Obama Goes All Out For Dirty Banker Deal

[Anonymous]

The AGs initially talked about $20 billion as a settlement number, money that would “toward loan modifications and possibly counseling for homeowners,” as Gretchen Morgenson reported the other day.

For those that aren’t familiar with investment fraud, here’s a key thing to remember: When the scam collapses, the money is gone.

The article confirms this reality just a few sentences later:

To give you an indication of how absurdly small a number even $20 billion is relative to the sums of money […]

So maybe they get back $20 billion out of a few trillion lost? How many pennies on the dollar is that?

Let me say it again: The money is gone. Just like Maddoff’s money is gone, just like Stanford’s money is gone. There ain’t no getting it back. There is no compensation.

So we can clog up the legal system and spend countless millions in the hope of squeezing out some sort of restitution, but in the end it amounts to nothing.

After the Civil War, Andrew Johnson pardoned or chose not to prosecute the Confederate leadership (including Jefferson Davis.) Some of the greatest traitors in American history were allowed to walk free. Why?

Because it couldn’t fix anything. It wouldn’t bring back the dead, and it would only re-open the wounds.

It’s over folks. The money is lost. A world with perfect justice comes at too high a cost – if it is even possible.

Better to focus our resources on building the future instead of futile attempts to remedy the past.

[ucodegen]

So I guess the people buying more than they can afford did not play into it? People trying to flip w/o knowing what they were doing didn’t play into the problem(Caseys of the world)? Real Estate agents who either inserted themselves into the middle of the transaction (straw buyer) to skim money didn’t play into the problem? Real Estate agents pushing the mantra “gotta buy now or be priced out forever” didn’t play into it? What about the main-stream-media’s culpability?

Geesh, I get real tired when I keep hearing that the banks were the main problem. They weren’t. They did screw up, but it also cost them. Their screw-up was that they didn’t appropriately price risk and themselves bought into the ‘RE always goes up‘ so they figured that if someone defaulted, they could get back what they loaned through foreclosure. Everyone seemed to forget that things could go upside-down. I don’t want a nanny state where the government decides how much risk I get to take. If I screw up, I pay the price. Most of those ‘home-renters’ didn’t want to, and they complain loudly that they are being taken advantage of by the banks when they have to. Don’t forget all of the ‘Jenny’ Realtor, he-who-must-not-be-named, Casey Serins, June Reyno(s) that we have covered here. How much have these people paid for what in some cases amounted to felony fraud? To them it was sure money (sounds like gambling because it was). Always read the mortgage contract, and Financial calculators are cheap. A few years ago, I picked up a HP-10bII Financial Calculator at Wallmart.. cheap. Remember one key thing. A bank has to loan money to make money. If the product does not sell, the banks will have to sweeten the deal. If you have to, go to another bank. If no bank will loan you at the terms you want, maybe there is a reason. I just had to remind a friend of that fact when they were complaining about banks wanting to charge so much. The conversation sort of went along the likes of:
Me: So you consider yourself a good risk? What does your risk profile look like?
Them: You know I am good for it.
Me: How much money do you have in the bank?
Them: silence
Me: From what I remember, it is about 2.5 Months of salary, and outstanding credit card balance is about 1 month of that. That means you are 1.5 months away from bankruptcy on a job loss in a bad economy and without an engineering background.
Them: I can always borrow from my 401K.
Me: If you lose your job, you have to pay the borrowed money back or risk at least a 10% fine plus any outstanding taxes.
–the discussion pretty well ended there, but it should give you an idea of the mentality that still exists.

My sister and I also had to remind one of the family members that the loan officer is not being nice because he is a nice guy. They guy wanted to commission on the loan. It is a business deal and you have to remember it! Run the numbers.

PS: People didn’t pay much attention to Warren Buffet’s comments w/respect to BofA. He priced his warrants with a 6% return rate and $7.14/share strike price. Warren Buffet usually asks for a minimum 10% return like with Goldman Sachs. Warren is also not in the charity business when it comes to investments.

[ucodegen]

So I guess the people buying more than they can afford did not play into it? People trying to flip w/o knowing what they were doing didn’t play into the problem(Caseys of the world)? Real Estate agents who either inserted themselves into the middle of the transaction (straw buyer) to skim money didn’t play into the problem? Real Estate agents pushing the mantra “gotta buy now or be priced out forever” didn’t play into it? What about the main-stream-media’s culpability?

Geesh, I get real tired when I keep hearing that the banks were the main problem. They weren’t. They did screw up, but it also cost them. Their screw-up was that they didn’t appropriately price risk and themselves bought into the ‘RE always goes up‘ so they figured that if someone defaulted, they could get back what they loaned through foreclosure. Everyone seemed to forget that things could go upside-down. I don’t want a nanny state where the government decides how much risk I get to take. If I screw up, I pay the price. Most of those ‘home-renters’ didn’t want to, and they complain loudly that they are being taken advantage of by the banks when they have to. Don’t forget all of the ‘Jenny’ Realtor, he-who-must-not-be-named, Casey Serins, June Reyno(s) that we have covered here. How much have these people paid for what in some cases amounted to felony fraud? To them it was sure money (sounds like gambling because it was). Always read the mortgage contract, and Financial calculators are cheap. A few years ago, I picked up a HP-10bII Financial Calculator at Wallmart.. cheap. Remember one key thing. A bank has to loan money to make money. If the product does not sell, the banks will have to sweeten the deal. If you have to, go to another bank. If no bank will loan you at the terms you want, maybe there is a reason. I just had to remind a friend of that fact when they were complaining about banks wanting to charge so much. The conversation sort of went along the likes of:
Me: So you consider yourself a good risk? What does your risk profile look like?
Them: You know I am good for it.
Me: How much money do you have in the bank?
Them: silence
Me: From what I remember, it is about 2.5 Months of salary, and outstanding credit card balance is about 1 month of that. That means you are 1.5 months away from bankruptcy on a job loss in a bad economy and without an engineering background.
Them: I can always borrow from my 401K.
Me: If you lose your job, you have to pay the borrowed money back or risk at least a 10% fine plus any outstanding taxes.
–the discussion pretty well ended there, but it should give you an idea of the mentality that still exists.

My sister and I also had to remind one of the family members that the loan officer is not being nice because he is a nice guy. They guy wanted to commission on the loan. It is a business deal and you have to remember it! Run the numbers.

PS: People didn’t pay much attention to Warren Buffet’s comments w/respect to BofA. He priced his warrants with a 6% return rate and $7.14/share strike price. Warren Buffet usually asks for a minimum 10% return like with Goldman Sachs. Warren is also not in the charity business when it comes to investments.

[ucodegen]

So I guess the people buying more than they can afford did not play into it? People trying to flip w/o knowing what they were doing didn’t play into the problem(Caseys of the world)? Real Estate agents who either inserted themselves into the middle of the transaction (straw buyer) to skim money didn’t play into the problem? Real Estate agents pushing the mantra “gotta buy now or be priced out forever” didn’t play into it? What about the main-stream-media’s culpability?

Geesh, I get real tired when I keep hearing that the banks were the main problem. They weren’t. They did screw up, but it also cost them. Their screw-up was that they didn’t appropriately price risk and themselves bought into the ‘RE always goes up‘ so they figured that if someone defaulted, they could get back what they loaned through foreclosure. Everyone seemed to forget that things could go upside-down. I don’t want a nanny state where the government decides how much risk I get to take. If I screw up, I pay the price. Most of those ‘home-renters’ didn’t want to, and they complain loudly that they are being taken advantage of by the banks when they have to. Don’t forget all of the ‘Jenny’ Realtor, he-who-must-not-be-named, Casey Serins, June Reyno(s) that we have covered here. How much have these people paid for what in some cases amounted to felony fraud? To them it was sure money (sounds like gambling because it was). Always read the mortgage contract, and Financial calculators are cheap. A few years ago, I picked up a HP-10bII Financial Calculator at Wallmart.. cheap. Remember one key thing. A bank has to loan money to make money. If the product does not sell, the banks will have to sweeten the deal. If you have to, go to another bank. If no bank will loan you at the terms you want, maybe there is a reason. I just had to remind a friend of that fact when they were complaining about banks wanting to charge so much. The conversation sort of went along the likes of:
Me: So you consider yourself a good risk? What does your risk profile look like?
Them: You know I am good for it.
Me: How much money do you have in the bank?
Them: silence
Me: From what I remember, it is about 2.5 Months of salary, and outstanding credit card balance is about 1 month of that. That means you are 1.5 months away from bankruptcy on a job loss in a bad economy and without an engineering background.
Them: I can always borrow from my 401K.
Me: If you lose your job, you have to pay the borrowed money back or risk at least a 10% fine plus any outstanding taxes.
–the discussion pretty well ended there, but it should give you an idea of the mentality that still exists.

My sister and I also had to remind one of the family members that the loan officer is not being nice because he is a nice guy. They guy wanted to commission on the loan. It is a business deal and you have to remember it! Run the numbers.

PS: People didn’t pay much attention to Warren Buffet’s comments w/respect to BofA. He priced his warrants with a 6% return rate and $7.14/share strike price. Warren Buffet usually asks for a minimum 10% return like with Goldman Sachs. Warren is also not in the charity business when it comes to investments.

[ucodegen]

So I guess the people buying more than they can afford did not play into it? People trying to flip w/o knowing what they were doing didn’t play into the problem(Caseys of the world)? Real Estate agents who either inserted themselves into the middle of the transaction (straw buyer) to skim money didn’t play into the problem? Real Estate agents pushing the mantra “gotta buy now or be priced out forever” didn’t play into it? What about the main-stream-media’s culpability?

Geesh, I get real tired when I keep hearing that the banks were the main problem. They weren’t. They did screw up, but it also cost them. Their screw-up was that they didn’t appropriately price risk and themselves bought into the ‘RE always goes up‘ so they figured that if someone defaulted, they could get back what they loaned through foreclosure. Everyone seemed to forget that things could go upside-down. I don’t want a nanny state where the government decides how much risk I get to take. If I screw up, I pay the price. Most of those ‘home-renters’ didn’t want to, and they complain loudly that they are being taken advantage of by the banks when they have to. Don’t forget all of the ‘Jenny’ Realtor, he-who-must-not-be-named, Casey Serins, June Reyno(s) that we have covered here. How much have these people paid for what in some cases amounted to felony fraud? To them it was sure money (sounds like gambling because it was). Always read the mortgage contract, and Financial calculators are cheap. A few years ago, I picked up a HP-10bII Financial Calculator at Wallmart.. cheap. Remember one key thing. A bank has to loan money to make money. If the product does not sell, the banks will have to sweeten the deal. If you have to, go to another bank. If no bank will loan you at the terms you want, maybe there is a reason. I just had to remind a friend of that fact when they were complaining about banks wanting to charge so much. The conversation sort of went along the likes of:
Me: So you consider yourself a good risk? What does your risk profile look like?
Them: You know I am good for it.
Me: How much money do you have in the bank?
Them: silence
Me: From what I remember, it is about 2.5 Months of salary, and outstanding credit card balance is about 1 month of that. That means you are 1.5 months away from bankruptcy on a job loss in a bad economy and without an engineering background.
Them: I can always borrow from my 401K.
Me: If you lose your job, you have to pay the borrowed money back or risk at least a 10% fine plus any outstanding taxes.
–the discussion pretty well ended there, but it should give you an idea of the mentality that still exists.

My sister and I also had to remind one of the family members that the loan officer is not being nice because he is a nice guy. They guy wanted to commission on the loan. It is a business deal and you have to remember it! Run the numbers.

PS: People didn’t pay much attention to Warren Buffet’s comments w/respect to BofA. He priced his warrants with a 6% return rate and $7.14/share strike price. Warren Buffet usually asks for a minimum 10% return like with Goldman Sachs. Warren is also not in the charity business when it comes to investments.

[ucodegen]

So I guess the people buying more than they can afford did not play into it? People trying to flip w/o knowing what they were doing didn’t play into the problem(Caseys of the world)? Real Estate agents who either inserted themselves into the middle of the transaction (straw buyer) to skim money didn’t play into the problem? Real Estate agents pushing the mantra “gotta buy now or be priced out forever” didn’t play into it? What about the main-stream-media’s culpability?

Geesh, I get real tired when I keep hearing that the banks were the main problem. They weren’t. They did screw up, but it also cost them. Their screw-up was that they didn’t appropriately price risk and themselves bought into the ‘RE always goes up‘ so they figured that if someone defaulted, they could get back what they loaned through foreclosure. Everyone seemed to forget that things could go upside-down. I don’t want a nanny state where the government decides how much risk I get to take. If I screw up, I pay the price. Most of those ‘home-renters’ didn’t want to, and they complain loudly that they are being taken advantage of by the banks when they have to. Don’t forget all of the ‘Jenny’ Realtor, he-who-must-not-be-named, Casey Serins, June Reyno(s) that we have covered here. How much have these people paid for what in some cases amounted to felony fraud? To them it was sure money (sounds like gambling because it was). Always read the mortgage contract, and Financial calculators are cheap. A few years ago, I picked up a HP-10bII Financial Calculator at Wallmart.. cheap. Remember one key thing. A bank has to loan money to make money. If the product does not sell, the banks will have to sweeten the deal. If you have to, go to another bank. If no bank will loan you at the terms you want, maybe there is a reason. I just had to remind a friend of that fact when they were complaining about banks wanting to charge so much. The conversation sort of went along the likes of:
Me: So you consider yourself a good risk? What does your risk profile look like?
Them: You know I am good for it.
Me: How much money do you have in the bank?
Them: silence
Me: From what I remember, it is about 2.5 Months of salary, and outstanding credit card balance is about 1 month of that. That means you are 1.5 months away from bankruptcy on a job loss in a bad economy and without an engineering background.
Them: I can always borrow from my 401K.
Me: If you lose your job, you have to pay the borrowed money back or risk at least a 10% fine plus any outstanding taxes.
–the discussion pretty well ended there, but it should give you an idea of the mentality that still exists.

My sister and I also had to remind one of the family members that the loan officer is not being nice because he is a nice guy. They guy wanted to commission on the loan. It is a business deal and you have to remember it! Run the numbers.

PS: People didn’t pay much attention to Warren Buffet’s comments w/respect to BofA. He priced his warrants with a 6% return rate and $7.14/share strike price. Warren Buffet usually asks for a minimum 10% return like with Goldman Sachs. Warren is also not in the charity business when it comes to investments.

[Anonymous]

Yup. Buffett, a private individual, chooses to invest his money in a private enterprise.

A textbook example of capitalism.

Unless the investor has a conversation with that pseudo-President of ours – the one with the sorta muslim sounding name. In which case it’s gotta be some leftist plot.

We now know where some people get their news:
http://www.foxnews.com/on-air/oreilly/2011/08/26/bill-oreilly-can-warren-buffett-save-president-obama

[Bill O’Reilly] There is no question that Buffett is a brilliant businessman. And this is what makes the situation so confusing.

Yes, Bill, it can get confusing when you are trying to argue that one of America’s most successful and ethical capitalists is some sort of closet socialist.

[Anonymous]

Yup. Buffett, a private individual, chooses to invest his money in a private enterprise.

A textbook example of capitalism.

Unless the investor has a conversation with that pseudo-President of ours – the one with the sorta muslim sounding name. In which case it’s gotta be some leftist plot.

We now know where some people get their news:
http://www.foxnews.com/on-air/oreilly/2011/08/26/bill-oreilly-can-warren-buffett-save-president-obama

[Bill O’Reilly] There is no question that Buffett is a brilliant businessman. And this is what makes the situation so confusing.

Yes, Bill, it can get confusing when you are trying to argue that one of America’s most successful and ethical capitalists is some sort of closet socialist.

[Anonymous]

Yup. Buffett, a private individual, chooses to invest his money in a private enterprise.

A textbook example of capitalism.

Unless the investor has a conversation with that pseudo-President of ours – the one with the sorta muslim sounding name. In which case it’s gotta be some leftist plot.

We now know where some people get their news:
http://www.foxnews.com/on-air/oreilly/2011/08/26/bill-oreilly-can-warren-buffett-save-president-obama

[Bill O’Reilly] There is no question that Buffett is a brilliant businessman. And this is what makes the situation so confusing.

Yes, Bill, it can get confusing when you are trying to argue that one of America’s most successful and ethical capitalists is some sort of closet socialist.

[Anonymous]

Yup. Buffett, a private individual, chooses to invest his money in a private enterprise.

A textbook example of capitalism.

Unless the investor has a conversation with that pseudo-President of ours – the one with the sorta muslim sounding name. In which case it’s gotta be some leftist plot.

We now know where some people get their news:
http://www.foxnews.com/on-air/oreilly/2011/08/26/bill-oreilly-can-warren-buffett-save-president-obama

[Bill O’Reilly] There is no question that Buffett is a brilliant businessman. And this is what makes the situation so confusing.

Yes, Bill, it can get confusing when you are trying to argue that one of America’s most successful and ethical capitalists is some sort of closet socialist.

[Anonymous]

Yup. Buffett, a private individual, chooses to invest his money in a private enterprise.

A textbook example of capitalism.

Unless the investor has a conversation with that pseudo-President of ours – the one with the sorta muslim sounding name. In which case it’s gotta be some leftist plot.

We now know where some people get their news:
http://www.foxnews.com/on-air/oreilly/2011/08/26/bill-oreilly-can-warren-buffett-save-president-obama

[Bill O’Reilly] There is no question that Buffett is a brilliant businessman. And this is what makes the situation so confusing.

Yes, Bill, it can get confusing when you are trying to argue that one of America’s most successful and ethical capitalists is some sort of closet socialist.

[DomoArigato]

This is just more of the same unholy union between our corrupt government and criminal banksters who work at the likes of Government Sachs. If there is any karma in this world, God will strike down the criminal banksters at Government Sachs, as well as those who enable and support them.

[DomoArigato]

This is just more of the same unholy union between our corrupt government and criminal banksters who work at the likes of Government Sachs. If there is any karma in this world, God will strike down the criminal banksters at Government Sachs, as well as those who enable and support them.

[DomoArigato]

This is just more of the same unholy union between our corrupt government and criminal banksters who work at the likes of Government Sachs. If there is any karma in this world, God will strike down the criminal banksters at Government Sachs, as well as those who enable and support them.

[DomoArigato]

This is just more of the same unholy union between our corrupt government and criminal banksters who work at the likes of Government Sachs. If there is any karma in this world, God will strike down the criminal banksters at Government Sachs, as well as those who enable and support them.

[Author]

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