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Old September 12th, 2008, 10:13 AM   #1
Monkeyevil
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Default How do you feel about this Freddie, Fannie thing...

Have we talked about this yet?
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Old September 12th, 2008, 10:25 AM   #2
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Not the best, but had to be done.
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Old September 12th, 2008, 10:35 AM   #3
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Pisses me off. I think we should use Iraqi surplus oil $$ to bail them out
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Old September 12th, 2008, 11:14 AM   #4
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I can't claim to know enough about it all to really understand what is going on.

From what I have heard it sounds like some people made huge amounts of money by writing risky loans and now the US taxpayers are going to have to bail the system out to prevent a total collapse.
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Old September 12th, 2008, 11:16 AM   #5
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Pisses me off. I think we should use Iraqi surplus oil $$ to bail them out
Good Suggestion
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Old September 12th, 2008, 11:16 AM   #6
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Sounds like the government is looking to own all our houses.
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Old September 12th, 2008, 11:21 AM   #7
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Quote:
Originally Posted by brewmenn View Post
I can't claim to know enough about it all to really understand what is going on.

From what I have heard it sounds like some people made huge amounts of money by writing risky loans and now the US taxpayers are going to have to bail the system out to prevent a total collapse.
Agreed.

Except I wonder if the US taxpayers have to bail it out, or if it just makes it easier for those in power.
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Old September 12th, 2008, 11:35 AM   #8
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I tried here:
http://www.greatlakes4x4.com/showthread.php?t=103420
but it didn't catch on.

I agree with brewmenn. I think we're all going to have to pay for a few who made poor choices.
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Old September 12th, 2008, 11:47 AM   #9
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I tried here:
I agree with brewmenn. I think we're all going to have to pay for a few who made poor choices.
it's not just a few who made poor choices.

it's a systemic collection of MANY who made poor choices (albeit many were also taking the advice from supposed professionals in the real estate/financial industry) combined with outright mortgage fraud perpetuated under shell corporations, shell llc's, straw buyers, etc, etc. scattered across the country.

The Keating S&L fiasco, and that bail out was supposed to have solved the issue by adding additional layers of regulation way back in the 80s.

Instead we got more regulation, more certification, more bureaucracy etc. USPAP for appraisers is all but a joke. So too is the oversight of the loan originators and underwriters.
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Old September 12th, 2008, 04:42 PM   #10
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Once again people that made bad decisions are not going to learn a lesson . . . pretty much sums it up.
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Old September 12th, 2008, 05:54 PM   #11
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Quote:
Originally Posted by brewmenn View Post
I can't claim to know enough about it all to really understand what is going on.

From what I have heard it sounds like some people made huge amounts of money by writing risky loans and now the US taxpayers are going to have to bail the system out to prevent a total collapse.
x2

Whats worse is that none of the people on the corporate side are going to be reprimanded for their actions. Enron guys went to jail. In other countries, people get life sentences or executed (China) for this kind of crap. These guys make their millions and say F You and go retire in the caribbean. Makes me sick.
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Old September 12th, 2008, 07:35 PM   #12
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Worst part is, unless the housing market absolutely booms, the gov't is going to take a bath since most of those loans are upside down.
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Old September 12th, 2008, 09:55 PM   #13
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I see this as money spent that will directly benefit us crabby, yet responsible, homeowners. I'd rather see my tax money help restore value to the housing market than see shanequa trying to figure out how to scam cigs and booze with her bridge card.
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Old September 14th, 2008, 04:18 PM   #14
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Let everything run regulation free, bail them out and let the gangster CEO's escape with $100 million parachutes. That people is beyond socialism- plain fascism, which our society is now exhibiting most of the 14 signs.
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Old September 19th, 2008, 11:36 AM   #15
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Leave it to Boortz to clear up any misconceptions you had on what really happened here.....


"...Do you really expect the media to blame this mess on deadbeat borrowers and political interference in the free market when it is so easy to put the blame on greedy lenders and evil capitalists? Remember … there’s an election going on. One candidate is decidedly anti-capitalist. Do the math....."

http://townhall.com/columnists/NealB...meltdown_story
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Old September 19th, 2008, 11:44 AM   #16
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Should have been a vote.

Each step IMHO is moving us further from Democracy and we are headed down a road that the US Citizens will never stand up and bring us back.

Waiting on the information to back it up but was told a few years back the SEC changed the rules for 5 investment companies on the income to debt ratio allowed.

Of those 5 were Lehman, Washington Mutual, and Meryl Lynch
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Old September 19th, 2008, 11:46 AM   #17
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Quote:
Originally Posted by BlooMule View Post
Worst part is, unless the housing market absolutely booms, the gov't is going to take a bath since most of those loans are upside down.
Unless?

It will.

Simply a matter of when.

If I had boatloads of cash floating around I would be buying up property from struggling spec builders and investing in some banks like Bank of America.

The turn will equal huge returns eventually. Just a matter of how long can you wait.
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