flamo
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Friday, January 11, 2008 12:43:47 PM
I have been following the loan crisis going on. Seems like the banks are working it just like a flat store. They get you into the game with low rates and no down payment, come in, no money, free, then the sweet talk, HPs and add just like the interest rates. I would if we should look to see if some of those bank execs ever worked a midway. Check that, then they'll blame carnivals for it like everything else.

I'm there, Old, Tired, Broke and Henpecked
Pinetar
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Friday, January 11, 2008 12:50:50 PM
And now the slick banks are getting burnt by billions What will the stock holders have to say about that. their money wasted. Good for them.
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Scott
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Friday, January 11, 2008 1:07:09 PM
Quote:

quote:


Originally posted by flamo

I have been following the loan crisis going on. Seems like the banks are working it just like a flat store. They get you into the game with low rates and no down payment, come in, no money, free, then the sweet talk, HPs and add just like the interest rates. I would if we should look to see if some of those bank execs ever worked a midway. Check that, then they'll blame carnivals for it like everything else.




I don't know about Bank Execs, but learned the other day that Richard Nixon worked in a joint for two years when he was younger [:0]
cny_chris
Friday, January 11, 2008 1:26:27 PM
Quote:

quote:


Originally posted by Pinetar

And now the slick banks are getting burnt by billions What will the stock holders have to say about that. their money wasted. Good for them.



Bank of America announced today that they will buy Countrywide Financial for $4.1 Billion. Must still be some money to be made there. Either that, or BofA is holding a lot of Countrywide's paper, and don't want to get burned even worse...

Try selling real estate in some markets. The foreclosures are killing the average Joe that's trying to sell to save their shirt. It's a vicious cycle. Too bad that this whole mess isn't just affecting the idiot bankers. The economy is a mess with this looming threat hanging over it. I've said it before, and I'll say it again -- you make investments for the long term. This whole quick profit racket is exactly that. No one learned when the whole dot-com mess tanked the stock market.

Lending money to someone with poor credit, at an inflated interest rate, to finance 95-100% of a purchase, is setting them up for certain failure. Make 'em save up some cash for a 20% down payment, so that when a crisis does hit, they actually have something to fight for, instead of walking away. Gotta wonder who the real sucker is in this case....
"A journey of a thousand miles must begin with a single step." - Lao-Tsu

"Faith is taking the first step, even when you don't see the whole staircase." - Martin Luther King Jr.

"Only those who dare to fail greatly can ever achieve greatly." - Robert F. Kennedy
carnivalgirl
Friday, January 11, 2008 1:39:34 PM
with-it
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Friday, January 11, 2008 2:54:52 PM
Selling Real Estate is just like working a Joint....The Problem is there are very few Agents and the rest are Clerks....lol The Mortgage Brokers are the HPA's They are the guys to get you Quailified and then it's up to a Real Estate Clerk to help you find something to buy....

I bought a House almost 2 years ago and did the 2 year ARM and whatnot...My rate is gonna adjust here next month....I'm not sweating it because I got a reserves to pay it off or within 10gs of paying it off... I will tell you I get no less then 4-5 calls a day from Lenders wanting my business to Refi....The only reason I've waited to pay it off was because of a Pre Pay penalty...There is still no lack of Banks wanting to give money....Because you still got to spend it to make it....I'm th exception to the rule though...I know a bunch a guys that are really sweating it and are ready to lose it all....

I got a Buddy I been helping out with a Carpet Cleaning Biz and we went to some of the "Micro- Mansions" they people that had no business living in but the got approved for it and just about every single one of them had next to nothing in it...I seen alot of them wherer the people had furnature that was giving to them or they got used.....It's all a Big Front....It's all Ego. I bet half of the ones we did of those big houses were trying to get the place clean for when the Appraiser came by so they could hopefully refi to keep their payments low....It's easy to get in over your head...
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