers, and most of all home buyers deserve what they get. LOL
We The People (through the election process) should have equal seats and voting power on the Federal Reserve Board. The FED care's only of bailing out the CEO's of Wall Street & the Bank's.Not the familie's that are losing their homes to foreclosure.Enough of bailing out Wall Street and the banks with our money from the FED and we have no say in it. It's time we deep-six the FED for the sake of the working class people of our nation.
So much greed in the place where your morality should be. We'll see how smart you uncle toms are when your families and high rise penitentiaries are destroyed by the flame of public outrage. Laugh now in the face of crisis, spurn on the hate that allows you turn a blind eye, but when it consumes you and all those you love...don't ever ask why.
Welcome, taxpayers, to the Kabuki Theater of AIG Outrage - where DC's Best Performance of Hypocritical Indignation is showing. Spare me President Obama's finger-wag. He's "outraged?" Meh. Chris Dodd, the corporate crony who is the largest recipient of AIG donations, Obama is the 4th. If we hadn't bailed out AIG = no bonuses for greedy execs.
Bailout-a-palooza is not good for all you naive voters that voted for hope & change without knowing what it meant. It's not American Idol, vote smart.
You will be fucking yourself when the devaluation of the dollar by appropriating the bailout funds to foreign countries, the hyperinflation and the currency conversion to the Amero happens. Then even you won't own shit.
Would my mortgage be in english if I bought from a mexican institution? Learn to read or dont buy a damn house. All these excuses from these underwater "home debtors" I lmfao. Stop fucking up people.
Um, the truth is that if you are not a Mexican citizen you cannot own property in Mexico. So you'd never get a mortgage loan waved in your face in Spanish, let alone English. Mexicans are historically paranoid about foreigners owning anything on Mexican soil. Look up Pemex and other nationalized industries. You'll see what I mean.
Sorry these families are suffering BUT a red light was lit.. with the first interviewee your parents wanted a larger home but you thought your mom would not qualify b/c she was not making enough money! But your still bought it? So maybe they should have stayed in their smaller home which they could actually afford. Sorry dude but it was the banks, lenders, and YOUR mistake.
Yes that is a good chunk of it. people took out loans when they couldn't afford it. The banks shouldn't have given those loans in the first place. But there are some people who were lied to and they signed the contract under false pretenses, and they didn't understand the full ramifications of it all. In that aspect, the banks must be held accountable
you must have missed the part, where they were ALL going to go into loan together to get a prime fixed rate. The banks had said no, so that they can screw them with the subprime one.
With the Fixed rate they would have afforded it, The bank simply lied to screw them.
If the bank denies you a fixed rate and offers a subprime you put on your thinking hats & research your ass off , understand what you are getting into. Some people just wanted a BIGGER home at all cost. I am not saying everyone facing foreclosure were being unrealistic. Wish there was a way to dissect the foreclosure crowd and compare how many were actual fraud victims and which just didn't flip on time.
If these were isolated incidents that happened here in there....then you might be right.....but when it is a National EPIDEMIC its a huge scam.
BANKS OUTRIGHT LIED, what don't you get about this. Others were slickers then others, small time folks have gotten punished, but the big wigs stay smiling.
It seems to me your just stuck on the fact "they wanted a bigger house", They did qualify and could afford it. It just seems like your jealous. Unfortunately they and others were scammed.
Jealous really?Yeah I would LOVE to be in foreclosure.Thankfully we were SMARTER then these "victims" and didn't fall into ARM/Prime mrtgs.We KNEW the housing bubble would burst and researched these toxic mortgages being offered. We bought a foreclosed home.A stealer sweet deal. 30 YFR w/ 20% down the old fashion way. Maybe these "victims" will educate themselves and not sign anything out in front of their noses. You are right It is a national epidemic of idiots both bankers and gullible buyers.
screw you...it is not that simple. And you know it. I think you feel guilty for living in the foreclosed home you now have because another family LOST IT. Con artists are JUST THAT...the banks,loan officers, realtors..all of them. so suck it up and be happy you're OK.
The problem wasn't the bailout. Keynesian economics believes the Great Depression became just that in part because there was no bailouts. What was needed was conditional lending. That's really how Warren Buffet made his money. It wasn't from holding stocks. It was conditional lending to start up businesses. Throwing money to greedy people won't do anything. Forcing them to repay the money later or face major problems such as jail time would have gotten something done.
Well unfortunately thats wrong. The depression was caused initially by the fed limiting the money supply and then by the endless government programs and regulations which were put forward to end it.
Just let us, the people, keep our money and we will choose the winners and the losers. No govt is as efficient as the people when it comes to this.
That's why I mentioned Keynesian economics. It has be the offical government policy for decades. I was in favor of direct government lending and not through some other party either. If the government bought out those foreclosed homes, it could have set any policy it wanted to the person trying to own the home even if it was rent to buy which I'm in favor of.
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As soon as this country gets back to living off of Needs instead of Wants we are Doomed! I am by no means wealthy! But i am so happy that i don't buy big Chevy Suburbans or try to appear successful! People think i have alot of money because i don't spend! I am much more into saving! I keep myself in Good shape don't smoke don't drink! and Work whenever i can so i don't every put myself into the situation most of you put yourselves in America! O yeah and mayble you will punish me for it 2
You have what's called common sense, and it's not so common. I love how people like these people in the video dodge responsibility for their own stupidity. If one person would say "Gee I screwed up, can you help me?" I would. But they blame everyone but themselves. That's what's wrong with this country. Nobody accepts responsibility for their actions. Blame it on the loan officer, blame it on "the man". Look in the mirror for once! YOU signed it.
o Israel has killed Americans (eg. Sailors on USS Liberty, Rachel Corrie, etc...)
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o Israel uses our country as their toilet.
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Please distribute this post and tell your Senator and/or Representative about Israel's killing Americans, heinous crimes, stealing our taxes, and its spying on USA. Peace!
I want a house. Buy me a house! A big house, with a lot of land. I want to live the American dream, and other people need give it to me. The money appears from nowhere!
The bailout was the biggest swindling of American tax dollars I've ever seen. And what's worse is even after this republicans/many Americans STILL don't understand that trickle down bullshit doesn't work! The money that goes to the top STAYS at the TOP. Period!
Too many people without the means to pay their mortgages were qualified for loans. Lending fraud ran rampant for the lenders to make money by selling the loans to others in subprime. Give the people their initial downpayment back & find them reasonable affordable places to live. Make the fraudulent bankers pay huge fines, take away all of their assets to sell and put them in prison for the rest of their lives with Bush Cheney & all of the lying neocons & republican witches.
Meanwhile, the US news media remained characteristically clueless about why Spitzer was taken out. It's simple. He had the goods on Bush adminstation colusion with predatory lenders and was preparing a case that would have tied the administration directly to wide spread fraud and criminality in the lending business. washingtonpost . com / wp-dyn/content/article/2008/02 /13/AR2008021302783
After spending a lifetime as an attorney and governor fighting the corruption on Wall Street, governor Spitzer lost his job because of a prostitution scandal. The irony is the Patriot Act was used in the surveillance of Spitzer. No charges were ever filed against Spitzer but he did lose his governor job.
I agree with this post. Yes, Elliot Spitzer should have known better, meaning he knew enough about the system not to get caught. Frankly if he wants to patronize prostitutes that is no one's business but he and his wife's. I believe he was hunted and taken down because he knew all about the greed, fraud and corruption on Wall Street and was smart enough to stop it. So they, the crooks on Wall Street, the bankers and the disastrous Bush administration took him out so he could not expose them.
Home Buyers: do not burn your homes! Keep the home inventory HIGH...let them burn the homes! The excess home inventory is killing the punk-bankers, loan originators, real estate agent! all who prospered and preyed on this mess.
it's amazing how people who were too lazy/greedy/stupid to read the contract, drove up housing prices, and used their homes as ATMs are now 'victims'?
It's amazing how these bankers/CEO's can live with themselves with the trouble they have started, and pay themselves multi-million dollar packages. Ha, Islam knows better, don't trust the banks.
I know what you mean. I live in an area where within 1/2 a mile of each town prices range greatly. In the last 10 years of less, some of the prices on one bedroom houses, in areas in the past I considered bad, were selling for 3/4 million. I know a realtor in this area and I know that realtors have not been given enough look-into and their culpability in house prices being inflated. LOOK AT THE REALTORS FOR A WHILE.
There's two sides to this issue: 1) People need to read and understand the entire contract before they sign it. 2) Loan officers/lenders shouldn't take advantage of those who are uneducated because they tend to trust those who ARE educated.
Be honest about your financial situation and be honest with your business dealings.
"my mom wanted a bigger home but wasn't making enough money?" are you fucking kidding me! If you can't afford you should know better! blame the banks all you want but a TON of this is the people wanting something they have not earned. How stupid are these people!
enthdigry..you are right. People looked at the amount of appreciation not the real value.They thought they couldn't lose because the value was going up so fast.False value was given to many properties and now these are the loans in trouble.When the lenders does a modification they often lower the balance of the loan,extend terms,and lower the rate.This cost is being paid by us the tax payers.Plus the lender still uses the original note to borrow from the federal reserve...double dipping
I live in California and make well above average, yet I knew houses were overpriced and the bubble would burst.
People who bought in to it just because they could get the loan are the reason prices are so high. If they get bailed out then houses will never be affordable.
Exactly. Those of us that didn't become greedy homeowners should not be put on the hook for the decisions of stupid people buying more than they could afford. They should lose their houses, and the houses should be sold for cheap to those that are responsible.
Did you even watch the video? The point is people were not given full information about their loans, thinking they had fixed rates when really it was an ARMS. It has nothing to do with greedy homeowners, just greedy bankers. Besides foreclosures result in everyone's property values declining, so everyone loses, not just those who lost their homes.
Exactly. I'm doing modifications right now and this is what has happened to a lot of homeowners. They think they're getting a fixed rate, but it turns out to be a fixed for 5 years or so, then it adjusts, which is a hybrid rate b/c it's a combo of fixed and adjustable. BTW, if anyone is struggling with their mortgage payments or if going into foreclosure and is interested in getting help or making their mortgage payments more reasonable without a refinance, just send me a private message.
....and re-reading what I said, if you're in this position, then you wouldn't get approved for a refinance anyway. It's amazing how homeowners who want help can get stuck in quicksand.
Thinking they had fixed rates? Sorry, if they are too lazy or stupid to read the damn papers they signed, they deserve to lose their house. No sympathy for irresponsible buyers. It's the biggest purchase of your life, so what excuse is there for not taking five minutes to read the loan docs?
And many of them knew exactly what they were getting. I know people that will eventually face foreclosure. They knew what kind of loans they were getting.
If you can't read the contract you hire someone that can. That's what you do. If you can't afford to hire someone to read the contract, you can't afford a house either. JFC on a stick, blame everyone but yourself. Stupido...
That's just it. They thought they had hired a person who could read the contract. Except that the billingual person was actually cheating them so he could get his commission check.
'stupido.." are you serious? What are we in second grade?
That's 10k income for each & every person on the planet
Every penny of the 70 trillion needs to pass through a bank to pay a bill someplace
The problem is there is only about 2 trillion dollars in circulation so foreclosures & bankruptcy's are built into the system as people fail to come up with the cash to pay their bills year after year
Greed, corruption & nickel & diming each other is a way of life
If you don't have a MORTGAGE you either own your home(good for you) or you are a renter and you are owned by your landlord.Each month adding to his wealth,living by his rules,able to be kicked out of your home for any reason or even none, and earning nothing for your investment.Realeastate has made more millionaires than any other type of investment. It's good as long as you stay within your means.Renting has no financial benefit or security in your housing
I agree except for a key element which is not mentioned- if you don't pay the government they'll take your home, sell it for whatever it brings as long as they get theirs. You never REALLY own your home.
Whatever. I pay half my landlord's mortgage. And the house I'm renting has lost over $100,000 in value. You're paying for a roof over your head. The landlord is the one taking the loss, so I'm not a slave to anybody. Every time the gutter leaks or something goes wrong, I call him to come fix it. He's my slave.
There are certainly some benefits to renting.Even investors who rent properties have to make good choices on what to buy and what to pay for it.Your landlord may have bought at a bad time and/or paid too much.The benefit of ownership includes knowing you can't be forced to move.Gaining value over time.Each month you owe less and eventually you own it outright.Rent will only go up so retirement gets more difficult without ownership...It's not just a roof. It's an investment
This isn't surprising. Anyone that has seen Fahrenheit 9/11 watched George Bush refer to the wealthy as the have mores, his base knows he turned a blind eye to the future suffering of this country for the short term profits of his cronies. Greed ran rampant in this country for the past 8 years and no one knows how many years it will take to repair all of the damage.
Any bailout of homeowners would only serve to maintain overpriced housing, which benefited banks and insurance companies. More subprime loans created from the Mutual of O'Bama camp will lead to more failures, not less, in the future. Neither the DirtyDems or the Rubepublicans will disclose where they get their millions of dollars to campaign with. They refuse to, as does my governor in Wisconsin. Therein lies the real problem. Vote them out, or quit complaining.
People!Don't listento these neoconpoop -they feel so low themselves they gotta make someoneelse feel lower. Community organize!Get together with others who're losing homes.Go on Craigs List, have meetings in kitchens,or McDs.TALK!Have a sit-in.If you're gonna lose homes, don't go quietly.TELL YOUR STORIES Get it in the paper,shame moneylenders,help toss`em out of the financial temples. FIGHT BACK-O we ain't gotta barrela'money....but we travelalong, singin'a song,SIDEBY SIDE-goodnameforagroup
The CEO's of America hate Obama for taking away their planes and bonuses. They will do whatever it takes to see him fail including keep the economy in the tank. He was a naive fool to alienate them and then expect them to help him on Wall Street. His plan will fail simply because of what it represents to these CEOs. They would rather see 4 lean years then change the system. Make no mistake they will make sure he fails.
America - YOUR INVITED - to join my experimental protest in support of Money to the people.....answer one simple question...."How would you spend $297,000 dollars?"..... upload your video responses to youtube, so i can add them to my favorites, lets see how AMERICA would spend this bail out money.
The Gov. is giving out this money w/o knowing how it will spend or IF it will work... Lets tell em how we would spend it to show if we got the money THIS CRAZY IDEA WOULD WORK AND FIX THE ECONOMY!!
The sad thing about lending is that there are always 2 parties involved. I'm sorry, but if you make $10 an hour, like what the first lady made, chances are you probably shouldn't buy a house. And second, if you are a lender and your client only makes $10 an hour then you shouldn't be able to lend them money. Real simple. The government has to be involved and it's not Socialism! It's socially responsible. Just like unemployment. I've been there.
This problem started with Govt when Clinton reworked the CommReinvestAct 1995. Both parties continued this push for affordable housing through Fannie/Freddie, who gave credit to and forced banks to increase the number of subprime loans they had on the books. Then the govt allowed Fannie/Freddie to bundle these loans for sale without requiring banks to back up the package with cash. Govt told the banks, don't worry we will back you up. Govt is the root of this entire crisis.
Just a very small part of the problem, you left the biggest part out, the greed these CEO's have even when they have destroyed these companies, and the deregulations since the Regan years.
These toxic loans that the govt was pushing and forcing these companies to make in the name of affordable housing is est as 4-5 trillion. You can add up every CEO salary and bonus these bailout companies have and you won't even get to 500 billion. Both parties were big on deregulations starting with Clinton in 1995 to allow these types of mortgages. If govt had not promised to back up these loans, these companies would not have taken the risk. Govt created the environment that rewarded comp.
These lenders are crooks and should be prosecuted to the full extent the law provides, jail them this getting off with a fine is what corporations count on if anything these acts of fraud need jail time. They have ruined our country and should pay big time, and don't get me started on these so call retention pay or bonus that are given out. Now who would hire someone who took another company into a free fall? Retention pay what a joke always looking out for one of their own.
Home ownership is not a right. Homeowners are entitled to pay their mortgage and shut the fuck up. Mad because your house lost value? Too bad. Deal with it or walk away. You don't get any bailouts. Why should homeowners get bailouts and not renters? Why should my tax dollars subsidize some asshole's McMansion. Shut your fucking faces and act like grown-ups, you little babies.
What cool aid? That's how it works in the real world. Homeowners are now the biggest bunch of whiners to have ever existed. I've never seen such a false sense of entitlement. It's pathetic.
In the real world there should be regulations against most of what put our country where we are now. The banks borrow $30 on $1 this monetary system is wrong as a nation we should nationalize our banks, they are to important to have them in private hands we never should of given our power to make money to the private sector. Nationalize the money makers like they were before give the purse of our country back to the people (our government).
Govt policies were the cause of this crisis. As part of govt push to have affordable housing, govt required banks to have a certain number of their loans as high-risk. Then the govt. allowed credit swaps so that banks didn't need to back it up with cash because the govt promised to back up the loans. Do you really think the people who caused the problem are the ones to solve it??? Govt solution to our borrow, spending, debt problem is to borrow, spend and create more debt.
Millions of Americans are losing their homes after being duped by banks with predatory lending practices. Meanwhile, the banks are getting multi-billion dollar bailouts. The foreclosure crisis at the heart of the economic meltdown is affecting nearly everyone in our country right regardless of whether or not you own a home.
Well those fat happy homeowners that lied on their loan applications about their income, watched the values of their houses soar, and liquidatrf their equity and spent like mad-men. That affected everybody positively. Now it's the reverse. Too bad. Deal with it.
Nobody deserves anything. If you were too stupid to read the terms of your mortgage or believed that a 20% property increase per year was normal and comes without a massive backlash, you should be renting like the rest of us.
The banks verified their income through paycheck receipts, tax documents and banking account statements. Don't blame the homeowner. Blame the underwriters who wanted to greenlight a sub prime loan. They took these homeowners and switched them from a loan they could afford to something they couldn't.
No, dummy, they didn't. I had a roommate buy a $320k house on a $35k salary. Asked him how and he said he lied about his income. They're called no-doc liar loans, or NINJA loans (No Income No Job or Assets). It was stupid of the banks to offer them, but it was the dumbass greedy buyer that was lying. Get your facts straight and stop defending deadbeats. They don't deserve their housees, they deserve a powerful lesson in fiscal responsibility.
My neighbor got his home loan by stated income. He just told his lender how much he made. He lied so he could get the loan, but he still could afford the house despite. But guess what Stinkypoon, there are always to sides of the fence when it comes to lending & borrowing. You're friend might have bought a $320k house with a $35k income, but the banks also gave him the money, which was stupid on their part. They're just trying to make money. I was approved for way more than I could afford.
Well said. I'm so sick of this attitude among the American people that they deserve a home, that they deserve a reliable job, that they deserve financial stability. Where in the founding documents of this country does it say anything about cost-free entitlements? "Fat happy homeowners" indeed, stinkypoon. If they only knew the long-term consequences of suckling off a corrupt government's teat, they might act differently, but I have little faith left in the critical thinking skills of Americans.
Govt was forcing these banks to make this high risk loans as part of the affording housing push. Govt told banks it would back up the loans. Govt created this crisis.
Americans are stupid! I am black, retired and just paid off my mortgage. I bought this house after I retired. I paid a down payment after fighting off a suggestion from the lender that i need not pay it. She suggested I buy furniture instead. Already had furniture, already paid for. went on to double my payments, took over paying my insurance. Its all in the planning folks, and not buying more than you can afford.
Mexicans who have subprime mortgages default twice as much as whites with subprime mortgages.
They got homes they couldn't afford because they thought they were gonna get paid off the appreciation, now that they aren't, they are trying to trick middle america into paying for their failure by going to liberal institutions and claiming victimhood.
Sorry fence jumper, no free lunch for you or your granny on my children's back. Your lucky to be here in the first place.
Fence jumper, how do you know if this women's family has lived in the USA before Jamestown existed? You can't know that, anymore than I know they did. We all would do well to remember who was first in line to approach a conservative Administration for a hand out. The same conservative administration that stopped States from enforcing State laws that could have nipped these mess in the bud.
silence tax slaves, we need more bonuses you tax slaves must pay more money to us millionaires, back to work you gotta pay off my new corporate jet, the country is run by and for Millionaires and tax slaves gotta support the millionaires life styles
The total tally for Iraq/Afghanistan is project to reach $4 trillion (including things like long-term care for injured vets). To date, it's $900 billion, which is still more than the stimulus package.
Obviously, most of the posters either don't own real estate and are full of chit. I have a great income and my mortgage is fine. The problem is that neighboring homes are going into foreclosure and selling for 40% less than what my home is worth. So poo poo everyone who made a bad loan, eventually YOUR home will be worth less as a result. The dirty little secret is that there is no help for those who are paying their mortgages on time while they watch their comparibles drop 40%.
Quit crying people! Shouldn't be bailing out anyone. Giving money which is owned by the taxpayers to another group of people doesn't fix the mistake of giving it to the banks themselves. Suck it up and MAKE MONEY THEN BUY THINGS.
I am a Mortgage banker and have seen personally the troubles in the mortgage markets.There is a lot of bad information being passed about this.Firts is any broker or bank makes more money on a prime loan not a sub prime.The advantage of going SP is the ease of the application and approval thats all.The borrowers need to read the documents and understand it. If they dont speak english they should request a translator as I would if I were in Mexico.There is a reason the others were not on the loan
That is one real problem right there. If these mortgage bankers had to keep these loans I don't believe they would have sold them to people to begin with.
There are many reasons to choose an ARM. Most SP loans were 2/28 or 3/27 ARM so if they went SP they didn't have a choice of a fixed rate.There are prime ARMs that often have lower rates and interest only options.Fixed rates are usually PITI.Sloppy lenders didn't care about the future of the loans but only if they could sell it on secondary.Yes I still have my job.I was in this before the SP era and will be for many years to come.I like helping people.First time buyers are my favorite type
You are so right. We should instead give the money to Iraqis who need it much more. And also we can't forget about Haliburton which is now based out of Dubai and Blackwater. They need the money so much more. And we can't forget about the Banksters private jets too. Why should they have to fly first class and breathe the same air as in coachclass?
Why is a person greedy if they want a place to live? furthermore, how is someone supposed to save money if their normal monthly income just covers their basic monthly costs. Using the money you would be paying for "rent" to make payments into a home is the whole idea. If your home loan payments go from 1000 a month on month 1 and them jump to 3000 a month on month 6. Why are they greedy pigs? What makes them greedy pigs to want to make normal regular and reasonable payments? "raswirsky" ?
What this all comes down to is, they SIGNED the papers. No one held a gun to their heads and made them sign. If you are to stupid to understand that your 10 dollar an hour paycheck can't pay for a 400 or even a 200 thousand dollar house then to bad. I Don't feel bad for these morons, All your bailout will do is subsidize dumb ass decisions. If you don't understand what it says....DON'T SIGN IT!
Vitalon1152: Yes, no one held a gun to their heads. Yes, they probably weren't all that bright. But...and I use that loosely, the banks also knew that they couldn't afford to pay it back. Why on earth would banks lend so much money to people who they KNEW would go into default? I hate to sound like a conspiracy theorist, but good grief. Seems to me that there is a lot more to this story than we have been led to believe.
The banks HAD to lend to minorities under CRA. Lawyers were suing banks all over the country for not loaning money. Of course the actual broker still made a bonus for signing these people, but the banks were hesitant to do this and were legally forced too. And that is partially why the government bailed the banks out when these people defaulted.
Obama sued Citibank to make them give more high risk minority mortgages in Chicago, btw. Google it
Good Lord go back and what was said in the video. Nothing to do with the CRA, just fraud on part of the lending industry. Persons qualified for conventional loans steered into sub prime. Last minute switches from fixed rate mortgage to ARM. You are perpetrating a lie created to shift blame from the real crooks. If not a lie, a gross misrepresentation of the facts.
mhmmm, so with that logic, many mexicans with incomes that made them eligible for better loans got stuck with sub prime loans. Well how come they are defaulting on sub prime loans at twice the rate that whites are defaulting on their sub prime loans?
Anyway, if these people were still living in Mexico, they would be shitting in a hole in their back yard. Bailout?! This is a fucking joke, they need to GTFO so our unemployment can go down.
Yes the CRA is did prohibit discrimination, but you are still spining the facts. The lawsuits where to force banks to loan to minorities, who's credit ratings where as good as or better than those of some of the white majority who where receiving loans. The CRA never required banks to make risky loans, but cautioned against banks doing so.
Correct... I've bought three homes in my life time all three Banks made a through credit check of my credit, one who charged me twice for credit check (I was hot about that) I've paid off all the loans, sold one house years ago and have 2 homes one rental and I've always have been told that I could afford more then I was willing to pay for any home, Living pay check to pay check is not my idea of fun. I always made sure that it was a fixed rate mortgage.
5U You are so far off the mark it is just plain ridiculous. Where did you get that Obama sued Citibank from Fox fair and balanced or some other neo-con media?
No bank was forced to loan to people who were not employed or could not pay the payment, these lenders new they were making big money on these loans and they knew they were going to package them off and sell the junk to someone else. They were just to greedy.
This is a good video. It is great to see that this community of homeowners is working together to negotiate their loans. It is just sad that they have these awful loans in the first place.
Our efforts to get the credit market on track must include fixes for the real people, highlighted in these videos, losing their homes and losing all the money they have put into it. Thanks for doing this Brave New.
People -- don't forget that most loans financed during the years 2003-2007 had a pre-payment penalty. The timing of these pre-payment penalties were impecable. In that, most people agreed to a pre-payment penalty expecting to refinance when the penalty period expired and then found their house upside-down and unable to refinance.
Why did it take a short time to pass support for the banks and it's taking far longer to pass support for the people? Do a little math people, the rough population of the US is 300M the bank bailout was for (I think 780B) 300M into 780B = 26,000,000 for every man woman and child in the United States, how would you stimulate the economy with that much money?
THAT is the question that I'm asking on my youtube account...would you like to send me your video response...the amount we are using is $297,000 after taxes
Rep. Dennis Kucinich was on the floor a few days ago and essentially said that GIVING BIG BANKS BILLIONS OF TAXPAYER DOLLARS while our homes decline in value 10-30 percent+ IS A DIRECT WEALTH TRANSFER FROM THE U.S. MIDDLE CLASSES TO THE BIGGEST MONEY IN THE WORLD. Thank God for CSPAN (and public servants like Kucinich who speak the truth)...
The American people, and us Democrats are ticked. WE cannot trust the banks and their CEO's. Their needs to be more regulating, or else the banks will walk away with more money that rightfully belongs in the pockets of the people and taxpayers of main street!
there was another crisis like this in 1987, where hundreds of savings&loans failed. a scandal arose in the US Senate. 5 senators were tried. 3 were severely punished, and lost their jobs! 2 didn't get punished at all, because they were "AMERICAN HEROS". one of them was John McCain! it is a MIRACLE that america avoided that man in the white house! or things would be ALOT worse!
Why question the need for rules, for regulations, for laws? Our species cannot function safely and consistently well without them-as we are currently well aware. Did not God deliver Rules to us? Did not God deliver Laws to us? Did not God set Regulations into place for us? Do not Lie. Do not Steal. Do not Misrepresent yourselves. Do not Lust after that which others may have. Govern us; stop politicing and just govern as you were elected to do.
"Trickle Down" = Piss on you, that's what it mean.
Arrest the predatory lenders and assist the victims, not the perpetrators. MAKE 'EM GIVE OUR MONEY BACK, INSTEAD OF REWARDING THEM WITH MORE MONEY!! This is SUPPOSED TO BE AMERICA, isn't it?
oh and there are more empty home on the market than people who need homes, let's give them away based on income - urban renewal.
Here's the plan:
You enter into a home/condo lottery and you win a home - the cost of the home will be based on your income over the last three years.
If your income goes up so does the the rate or cost of the mortgage payment, but only above inflation or poverty line. If your income falls you go back to the original rate.
This also works for current home owners who are about to lose their homes.
We're buying these crap assets anyway mine as well get some property out of it.
You can sell your home any time, but then you opt out of the program and lose any equity.
After 7 years you get to keep any equity if you sell, but the houses, must remain in the government program for at least 30 years. Which means you can only sell to people eligible for the program -
This also promotes a more equal ownership society.
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OCCUPY WALL STREET
occupytheworld22 1 month ago
I firmly believe that we ALL will soon be replevined. The banksters WILL be forced to return the property they have stolen. Nutshell: The borrower signs a note. The lender receives a bond. Those are two different things. If we let them continue with this fraud you are giving houses to brokers who never put up a penny for the funding of the note. We don’t expect free houses, but we certainly don’t expect the brokers to get free houses either which under the current system is clearly the case.
AceOfHeart2012 7 months ago
Visit this website page to stop foreclosure immediately! (icansuemylender . com) the reason the website name is separated youtube wont let you post websites as comments. It Saved MINE HOME!!
ANYSIA000 9 months ago
Anyone took a bonus with the Govt Bailout Money = Satan
TeraStellar 10 months ago
What about the people who made the right choice of not getting into the market? I could have taken the crazy loan to buy a mansion. I didn't, cause it was more than 5X my annual salary. I made the right choice. In a mean time, my asthmatic son and I were forced to live nearby freeway to continue suffering. Thanks to those idiots who decided to jerk up the price by recklessly paying higher price for a house.
singlefather01 1 year ago
This is so sickening even the damn pastor is encouraging financial irresponsibility. Go and spend someone elses money when you can't pay back cry to the government and he'll bail you out. What a stupid parasitic mentality! No amount of bail out or financial support will save them from their genetically predetermined poverty class.
moniequa 1 year ago
@moniequa I hope you suck cock better than you comprehensively watch a video. By the way you must be just fine and sucking cocks and making your mortgage! Good Girl! 5cents a blow must be keeping you busy. The PRIEST not Pastor suggested that all four in the family should have qualified for the loan instead of the Mother that made 10 bucks and hour hence making the loan a higher percentage rate in the long run. The family seems honest and willing and able to pay collectively.
alreltney 1 year ago
I would say you would love to help rush limbaugh, Hannity and Beck find their small cocks so you could suck em off for that hard earned 5 cents.
alreltney 1 year ago
@alreltney, is that what you do for your loans? You sure know a lot about sucking cocks to pay mortgages, ahahahaha.. stupid dumb ass.
moniequa 11 months ago
@moniequa Nope I don't need loans. But some do. But I suspect that when you need one you simply find a bank with a male CEO and offer to cram as much rod in your gullet as possible then walk away with the same credit rating and 14% APR as you did before you gullet crammed cock. So I guess what I am trying to say is you don't need a reason to get your gullet crammed with cock you do it for the love if it.
alreltney 11 months ago
@moniequa why you just go to sleep and dont wake up looser
1382Ramon 10 months ago
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bvnbmklopvcxzas 1 year ago
The amount of modifications do not equal bailout money, but I did see these places offering the same loans, now they can make more money off it offering normal rates with the funds for the mods at different rates
419boyos 1 year ago
The blame should be on the purchaser of the loans. The greedy buyers who knew they couldn't really afford the properties are at fault for getting involved and signing the loans. The saddest thing is that the greedy people that bought homes they couldn't afford with no down payment and adjustable mortgages think they deserve a bailout. It's the people who were smart enough to continue renting and didn't accept one of those bad loans that deserve a reward, since they were not part of the mess.
1stPlaceDirector 1 year ago
@1stPlaceDirector, I'm with you 100%. Financially responsible renters should be rewarded with some financial aid. They helped the economy by living within their means therefore they didn't contribute the national deficit. The borrowers should be prosecuted for lying on their applications and for not paying their mortgages.
moniequa 1 year ago
no you should put in prison like all this bankers
1382Ramon 10 months ago
@1stPlaceDirector just go fuck your mom
1382Ramon 10 months ago
the bailouts should have went to the people who got screwed over, not the Dam banks!
SimplyStupidNews 1 year ago
its a tragedy on how the banks are put before the American people who fund the banks in the first place! My channel is chalk full of videos on how the banks have been scamming since before the recession. I'd appreciate if comments were made on my videos.
MoeBedard 1 year ago
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salko007 1 year ago
Low housing costs are good. households making $59,000 a year or less (75% of the households in the U.S. make that much), can only afford a $147,500 house as a rule of thumb. The average house in the U.S. was worth $292,600 in 2008. That means the household would need to be making $117,040 to afford it. A household making that much money is in the top 5%. So housing has to drop a lot more to be part of the American dream.
orlock20 2 years ago
It's too bad that the media always portrays the victims of what's happened as poor uneducated minorities. The truth is, every homeowner in the world has lost equity, had their peace of mind destroyed, and seen their retirement resources evaporate as a result of this Wall Street ponzi scheme. Banks did everything in their power to assure people it was a wise decision to buy a home, and government kept collecting the fees on building permits. These are the same people whose job it is to protect us
farmboycarl 2 years ago
@farmboycarl and too bad stupid ass home buyers continue to buy despite the fact home market is declining. Bankers, realtors, loan officers, and most of all home buyers deserve what they get. LOL
moniequa 1 year ago
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packrellerey 2 years ago
We The People (through the election process) should have equal seats and voting power on the Federal Reserve Board. The FED care's only of bailing out the CEO's of Wall Street & the Bank's.Not the familie's that are losing their homes to foreclosure.Enough of bailing out Wall Street and the banks with our money from the FED and we have no say in it. It's time we deep-six the FED for the sake of the working class people of our nation.
ciro9 2 years ago
America,
So much greed in the place where your morality should be. We'll see how smart you uncle toms are when your families and high rise penitentiaries are destroyed by the flame of public outrage. Laugh now in the face of crisis, spurn on the hate that allows you turn a blind eye, but when it consumes you and all those you love...don't ever ask why.
snoopyviewz 2 years ago
Blind eye??? You mean we cant see 38.6% in taxes going out of our payechecks every week? That kind of blind eye????
BeantownJim 2 years ago
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Welcome, taxpayers, to the Kabuki Theater of AIG Outrage - where DC's Best Performance of Hypocritical Indignation is showing. Spare me President Obama's finger-wag. He's "outraged?" Meh. Chris Dodd, the corporate crony who is the largest recipient of AIG donations, Obama is the 4th. If we hadn't bailed out AIG = no bonuses for greedy execs.
Bailout-a-palooza is not good for all you naive voters that voted for hope & change without knowing what it meant. It's not American Idol, vote smart.
hellotommy 2 years ago
check for a green card
BeantownJim 2 years ago
hey asshole, if they fuck over a spick, its just a matter of time before they get to the poor white trash.
If white people had a heart none of this shit would've happend.
You should be ashamed of yourself.
eyewitness043 2 years ago
i have no shame i owe nobody a car or a house or free credit so go fuck yourselves
BeantownJim 2 years ago
You will be fucking yourself when the devaluation of the dollar by appropriating the bailout funds to foreign countries, the hyperinflation and the currency conversion to the Amero happens. Then even you won't own shit.
Welcome to the NWO.
BornCitizen 2 years ago
The NWO started when you blue eyed savages entered into the lands of the people you intended to conqeir.
The European is in no moral position to lecture anyone.
eyewitness043 2 years ago
Affirmative action banking, ACORN, Fannie and Freddie Sub prime, Bank collapses Credit stops, Building stops = economy collapses
BeantownJim 2 years ago 3
watch?v=vitSBqhWjfc
pissysteve 2 years ago
Quit calling these morons "homeOWNERS." They never owned it, and never could. The proper term is "squatter."
ellesstee 2 years ago 2
Would my mortgage be in english if I bought from a mexican institution? Learn to read or dont buy a damn house. All these excuses from these underwater "home debtors" I lmfao. Stop fucking up people.
Rspringscabin 2 years ago
Um, the truth is that if you are not a Mexican citizen you cannot own property in Mexico. So you'd never get a mortgage loan waved in your face in Spanish, let alone English. Mexicans are historically paranoid about foreigners owning anything on Mexican soil. Look up Pemex and other nationalized industries. You'll see what I mean.
markusr2001 2 years ago
Sorry these families are suffering BUT a red light was lit.. with the first interviewee your parents wanted a larger home but you thought your mom would not qualify b/c she was not making enough money! But your still bought it? So maybe they should have stayed in their smaller home which they could actually afford. Sorry dude but it was the banks, lenders, and YOUR mistake.
melodiaD 2 years ago
Yes that is a good chunk of it. people took out loans when they couldn't afford it. The banks shouldn't have given those loans in the first place. But there are some people who were lied to and they signed the contract under false pretenses, and they didn't understand the full ramifications of it all. In that aspect, the banks must be held accountable
RedNymph234 2 years ago
Comment removed
ellesstee 2 years ago
you must have missed the part, where they were ALL going to go into loan together to get a prime fixed rate. The banks had said no, so that they can screw them with the subprime one.
With the Fixed rate they would have afforded it, The bank simply lied to screw them.
What ever happened to the honest banker?
eldolac 2 years ago
If the bank denies you a fixed rate and offers a subprime you put on your thinking hats & research your ass off , understand what you are getting into. Some people just wanted a BIGGER home at all cost. I am not saying everyone facing foreclosure were being unrealistic. Wish there was a way to dissect the foreclosure crowd and compare how many were actual fraud victims and which just didn't flip on time.
The banks are to be held responsible 100%.
But ignorance is also part to blame inexcusable.
melodiaD 2 years ago
If these were isolated incidents that happened here in there....then you might be right.....but when it is a National EPIDEMIC its a huge scam.
BANKS OUTRIGHT LIED, what don't you get about this. Others were slickers then others, small time folks have gotten punished, but the big wigs stay smiling.
It seems to me your just stuck on the fact "they wanted a bigger house", They did qualify and could afford it. It just seems like your jealous. Unfortunately they and others were scammed.
eldolac 2 years ago
Jealous really?Yeah I would LOVE to be in foreclosure.Thankfully we were SMARTER then these "victims" and didn't fall into ARM/Prime mrtgs.We KNEW the housing bubble would burst and researched these toxic mortgages being offered. We bought a foreclosed home.A stealer sweet deal. 30 YFR w/ 20% down the old fashion way. Maybe these "victims" will educate themselves and not sign anything out in front of their noses. You are right It is a national epidemic of idiots both bankers and gullible buyers.
melodiaD 2 years ago
screw you...it is not that simple. And you know it. I think you feel guilty for living in the foreclosed home you now have because another family LOST IT. Con artists are JUST THAT...the banks,loan officers, realtors..all of them. so suck it up and be happy you're OK.
sparkleme1237 2 years ago
Comment removed
melodiaD 2 years ago
how about NO BAILOUTS!
underbird 2 years ago 2
are you retarded?
Coldz2001 2 years ago
troll
underbird 2 years ago
Wtf is a troll...you don't even know what a bailout is, if AIG falls almost all of America falls with it.
Coldz2001 2 years ago
you are
underbird 2 years ago
The problem wasn't the bailout. Keynesian economics believes the Great Depression became just that in part because there was no bailouts. What was needed was conditional lending. That's really how Warren Buffet made his money. It wasn't from holding stocks. It was conditional lending to start up businesses. Throwing money to greedy people won't do anything. Forcing them to repay the money later or face major problems such as jail time would have gotten something done.
orlock20 2 years ago
Well unfortunately thats wrong. The depression was caused initially by the fed limiting the money supply and then by the endless government programs and regulations which were put forward to end it.
Just let us, the people, keep our money and we will choose the winners and the losers. No govt is as efficient as the people when it comes to this.
underbird 2 years ago
That's why I mentioned Keynesian economics. It has be the offical government policy for decades. I was in favor of direct government lending and not through some other party either. If the government bought out those foreclosed homes, it could have set any policy it wanted to the person trying to own the home even if it was rent to buy which I'm in favor of.
orlock20 2 years ago
Yeah more debt thats the answer. Maybe they could let us keep the money we earn instead?
underbird 2 years ago
I really liked your channel and this video. If you need any help getting this video exposed I use a site called tubeviews.(net) It has really helped like 20 of my main videos get to the top in position. Its nice.
There is software im using to send atleast 20,000 text message a day advertising my online business...it is amazing. I think they have a free demo to try as well autotextsender.(c0m) God Bless!
that is very awesome i love this
PADUANOzx 2 years ago
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NewChristianSoldiers 2 years ago
As soon as this country gets back to living off of Needs instead of Wants we are Doomed! I am by no means wealthy! But i am so happy that i don't buy big Chevy Suburbans or try to appear successful! People think i have alot of money because i don't spend! I am much more into saving! I keep myself in Good shape don't smoke don't drink! and Work whenever i can so i don't every put myself into the situation most of you put yourselves in America! O yeah and mayble you will punish me for it 2
jbeyers84 2 years ago
You have what's called common sense, and it's not so common. I love how people like these people in the video dodge responsibility for their own stupidity. If one person would say "Gee I screwed up, can you help me?" I would. But they blame everyone but themselves. That's what's wrong with this country. Nobody accepts responsibility for their actions. Blame it on the loan officer, blame it on "the man". Look in the mirror for once! YOU signed it.
Idiots...
rgviza1 2 years ago
yeah true but i am sure many people didn't understand all the legal aspects of signing that loan
RedNymph234 2 years ago
o Israel has killed Americans (eg. Sailors on USS Liberty, Rachel Corrie, etc...)
o Israel spies on this country.
o Israel blackmails our corrupt politicians.
o Israel steals our taxes.
o Israel uses our country as their toilet.
For more info, see visit my "Favorite" tab.
Please distribute this post and tell your Senator and/or Representative about Israel's killing Americans, heinous crimes, stealing our taxes, and its spying on USA. Peace!
HateAllNazis 2 years ago
I want a house. Buy me a house! A big house, with a lot of land. I want to live the American dream, and other people need give it to me. The money appears from nowhere!
aviandy 2 years ago
The bailout was the biggest swindling of American tax dollars I've ever seen. And what's worse is even after this republicans/many Americans STILL don't understand that trickle down bullshit doesn't work! The money that goes to the top STAYS at the TOP. Period!
Starmexus84 2 years ago
Too many people without the means to pay their mortgages were qualified for loans. Lending fraud ran rampant for the lenders to make money by selling the loans to others in subprime. Give the people their initial downpayment back & find them reasonable affordable places to live. Make the fraudulent bankers pay huge fines, take away all of their assets to sell and put them in prison for the rest of their lives with Bush Cheney & all of the lying neocons & republican witches.
074August 2 years ago
Meanwhile, the US news media remained characteristically clueless about why Spitzer was taken out. It's simple. He had the goods on Bush adminstation colusion with predatory lenders and was preparing a case that would have tied the administration directly to wide spread fraud and criminality in the lending business. washingtonpost . com / wp-dyn/content/article/2008/02 /13/AR2008021302783
RonPaul2008dotcomluv 2 years ago 2
Yes! Yes! Yes!
carolginz 2 years ago
Elliot Spitzer:
After spending a lifetime as an attorney and governor fighting the corruption on Wall Street, governor Spitzer lost his job because of a prostitution scandal. The irony is the Patriot Act was used in the surveillance of Spitzer. No charges were ever filed against Spitzer but he did lose his governor job.
RonPaul2008dotcomluv 2 years ago 2
I agree with this post. Yes, Elliot Spitzer should have known better, meaning he knew enough about the system not to get caught. Frankly if he wants to patronize prostitutes that is no one's business but he and his wife's. I believe he was hunted and taken down because he knew all about the greed, fraud and corruption on Wall Street and was smart enough to stop it. So they, the crooks on Wall Street, the bankers and the disastrous Bush administration took him out so he could not expose them.
carolginz 2 years ago
BURN WALL STREET TO THE GROUND AND ABOLISH THE FEDERAL RESERVE!!!!!
Try these assholes with the highest crimes in the land and HANG EM HIGH!
cosmicwoman 2 years ago
Home Buyers: do not burn your homes! Keep the home inventory HIGH...let them burn the homes! The excess home inventory is killing the punk-bankers, loan originators, real estate agent! all who prospered and preyed on this mess.
uturniaphobic 2 years ago
it's amazing how people who were too lazy/greedy/stupid to read the contract, drove up housing prices, and used their homes as ATMs are now 'victims'?
2luper 2 years ago
It's amazing how these bankers/CEO's can live with themselves with the trouble they have started, and pay themselves multi-million dollar packages. Ha, Islam knows better, don't trust the banks.
Pillat07 2 years ago
THANK YOU BRAVE NEW FILMS. You are the best!!
betterpresident09 2 years ago
I know what you mean. I live in an area where within 1/2 a mile of each town prices range greatly. In the last 10 years of less, some of the prices on one bedroom houses, in areas in the past I considered bad, were selling for 3/4 million. I know a realtor in this area and I know that realtors have not been given enough look-into and their culpability in house prices being inflated. LOOK AT THE REALTORS FOR A WHILE.
betterpresident09 2 years ago
There's two sides to this issue: 1) People need to read and understand the entire contract before they sign it. 2) Loan officers/lenders shouldn't take advantage of those who are uneducated because they tend to trust those who ARE educated.
Be honest about your financial situation and be honest with your business dealings.
MishuTaste 2 years ago
"my mom wanted a bigger home but wasn't making enough money?" are you fucking kidding me! If you can't afford you should know better! blame the banks all you want but a TON of this is the people wanting something they have not earned. How stupid are these people!
weeds121980 2 years ago
enthdigry..you are right. People looked at the amount of appreciation not the real value.They thought they couldn't lose because the value was going up so fast.False value was given to many properties and now these are the loans in trouble.When the lenders does a modification they often lower the balance of the loan,extend terms,and lower the rate.This cost is being paid by us the tax payers.Plus the lender still uses the original note to borrow from the federal reserve...double dipping
ctcashout 3 years ago
I live in California and make well above average, yet I knew houses were overpriced and the bubble would burst.
People who bought in to it just because they could get the loan are the reason prices are so high. If they get bailed out then houses will never be affordable.
enthdigry 3 years ago
Exactly. Those of us that didn't become greedy homeowners should not be put on the hook for the decisions of stupid people buying more than they could afford. They should lose their houses, and the houses should be sold for cheap to those that are responsible.
stinkypoon 3 years ago
Did you even watch the video? The point is people were not given full information about their loans, thinking they had fixed rates when really it was an ARMS. It has nothing to do with greedy homeowners, just greedy bankers. Besides foreclosures result in everyone's property values declining, so everyone loses, not just those who lost their homes.
chandajh 2 years ago 4
Exactly. I'm doing modifications right now and this is what has happened to a lot of homeowners. They think they're getting a fixed rate, but it turns out to be a fixed for 5 years or so, then it adjusts, which is a hybrid rate b/c it's a combo of fixed and adjustable. BTW, if anyone is struggling with their mortgage payments or if going into foreclosure and is interested in getting help or making their mortgage payments more reasonable without a refinance, just send me a private message.
raby760 2 years ago
....and re-reading what I said, if you're in this position, then you wouldn't get approved for a refinance anyway. It's amazing how homeowners who want help can get stuck in quicksand.
raby760 2 years ago
Thinking they had fixed rates? Sorry, if they are too lazy or stupid to read the damn papers they signed, they deserve to lose their house. No sympathy for irresponsible buyers. It's the biggest purchase of your life, so what excuse is there for not taking five minutes to read the loan docs?
And many of them knew exactly what they were getting. I know people that will eventually face foreclosure. They knew what kind of loans they were getting.
stinkypoon 2 years ago
While your tact leaves a lot to be desired I agree except for the people who had the 'fine print' put in a language that they could not read.
Starmexus84 2 years ago
If you can't read the contract you hire someone that can. That's what you do. If you can't afford to hire someone to read the contract, you can't afford a house either. JFC on a stick, blame everyone but yourself. Stupido...
rgviza1 2 years ago
That's just it. They thought they had hired a person who could read the contract. Except that the billingual person was actually cheating them so he could get his commission check.
'stupido.." are you serious? What are we in second grade?
Starmexus84 2 years ago 2
Nobody does the math or connects the dots anymore
GDP of the planet is about 70 trillion
That's 10k income for each & every person on the planet
Every penny of the 70 trillion needs to pass through a bank to pay a bill someplace
The problem is there is only about 2 trillion dollars in circulation so foreclosures & bankruptcy's are built into the system as people fail to come up with the cash to pay their bills year after year
Greed, corruption & nickel & diming each other is a way of life
SlaveStorm 3 years ago
people this is financial terrorism, they should round them up, throw them in jail in GITMO for the next year before it closes!!
Isawanangel1X 3 years ago
A "bank" can technically take your home whenever they feel like it. Even if you pay it on time the bank can take it back because they own it.
fifafoofoo 3 years ago
How can they take it from you if you`re making your payments?Are we not protected when you close on a house?
mittenola 3 years ago
If you don't have a MORTGAGE you either own your home(good for you) or you are a renter and you are owned by your landlord.Each month adding to his wealth,living by his rules,able to be kicked out of your home for any reason or even none, and earning nothing for your investment.Realeastate has made more millionaires than any other type of investment. It's good as long as you stay within your means.Renting has no financial benefit or security in your housing
ctcashout 3 years ago
I agree except for a key element which is not mentioned- if you don't pay the government they'll take your home, sell it for whatever it brings as long as they get theirs. You never REALLY own your home.
anyusmoon1 3 years ago
Whatever. I pay half my landlord's mortgage. And the house I'm renting has lost over $100,000 in value. You're paying for a roof over your head. The landlord is the one taking the loss, so I'm not a slave to anybody. Every time the gutter leaks or something goes wrong, I call him to come fix it. He's my slave.
stinkypoon 3 years ago
There are certainly some benefits to renting.Even investors who rent properties have to make good choices on what to buy and what to pay for it.Your landlord may have bought at a bad time and/or paid too much.The benefit of ownership includes knowing you can't be forced to move.Gaining value over time.Each month you owe less and eventually you own it outright.Rent will only go up so retirement gets more difficult without ownership...It's not just a roof. It's an investment
ctcashout 2 years ago
If you have a MORTGAGE you are NOT a "home owner" - you are OWNED by the banks
CarryANation 3 years ago 2
This isn't surprising. Anyone that has seen Fahrenheit 9/11 watched George Bush refer to the wealthy as the have mores, his base knows he turned a blind eye to the future suffering of this country for the short term profits of his cronies. Greed ran rampant in this country for the past 8 years and no one knows how many years it will take to repair all of the damage.
hellhound911 3 years ago
Greed trumps integrity too much today and those involved seem to have no conscious.
sloopy312 3 years ago
Let's just make adjustable rate mortgages illegal. It was always a risk for the homeowner and a boon to the lender.
This story is so inspirational. When people get organized they can really improve the fairness of any system.
sophiemarie49 3 years ago
which is probably what those greedy assholes counted on...
tickitytak 3 years ago
Houses were Overpriced, they have to come down, and they are.
SATANSbankers 3 years ago
People honestly thought it would help homeowners? Wow, once you give money to jews your not going to get it back.
DaytonaRoadster 3 years ago
What we can do if there in't democracy in EEUU ,only 4 o 5 families have the power and they handle the world..
maragoza2007 3 years ago
Any bailout of homeowners would only serve to maintain overpriced housing, which benefited banks and insurance companies. More subprime loans created from the Mutual of O'Bama camp will lead to more failures, not less, in the future. Neither the DirtyDems or the Rubepublicans will disclose where they get their millions of dollars to campaign with. They refuse to, as does my governor in Wisconsin. Therein lies the real problem. Vote them out, or quit complaining.
kunf0002 3 years ago
People!Don't listento these neoconpoop -they feel so low themselves they gotta make someoneelse feel lower. Community organize!Get together with others who're losing homes.Go on Craigs List, have meetings in kitchens,or McDs.TALK!Have a sit-in.If you're gonna lose homes, don't go quietly.TELL YOUR STORIES Get it in the paper,shame moneylenders,help toss`em out of the financial temples. FIGHT BACK-O we ain't gotta barrela'money....but we travelalong, singin'a song,SIDEBY SIDE-goodnameforagroup
coventrygirl6 3 years ago
The CEO's of America hate Obama for taking away their planes and bonuses. They will do whatever it takes to see him fail including keep the economy in the tank. He was a naive fool to alienate them and then expect them to help him on Wall Street. His plan will fail simply because of what it represents to these CEOs. They would rather see 4 lean years then change the system. Make no mistake they will make sure he fails.
RonFella 3 years ago 2
America - YOUR INVITED - to join my experimental protest in support of Money to the people.....answer one simple question...."How would you spend $297,000 dollars?"..... upload your video responses to youtube, so i can add them to my favorites, lets see how AMERICA would spend this bail out money.
The Gov. is giving out this money w/o knowing how it will spend or IF it will work... Lets tell em how we would spend it to show if we got the money THIS CRAZY IDEA WOULD WORK AND FIX THE ECONOMY!!
BAILOUTMONEY 3 years ago
That's a great idea. I wish I had a video camera.
jpearson311 3 years ago
What we have to fix is the Corrupt banking system.
Watch Zeitgeist Addendum and Money Masters and find out how Banking was really born into being.
Banking is "SIN" and one should never be allowed to charge interest to use money. The money should be omnipresent like AIR
golcynski 3 years ago
The sad thing about lending is that there are always 2 parties involved. I'm sorry, but if you make $10 an hour, like what the first lady made, chances are you probably shouldn't buy a house. And second, if you are a lender and your client only makes $10 an hour then you shouldn't be able to lend them money. Real simple. The government has to be involved and it's not Socialism! It's socially responsible. Just like unemployment. I've been there.
jpearson311 3 years ago
This problem started with Govt when Clinton reworked the CommReinvestAct 1995. Both parties continued this push for affordable housing through Fannie/Freddie, who gave credit to and forced banks to increase the number of subprime loans they had on the books. Then the govt allowed Fannie/Freddie to bundle these loans for sale without requiring banks to back up the package with cash. Govt told the banks, don't worry we will back you up. Govt is the root of this entire crisis.
parisrai 3 years ago
Just a very small part of the problem, you left the biggest part out, the greed these CEO's have even when they have destroyed these companies, and the deregulations since the Regan years.
knowhelpnow 3 years ago
These toxic loans that the govt was pushing and forcing these companies to make in the name of affordable housing is est as 4-5 trillion. You can add up every CEO salary and bonus these bailout companies have and you won't even get to 500 billion. Both parties were big on deregulations starting with Clinton in 1995 to allow these types of mortgages. If govt had not promised to back up these loans, these companies would not have taken the risk. Govt created the environment that rewarded comp.
parisrai 3 years ago
These lenders are crooks and should be prosecuted to the full extent the law provides, jail them this getting off with a fine is what corporations count on if anything these acts of fraud need jail time. They have ruined our country and should pay big time, and don't get me started on these so call retention pay or bonus that are given out. Now who would hire someone who took another company into a free fall? Retention pay what a joke always looking out for one of their own.
knowhelpnow 3 years ago
Home ownership is not a right. Homeowners are entitled to pay their mortgage and shut the fuck up. Mad because your house lost value? Too bad. Deal with it or walk away. You don't get any bailouts. Why should homeowners get bailouts and not renters? Why should my tax dollars subsidize some asshole's McMansion. Shut your fucking faces and act like grown-ups, you little babies.
stinkypoon 3 years ago
OMG are you drinking the cool aid.
knowhelpnow 3 years ago
What cool aid? That's how it works in the real world. Homeowners are now the biggest bunch of whiners to have ever existed. I've never seen such a false sense of entitlement. It's pathetic.
stinkypoon 3 years ago
In the real world there should be regulations against most of what put our country where we are now. The banks borrow $30 on $1 this monetary system is wrong as a nation we should nationalize our banks, they are to important to have them in private hands we never should of given our power to make money to the private sector. Nationalize the money makers like they were before give the purse of our country back to the people (our government).
knowhelpnow 3 years ago
Govt policies were the cause of this crisis. As part of govt push to have affordable housing, govt required banks to have a certain number of their loans as high-risk. Then the govt. allowed credit swaps so that banks didn't need to back it up with cash because the govt promised to back up the loans. Do you really think the people who caused the problem are the ones to solve it??? Govt solution to our borrow, spending, debt problem is to borrow, spend and create more debt.
parisrai 3 years ago
Millions of Americans are losing their homes after being duped by banks with predatory lending practices. Meanwhile, the banks are getting multi-billion dollar bailouts. The foreclosure crisis at the heart of the economic meltdown is affecting nearly everyone in our country right regardless of whether or not you own a home.
bravenewfilms 3 years ago
Well those fat happy homeowners that lied on their loan applications about their income, watched the values of their houses soar, and liquidatrf their equity and spent like mad-men. That affected everybody positively. Now it's the reverse. Too bad. Deal with it.
Nobody deserves anything. If you were too stupid to read the terms of your mortgage or believed that a 20% property increase per year was normal and comes without a massive backlash, you should be renting like the rest of us.
stinkypoon 3 years ago
@stinkypoon
The banks verified their income through paycheck receipts, tax documents and banking account statements. Don't blame the homeowner. Blame the underwriters who wanted to greenlight a sub prime loan. They took these homeowners and switched them from a loan they could afford to something they couldn't.
remoney 3 years ago 2
No, dummy, they didn't. I had a roommate buy a $320k house on a $35k salary. Asked him how and he said he lied about his income. They're called no-doc liar loans, or NINJA loans (No Income No Job or Assets). It was stupid of the banks to offer them, but it was the dumbass greedy buyer that was lying. Get your facts straight and stop defending deadbeats. They don't deserve their housees, they deserve a powerful lesson in fiscal responsibility.
stinkypoon 3 years ago
My neighbor got his home loan by stated income. He just told his lender how much he made. He lied so he could get the loan, but he still could afford the house despite. But guess what Stinkypoon, there are always to sides of the fence when it comes to lending & borrowing. You're friend might have bought a $320k house with a $35k income, but the banks also gave him the money, which was stupid on their part. They're just trying to make money. I was approved for way more than I could afford.
jpearson311 3 years ago
Well said. I'm so sick of this attitude among the American people that they deserve a home, that they deserve a reliable job, that they deserve financial stability. Where in the founding documents of this country does it say anything about cost-free entitlements? "Fat happy homeowners" indeed, stinkypoon. If they only knew the long-term consequences of suckling off a corrupt government's teat, they might act differently, but I have little faith left in the critical thinking skills of Americans.
hatchk01 3 years ago
Govt was forcing these banks to make this high risk loans as part of the affording housing push. Govt told banks it would back up the loans. Govt created this crisis.
parisrai 3 years ago
WiseShopper
Americans are stupid! I am black, retired and just paid off my mortgage. I bought this house after I retired. I paid a down payment after fighting off a suggestion from the lender that i need not pay it. She suggested I buy furniture instead. Already had furniture, already paid for. went on to double my payments, took over paying my insurance. Its all in the planning folks, and not buying more than you can afford.
MillyWilly00 3 years ago
Mexicans who have subprime mortgages default twice as much as whites with subprime mortgages.
They got homes they couldn't afford because they thought they were gonna get paid off the appreciation, now that they aren't, they are trying to trick middle america into paying for their failure by going to liberal institutions and claiming victimhood.
Sorry fence jumper, no free lunch for you or your granny on my children's back. Your lucky to be here in the first place.
5uper5tring 3 years ago
Fence jumper, how do you know if this women's family has lived in the USA before Jamestown existed? You can't know that, anymore than I know they did. We all would do well to remember who was first in line to approach a conservative Administration for a hand out. The same conservative administration that stopped States from enforcing State laws that could have nipped these mess in the bud.
westkan 3 years ago 2
5uper, where did your ancestors come from? I guess they didn't belong here either. You seem to assume to much or are you just plain st**id?
knowhelpnow 3 years ago
The evil criminal bansters and politicians have brought America to the edge of an abyss. Civil unrest is coming...say no to the FEMA prisons.
ronheri 3 years ago
silence tax slaves, we need more bonuses you tax slaves must pay more money to us millionaires, back to work you gotta pay off my new corporate jet, the country is run by and for Millionaires and tax slaves gotta support the millionaires life styles
copcorona 3 years ago
Hey! Who let you out of your corporate cave? :)
westkan 3 years ago
With the money that your government provides to Israel, and with the money you waste in unjust wars you are able to overcome the crisis.
satmen1 3 years ago 4
The total tally for Iraq/Afghanistan is project to reach $4 trillion (including things like long-term care for injured vets). To date, it's $900 billion, which is still more than the stimulus package.
cobwebhead 3 years ago
Obviously, most of the posters either don't own real estate and are full of chit. I have a great income and my mortgage is fine. The problem is that neighboring homes are going into foreclosure and selling for 40% less than what my home is worth. So poo poo everyone who made a bad loan, eventually YOUR home will be worth less as a result. The dirty little secret is that there is no help for those who are paying their mortgages on time while they watch their comparibles drop 40%.
incog99 3 years ago
Quit crying people! Shouldn't be bailing out anyone. Giving money which is owned by the taxpayers to another group of people doesn't fix the mistake of giving it to the banks themselves. Suck it up and MAKE MONEY THEN BUY THINGS.
BooBTuberToo 3 years ago
I am a Mortgage banker and have seen personally the troubles in the mortgage markets.There is a lot of bad information being passed about this.Firts is any broker or bank makes more money on a prime loan not a sub prime.The advantage of going SP is the ease of the application and approval thats all.The borrowers need to read the documents and understand it. If they dont speak english they should request a translator as I would if I were in Mexico.There is a reason the others were not on the loan
ctcashout 3 years ago
I guess you still have your job.
Why would a mortgage banker push ARM's on anyone?
That is one real problem right there. If these mortgage bankers had to keep these loans I don't believe they would have sold them to people to begin with.
knowhelpnow 3 years ago
There are many reasons to choose an ARM. Most SP loans were 2/28 or 3/27 ARM so if they went SP they didn't have a choice of a fixed rate.There are prime ARMs that often have lower rates and interest only options.Fixed rates are usually PITI.Sloppy lenders didn't care about the future of the loans but only if they could sell it on secondary.Yes I still have my job.I was in this before the SP era and will be for many years to come.I like helping people.First time buyers are my favorite type
ctcashout 3 years ago
What DISGUSTING GREEDY PIGS.
WHY DON'T YOU TRY PAYING FOR YOUR HOME? THEN YOU CAN KEEP IT.
It seems that OBAMA'S CONSTITUENTS all want FREE HOUSES while they sit around on their LAZY REAR ENDS
raswirsky 3 years ago
raswirsky:
You are so right. We should instead give the money to Iraqis who need it much more. And also we can't forget about Haliburton which is now based out of Dubai and Blackwater. They need the money so much more. And we can't forget about the Banksters private jets too. Why should they have to fly first class and breathe the same air as in coachclass?
saadasim 3 years ago 3
Why is a person greedy if they want a place to live? furthermore, how is someone supposed to save money if their normal monthly income just covers their basic monthly costs. Using the money you would be paying for "rent" to make payments into a home is the whole idea. If your home loan payments go from 1000 a month on month 1 and them jump to 3000 a month on month 6. Why are they greedy pigs? What makes them greedy pigs to want to make normal regular and reasonable payments? "raswirsky" ?
jonraabe 3 years ago 3
What this all comes down to is, they SIGNED the papers. No one held a gun to their heads and made them sign. If you are to stupid to understand that your 10 dollar an hour paycheck can't pay for a 400 or even a 200 thousand dollar house then to bad. I Don't feel bad for these morons, All your bailout will do is subsidize dumb ass decisions. If you don't understand what it says....DON'T SIGN IT!
Vitalon1152 3 years ago
Vitalon1152: Yes, no one held a gun to their heads. Yes, they probably weren't all that bright. But...and I use that loosely, the banks also knew that they couldn't afford to pay it back. Why on earth would banks lend so much money to people who they KNEW would go into default? I hate to sound like a conspiracy theorist, but good grief. Seems to me that there is a lot more to this story than we have been led to believe.
skeil909 3 years ago 2
a lot more.
caseyforever 3 years ago
skeil909
The banks HAD to lend to minorities under CRA. Lawyers were suing banks all over the country for not loaning money. Of course the actual broker still made a bonus for signing these people, but the banks were hesitant to do this and were legally forced too. And that is partially why the government bailed the banks out when these people defaulted.
Obama sued Citibank to make them give more high risk minority mortgages in Chicago, btw. Google it
5uper5tring 3 years ago
Good Lord go back and what was said in the video. Nothing to do with the CRA, just fraud on part of the lending industry. Persons qualified for conventional loans steered into sub prime. Last minute switches from fixed rate mortgage to ARM. You are perpetrating a lie created to shift blame from the real crooks. If not a lie, a gross misrepresentation of the facts.
westkan 3 years ago 2
mhmmm, so with that logic, many mexicans with incomes that made them eligible for better loans got stuck with sub prime loans. Well how come they are defaulting on sub prime loans at twice the rate that whites are defaulting on their sub prime loans?
Anyway, if these people were still living in Mexico, they would be shitting in a hole in their back yard. Bailout?! This is a fucking joke, they need to GTFO so our unemployment can go down.
5uper5tring 3 years ago
Yes the CRA is did prohibit discrimination, but you are still spining the facts. The lawsuits where to force banks to loan to minorities, who's credit ratings where as good as or better than those of some of the white majority who where receiving loans. The CRA never required banks to make risky loans, but cautioned against banks doing so.
westkan 3 years ago
Correct... I've bought three homes in my life time all three Banks made a through credit check of my credit, one who charged me twice for credit check (I was hot about that) I've paid off all the loans, sold one house years ago and have 2 homes one rental and I've always have been told that I could afford more then I was willing to pay for any home, Living pay check to pay check is not my idea of fun. I always made sure that it was a fixed rate mortgage.
knowhelpnow 3 years ago
5U You are so far off the mark it is just plain ridiculous. Where did you get that Obama sued Citibank from Fox fair and balanced or some other neo-con media?
No bank was forced to loan to people who were not employed or could not pay the payment, these lenders new they were making big money on these loans and they knew they were going to package them off and sell the junk to someone else. They were just to greedy.
knowhelpnow 3 years ago
This is a good video. It is great to see that this community of homeowners is working together to negotiate their loans. It is just sad that they have these awful loans in the first place.
SongBirdElise 3 years ago 2
Our efforts to get the credit market on track must include fixes for the real people, highlighted in these videos, losing their homes and losing all the money they have put into it. Thanks for doing this Brave New.
anewday25 3 years ago
People -- don't forget that most loans financed during the years 2003-2007 had a pre-payment penalty. The timing of these pre-payment penalties were impecable. In that, most people agreed to a pre-payment penalty expecting to refinance when the penalty period expired and then found their house upside-down and unable to refinance.
danishanicole 3 years ago
Why did it take a short time to pass support for the banks and it's taking far longer to pass support for the people? Do a little math people, the rough population of the US is 300M the bank bailout was for (I think 780B) 300M into 780B = 26,000,000 for every man woman and child in the United States, how would you stimulate the economy with that much money?
GrizzlySteve 3 years ago
...$2,600. Not 26 million. Two thousand six hundred. You were off by a good four magnitudes there.
innocent2142 3 years ago 2
ah... redo the math
cybergrip 3 years ago
THAT is the question that I'm asking on my youtube account...would you like to send me your video response...the amount we are using is $297,000 after taxes
BAILOUTMONEY 3 years ago
Obama is owned by the banks, just look at his top campaign contributors.
doesnt anyone wonder why he is ALWAYS pushing for these corrupt bailouts and stimulus packages.
wake up America
Zwikster 3 years ago
Yes, well, he also tortures republicans on the dark side of the moon.
cinesimonj 3 years ago
Goldman Sachs $739,521
Citigroup Inc $492,548
JPMorgan Chase & Co $475,112
UBS AG $419,550
Lehman Brothers $391,774
Morgan Stanley $341,380
also, He will NOT impeach Bush for his war crimes, just like how Pelosi chicken-necked. Despite Dennis Kucinich introducing THIRTY FIVE articles.
He will NOT end the war whatsoever. In fact he wants to send 15,000 -20,000 MORE troops into Afghanistan.
Dark side of the moon? What planet are you from? no wonder the US is a mess....WAKE UP!
Zwikster 3 years ago 3
Rep. Dennis Kucinich was on the floor a few days ago and essentially said that GIVING BIG BANKS BILLIONS OF TAXPAYER DOLLARS while our homes decline in value 10-30 percent+ IS A DIRECT WEALTH TRANSFER FROM THE U.S. MIDDLE CLASSES TO THE BIGGEST MONEY IN THE WORLD. Thank God for CSPAN (and public servants like Kucinich who speak the truth)...
boatsafloatseattle 3 years ago 4
The American people, and us Democrats are ticked. WE cannot trust the banks and their CEO's. Their needs to be more regulating, or else the banks will walk away with more money that rightfully belongs in the pockets of the people and taxpayers of main street!
dixon8r 3 years ago
there was another crisis like this in 1987, where hundreds of savings&loans failed. a scandal arose in the US Senate. 5 senators were tried. 3 were severely punished, and lost their jobs! 2 didn't get punished at all, because they were "AMERICAN HEROS". one of them was John McCain! it is a MIRACLE that america avoided that man in the white house! or things would be ALOT worse!
antoniusalta 3 years ago 5
Why question the need for rules, for regulations, for laws? Our species cannot function safely and consistently well without them-as we are currently well aware. Did not God deliver Rules to us? Did not God deliver Laws to us? Did not God set Regulations into place for us? Do not Lie. Do not Steal. Do not Misrepresent yourselves. Do not Lust after that which others may have. Govern us; stop politicing and just govern as you were elected to do.
MadDogtheFirst 3 years ago
WAKE UP AMERICAN PEOPLE !!!!
you don't see what it's come for you....it's very very bad !!!
In this summer you are understand !
excuse for my english, because i am french
verso2012 3 years ago
Please remember:
"Trickle Down" = Piss on you, that's what it mean.
Arrest the predatory lenders and assist the victims, not the perpetrators. MAKE 'EM GIVE OUR MONEY BACK, INSTEAD OF REWARDING THEM WITH MORE MONEY!! This is SUPPOSED TO BE AMERICA, isn't it?
coc8gy3kgtovhsyr5 3 years ago 3
oh and there are more empty home on the market than people who need homes, let's give them away based on income - urban renewal.
Here's the plan:
You enter into a home/condo lottery and you win a home - the cost of the home will be based on your income over the last three years.
If your income goes up so does the the rate or cost of the mortgage payment, but only above inflation or poverty line. If your income falls you go back to the original rate.
better than giving the money to the banks
marniespeaks 3 years ago
This also works for current home owners who are about to lose their homes.
We're buying these crap assets anyway mine as well get some property out of it.
You can sell your home any time, but then you opt out of the program and lose any equity.
After 7 years you get to keep any equity if you sell, but the houses, must remain in the government program for at least 30 years. Which means you can only sell to people eligible for the program -
This also promotes a more equal ownership society.
marniespeaks 3 years ago
All you need is someone with guts in the Congress and White House to promote this or some version of it.
It's either this or the banks steal more and make us all slaves.
We have a choice, support the wealthy socialist corporate elites who have destroyed this nation or We The People.
Pick a side.