Frank et al were encouraging the banks to make sub prime loans, had it not been for their enabling such perhaps people who couldn't afford them would not have gotten mortgages in the first place.
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Frank et al were encouraging the banks to make sub prime loans, had it not been for their enabling such perhaps people who couldn't afford them would not have gotten mortgages in the first place.
I actually like it better then the last one. You gotta admit it's funny.Quote:
Originally Posted by Steve Amrein
Quote:
Originally Posted by Steve Amrein
I kind of like this
http://techbuddha.files.wordpress.co...=300&h=235</a>
This would make a nice avatar
http://www.americans-working-togethe...ama_button.jpg
http://farm3.static.flickr.com/2201/...ecda9052_o.jpg
That is why dealing with libs is a no win situation.Quote:
Originally Posted by Bob Gutermuth
Ask, and ye shall receive http://i490.photobucket.com/albums/r...k/abigrofl.gif :Quote:
Originally Posted by Steve Amrein
http://i490.photobucket.com/albums/r...ack/oBONGo.jpg
http://i490.photobucket.com/albums/r...ack/Smoker.jpg
Encouraging is an understatement. More like pressuring or how 'bout extorting.Quote:
Originally Posted by Bob Gutermuth
With all respect guys, the banks were falling all over themselves along with every other financial services firm to issue these mortgages and then to pool and resell them as fast as they could. The number of such mortgages in place was negligible until 2001/02 after which the market grew exponentially, fueling the housing bubble. However, the issue then and the issue now is not just the sub-prime market, but all mortgages. The banks, the rating agencies, the financial services firms and the insurance companies all believed that the mortgage market was a simple, safe way to earn extraordinary profits and did everything they could to cash in. Unfortunately, we now get to cash them out.
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Originally Posted by YardleyLabs
Also couple in the city/county/state endorsements of continual growth as a steady income source. And their extrapalations of this continuing income source as a funding base for untold numbers of projects and spending. We are now facing the prospects of finding ways to cash out these governments as well. Or as just reported, California, despite massive tax increases, spending cuts, and borrowing still finds itself $8B in the hole despite any federal stimulus. Sacramento County is now $150M in the red, and Sacramento City is $50M down.
T. Mac
Absent of government intervention, there is no reason to believe that banks would have gone down this path. The problem is clear, government interference in the market.
I blame both sides. Instead of Bush touting increased home ownership he could of pushed for free markets. He failed at that most of the time.
Steve that is about as straight as you can say it…if you’re a midlevel crack dealer you have no business owning a home or if you make 50K a year you have no business buying a 500k home.Quote:
Originally Posted by Steve