You cannot have it both ways

[TheBreeze]

Also, getting back to the theme of the thread, certainly the banks were enablers, but imagine a lender who didn’t use similar lending guidelines in the bubble market. There is no way they would have survived.

LOL! Do you think Countrywide, Wamu, Citi, Fannie, and Freddi are going to be able to survive now without some type of government bailout?

Yours is the most ridiculous housing bubble justification I have heard yet. Basically your trying to find a justification for having a bank implode in spectacular fashion after the bubble bursts as opposed to a slow bleed (and maybe a failure) during the bubble.

By the way, I recently read an article about a locally-owned bank (in Ohio I think) that didn’t do any subprime or alt-a mortgages during the bubble. I think they had to tighten their belts a bit during the bubble, but they pulled through and today are doing good business lending to well qualified people that otherwise couldn’t get loans. If I can find the article again I’ll post it.

I am amazed at how many people on this board (supposedly a board full of intelligent people who are well-versed in the ways of the housing bubble) are willing to give the lending establishment a free pass here. Unbelievable.

[savedbypigs]

“I personally would be the first person to continue to pay my mortgage even if there was a way out during a huge value drop, why? Because that is the agreement I made at the time for a 30 yr commitment.”

Perhaps this is the distinction being missed by the morality folks. The agreement you made was NOT that you would pay for 30 years. The agreement you made was that you would pay for 30 years, OR you would return the property, your option.

[savedbypigs]

“I personally would be the first person to continue to pay my mortgage even if there was a way out during a huge value drop, why? Because that is the agreement I made at the time for a 30 yr commitment.”

Perhaps this is the distinction being missed by the morality folks. The agreement you made was NOT that you would pay for 30 years. The agreement you made was that you would pay for 30 years, OR you would return the property, your option.

[savedbypigs]

“I personally would be the first person to continue to pay my mortgage even if there was a way out during a huge value drop, why? Because that is the agreement I made at the time for a 30 yr commitment.”

Perhaps this is the distinction being missed by the morality folks. The agreement you made was NOT that you would pay for 30 years. The agreement you made was that you would pay for 30 years, OR you would return the property, your option.

[savedbypigs]

“I personally would be the first person to continue to pay my mortgage even if there was a way out during a huge value drop, why? Because that is the agreement I made at the time for a 30 yr commitment.”

Perhaps this is the distinction being missed by the morality folks. The agreement you made was NOT that you would pay for 30 years. The agreement you made was that you would pay for 30 years, OR you would return the property, your option.

[savedbypigs]

“I personally would be the first person to continue to pay my mortgage even if there was a way out during a huge value drop, why? Because that is the agreement I made at the time for a 30 yr commitment.”

Perhaps this is the distinction being missed by the morality folks. The agreement you made was NOT that you would pay for 30 years. The agreement you made was that you would pay for 30 years, OR you would return the property, your option.

[HereWeGo]

-or you would pay the debt down early, potentially.

I have more of a beef with the lenders than the borrowers. This is an underwriting problem more than a morality issue.

I don’t think this ends until the ones at the center of this mess – the investment banks and even some money center banks like Citi – are truly brought to task for their actions. I don’t think this ends until we see some bankruptcies and some consolidation, and I ain’t talking about E-Trade.

[HereWeGo]

-or you would pay the debt down early, potentially.

I have more of a beef with the lenders than the borrowers. This is an underwriting problem more than a morality issue.

I don’t think this ends until the ones at the center of this mess – the investment banks and even some money center banks like Citi – are truly brought to task for their actions. I don’t think this ends until we see some bankruptcies and some consolidation, and I ain’t talking about E-Trade.

[HereWeGo]

-or you would pay the debt down early, potentially.

I have more of a beef with the lenders than the borrowers. This is an underwriting problem more than a morality issue.

I don’t think this ends until the ones at the center of this mess – the investment banks and even some money center banks like Citi – are truly brought to task for their actions. I don’t think this ends until we see some bankruptcies and some consolidation, and I ain’t talking about E-Trade.

[HereWeGo]

-or you would pay the debt down early, potentially.

I have more of a beef with the lenders than the borrowers. This is an underwriting problem more than a morality issue.

I don’t think this ends until the ones at the center of this mess – the investment banks and even some money center banks like Citi – are truly brought to task for their actions. I don’t think this ends until we see some bankruptcies and some consolidation, and I ain’t talking about E-Trade.

[HereWeGo]

-or you would pay the debt down early, potentially.

I have more of a beef with the lenders than the borrowers. This is an underwriting problem more than a morality issue.

I don’t think this ends until the ones at the center of this mess – the investment banks and even some money center banks like Citi – are truly brought to task for their actions. I don’t think this ends until we see some bankruptcies and some consolidation, and I ain’t talking about E-Trade.

[Navydoc]

“LOL! Do you think Countrywide, Wamu, Citi, Fannie, and Freddi are going to be able to survive now without some type of government bailout?”

No, I absolutely don’t believe they will survive, a point I made in the earlier post. Whether it’s ridiculous or not, it doesn’t change the fact that the banks were doing irresponsible lending to stay competitive. I completely agree with you that they were lemmings running off the cliff, but a lender would not have kept their doors open if they weren’t generating the kind of returns (false) that their competitors were.

[Navydoc]

“LOL! Do you think Countrywide, Wamu, Citi, Fannie, and Freddi are going to be able to survive now without some type of government bailout?”

No, I absolutely don’t believe they will survive, a point I made in the earlier post. Whether it’s ridiculous or not, it doesn’t change the fact that the banks were doing irresponsible lending to stay competitive. I completely agree with you that they were lemmings running off the cliff, but a lender would not have kept their doors open if they weren’t generating the kind of returns (false) that their competitors were.

[Navydoc]

“LOL! Do you think Countrywide, Wamu, Citi, Fannie, and Freddi are going to be able to survive now without some type of government bailout?”

No, I absolutely don’t believe they will survive, a point I made in the earlier post. Whether it’s ridiculous or not, it doesn’t change the fact that the banks were doing irresponsible lending to stay competitive. I completely agree with you that they were lemmings running off the cliff, but a lender would not have kept their doors open if they weren’t generating the kind of returns (false) that their competitors were.

[Navydoc]

“LOL! Do you think Countrywide, Wamu, Citi, Fannie, and Freddi are going to be able to survive now without some type of government bailout?”

No, I absolutely don’t believe they will survive, a point I made in the earlier post. Whether it’s ridiculous or not, it doesn’t change the fact that the banks were doing irresponsible lending to stay competitive. I completely agree with you that they were lemmings running off the cliff, but a lender would not have kept their doors open if they weren’t generating the kind of returns (false) that their competitors were.

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