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Thread: NAACP sues banks over sub prime mortgages

  1. #11
    Senior Member Bob Gutermuth's Avatar
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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.
    Bob Gutermuth
    Canvasback Chesapeakes
    ROLL TIDE!

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    Senior Member Hoosier's Avatar
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    Quote Originally Posted by Steve Amrein View Post
    Hey M your avatar IMHO your avatar is in poor taste maybe I will get a photo of Obama smoking crack for mine. Dont be so childish.
    I actually like it better then the last one. You gotta admit it's funny.

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    Quote Originally Posted by Bob Gutermuth View Post
    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.
    That is why dealing with libs is a no win situation.

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    Senior Member Julie R.'s Avatar
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    Quote Originally Posted by Steve Amrein View Post
    Hey M your avatar IMHO your avatar is in poor taste maybe I will get a photo of Obama smoking crack for mine. .
    Ask, and ye shall receive :




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    Senior Member Steve's Avatar
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    Quote Originally Posted by Bob Gutermuth View Post
    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.
    Encouraging is an understatement. More like pressuring or how 'bout extorting.
    Kelly, Weis, Willingham, & Davies

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    Senior Member YardleyLabs's Avatar
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    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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    Senior Member T. Mac's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    ...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.

    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

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    Senior Member Steve's Avatar
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    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.
    Last edited by Steve; 03-14-2009 at 11:25 PM.
    Kelly, Weis, Willingham, & Davies

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    Quote Originally Posted by Steve View Post
    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.

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