It is incomplete but a good visualization of the players.
Didn't hardly touch on CDS's though. And tried to pretend they were only for the best investments.
Posted by Peaser on :
The price tag on the comission is the only thing that drives most Realtors.
The more that the property sells for, the more they get paid.
The reaction that we got from ours was great when I said we'll offer $30,000 less than what our Realtor thought was a great price.
We got our bid. Our Realtor acted like we were wasting his time 2 years ago. lol
Posted by jgrecoconstr on :
I'm actually taking an appraisal course now. Not an easy thing to get into. About 3 to 4k for the courses over about an eight month period, a test after each course, you fail you can take it over, 2500 hours as an apprentice completed in no less than 2 years, then a state exam. If I complete all that then you have to attend continuing ed courses every two years and renew your liscense. So it is fairly regulated here but that doesn't mean there aren't bad apples that inflated appraisals.
Posted by glassman on :
quote:Originally posted by jgrecoconstr: I'm actually taking an appraisal course now. Not an easy thing to get into. About 3 to 4k for the courses over about an eight month period, a test after each course, you fail you can take it over, 2500 hours as an apprentice completed in no less than 2 years, then a state exam. If I complete all that then you have to attend continuing ed courses every two years and renew your liscense. So it is fairly regulated here but that doesn't mean there aren't bad apples that inflated appraisals.
it's usually the "target pricing" that's the problem....
you'll be given a contract price to justify, and you'll have to figure out if you can or can't....
most people don't know that they have to go to the courthouse to find the actual sale prices, they just see all the asking..
the realtors can see the closing prices on some listing services...
Posted by glassman on :
We just got the foreclosure filings for January of 2009 and we are already on pace, once again for a 3 million plus foreclosure year.
I think the builders need to start building more affordable houses. Just like Detroit needs to get off the super sized SUV, builders need to stop building McMansions only. It is ashame, but this country seems to only care about short term profits.
Posted by glassman on :
but this country seems to only care about short term profits.
now that's something i've been noticing in the political argument.
"stimulate the economy NOW, no long-term plans into stimulus"...
well, 4 second nitromethane cars go 300 MPH, and blow up if they run 5 seconds
Posted by bdgee on :
quote:Originally posted by Browndog: I think the builders need to start building more affordable houses. Just like Detroit needs to get off the super sized SUV, builders need to stop building McMansions only. It is ashame, but this country seems to only care about short term profits.
You've hit on a theme I've talked on for years.
And another thing, I've noticed that in most newly constructed and newly remodeled homes, they spend as much for fancy faucets in the bathroom and kitchen as it would cost to properly insulate the attic.
Posted by glassman on :
we've been kicking the idea hard here for years.
let's say the average household income in America is 50,000$
lets say the average family that can actually AFFORD a home and not be renters is 60,000$.
33% of after tax income at 60K is (ballpark) 15,000$
that means the AVERAGE cost of a home in America should allow for a month ly paymetn including PI, MI, Homeowners insurance and state and local RE taxes should be 1,250.00 per month...
that's when the economy will re-adjust.
in other words? we are screwed.
the average price of a home went to 225K$
it's now down to about 180K$...
1250$ per month with all the add-ons equates to about 125K$ at 5%.
Posted by Propertymanager on :
Home builders build the types of houses that are in demand. In the past few years, McMansions were in demand and therefore that's a large part of what builders were building. Now that the ecomony is coming back to reality, demand for McMansions will probably drop and builders will respond by building smaller houses.
Who's to blame for the housing bubble?
I'd start with Alan Greenspan. His policy of pumping a bunch of cheap money into the economy after the dot-com crash and 911 was a major cause of the bubble. Add to that, Bill Clinton, George Bush, Barney Frank, Chris Dodd, the Congressional Black Caucus who prodded banks to make loans to individuals that weren't credit worthy. Next, banks and mortgage companies made loans to these people that weren't credit worthy. Banks and mortgage companies also invented ridiculous products such as teaser rate loans, option arms, etc that set the borrower up for failure. Moreover, the banks allowed people to LIE on their applications with 'stated income' loans. As Glass said, appraisers contributed by inflating appraisals. Finally, the individuals that borrowed the money without having the ability to pay back the loans certainly bear a LOT of responsibility.
There's enough blame to go around!
Posted by glassman on :
Fannie and Freddie were created to make the home building market more profitable for everybody.
prior to their creation? homeownership was not available to the general population. homebuilding was not a big business.
i invite anyone who thinks they are the reason to go to say, Korea, where they have a booming economy and no Fannie type organization. Everybody there is a renter unless they are the uberclass...
they live in apt buildings. trying to make the congressioanl balck caucus into the bad guys is simply race baiting and you know it PM.
Posted by bdgee on :
"trying to make the congressioanl balck caucus into the bad guys is simply race baiting and you know it PM."
Actually, glass, I don't think he does. Like most of the hard cored radical right, he lives in Limbaugh Land and "dittos" in his excuse for a brain as well as in near cut and past quotes from The Dear Leader.
Posted by glassman on :
yes he does. it's a game to say and do racist things and then claim you don't know what people are talking about .. a sick game, but a game nonetheless... furthermore, to blame them is to attempt to reverse the way we all know Congress has worked forever. Lobbyists go to congress and lobyy for favorable laws. not vice-versa.
another thing few people have pointed out is that JUST prior to this sudden increase in lending? the bankruptcy laws were changed in favor of creditors... they lobbied that too.
Posted by Propertymanager on :
Here's just ONE video that shows the connection between the congressional black caucus and Fannie/Freddie.
you have no clue what the mission of Fannie and Freddie are.
i am not going to spend a half hour here educating you on the historic mission of Fannie.
the bottom line is that Fannie ALSO loaned more to poorER people of all races and creeds. in fact? unless you are an inheritor at a young age? your first mortgage was probably FHA, or VA.
it is YOU who are participating and inciting class war, and if-when it happens? you will be hiding in your hole like people of your nature always do.
the reason we are stuck in this hole is because Lehman and others tried to COMPETE with Fannie... an they didn't have any clue what they were doing, or didn't care, or worse; intentionally crashed the system for profit.
i still don't hear people asking who is on the "winning side" of all the CDS'es... nobody but me has asked that question yet.
Posted by Propertymanager on :
quote:that's a smoking gun?
Yes, that's a smoking gun.
quote:the bottom line is that Fannie ALSO loaned more to poorER people of all races and creeds.
Agreed, this is not a race issue beyond the fact that the leftists targeted certain racial groups (especially african americans) for these subprime loans. All that accomplished was to further damage the african american community, just as welfare and other socialist programs have done for decades.
quote:i still don't hear people asking who is on the "winning side" of all the CDS'es... nobody but me has asked that question yet.
Certainly, the people that packaged and sold those CDOs are on the winning side. The trick with CDOs was just to treat them like a hot potato and pass them to some ignorant investors before they blew up.
Posted by glassman on :
CDOs are on the winning side. The trick with CDOs was just to treat them like a hot potato and pass them to some ignorant investors before they blew up
i din'say CDO, that's primae facia.
i said CDS. it's a big secret who's collecting on them...
this is why i bother with you PM, right here: the leftists targeted certain racial groups (especially african americans)
you have almost no sense of history. i (currently) live in MS. in one sense? i am currently living within history today, but there are things i really love about this place too, so i'll stop there, simply because i am at work trying to make a better future for all of US not just myself, and my family. getting on the glass half full bandwagon is not in my best interest. you should get on it too, you'll be happier.
Nevada’s foreclosure rate tops nation once again
By Steve Green
Published Thu, Feb 12, 2009 (2:10 a.m.)
Updated Thu, Feb 12, 2009 (6:16 p.m.)
Nevada is 82% white, and 8% black.. you are a bigot. this is the proof.
you may not realise it, and i take you at face value that you don't want to be.
BTW? i personally make absolutely no claim to bneing 100% UNbiggoted, but try to be as good as i can Posted by Propertymanager on :
quote:Nevada is 82% white, and 8% black.. you are a bigot. this is the proof.
That's ridiculous. Nevada's racial makeup has absolutely nothing to do with the fact that the congressional black caucus is partially responsible for the mess we're in.
quote:BTW? i personally make absolutely no claim to bneing 100% UNbiggoted, but try to be as good as i can
Keep working on it!
Posted by glassman on :
quote:Originally posted by Propertymanager:
quote:Nevada is 82% white, and 8% black.. you are a bigot. this is the proof.
That's ridiculous. Nevada's racial makeup has absolutely nothing to do with the fact that the congressional black caucus is partially responsible for the mess we're in.
LOL... if you don't get it, you just aren't trying.
if the Congressional Black Caucus didn't work for their constituents? you'd call them lazy and worthless anyway..
you want your cake and to eat too.
the Black Caucus doesn't represent Nevada at all...
Posted by Robot on :
In Canada we only have a handful of banks with fairly strict, government guided, policies. Therefore one companies' policy applies to thousands of bank branches and it's easy to police and control.
Not everyone can afford to buy and maintain their own home. A lot of people are terrible with managing their money. A lender that would tease these people with an unrealistic dream makes me sick. And a government that relaxes the rules to "help" the same people, is not in touch with the reality of day to day life of the people living paycheck to paycheck.
Real estate appraisers are guided by the selling prices of the homes in the area and provide copies in their report to the banks as proof.
Real estate agents are from outer space and should be watched very carefully. But they to must price the homes according to the surroundings. Some will even price mid to low for a quick sale and move on.
In Canada we hire Realtors all the time when buying a house. No contracts or fees and they split the commission, usually 5%, with the agent you buy from.
A friend of mine moved to California last August and went in to talk to the bank to see what he needed if he wanted a mortgage. The lender was a friend of a friend and he told him he was waiting to be arrested, along with twenty other lenders, for the loans they had made over the last five years. He said it happened so slowly and gradually that everyone was lending everything just to get the business. And NOBODY told him to stop or be careful or anything. The lender leaned over and told my buddy "now were so scared no one is even talking about it. It's TABOO."
You can have structure and guide lines and still not oppress people. If you want something, work for it. Wide open free market only works in a balanced society. Too many buyers or sellers and someone's gonna get hurt.
My opinion you have to spreed the blame very thin over everyone involved. If you can't do basic math to see how much money will be left at the end of the month, or if people are lying to you then your done. It's every man for him self people, figure it out. The Gov. deregulated and took a hands almost off approch to banking. That Failed Bad as we can see. But I think the lenders are the most to blame for the way they have conducted them selves and presented their products for sale to you, and to the world. You can't do it, but the whole financial system should be left to fail. Then slowly build it back up with structure, accountability and integrity all overseen by the Gov. Hopefully a competent Gov.
In my travels I have noticed a Bank employee in parts of Europe holds higher status than the Mayor. Even the tellers are very professional and proud their position. The US needs to take a hard look at the people running your banks and even take back some of the million dollar bonuses handed out over the last five years. You could call it a "Wake Up Greedy F**ken A**hole Tax." I wish I got a bonus for screwing up. Any bonus should be for performance only. Get back to the basics please. Credit is for those who can afford it. Everyone else has to work first.
What ever you do to fix it, do it quick cause it's killing me. I work in the Auto Industry...........for now.
Posted by bdgee on :
Correction!
He does not want his cake and to eat it too. He wants your cake, so that none of "those people" can have any chance to eat it, ever.
Posted by IWISHIHAD on :
Quote Robot:
"Credit is for those who can afford it. Everyone else has to work first."
_________________________________________________
Problem is many have worked and for some most of their lives.
Now they will work even longer.
Posted by bdgee on :
"What ever you do to fix it, do it quick cause it's killing me. I work in the Auto Industry...........for now."
Siting around expecting and wanting to let things go and let the banks fail and "the whole financial system should be left to fail. Then slowly build it back up with structure, accountability and integrity all overseen by the Gov." isn't going to be the speedy solution you are requesting.....not byu a long shot. You'll be well into old age retirement before that comes to pass, unless serious and deep financial reconciliations and cash are invested into the effort.
Trying to treat the foot by holding it in the fire won't stop the blistering of its skin or cure the deep burns. Let's put out the fire or move away from it first, then we can "slowly build it back up with structure, accountability and integrity all overseen by the Gov.".
Posted by Robot on :
"Problem is many have worked and for most of their lives."
It depends on what you want and how much you make. People should work and save money and then look for things that make life better. If people work most of your life and still can't afford credit then they are the ones who can't afford the upkeep on a house. Not everyone is entitled to a house.
Everyone is entitled to a chance to make the life they want. They are not entitled anything but a the opportunity.
Some days I want the moon. My guys keep telling me I can't have it.
Posted by Robot on :
quote:Originally posted by bdgee: "What ever you do to fix it, do it quick cause it's killing me. I work in the Auto Industry...........for now."
Siting around expecting and wanting to let things go and let the banks fail and "the whole financial system should be left to fail. Then slowly build it back up with structure, accountability and integrity all overseen by the Gov." isn't going to be the speedy solution you are requesting.....not byu a long shot. You'll be well into old age retirement before that comes to pass, unless serious and deep financial reconciliations and cash are invested into the effort.
Trying to treat the foot by holding it in the fire won't stop the blistering of its skin or cure the deep burns. Let's put out the fire or move away from it first, then we can "slowly build it back up with structure, accountability and integrity all overseen by the Gov.".
Posted by Robot on :
Sorry
Bdgee I agree with you. Just too bad it got this bad. I hope some reform is on the way also.
Posted by bdgee on :
Though a lot of those caught up in the burst of the housing bubble were foolish chance taking speculators with every intent to turn a 40% profit by flipping a house or two, no matter whose money they would be taking , most of those swallowed up in the violent sea and and then deserted on dry land somewhere else when the tidal wave subsided, were just poor innocent hard working folks that got inundated in the flow while trying to house and feed a family.
Insisting on punishing the guilty will do more toward finally destroying the innocent but foolish. Destroy those and the American dream is dead (Canada's too....it's part of America).
Posted by IWISHIHAD on :
Quote Robot:
"It depends on what you want and how much you make. People should work and save money and then look for things that make life better. If people work most of your life and still can't afford credit then they are the ones who can't afford the upkeep on a house. Not everyone is entitled to a house.
Everyone is entitled to a chance to make the life they want. They are not entitled anything but a the opportunity.
Some days I want the moon. My guys keep"
_________________________________________________
I may have agreed some with your statement 20,30,40 years ago. But the reality for a lot of Americans is that the jobs and money are not there(increasing day by day) because a few at the top have taken that money for themselves and for other reasons.
Obviously you are sitting in a more confortable position to judge other people and to make it sound so simple.
The times have changed a lot in the last half century and i am not sure it's been for the good of the American family.
Posted by Robot on :
quote:Originally posted by bdgee: Though a lot of those caught up in the burst of the housing bubble were foolish chance taking speculators with every intent to turn a 40% profit by flipping a house or two, no matter whose money they would be taking , most of those swallowed up in the violent sea and and then deserted on dry land somewhere else when the tidal wave subsided, were just poor innocent hard working folks that got inundated in the flow while trying to house and feed a family.
Insisting on punishing the guilty will do more toward finally destroying the innocent but foolish. Destroy those and the American dream is dead (Canada's too....it's part of America).
Agreed. But if good guide lines were in place and followed a lot less people would be at risk.
Posted by bdgee on :
"guide lines were in place and followed a lot less people would be at risk."
I do agree, whole heartedly!
And I point a great big main finger of blame at the the mantra of the republican party over more then three decades to belittle and destroy the importance and ability of government to oversee and throttle the private sector until the really big financial entities were allowed to operate more along the lines of financial piracy "on" than functioning as investment "in" the nations security and structure, particularly after the rise of Gingrich and Delay.
Posted by Robot on :
quote:Originally posted by IWISHIHAD: Quote Robot:
"It depends on what you want and how much you make. People should work and save money and then look for things that make life better. If people work most of your life and still can't afford credit then they are the ones who can't afford the upkeep on a house. Not everyone is entitled to a house.
Everyone is entitled to a chance to make the life they want. They are not entitled anything but a the opportunity.
Some days I want the moon. My guys keep"
_________________________________________________
I may have agreed some with your statement 20,30,40 years ago. But the reality for a lot of Americans is that the jobs and money are not there(increasing day by day) because a few at the top have taken that money for themselves and for other reasons.
Obviously you are sitting in a more confortable position to judge other people and to make it sound so simple.
The times have changed a lot in the last half century and i am not sure it's been for the good of the American family.
I hope it didn't come across like I was judging. I just want to point out that it is only human to go after what we want. We all need guidence in our lives and that from time to time may come from outsiders telling us NO, you can't have that. It's not simple. If anything things have become so complicated that the average person may have given up thinking for them selves. It would be nice to get back to the basics. Give people back some pride and the respect they deserve.
Posted by glassman on :
quote:Originally posted by Robot: My opinion you have to spreed the blame very thin over everyone involved.
bingo
it is all of US. funny a Canadian had tell us huh? Posted by bdgee on :
"I hope it didn't come across like I was judging."
Nothing to worry about with those online right now. You are adding I formation as well as offering an opinion. That's value, so don't worry. That's how we learn.
Posted by bdgee on :
Hey, glass...Canadians are us too.
Posted by glassman on :
it's like Rick Santellis rant on CNBC yesterday...
i watch (listen) CNBC while i work for about 3 hours a day.
those guys on that station are the biggest pumpandumpers the planet has ever seen.
they aren't happy if they aren't making 10% per day.
fact is? they bear a very heavy responsibiltiy for all of this. they put people on all day every telling everybody to buy buy buy...
i like Ricks commentary as a general rule. i also listen careully to Steve Leishman...
however, i was disappointed about his rant yesterday, it misrepresents the extent and the conditions of the mortgage bailout.
Posted by IWISHIHAD on :
Quote Robot:
"I hope it didn't come across like I was judging. I just want to point out that it is only human to go after what we want. We all need guidence in our lives and that from time to time may come from outsiders telling us NO, you can't have that. It's not simple. If anything things have become so complicated that the average person may have given up thinking for them selves. It would be nice to get back to the basics. Give people back some pride and the respect they deserve. "
_________________________________________________ No, i should have used a different word.
Part of the problem as you stated are guidelines.
The guide lines change or are not put in place in some cases, because indivuals at the top of the chain are making to much money off of it.
But i am also very careful when i speak of guidelines and government, because somehow we seem to get on wrong paths with that idea.
A little of what we are talking about in the other post on credit cards and interest.
But bottom line is people still want to feel like they are working for a reason other than just surviving. When in reality that's all they are doing these days is trying to survive.
The costs of living and the lack of good paying jobs put many people in a survival mood.
We need more jobs and better paying jobs.
I no where i would start to help our situation, but our politicians don't seem to want to go there.
Posted by Robot on :
quote:Originally posted by IWISHIHAD:
The times have changed a lot in the last half century and i am not sure it's been for the good of the American family. [/QB]
Good observation. My first job in the USA was eleven years ago. I worked in South Carolina for five months. Great people and the atmosphere was very much like back home. But I was shocked at how many people had things on credit. Cell phones, Car rims, cars, boats, guns, bikes, ATVs. Like five or six things for each person. From the shop floor up to managers had stuff on credit. I still don't get it.
We never really had pawn shops, payday loans, car title loans until a few years ago. Our Gov. is going after Payday loan shops cause the are "stealing" from the people.
Just a different way of life I guess.
Posted by Robot on :
quote:Originally posted by IWISHIHAD: Quote Robot:
"I hope it didn't come across like I was judging. I just want to point out that it is only human to go after what we want. We all need guidence in our lives and that from time to time may come from outsiders telling us NO, you can't have that. It's not simple. If anything things have become so complicated that the average person may have given up thinking for them selves. It would be nice to get back to the basics. Give people back some pride and the respect they deserve. "
_________________________________________________ No, i should have used a different word.
Part of the problem as you stated are guidelines.
The guide lines change or are not put in place in some cases, because indivuals at the top of the chain are making to much money off of it.
But i am also very careful when i speak of guidelines and government, because somehow we seem to get on wrong paths with that idea.
A little of what we are talking about in the other post on credit cards and interest.
But bottom line is people still want to feel like they are working for a reason other than just surviving. When in reality that's all they are doing these days is trying to survive.
The costs of living and the lack of good paying jobs put many people in a survival mood.
We need more jobs and better paying jobs.
I no where i would start to help our situation, but our politicians don't seem to want to go there.
Also good points.
Not to often do i get excited with our Gov. over things they do, but I am glad they don't fool around to much with our banks.
Posted by Robot on :
quote:Originally posted by glassman:
quote:Originally posted by Robot: My opinion you have to spreed the blame very thin over everyone involved.
bingo
it is all of US. funny a Canadian had tell us huh?
Hey, Happy to help.
I'll send you a bill.
Posted by glassman on :
quote:Originally posted by bdgee: Hey, glass...Canadians are us too.
once again your underdeveloped sense of sovereignty shows thru..
has it occurred to you the people from other countries might perceive a difference that they don't mind?
Posted by Robot on :
quote:Originally posted by Robot:
quote:Originally posted by glassman:
quote:Originally posted by Robot: My opinion you have to spreed the blame very thin over everyone involved.
bingo
it is all of US. funny a Canadian had tell us huh?
quote:Originally posted by bdgee: Hey, glass...Canadians are us too.
once again your underdeveloped sense of sovereignty shows thru..
has it occurred to you the people from other countries might perceive a difference that they don't mind?
Indeed it has, and I don't mind their perception of a difference, but Canada, like the U. S. is America. We, you and I, live in The United States OF America, we are not America.
(I say, above, we live in the United States, which may indeed be perceived, by many, as an entirely different entity than that place made up of Mississippi, Alabama, and parts of Georgia, Florida, Louisiana, Tennessee, and Arkansas, where you live....at least that was the case when I lived there and I suspect it hasn't decided to change.)
Posted by glassman on :
huh? you mean Texas isn't heaven on earth and a country (created on God's best day) within itself?
every Texan i've ever met convinced me of that in short order Posted by glassman on :
click on th icons in the lower left of the reply board for speed, and use [ img] and [/img ] without any spaces to insert a gif
Posted by IWISHIHAD on :
'huh? you mean Texas isn't heaven on earth and a country within itself?
every Texan i've ever met convinced me of that in short order "
_________________________________________________
I think your talking about California, if you take taxes and some of the traffic away.
Posted by bdgee on :
"I may not go to heaven.
They may not let cowboys in.
So, when I die, just take me back to Texas.
'Cause Texas is as close as I've been."
Posted by Robot on :
I would never take out an ARM under ANY circumstances. As with stocks, whatever goes up must come down...and versa visa...
Posted by bdgee on :
Nope, beach, no versa visa...lots of them go down and never come back up.
Posted by T e x on :
quote:Originally posted by glassman: huh? you mean Texas isn't heaven on earth and a country (created on God's best day) within itself?
every Texan i've ever met convinced me of that in short order
SHUT UP!
We don't need any more gold diggers over haere...
Texas SUX! Go away! You'll die of pollution. Your mischievous kin will get the death penalty. You may be run over by wild horses, crazy cowboys, or crazy-wild cows. Your car may be crushed by tornado-whipped tumbleweeds...
RUST NEVER SLEEPS!
Posted by bdgee on :
Not only all that, there is a move in the Legislature to legalize shooting hogs from choppers. They might spot you and be confused.
Posted by IWISHIHAD on :
Quote Tex:
"SHUT UP!
We don't need any more gold diggers over haere...
Texas SUX! Go away! You'll die of pollution. Your mischievous kin will get the death penalty. You may be run over by wild horses, crazy cowboys, or crazy-wild cows. Your car may be crushed by tornado-whipped tumbleweeds...
RUST NEVER SLEEPS!"
_________________________________________________
Sounds good were all heading to Texas... is dinner ready yet?
Retiredat49 said i could visit him and he had just installed a new TV and sound system.
I would expect the same when i come to visit you, i am kind of picky.
Especially if i have to fight my way through all those crazy cowboys and cowgirls.
-
Posted by T e x on :
may be a while on the new TV--gotta get a new house first Posted by bdgee on :
If ya don't like cowboys, ya ain't a gonna be happy in Texas and if ya don't like cowgirls (and ya ain't one yaself), I ain't real certain we need ya fo much around heah.......we ain't a gonner tar an feather ya, but yaw'll stay ovah there in Dallis amongst ya own kind, Dallis being the one sanctuary we keeps for damnyankees and other assorted and unassorted folk of questionable worth or value.
Posted by The Bigfoot on :
quote:Originally posted by beechwood: I would never take out an ARM under ANY circumstances. As with stocks, whatever goes up must come down...and versa visa...
Actually Beech, when you average a good 5 yr ARM against a 30 yr fixed they can often make good sense. I wouldn't do it now, what with fixed rates at historic lows, but it wasn't that long ago fixed rates were running 10% and more. A good ARM would have rode down the rate cuts automatically while someone in a fixed rate would'a had to pay to refinance his loan if he wanted to take advantage, thereby eating the first couple of years profits.
Know your level of risk and if ARMs seem too risky to you then stick with fixed and feel no shame in it. If you are up for a little risk make damn sure all the terms aren't written in the banks favor, as some are wont to do.
Posted by glassman on :
i'm with Beech, i'd never take one either. never have.
even with the good deals? i don't like to take that kind of risk...
people were told their ARMS would never adjust higher.. the price of oil ran up? the Fed saw inflation and voila ici. higher rates.
Posted by CashCowMoo on :
Check this video out...Barney Frank years ago on camera pushing Freddy Mac to get more sub primes out the window. Bush administration warned about a crisis if the Freddy and Fannie go unchecked....regulation that was sought to be imposed gets blocked by Democrats!
CCM, all this blame being put in Frank is for stuff that was done when the House, Senate and White House were owned by the GOP..
Fox News is FOS.
not only do i not like Franks? i don't vote in Mass, and i wouldn't vote for him if i did..
fact is? the GOP was running the whole shooting match then, and blaming others is not just propaganda, it shows a lack of morals.
the worst part is that the GOP did not fix anything and Bush most certainly was involved in encouraging subprime lending as i've posted the evidence here over and over.
the subprime blame game is a smokscreen..
H.R. 1461: 109th Congress
This is a bill in the U.S. Congress originating in the House of Representatives ("H.R."). A bill must be passed by both the House and Senate and then be signed by the President before it becomes law.
Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 109th Congress, in 2005-2006.
The titles of bills are written by the bill's sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries. 2005-2006
Federal Housing Finance Reform Act of 2005
To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purpose
Oct 31, 2005: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
who ran the Senate then? Frist? Trent Lott?
one other thing to consider?
this had Bipartisan support in the House...
Posted by glassman on :
fromt the WSJ opinion section:
How Government Created the Financial Crisis Research shows the failure to rescue Lehman did not trigger the fall panic.
....Monetary excesses were the main cause of the boom. The Fed held its target interest rate, especially in 2003-2005, well below known monetary guidelines that say what good policy should be based on historical experience. Keeping interest rates on the track that worked well in the past two decades, rather than keeping rates so low, would have prevented the boom and the bust. Researchers at the Organization for Economic Cooperation and Development have provided corroborating evidence from other countries: The greater the degree of monetary excess in a country, the larger was the housing boom.
Adjustable-rate, subprime and other mortgages were packed into mortgage-backed securities of great complexity. Rating agencies underestimated the risk of these securities, either because of a lack of competition, poor accountability, or most likely the inherent difficulty in assessing risk due to the complexity.
Other government actions were at play: The government-sponsored enterprises Fannie Mae and Freddie Mac were encouraged to expand and buy mortgage-backed securities, including those formed with the risky subprime mortgages.
Government action also helped prolong the crisis. Consider that the financial crisis became acute on Aug. 9 and 10, 2007, when money-market interest rates rose dramatically. Interest rate spreads, such as the difference between three-month and overnight interbank loans, jumped to unprecedented levels.
Diagnosing the reason for this sudden increase was essential for determining what type of policy response was appropriate. If liquidity was the problem, then providing more liquidity by making borrowing easier at the Federal Reserve discount window, or opening new windows or facilities, would be appropriate. But if counterparty risk was behind the sudden rise in money-market interest rates, then a direct focus on the quality and transparency of the bank's balance sheets would be appropriate.
Early on, policy makers misdiagnosed the crisis as one of liquidity, and prescribed the wrong treatment.
To provide more liquidity, the Fed created the Term Auction Facility (TAF) in December 2007. Its main aim was to reduce interest rate spreads in the money markets and increase the flow of credit. But the TAF did not seem to make much difference. If the reason for the spread was counterparty risk as distinct from liquidity, this is not surprising.....
there's more in the article...
the only people that blame Fannie and Freddie directly as th eroot cause are GOP actiivsts that are not admitting the GOP's role in Fannie and Freddie...
the other group that supported Fannie was the National Association of Home Builders
Expanding the American dream commitment; National Association of Home Builders and Fannie Mae choose Atlanta as first demonstration site for nationwide Joint Workforce Housing Initiative.
Article from: M2 Presswire Article date: July 23, 2004
M2 PRESSWIRE-23 July 2004-Fannie Mae: Expanding the American dream commitment; National Association of Home Builders and Fannie Mae choose Atlanta as first demonstration site for nationwide Joint Workforce Housing Initiative(C)1994-2004 M2 COMMUNICATIONS LTD
Bob Corker is also on their support list.
Posted by glassman on :
most of these issues are not nearly as black and white as Fox wants to make their watchers think, they pull a few soundbites adn pretend that covers the whole story. it doesn't:
Border Patrol Series: Immigration & Construction Published by Communications on June 14, 2007 6:44 PM | Permalink Providing first jobs for generations of immigrants, the construction industry seeks to keep the labor stream flowing.
By Anne Riley
June 14, 2007 | The construction industry has been increasing its lobbying efforts related to immigration to tackle this year’s controversial reform legislation, but for homebuilders and contractors across the country, the sector’s stake in immigration is in no way a recent development. “Construction has always been the place where new immigrants to the U.S. got a foothold in the American society,” said Jenna Hamilton, assistant staff vice president of government affairs at the National Association of Home Builders (NAHB). “From the Irish to the Germans to the Italians to the Chinese—when they came to the U.S. as immigrant groups, they found a home in construction,” she said.
Builders and contractors traditionally support Republicans, giving 70 percent of their 2006 contributions to Republican candidates. However, Democratic bill co-sponsor Sen. Robert Menendez of New Jersey was the No. 1 recipient of funds from construction in 2006, receiving almost $1 million. Bill advocate Sen. Jon Kyl (R-Ariz.) ranked No. 6, receiving $439,000 from the industry last year, while Sen. Bob Corker (R-Tenn.), one of six legislators to ultimately bring the bill to a standstill, received $563,000.
this article was about 60 days prior to the first signs of the meltdown, it goes on:
According to NAHB’s Hamilton, home builders estimate they will need to build 18 million new houses over the next decade to meet a rising demand, an initiative that will create almost 1 million new construction jobs. Commercial developers, too, face the growing challenge of staffing worksites when the demand for employees significantly exceeds the supply. However, despite efforts to attract American workers, the industry continues to struggle to fill vacant positions and is often forced to look abroad for workers. “The fact of the matter is, in today’s America, you don’t get a lot of parents who raise their kids and say, ‘When you grow up, we want you to be a construction worker.’ As an industry, we struggle with that image,” Hamilton said. Posted by T e x on :
speaking of "black & white," yumping yimminee...the following is so outrageous, I wonder whether it's an Internet hoax...
check out this strip-search story (link won't work, cuz of b l o g s p o t--cut n paste and remove spaces):
Did y'all post this while I was unconscious?
Posted by jordanreed on :
Id like to follow this case..
unbelievable....how could they mistake her for the perp?..so many questions...
Posted by glassman on :
quote:Originally posted by T e x: speaking of "black & white," yumping yimminee...the following is so outrageous, I wonder whether it's an Internet hoax...
check out this strip-search story (link won't work, cuz of b l o g s p o t--cut n paste and remove spaces):
i want to know how you convict someone for resisting arrest and disorderly conduct at their own home?
Posted by bdgee on :
Because I know of similar "events" I am prone to accept the news reports and, honestly, surprised news reports ever were made. I've seen reporters that did report on these things find a move to another town a necessity.
Here's a further concern. It isn't only happening to women! Maybe it does garner more sympathy for the female victim, but it doesn't happen because they are female. It happens because of the culture that cops live in, wherein they constantly refer to the "civilians", meaning non-cops, the "them vs. us" attitude, with "Cops take care of cops" whispered among themselves anytime any "outsider", i.e., "civilian" might speak up.
Posted by bdgee on :
quote:Originally posted by glassman:
quote:Originally posted by T e x: speaking of "black & white," yumping yimminee...the following is so outrageous, I wonder whether it's an Internet hoax...
check out this strip-search story (link won't work, cuz of b l o g s p o t--cut n paste and remove spaces):
i want to know how you convict someone for resisting arrest and disorderly conduct at their own home?
Damned near happened to me a couple of years back, glass... I had called the police when a pair knocked on my door and ended up threatening be with a gun. Among the cops that showed up was a friend of one of the pair. I was told that if I didn't cancel my call for the help of the cops and apologize to the pair that I was going to jail right then and there, even though, before the cops arrived, I had not so much as stepped out of the house.
Once the one cop let the others know that he was friends with one of the pair, there was a wholesale move by all four of the cops to make it be me that had been the instigator and it was made clear that "Cops take care of cops" and they had agreed on a "tale" that would become the record.
Posted by T e x on :
Oh, it happens alla time. I was just shocked to see such flagrant abuse in a video made public...
Here's an update: cops apparently filed suit against the TV station, and Ms. Steffey has a suit pending...
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