The Liberal Thread #2 - No Debate Please

[chris1gill]

Well that is because there is a bit of a liquidity problem. Not to mention banks hve gotten tighter and tighter on their lending standards - and those who could easily be approved for a loan before, now cannot.

If you take a look over the last couple of days when stock market was down the mortgage rates for the big boys - WAMU, Bank of America, Chase, and Citi were all up - and kept going up. Every indication would have been that the mortgage rates would go down - but they didn't.

Not to mention banks are trying to take on less mortgages this year - so there is a supply and demand thing going on. More people wanting to refinance, banks not wanting to do new loans = higher rates. = people can't afford the new payments.

BTW - little angry point for me - it was announced in the last few days that our old CEO - the idiot- was paid something like $8,000,000 for the 2007 business - and we just laid off about 5000 people.

~Amanda

Yeh, but here's the thing, if someone is !! that close to being able to make their full payment but cannot, you would think the bank would add years on to the note, or do something to lower the rate !! that much to get them to stay in their house and keep paying.... it costs the bank a lot more to have an empty house. I can see if the people can't pay a THING, but for those that can make 90% of their loan but can't make the small amount up, that's a problem the banks should try to work with, but they don't.

As for your CEO 8,000,000 divided by 5,000 people equals how much??? That would totally p&ss me off...

 

[LuvDuke]

Yanno, we've all made bad choices. Unless, that is, you live on Planet Bush, but I digress.

At some point, the bad choices don't matter because of the public policy considerations. It is bad for a significant segment of Americans to lose their homes. That does something to someone psychologically. And that affects us as a society.

Unless, that is, you live on Planet Bush where there is no society, just rugged individualists who did it all on their own. But, I digress.

 

[Chloe'sMom]

Yeh, but here's the thing, if someone is !! that close to being able to make their full payment but cannot, you would think the bank would add years on to the note, or do something to lower the rate !! that much to get them to stay in their house and keep paying.... it costs the bank a lot more to have an empty house. I can see if the people can't pay a THING, but for those that can make 90% of their loan but can't make the small amount up, that's a problem the banks should try to work with, but they don't.

As for your CEO 8,000,000 divided by 5,000 people equals how much??? That would totally p&ss me off...

You have to remember that banks don't hold on to about 80% of their loans. Once I close a loan it goes into a "packet" with other similar loans in order to be sold to private institutions or buyers. So while we may still do the servicing of the loan we don't actually hold onto the ownership of the loan. This is why banks don't want to do Jumbo 30 year fixes at the moment - because there are no buyers for these loans and the banks don't want to keep them on the books.

~Amanda

 

[Oreo Cookie]

Here's more speculation: Maybe the Bush version will go something like..."I am kind of envious of all you financially strapped Americans out there...it must be an exciting and romantic experience for you to not know if you can pay the mortgage this month...it must be a fantastic experience for you to confront the danger of not being able to buy groceries."

 

[robinb]

You have to remember that banks don't hold on to about 80% of their loans. Once I close a loan it goes into a "packet" with other similar loans in order to be sold to private institutions or buyers. So while we may still do the servicing of the loan we don't actually hold onto the ownership of the loan.

So the banks make their profit and then there is no one for the borrower to turn to? The banks who are servicing the loans (for a fee, I suspect) cannot actually make a decision on them? The loans are all on "auto pilot"? If that's right then things are even more messed up than I thought they were.

 

[Laura]

Bye bye Florida: http://www.msnbc.msn.com/id/23680304/

 

[MassJester]

So, the government bailed out Bear Sterns--how's that for welfare?

I didn't hear much fussing from the Reps on this one, even though they claim to be free market folks over there.

I guess only large corproations run by wealthy republicans deserve government assistance. The good news is that President Bush believes that the "economy of ours is on a solid foundation" (GWB 1/4/2008).

Good thing we gave all those tax cuts out to keep things on a sure footing.

I'm beginning to think that the Reps could nominate the Lord himself and lose solidly in November.

 

[robinb]

Bye bye Florida: http://www.msnbc.msn.com/id/23680304/

Wussies.

 

[robinb]

I'm beginning to think that the Reps could nominate the Lord himself and lose solidly in November.

According to the Conservative Thread, it's us who are nominating Jesus: http://www.disboards.com/showpost.php?p=23850791&postcount=2700

Bill Maher said it, but a bunch of them snickered over it.

 

[MassJester]

According to the Conservative Thread, it's us who are nominating Jesus: http://www.disboards.com/showpost.php?p=23850791&postcount=2700

Bill Maher said it, but a bunch of them snickered over it.

Let them snicker all they like. The Reps can't win without the Whacky Right Wing, and they look to be sitting this one out. Even if they turned out in numbers much higher than they have shown this season, the rest of America is in no way interested in 4 more years Bush-like mismanagement.

We could nominate Chelsea and Mrs. Obama and beat that disorganized, dispirited, and debunked group of right-wingers.

 

[Laura]

According to the Conservative Thread, it's us who are nominating Jesus: http://www.disboards.com/showpost.php?p=23850791&postcount=2700

Bill Maher said it, but a bunch of them snickered over it.

I thought the Rolling Stone cover was a bit much. But I thought of Star Wars (Episode IV: A New Hope), not Jesus. Jesus in white chocolate--who'd that be? Mitt Romney or Mike Huckabee?

 

[MassJester]

I thought the Rolling Stone cover was a bit much. But I thought of Star Wars (Episode IV: A New Hope), not Jesus. Jesus in white chocolate--who'd that be? Mitt Romney or Mike Huckabee?

Does this make McCain Methuselah?

Since we're going all biblical and all...

 

[Chloe'sMom]

So the banks make their profit and then there is no one for the borrower to turn to? The banks who are servicing the loans (for a fee, I suspect) cannot actually make a decision on them? The loans are all on "auto pilot"? If that's right then things are even more messed up than I thought they were.

To an extent yes - but lets not put all blame on the banks - the blame also rest with those that took out loans they knew they couldn't afford, or didn't bother to read their paperwork, or gambled at 100% financing and so on. Those individuals now don't qualify for a refinance, or their houses have lost value - and that isn't the banks fault.

Also banks don't like to have houses on their books - the truth of the matter is yes there are a lot of foreclosures - but I'm doing more pre-approval and purchases then anything else and that is because smart real estate investors are buying those foreclosures in the hotter travel areas like southern CA, Nevada, Florida, and Arizona. It's the middle states like Indiana, Ohio and Michigan who are really in the fix.

So the banks aren't turning quite as much to little of a profit at all based on the fact that houses on the books is not a positive, and when people don't pay their loans, we lose money.

~Amanda

 

[JARNJ3]

Changing the subject for a minute. Does anyone subscribe to New York magazine?

I got my issue today - and the cover was laugh out loud ..........

http://nymag.com/

 

[eclectics]

Changing the subject for a minute. Does anyone subscribe to New York magazine?

I got my issue today - and the cover was laugh out loud ..........

http://nymag.com/

That about says it all.

 

[JennyMominRI]

Does this make McCain Methuselah?

...

I'm thinking he's more like Moses wanting to leave his people wandering around in the desert for 40(or 100) years

 

[eclectics]

From reading the Conservative Thread apparently it's now okay to cut and paste links to another thread. Who would have known? Gee, that's only one click away from what I did and they set loose the hounds from hell. I guess it's suddenly okay now because nobody mentioned how upset they were when I did it. Good to know that some groups are more entitled than others.

 

[robinb]

From reading the Conservative Thread apparently it's now okay to cut and paste links to another thread. Who would have known? Gee, that's only one click away from what I did and they set loose the hounds from hell. I guess it's suddenly okay now because nobody mentioned how upset they were when I did it. Good to know that some groups are more equal than others.

Oh, I don't care. I linked to them and they linked to me. No biggie. If they would like to pass around and enjoy a virtual nutty Snicker's bar then that's fine with me:

 

[eclectics]

Oh, I don't care. I linked to them and they linked to me. No biggie. If they would like to pass around and enjoy a virtual nutty Snicker's bar then that's fine with me:

It sure was when I did it. You'd have thought I'd murdered the Lindbergh baby. I'm with you, I prefer comedy to all that "drama".

 

[MassJester]

It sure was when I did it. You'd have thought I'd murdered the Lindbergh baby. I'm with you, I prefer comedy to all that "drama".

Let's give our Rep friends a break--you gotta admit that things just are not going their way:

• As the party of fiscal discipline, they happily spent like drunken sailors for six years while deficits soared -- the Reps showed their true colors here.
• The big Tax Cuts that were supposed to keep the economy strong have...well...not.
• People struggling with the mortgage crisis, and having heard the Rep admonitions about personal responsibility watched the Bush Boys come running into help Bear Sterns yesterday. Welfare Yes! But only for the wealthy. That's gonna help them a lot in November.
• In his continued search for relevance, John McCain went off to Iraq to tell the world how well things were going. Of course, the world isn't buying it, and pretty soon the "coallition" there will amount to America and six cops from Somalia.
• Republican congressional candidates are raising almost no money this campaign cycle (more evidence that the whako right that has been the engine for electoral success has decided to sit this one out), as opposed to the Democrat campaigns that are doing very well.
• Karl Rove's permanent Republican majority has been smashed so thoroughly against the rocks that no one on their side of the aisle is even considering winning a majority in either house of Congress -- oh how the mighty have fallen.

I hear GWB is going to put a book together -- What I Did for the Republican Party: 12 Steps from Dominance to Irrelevance. Of course, it will be a picture book so as not to tax his vocabulary.

The Republican train is chugging right off a cliff, so if they want to serve "snickers" in the club car before the crash, why not pat them on the head and tell them to enjoy.