Subprime Melt Down Self-Inflicted

[TheBreeze]

“I dunno, I think this whole thing can be summed up as ‘lending money to deadbeats is bad business, no matter how much interest you are charging them’.”

If only your quoted statement were true, we wouldn’t be in this mess. The fact is that the teaser rates were very low, so in reality this whole thing can be summed up as ‘lending money to deadbeats is bad business, no matter how low the initial teaser interest rate.’

[cr]

Minimum credit card payments are the greatest tool of evil credit card companies ever devised.

I’m sorry, but if you think that is a good thing, you should not buy a house.

When the loan broker says you can state your income to qualify for the house you want to buy and couldn’t afford otherwise, that’s your own fault.

If the loan company gives money to somebody who is willing to do that but is in collections with Domino’s Pizza, then they get what they deserve too.

Call me an @$$ but I don’t feel sorry for the people on either side of the lack of any common financial sense. Unfortunately the FED does.

[cr]

Minimum credit card payments are the greatest tool of evil credit card companies ever devised.

I’m sorry, but if you think that is a good thing, you should not buy a house.

When the loan broker says you can state your income to qualify for the house you want to buy and couldn’t afford otherwise, that’s your own fault.

If the loan company gives money to somebody who is willing to do that but is in collections with Domino’s Pizza, then they get what they deserve too.

Call me an @$$ but I don’t feel sorry for the people on either side of the lack of any common financial sense. Unfortunately the FED does.

[cr]

Minimum credit card payments are the greatest tool of evil credit card companies ever devised.

I’m sorry, but if you think that is a good thing, you should not buy a house.

When the loan broker says you can state your income to qualify for the house you want to buy and couldn’t afford otherwise, that’s your own fault.

If the loan company gives money to somebody who is willing to do that but is in collections with Domino’s Pizza, then they get what they deserve too.

Call me an @$$ but I don’t feel sorry for the people on either side of the lack of any common financial sense. Unfortunately the FED does.

[Borat]

Doesn’t some blame need to fall on whoever de-regulated this silly business to allow loans to be packaged and re-sold? That just turned the whole housing market into a big game of hot potato/musical chairs with the last bank/pension fund holding the bag the loser. Also I would say that whoever was doing the ratings of those MBSes deserves some of the blame as there were clearly bad loans in many of them. And the appraisers that went along with the game. And the mortgage brokers. And of course the buyers themselves.

It’s sort of like that South Park episode about Wal-Mart where they find the secret that keeps the company growing and it’s just a mirror reflecting whoever looks into it. There is plenty of guilt to go around…

[Borat]

Doesn’t some blame need to fall on whoever de-regulated this silly business to allow loans to be packaged and re-sold? That just turned the whole housing market into a big game of hot potato/musical chairs with the last bank/pension fund holding the bag the loser. Also I would say that whoever was doing the ratings of those MBSes deserves some of the blame as there were clearly bad loans in many of them. And the appraisers that went along with the game. And the mortgage brokers. And of course the buyers themselves.

It’s sort of like that South Park episode about Wal-Mart where they find the secret that keeps the company growing and it’s just a mirror reflecting whoever looks into it. There is plenty of guilt to go around…

[Borat]

Doesn’t some blame need to fall on whoever de-regulated this silly business to allow loans to be packaged and re-sold? That just turned the whole housing market into a big game of hot potato/musical chairs with the last bank/pension fund holding the bag the loser. Also I would say that whoever was doing the ratings of those MBSes deserves some of the blame as there were clearly bad loans in many of them. And the appraisers that went along with the game. And the mortgage brokers. And of course the buyers themselves.

It’s sort of like that South Park episode about Wal-Mart where they find the secret that keeps the company growing and it’s just a mirror reflecting whoever looks into it. There is plenty of guilt to go around…

[Author]

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