How much are the millionaire bankers and overpaid Congress pitching in from their pocketbooks?
Is it time to make your voice heard when you vote?Why are Americans stuck with paying for illegal aliens' bad mortgages?
For that matter, why are we stuck with paying for their health care (Medicaid), their groceries (food stamps), their credit card debt (did you know you can get a credit card from Bank of America without even having a social security number?), and their childrens' education (taught in THEIR language, btw)?
One legislator who REALLY needs to hear the voters voices: Dianne Feinstein (D-CA), who said (of the bail-out bill and spoken into the mic on the Floor) ';I received 95000 calls regarding this bill. 85000 were against it. 10000 were for it. I am voting for it';.
The responsibility of the legislators is REPRESENT us and vote according to our wishes, not to ';know better'; than us and save us from ourselves.
They haven't done such a bang-up job of ';saving'; us, now have they?
Edit: carzo, you are partially right. The fact is we are finding out that the lending agencies were strongarmed into making those loans in order to continue to receive ';incentives'; and to avoid scrutiny from the government banking regulators. THAT is how illegals got loans in the US. And, yes, it is the fault of the lenders, with some very strong arm twisting from our elected and appointed officials.Why are Americans stuck with paying for illegal aliens' bad mortgages?
Amazing how long it took you guys to spin wall street greed and corruption into an attack on the lowest man on the totem pole.
Yes, you're right. The poor people caused the bailout. They did so by repackaging mortgages repeatedly and slicing them up in order to hide bad assets, then selling those bad assets as if they were the highest rated secured financial instruments you can get. Poor people like playing games like musical chairs, mostly because they can't afford a TV.
We've been paying all kinds of stuff for illegal aliens, not just their mortgages. We've been paying their healthcare and whatever else. It's because they can get away with it. What choice to we have but pay what the government tells us to? This election I hope we get someone in there who cares about the actual Americans instead of the ones who can't even go through the legal process to become Americans.
i would like to know how an illegal alien gets a mortgage in your country. In most of the world you have to be known to your bank or building society provide identification, references, bank statements payslips and they check you out first.This process DID NOT change in the sub prime mess. What did change was the AMOUNT of money that they were prepared to lend to people with less than attractive credit histories, no employment etc the lender is responsible for this as is the lawyer that acts for you. If mortgages are being given to persons that do not check out or they have not bothered to perform all of the requisite checks then my dear the problem is with the lender.
I'm Canadian and I know that we are headed in that direction!! There was a newspaper article in our local paper. It showed a picture of a guy who just immigrated from overseas, and was in Canada for less than 10 months!!
The picture was of him standing in front of his New 2008 Sedan, and a newly built house! All this from a bank loan, mortgage and he's only been a citizen for eight friggen months!!
Meanwhile people have lived and worked in Canada all their lives and still cannot get a loan or mortgage!! or we have to save over 10 to 15 thousand to even get a menial loan!! Some have it some don't and its everywhere!!
I hear you and I have been following your election!! I see it and I know for a fact that the Canadians are headed in the same direction as you!! We are going to end up paying for immigrants bad debts!!
The U.S. election will not only effect you, it will effect every one else around them!! I don't have a say, being Canadian and all, and I do hope for the best.
Is this another racist comment.? Or are you just dumb? These mortgages were not for illiegal aliens. How many illegal aliens were just at the AIG big bash party that cost the taxpayers a half million dollars? None!!! I am not for illegal aliens, but I am for the truth. Stop putting prejudice ahead of the facts.
It's not just illegal aliens mortgages that American taxpayers are paying for. It's all bad sub-prime and ARM mortgages, bad decision making by banks, excessive executive compensation, the lobbyist payoffs to congress and senate, and spa treatment for AIG executives that we are paying for?
It is not so bad now. Illlegal immigration is sharply deeclining and we do not have to deal with those good for nothing illegals...............................w鈥?have our bad economy to thank. Thank You greedy excutives!!!!!!!!!!!!!!!
Illegal aliens? Really? That's a new one to me. Please, tell us more. Do you have a real source or is that what they told you on FOX news?
*sighs* Because clearly no person born in america could have bad credit! Give me a break, it's from highly paid American citizens making bad choices giving morgages to everyone, whether they could afford it or not.
Wow - I didn't realize that ';illegal aliens'; were the only ones with bad mortgages. There must be more IA's in the country then I ever realized.
Do you actually have any proof that the bad mortgages went to illegal aliens?
Or are you just talking out of your ***?
This is true. Most average citizens are paying for illegals and most millionairse such as congress are not doing didly squat. They are greedy, over paid pricks!
According to Obama, you must be a racist to harbor ill will to illegal aliens. At least that is what he told La Raza.
It was all low-income people and the greedy rich taking on more then they could chow. yes you are right about illegals to,
Because we continually elect morons to Congress.
Not to forgret mostly minorities also. And Obama and Acorn supported all this
Keep pace dear, the bailout bill has passed and ';Troubled Assets'; are being bought very soon.
where did you get that the mortgages belong to illegal aliens?
what about these sanctuary cities like L.A. its a bunch of B.S.
because of their own greedy stupidity
reputable link, please?
Where did you hear that? Just wondering.
What are you trying to say?
With this question I really see American Ignorance has no limits.
Are you that stupid to actually believe that?
Wednesday, November 23, 2011
Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
Does Wells Fargo sell the mortgages they underwrite? Do they trade in mortgage-backed securities? The appear to stay afloat for now. Would like to know what they are doing right. Thanks!Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
Its common practice for banks to resell mortgages. Pretty much all banks do them. The crisis that we have been experiencing was not because banks were reselling mortgages, but because they were lending out risky loans. They then would bundle up these risky loans or sub prime loans and sell them to investors. Also these risky mortgages were not backed by Freddie Mac and Fannie Mae.
To answer your question I am not sure if they participated in selling sub prime mortgages, but I believe if they were substantially involved then we would have heard about it.Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
I don't know all the answers you want, but I have had two mortgages sold to Wells Fargo, and they maintained them, they were not resold.
Its common practice for banks to resell mortgages. Pretty much all banks do them. The crisis that we have been experiencing was not because banks were reselling mortgages, but because they were lending out risky loans. They then would bundle up these risky loans or sub prime loans and sell them to investors. Also these risky mortgages were not backed by Freddie Mac and Fannie Mae.
To answer your question I am not sure if they participated in selling sub prime mortgages, but I believe if they were substantially involved then we would have heard about it.Is Wells Fargo different from Lehman, Bear Sterns, and others who've gone under? Do they resell mortgages?
I don't know all the answers you want, but I have had two mortgages sold to Wells Fargo, and they maintained them, they were not resold.
Is it fair to ask those who can pay their mortgages to help those who can't?
I bought a house I knew I could afford. Its old, and needed some work but I didn't mind fixing it up. People laughed at me, and insulted the house. Yes, I could have bought one of those massive 'burb mansions, but I know that utilities, taxes, and upkeep would be more expensive. Now Obama says I should pay more taxes to help those morons who either speculated, or got greedy.Is it fair to ask those who can pay their mortgages to help those who can't?
NO, Obama is giving you a tax cut so you can spend more on your house.
Probably we'll give more money to the greedy bankers who made billions selling subprime mortgages to buyers and then as securities.Is it fair to ask those who can pay their mortgages to help those who can't?
It's Socialism, and Socialism sux!
no. but you should fix that house good! and then invite all those morons than they'll see they were wrong.
Yes. Why? because not all of them were ';morons'; that got greedy. The last study I read said the majority that are facing foreclosure now are because they lost their jobs. In this economy, one can't just get another job quickly. No career/ area of the job market is safe from lay offs or shutting their doors even. I'd guess not even your job is 100% safe? Just because you say you bought a house you could afford, unless you paid cash for it, it doesn't mean that if you lost your job, or even ability to work at a fairly young age like I just did, that with no income or only one spouses income, that it would still fall into what you could afford. It's hard to pay ANY mortgage even w/ a great education when so many businesses are not hiring or shutting down. Whole cities in MI have become ghost towns. There are streets across the US now called ';foreclosure'; avenue. Those people had great jobs and bought houses well within their means and lost it all when they lost their jobs. We are not in danger of losing out home but on one income it is tight. It would be nice if we could weed out the FEW morons that did buy too much house and didn't make any effort to pay despite having jobs, etc. but I think they are greatly the minority in this crisis. I just look at it as we can't do that and if my husband lost his job, it would only be a matter of time before we were one of the sad stories.
NO, Obama is giving you a tax cut so you can spend more on your house.
Probably we'll give more money to the greedy bankers who made billions selling subprime mortgages to buyers and then as securities.Is it fair to ask those who can pay their mortgages to help those who can't?
It's Socialism, and Socialism sux!
no. but you should fix that house good! and then invite all those morons than they'll see they were wrong.
Yes. Why? because not all of them were ';morons'; that got greedy. The last study I read said the majority that are facing foreclosure now are because they lost their jobs. In this economy, one can't just get another job quickly. No career/ area of the job market is safe from lay offs or shutting their doors even. I'd guess not even your job is 100% safe? Just because you say you bought a house you could afford, unless you paid cash for it, it doesn't mean that if you lost your job, or even ability to work at a fairly young age like I just did, that with no income or only one spouses income, that it would still fall into what you could afford. It's hard to pay ANY mortgage even w/ a great education when so many businesses are not hiring or shutting down. Whole cities in MI have become ghost towns. There are streets across the US now called ';foreclosure'; avenue. Those people had great jobs and bought houses well within their means and lost it all when they lost their jobs. We are not in danger of losing out home but on one income it is tight. It would be nice if we could weed out the FEW morons that did buy too much house and didn't make any effort to pay despite having jobs, etc. but I think they are greatly the minority in this crisis. I just look at it as we can't do that and if my husband lost his job, it would only be a matter of time before we were one of the sad stories.
How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
I dont like this socialist stuffHow good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
In the most immediate sense, it does seem a bit unfair. But you need to look at the big picture. If your neighbors' homes are foreclosed upon, they'll likely be resold at a bank auction for a much lower price than the house was initially worth. If this happens in a very large scale (like it is now) the value of your home actually goes down too because price is dictated by market. That's how capitalism works. If you want to sell your home, you will have difficulty getting a price comparable to what you paid initially or that reflects the costs of improvements you've made, etc. Even if you do hang on to your house, you're losing equity. Loss of equity means that if, for instance, you'd like to take out a loan using your home as collateral (like a second mortgage), you'll be able to get less money than you once could.
If you still have a mortgage you pay on, you may end up making faithful payments on a mortgage that is much larger than the current market value of your home. The latter is a very large version of buying, say, a tv for $200 with your credit card and finding the same tv is on sale everywhere for $100 the next week.
You may not like this so-called socialist stuff, and you could make a reasonable political argument that such a bailout is inappropriate. But I do think it's worthwhile to consider that the benefits of such a bailout extend well beyond what we immediately recognize as a benefit to a few people who may've made unwise financial decisions.... Or who may've made great financial decisions and plain old got laid off from jobs and exhausted their savings.How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
Well hell, I make $15,000 a year. This will be the closest way that I will ever be to paying for a house. We might as well take out our wallets and put a sign on them saying ';Please, take my money.';
If you don't like Socialism, then join the Libertarian Party. We are the only TRUE CAPITALIST party.
It's ridiculous.
I don't like it but think of it as helping someone in need unless they are richer than you
I wish they could just come stay at my place, instead. I'd expect them to do assigned chores, of course.
dont think its fair
I don't pay taxes.....cosmetics origins
In the most immediate sense, it does seem a bit unfair. But you need to look at the big picture. If your neighbors' homes are foreclosed upon, they'll likely be resold at a bank auction for a much lower price than the house was initially worth. If this happens in a very large scale (like it is now) the value of your home actually goes down too because price is dictated by market. That's how capitalism works. If you want to sell your home, you will have difficulty getting a price comparable to what you paid initially or that reflects the costs of improvements you've made, etc. Even if you do hang on to your house, you're losing equity. Loss of equity means that if, for instance, you'd like to take out a loan using your home as collateral (like a second mortgage), you'll be able to get less money than you once could.
If you still have a mortgage you pay on, you may end up making faithful payments on a mortgage that is much larger than the current market value of your home. The latter is a very large version of buying, say, a tv for $200 with your credit card and finding the same tv is on sale everywhere for $100 the next week.
You may not like this so-called socialist stuff, and you could make a reasonable political argument that such a bailout is inappropriate. But I do think it's worthwhile to consider that the benefits of such a bailout extend well beyond what we immediately recognize as a benefit to a few people who may've made unwise financial decisions.... Or who may've made great financial decisions and plain old got laid off from jobs and exhausted their savings.How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
Well hell, I make $15,000 a year. This will be the closest way that I will ever be to paying for a house. We might as well take out our wallets and put a sign on them saying ';Please, take my money.';
If you don't like Socialism, then join the Libertarian Party. We are the only TRUE CAPITALIST party.
It's ridiculous.
I don't like it but think of it as helping someone in need unless they are richer than you
I wish they could just come stay at my place, instead. I'd expect them to do assigned chores, of course.
dont think its fair
I don't pay taxes.....
Is the candidate who wants the government to buy mortgages and own your home calling his opponent a Socialist?
Just checking.Is the candidate who wants the government to buy mortgages and own your home calling his opponent a Socialist?
Yup, I can't believe McCain is insinuating Obama is a socialist, when McCain's plans are more inline with socialism. I just don't think McCain knows what he's talking about.
Yup, I can't believe McCain is insinuating Obama is a socialist, when McCain's plans are more inline with socialism. I just don't think McCain knows what he's talking about.
What types of mortgages are there if I want to refinance my property?
Today there are many different types of loans that a person can qualify no matter what their credit rating is and how long you have owned the property. There are many different types of refinancing, no-cost refinance, homes with a second mortgage can also refinance in some circumstances, to find exactly what type of refinancing you qualify for on your property it is wise to use a professional who can explain each option to you such as http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.htmlWhat types of mortgages are there if I want to refinance my property?
Refinancing a property is akin to purchasing the property all over again. You will need to go through an appraisal and apply for mortgage.
However, the benefit is that this time, you already live there and technically is the owner. So you will qualify for any mortgage out there as long as you have the credit rating for it.
So you can get traditional Fixed Rate Mortgages, Adjustable Rate Mortgage (The engine of the subprime mess), or even go a thrid route, the Home Equity Loan.
Home Equity Loan isn't an mortgage but rather a loan taken out on the equity you build up in your house. However, if you default on it, they can pursue legal action to takeover your house. On the positive side, Home Equity Loan also benefit from the mortgage tax deduction.
Hope this helps.
Refinancing a property is akin to purchasing the property all over again. You will need to go through an appraisal and apply for mortgage.
However, the benefit is that this time, you already live there and technically is the owner. So you will qualify for any mortgage out there as long as you have the credit rating for it.
So you can get traditional Fixed Rate Mortgages, Adjustable Rate Mortgage (The engine of the subprime mess), or even go a thrid route, the Home Equity Loan.
Home Equity Loan isn't an mortgage but rather a loan taken out on the equity you build up in your house. However, if you default on it, they can pursue legal action to takeover your house. On the positive side, Home Equity Loan also benefit from the mortgage tax deduction.
Hope this helps.
Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
Did Bush beg congress to get the banks to stop handing out loans? Or did he brag about the great economy where EVERYBODY could get a morgage?Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
This article is the best I can find.
BUT please notice, Bush's problem with Freddie Mac and Fannie Mae isn't that they were giving loans out to people who shouldn't have them; he was upset with the management of the agencies.
No one was worried about home loans to people who couldn't pay it back.
As a person who was thinking about buying a home in the late nineties and early part of this decade, I can tell you that everyone was telling me house prices would never go down. If I recall, the Republican members of my family, and my Republican co-workers were the ones saying I was crazy to not buy a house.Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
Look to an act in congress in 1977 called Fair Housing Act and what the Clinton Administration did in 1993 to it. Bush and the Republicans didn't stop the free for all for fear of being labeled racists by those millionaires Jesse Jackson %26amp; Al Sharpton, along with all who would benefit from such a risky move.
The political football game isn't even 5 minutes into the first quarter in my humble opinion, as we watch all markets associated with assets except precious metals taking major hits.
Umm.....no. Republicans were against this. But the Democrats targetted them as ';uncaring'; and ';mean'; for not wanting to help poor people who can't afford mortgages without thinking the reprocussions.
It makes good headlines though and to someone who doesn't read too much a headline like ';Republicans deny homes to people'; work.
Why don't you stop blaming bush and start putting some of the blame on these fools who got a house they could not afford and defaulted on their loans/mortgages. Owning a house is a privilege you earn, not a right. Individual ';wannabe homeowners'; have more fault in this than Bush.
Bush Called For Reform of Fannie Mae %26amp; Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
He warned Congress about it two years ago. Where were you?
Barney Frank (National Socialist Democratic Party) was having a gay love affair with the CEO and said everything was fine.
Don't you remember? He warned Congress about toxic mortgages the same day he warned them that we'd never find WMD's in Iraq, and that Iraq %26amp; Sadam Hussein had nothing to do with Al-Qaida !!
http://gatewaypundit.blogspot.com/2008/0鈥?/a>
Yes he did.........he wanted more regulation, and our Congress and other Politicians boo hoo'ed this idea. A ';few, very few'; other Politicians wanted the same thing.
Goes all the way back. There are many sites with this content. Here's one:
www.marketwatch.com/News/Story/Story - White House warns of GSE risks -Nov. 6, 2003
Bush didn't have to beg congress. His party held dominating control of congress for SIX YEARS. Clearly he didn't see a problem with the continued deregulation.
Lots on the Right claim the deregulation was a Clinton era phenomenon (not entirely true...see: Reagan). But they don't explain why Bush and the GOP controlled Congress didn't do anything about the supposed problem.
Now you'll people claiming Bush has an epiphany... recently. I don't buy it. The GOP have been all deregulation, all the time for 30 years.
President Bubble was clueless as usual. He was too busy playing with his toy soldiers.
This article is the best I can find.
BUT please notice, Bush's problem with Freddie Mac and Fannie Mae isn't that they were giving loans out to people who shouldn't have them; he was upset with the management of the agencies.
No one was worried about home loans to people who couldn't pay it back.
As a person who was thinking about buying a home in the late nineties and early part of this decade, I can tell you that everyone was telling me house prices would never go down. If I recall, the Republican members of my family, and my Republican co-workers were the ones saying I was crazy to not buy a house.Does anyone have a site where Bush asked Congress to put regulations on giving out bad mortgages?
Look to an act in congress in 1977 called Fair Housing Act and what the Clinton Administration did in 1993 to it. Bush and the Republicans didn't stop the free for all for fear of being labeled racists by those millionaires Jesse Jackson %26amp; Al Sharpton, along with all who would benefit from such a risky move.
The political football game isn't even 5 minutes into the first quarter in my humble opinion, as we watch all markets associated with assets except precious metals taking major hits.
Umm.....no. Republicans were against this. But the Democrats targetted them as ';uncaring'; and ';mean'; for not wanting to help poor people who can't afford mortgages without thinking the reprocussions.
It makes good headlines though and to someone who doesn't read too much a headline like ';Republicans deny homes to people'; work.
Why don't you stop blaming bush and start putting some of the blame on these fools who got a house they could not afford and defaulted on their loans/mortgages. Owning a house is a privilege you earn, not a right. Individual ';wannabe homeowners'; have more fault in this than Bush.
Bush Called For Reform of Fannie Mae %26amp; Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
He warned Congress about it two years ago. Where were you?
Barney Frank (National Socialist Democratic Party) was having a gay love affair with the CEO and said everything was fine.
Don't you remember? He warned Congress about toxic mortgages the same day he warned them that we'd never find WMD's in Iraq, and that Iraq %26amp; Sadam Hussein had nothing to do with Al-Qaida !!
http://gatewaypundit.blogspot.com/2008/0鈥?/a>
Yes he did.........he wanted more regulation, and our Congress and other Politicians boo hoo'ed this idea. A ';few, very few'; other Politicians wanted the same thing.
Goes all the way back. There are many sites with this content. Here's one:
www.marketwatch.com/News/Story/Story - White House warns of GSE risks -Nov. 6, 2003
Bush didn't have to beg congress. His party held dominating control of congress for SIX YEARS. Clearly he didn't see a problem with the continued deregulation.
Lots on the Right claim the deregulation was a Clinton era phenomenon (not entirely true...see: Reagan). But they don't explain why Bush and the GOP controlled Congress didn't do anything about the supposed problem.
Now you'll people claiming Bush has an epiphany... recently. I don't buy it. The GOP have been all deregulation, all the time for 30 years.
President Bubble was clueless as usual. He was too busy playing with his toy soldiers.
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