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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: DebtBomb who wrote (85400)	8/21/2007 3:31:59 PM
From: Lee Lichterman III	Read Replies (3) \| Respond to of 110194

Yeah thats it, it is the lenders and enablers fault. Lets not put any responsibility on those that should have known they could never repay the loans. The reason that credit card rates are 33% for some people is they are not trustworthy, 1/3 or more of them won't repay the debt. The choice is not to lend to them at all or charge a high rate so they only borrow for emergency needs. Instead, they want the big screen TV, the iPod so they borrow anyway at the high rate. How about we stop giving loans to welfare moms, dead beats and force them to live within their means like the rest of us outdated old farts. Look at where most of these foreclosures are other than over priced California and Vegas. It isn't in conservative good job communities. Detroit, Cleveland, Atlanta, see a pattern? Being PC is getting our financial system in the ringer. Bloomberg just reported that 40% of home buyers in Detroit and Cleveland didn't even make their FIRST house payment. WTF!!!!!!!!! They never planned on paying the loan, How about we cut these crooks off and let them go back to the loan sharks that will make them pay and charge even higher rates or break their knee caps and drown them in the river. If you don't have the credit score, I am not going to loan you the money unless I get a high enough interest rate to justify the risk. You wouldn't either unless you are a fool. Risk vs reward, ever hear of it? I will agree with you that Greenspan recomending ARMs at 40 years low interest rates was criminal though. -ggg- Good Luck, Lee

To: DebtBomb who wrote (85400)	8/21/2007 5:14:03 PM
From: CapitalistHogg™	Respond to of 110194

yeah but those damn crooks gave my friends 100k cash back mortgage with awesome terms. they in turn invested it and made more $ and got a brand new house that a traditional banker never never never would have given to them because they are self employed and unproven. as far as i know they haven't missed or even been late on a payment. thank 'god' for those companies for lending to my friends because they wouldn't be where they are today without them... no shit.