Forum Replies Created
-
AuthorPosts
-
urbanrealtor
ParticipantEdit:
Most HELOCS are based on LIBOR also.Participant[quote=markmax33]
A bank manages risk, if a person sees something they think is risky, they should act. The GOV should not be able to intervene in that business decision. It’s crazy. Couldn’t your boss have had several bad loans with local persians and seen a higher risk with that type of individual without being a “racist”?
[/quote]
Uhhhh….No.
Doing that would be, by definition, racist and illegal.
Logic isn’t your strong suit is it?
[quote=markmax33]The GOV 100% caused the housing bubble through ENABLING the bad loans to be resold from the banks balance sheets! Without the ENABLING element of the GSEs and the low interest rates of the FED the housing bubble COULD NOT HAVE HAPPENED! PLEASE explain how a bubble could have started without a 2ndary market to resell risk.
Actually your statement above that the GSE loan volume went up AFTER the bubble is flat out a lie. Here is a graph. The highest years are right before the bubble:
Well your unlabeled JPEG does not support your assertions. The higher graph marks (again its basically unlabeled) are pretty solidly within what is widely accepted as the bubble period. Also, that wasn’t my statement. Aim before firing (as Allan says).
Another thing is this: the GSE’s were not public or government entities prior to 2008. They were sponsored and set up by the government but operated independently (and sold stock on the NYSE and such).
The FED’s prime rate had some connection but was not as direct as you imply.
Prime rate affects credit cards and money market rates and HELOCS.
It does not generally affect mortgages.
Even ARMs are based on LIBOR, not prime (the L in LIBOR stands for LONDON, not Liberal).
If anything, the tech bust had more to do with it.
It chased money from stocks to bonds and debt-based securities in massive amounts.
Bear in mind the GSE’s don’t handle stated anything and were rather late to the subprime game.
This is not something you can clearly lay at the government’s door.
This was a largely a failure of private risk management.
This is typical of unregulated credit markets.ParticipantBrian:
I agree with you.
And you know how much I hate that.ParticipantI think you could make the argument that government (via HUD and the private GSE’s) were a contributing factor but that article is pure shite.
The hilarious part is that they refer to this as a “smoking gun”.
Its just a 20 page memo about not discriminating based on protected class (like race or gender).
That discrimination does occur too.
I have seen it up close.
Here is one of my favorite examples:
While working at a bank several years ago, our manager froze the account of a car dealer because she felt “that Arab guy uses too much cash for a business”.
He was Persian.
I asked what he was doing wrong and mentioned that he was Persian.
My manager’s comment:
“Well what’s the difference? Anyway, I just don’t trust him.”I managed his account.
I know there was nothing wrong on our end.
I have no knowledge as to whether he was an ethical business man or not.Participant[quote=afx114]I’m not a loan officer, but as a 1099’er who just bought a home, they needed prior 2 years of tax returns, and interest rates were no different than if I was a W2’er.[/quote]
As a friend of a loan officer, AFX is right.
Generally, you just need 2 years of documented income.ParticipantSweet.
I will now include my neighbor’s house as a potential expansion of my home.Perhaps several neighbors’ homes.
“Square footage reflects several adjoining lots built up into an enormous house with a tennis court and an indoor pool. This could be done with a giant loan from a drug cartel or by winning the lottery.”
Sweet.
Participant[quote=Jazzman]
Dude, Greece isn’t Iraq which isn’t Mesopotamia and what have the Jews got to do with it LOL. Yes, they are lucky and probably couldn’t give a rat’s ass what some blogger thinks in San Diego.[/quote]Iraq is Mesopotamia and the Jews are from there.
The Jewish Mesopotamian heritage is the reason why the Jewish, Muslim, and Christian creation myths are all the similar and are all virtually identical to Mesopotamian Babylonian tradition.The only difference is that Babylonian traditions include a pantheon.
This is still present up through the Saint James Bible where 1st person plural is used heavily.No Greece is not Iraq but my point was that ancient history matters for shit when current issues are pressing. Hussein did not really care about the Jewish Babylonian connection when he was launching Scuds at Israel.
Similarly, as the Greek government flies the EuroPlane right into the mountain, our primary focus won’t be on Alexander the Great or Pythagoras.
And no, random Realtors and bloggers from SD don’t generally amount to a sparrow fart in a maelstrom.
Participant[quote=DomoArigato][quote=AK]No one made them join the Eurozone. Cut off their emergency loans and they won’t even be able to print ballots for the bailout referendum.[/quote]
Not a big fan of democracy, eh? You must work in finance.[/quote]
The bigger issue is that serious belt tightening may be better in a broader sense but that there is no real way to vote for pain in a democracy.
From a domestic perspective, it is probably more rational to just default and let the ECB figure out what to do.
I mean its not as if anyone is lending them any more money.
The people who get most screwed in a default are probably not the Greek voters.
That is a point where individual democracy is actually at odds with the broader needs of the combined larger entity.
ParticipantThis is how delicious this thread has become:
http://www.huffingtonpost.com/2010/10/04/mechanically-separated-meat-chicken-mcnugget-photo_n_749893.htmlParticipantCongratulations:
This thread was actually getting good yesterday.
Now it is personal and retarded.This is like turning a good porn site into an abortion awareness seminar.
Or like turning my pollo asado burrito into a documentary on animal cruelty in chicken processing plants.
I am shocked and amazed that SD_R is the voice of reason.
Even without a burrito.
This thread is now officially a del Taco.
Down from a Roberto’s.
Sad now.
I am Jacks depressed tastebuds.
Participant[quote=bearishgurl]UR, I’m surmising that your 5th drink at the “Alibi” is “walking distance for you?” As is the “Starbucks, Mickey D’s and Lalo’s?” donut shop for the next early a.m. (to start your busy day)??
And you can walk yourself to “burrito shop(s),” too? :=D
In spite of your good company around there (I sincerely MEAN that!) there’s something to be said for being a “UR!”[/quote]
Roll by some time.
We can go over to sushi.I am directly between Baja Betty’s and Ichiban and across the street from Ray’s Tennis and Gossip Grill.
Gossip is great for lunch.
Despite being geared toward the gay girl scene and having a tilted menu (eg: the cocktail called “the finger blaster”) it has great cheap drinks and killer food.Go there.
Its awesome.ParticipantOh my god.
Would you whiney-ass little bitches just look up the page a bit and read what I posted?“Professor” and “lecturer” and “scholar” are relatively polysemous and don’t mean the same thing.
A USD perfesser (eg: Ryan Ratcliff) can rightfully call himself a scholar even though he probably has not published a great deal.
I refer to myself as a perfesser of the dumb science but mostly after the 5th drink at the Alibi.
edit:
And I am calling it now.
You have both gone in circles fast enough to create a Higgs-Boson.
Stop talking and get me a burrito ASAP.Participant[quote=Jazzman]Seems a little harsh on what is after all the cradle of Western civilization. But I’ll grant you some Germans may be a little miffed. It’s a wonderful country and people, but much of southern Europe places different emphases on living, and tax dodging is national pastime. Often, the higher the taxes the more the dodging which feeds back into itself …at least that is what it seems.[/quote]
Dude.
Baghdad is pretty close to the location of the first cities and agricultural development.It is considered the cradle of all civilization and was the land the Jews wandered from.
That didn’t count for shit when they tried to annex Kuwait.
We bombed the bejesus out of them and then went back 12 years later and ruined the country just for good measure.
Now we’re leaving.
If anything Greece is getting off lucky.
ParticipantI think their example really underlines the whole problem with unions that are fundamentally trade and monetary in nature.
Essentially, it makes all national debt externally-denominated.
As a believer that monetary sovereignty is key, I find this hobble to be an anathema.
Any time you can borrow money as a country without being able to print it, I think you are pretty much effed in the aye.
-
AuthorPosts
