|
|
PlazaBum
What a bunch of Dumbasses
LASCIATE OGNE SPERANZA, VOI CH'ENTRATE
Abandon all hope, ye who enter here
|
| View previous topic :: View next topic |
| Author |
Message |
Goose
Guest
|
 Posted: 6/15/2009 10:45 Post subject: |
 |
|
| Coebul wrote: | | Goose wrote: | | The new Obama plan for financial industry regulation is coming out today. Another measure having to be placed on capitalism due to lack of ability to police ourselves. Try to understand it is for your own good. |
Right you are Comrade. |
I detect a hint of sarcasm in your response. Believe me, I wish it wouldnt have had to come to this. But it has. Here is an example. Part of this new heavy handed regulation will be against mortgage underwriting. Now if mortage companies were able to police themseleves, they wouldnt need to be regulated. So why is it for our own good? Because our property value goes down when this industry offer up loans to people who cant pay em and the property forcloses.
I know you want to blame the people for taking the bad loans. But there is always going to be stupid people and there is always going to be people who will capitalize off them. It will be far more effective to regulate the capitalization of the stupid than to regulate the stupid. |
|
| Back to top |
|
 |
Goose
Guest
|
| Posted: 6/15/2009 10:46 Post subject: |
|
|
| scrutney wrote: | | goose wrote: | | Try to understand it is for your own good. |
said the butcher to the cow. |
It wouldnt be needed if the industry was happy with a pound of flesh. No, they wanted the whole cow. |
|
| Back to top |
|
|
Bannedforlife
Freeloader
Joined: 19 Dec 2007
Posts: 551
|
| Posted: 6/15/2009 11:21 Post subject: 30,000 pounds of flesh at a dollar a pound |
|
|
| Goose wrote: |
It wouldnt be needed if the industry was happy with a pound of flesh. No, they wanted the whole cow. |
The National Treasure Sweepstakes hidden in the attic, the two Capital One cards, two Discover Cards, and Two Chase cards, never exceeded with interest, penalties, and lawyer fees exactly how much I put down on the house.
"•Consumers and lenders whose unwitting or reckless credit and borrowing decisions placed families under staggering debts and contributed to the instability of the financial system. Obama is likely to recommend creating a financial services consumer protection body with oversight powers over mortgages and credit cards and other consumer financial products."
http://www.kansascity.com/105/story/1252060.html
10-19-05, 12:06 PM
http://www.debatepolitics.com/archives/4789-democratic-platform-strong-healthy-families.html#post119128
"I still would really like to hear from responsible civilized Democrats."
Still waiting... |
|
| Back to top |
|
|
Coebul
Freeloader
Joined: 29 Jun 2007
Posts: 7888
|
| Posted: 6/15/2009 12:56 Post subject: |
|
|
| Goose wrote: | | Coebul wrote: | | Goose wrote: | | The new Obama plan for financial industry regulation is coming out today. Another measure having to be placed on capitalism due to lack of ability to police ourselves. Try to understand it is for your own good. |
Right you are Comrade. |
I detect a hint of sarcasm in your response. |
Really?
| Goose wrote: | | Believe me, I wish it wouldnt have had to come to this. But it has. Here is an example. Part of this new heavy handed regulation will be against mortgage underwriting. Now if mortage companies were able to police themseleves, they wouldnt need to be regulated. |
You think this is laid at the feet of the mortgage companies but ignore several federal actions that opened the door to these abuses. Hell some of the abuses were forced on mortgage companies but no one is willing to take congress to task for there policy changes.
The repeal of Glass-Steagall Act was one of the worst offenses. Another was The Community Reinvestment Act was another and then later when it was modified between 1988 and 1995. Read up on some of these acts and modifications. You give both houses of Congress a pass with out taking to task the current and past chairs of the House and Senate banking committees.
In the 1990s Banks not just brokers and underwriters were offering 125% mortgages to anyone that could walk in the door. Sorry but it is not the broker or the underwriter that is at fault here. These people work with in the system that Banks (generic term covering institutions that lend money on mortgages) created to fill gaps in the system that Congress required to be filled. It doesn't take a brain surgeon to see that if you can't afford the payment now you certainly won't be able to afford it in 5 years.
| Goose wrote: | | So why is it for our own good? Because our property value goes down when this industry offer up loans to people who cant pay em and the property forcloses. |
Irrelevant.
| Goose wrote: | | I know you want to blame the people for taking the bad loans. But there is always going to be stupid people and there is always going to be people who will capitalize off them. It will be far more effective to regulate the capitalization of the stupid than to regulate the stupid. |
Dude I blame everybody. I blame Greenspan, I blame the Chairmans of Fannie Mae and Freddie Mac, I blame the investors in the mortgage backed securitie, I blame the bond fund raters such as Moodys and S and P, I blame Congress, I blame the Chairs of Countrywide, Fleet, WAMU, Wacovia, ....................., I blame some underwriters, I blame the brokers, Real Estate agents, Appraisers, AND the buyers (for taking a loan they can't possibly pay for and then buying a new car and a big screen tv).
I blame the system and the abusers. But I really blame congress and the left for pushing a system that is doomed to fail. A system where we the people look to the government for our daily bread, for creating a system where home ownership is not a privileged for people that work hard save and buy a home but for any one that has a pulse feels it is their God given right to own a home with out any thought of how to pay for it. That is what has caused this mess. Your answer? Regulation on top of regulation with out a thought to the root of the problem.
_________________
The guy is a clown.
His penchant for self-aggrandizement caused others to get irritated by him. |
|
| Back to top |
|
|
| All times are GMT - 4 Hours |
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
All contents are the property of PlazaBum.com © 2009 John Doe, All Rights Reserved
|
