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Bloodbath only a few hours away
shardian:
--- Quote from: ChadTower on January 22, 2008, 03:11:07 pm ---
--- Quote from: shardian on January 22, 2008, 03:03:40 pm ---Well if you apply that kind of logic then even Walmart would disqualify 99% of their large workforce. ;D
--- End quote ---
Walmart only allows easy employee to manage about $15 in assets, though. Not so risky there. :laugh2:
--- End quote ---
On that note, I assume that you have heard about the 0.001 cent gas lady from my locality, yes? ;D
I assume the same thing happens at Walmart fairly often.
ChadTower:
--- Quote from: shardian on January 22, 2008, 03:21:08 pm ---On that note, I assume that you have heard about the 0.001 cent gas lady from my locality, yes? ;D
I assume the same thing happens at Walmart fairly often.
--- End quote ---
I haven't... bring the linkage...
abrannan:
--- Quote from: shardian on January 22, 2008, 02:44:12 pm ---Oh I definitely agree that people should definitely be held accountable for their own finances. Still, many brokers were actually talking borrowers out of going with a fixed mortgage. Yeah I feel sorry for people who lost their homes, but that isn't who the broker screwed. It is the lending industry collapse that is screwing the economy. They are the ones out tons of money. Their brokers are the ones who screwed them. The lenders are the ones who should have taken a step back and said "Whoah, things are getting out of control here". This whole mess could have been averted if lenders would have been responsible about lending money. Maybe they were afraid of the ACLU, NAACP, etc, etc as being labeled as discriminating ---daisies---, who knows? The fact is they were lending out THEIR money to high risk borrowers they had no business lending these huge loans to.
--- End quote ---
This is actually the best summary I've seen on the whole mortgage mess (even if it is two comedians)
http://youtube.com/watch?v=l3kaK2_CrEw
But just to add my two cents in here, my wife and I were approached by a mortgage borker a few years back who wanted to get us out of our 20 year fixed mortgage into some convoluted, not-quite-interest-only mortgage. During the "sell" he gave us, he spouted some absolutely absurd statistics about how the mortgage would adjust once the intro period was up, like "The maximum your payment can go up each year is 1% of your current payment, which would be $6", and so on.
I never could find any information on the exact name of the type of mortgage he quoted, and when pressed for hard details in writing, he balked with "It's a standard mortgage type, there's tons of information out on the internet".
Now, of course we didn't fall for it, but I can imagine there were quite a few innumerate people out there who did. So there certainly was some predatory lending going on.
ClubNinja:
I work with a guy who's dealing with this now. At a time three years ago when even the modest homes were $300K+, he went with the $500K model. Now he wants to move to the midwest to be closer to his family and attempt to secure a less drastic cost of living, but can neither afford to sell his house nor keep it for too long.
ChadTower:
--- Quote from: abrannan on January 22, 2008, 03:36:54 pm ---Now, of course we didn't fall for it, but I can imagine there were quite a few innumerate people out there who did. So there certainly was some predatory lending going on.
--- End quote ---
That is unethical, yes, but predators have victims, not people who willingly do business with the asshat's terms. The borrower there is just as culpable for signing away their house without doing the proper research.
You did the proper research - and as you said yourself - there wasn't much needed to expose that guy as a piece of trash.
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