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Topic:  RE: Your man!

Topic:  RE: Your man!
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The Optimist
General User



Member Since: 3/16/2007
Location: CLE
Post Count: 5,552

Status: Offline
  Message Not Read  RE: Your man!
   Posted: 10/6/2016 2:12:08 PM 
DelBobcat wrote:
rpbobcat wrote:
I don't know if I'd refer to all of the economists who consider the subprime mortgage crisis as one of the causes of the financial collapse as "fringe".

The subprime mortgage crisis resulted in unqualified people getting mortgages.
What's worse is that, in a lot cases,the lenders knew these people could never pay them off.

Then these lenders,I believe "Countrywide" was one of them,"packaged" and sold them to large financial institutions.

When the people couldn't pay their mortgages,the financial institutions had a lot of worthless paper.

The fact that many more people were able to get mortgages pushed up prices, helping to create the "housing bubble".
In this area people were buying properties at inflated prices.They figured prices would keep going up and they could sell at a profit anytime.

As I said before,I do land surveying.
I still remember clients saying that they were buying property "A" for an investment.
They planned on holding it for a year or so,selling for a huge profit,then doing it again.

One client told me he figured that by doing this he could retire in few years.

Then the bubble burst.

All of sudden "prime" borrowers as well as subprime were "under water".

That led to properties being abandoned and foreclosed.

I've seen towns where whole blocks are empty.
That reduces property values around them and lost real estate taxes in those towns.
Municipalities can file liens for back taxes,but until the property gets sold,they still put a whole in local budgets.



It's like you don't even read the responses to your posts. I didn't say that economists pointing to the subprime mortgage crisis as a cause of the crash are fringe. The subprime mortgage crisis was absolutely the number one cause of the crash. What I said was that very few economists would say that "forced" loans were the reason. It was a dialing back of regulations by both parties that caused the subprime mortgage crisis, not the government "forcing" banks to give unqualified people loans. That's the point. There is a very big distinction.


On the flip-side, no one "forced" borrowers to take on these loans.

Borrowing loans you can't pay back = #1 cause of the crash.

Interesting when you consider you could "default" on a mortgage but the student loans to the government cannot be cleared off your plate... Hmm.

I've seen crazier things happen.

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OUPride
General User

Member Since: 9/21/2010
Post Count: 562

Status: Offline
  Message Not Read  RE: Your man!
   Posted: 10/6/2016 2:58:40 PM 
DelBobcat wrote:
rpbobcat wrote:
I don't know if I'd refer to all of the economists who consider the subprime mortgage crisis as one of the causes of the financial collapse as "fringe".

The subprime mortgage crisis resulted in unqualified people getting mortgages.
What's worse is that, in a lot cases,the lenders knew these people could never pay them off.

Then these lenders,I believe "Countrywide" was one of them,"packaged" and sold them to large financial institutions.

When the people couldn't pay their mortgages,the financial institutions had a lot of worthless paper.

The fact that many more people were able to get mortgages pushed up prices, helping to create the "housing bubble".
In this area people were buying properties at inflated prices.They figured prices would keep going up and they could sell at a profit anytime.

As I said before,I do land surveying.
I still remember clients saying that they were buying property "A" for an investment.
They planned on holding it for a year or so,selling for a huge profit,then doing it again.

One client told me he figured that by doing this he could retire in few years.

Then the bubble burst.

All of sudden "prime" borrowers as well as subprime were "under water".

That led to properties being abandoned and foreclosed.

I've seen towns where whole blocks are empty.
That reduces property values around them and lost real estate taxes in those towns.
Municipalities can file liens for back taxes,but until the property gets sold,they still put a whole in local budgets.



It's like you don't even read the responses to your posts. I didn't say that economists pointing to the subprime mortgage crisis as a cause of the crash are fringe. The subprime mortgage crisis was absolutely the number one cause of the crash. What I said was that very few economists would say that "forced" loans were the reason. It was a dialing back of regulations by both parties that caused the subprime mortgage crisis, not the government "forcing" banks to give unqualified people loans. That's the point. There is a very big distinction.


+1

The banks were relentless in their churning of new "product" to package into derivative based investment vehicles. Those two mortgage salesmen in "The Big Short" who mention that they were bartending a year ago are not fictionalized. That happened all over the company to feed the Wall Street machine. Yes, people can be unsophisticated about finance and credit and get in over their head. It's why there should be common sense regulations to keep corporations from exploiting them for their own ends, particularly when we've seen that, in its most extreme form, that can create something with much broader economic repercussions that go far beyond poor people getting foreclosed upon.
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rpbobcat
General User

Member Since: 4/28/2006
Location: Rochelle Park, NJ
Post Count: 3,504

Status: Offline
  Message Not Read  RE: Your man!
   Posted: 10/6/2016 3:06:28 PM 
DelBobcat wrote:
rpbobcat wrote:
I don't know if I'd refer to all of the economists who consider the subprime mortgage crisis as one of the causes of the financial collapse as "fringe".

The subprime mortgage crisis resulted in unqualified people getting mortgages.
What's worse is that, in a lot cases,the lenders knew these people could never pay them off.

Then these lenders,I believe "Countrywide" was one of them,"packaged" and sold them to large financial institutions.

When the people couldn't pay their mortgages,the financial institutions had a lot of worthless paper.

The fact that many more people were able to get mortgages pushed up prices, helping to create the "housing bubble".
In this area people were buying properties at inflated prices.They figured prices would keep going up and they could sell at a profit anytime.

As I said before,I do land surveying.
I still remember clients saying that they were buying property "A" for an investment.
They planned on holding it for a year or so,selling for a huge profit,then doing it again.

One client told me he figured that by doing this he could retire in few years.

Then the bubble burst.

All of sudden "prime" borrowers as well as subprime were "under water".

That led to properties being abandoned and foreclosed.

I've seen towns where whole blocks are empty.
That reduces property values around them and lost real estate taxes in those towns.
Municipalities can file liens for back taxes,but until the property gets sold,they still put a whole in local budgets.



It's like you don't even read the responses to your posts. I didn't say that economists pointing to the subprime mortgage crisis as a cause of the crash are fringe. The subprime mortgage crisis was absolutely the number one cause of the crash. What I said was that very few economists would say that "forced" loans were the reason. It was a dialing back of regulations by both parties that caused the subprime mortgage crisis, not the government "forcing" banks to give unqualified people loans. That's the point. There is a very big distinction.


Actually I do read everyone's responses carefully.

First off,if you read mine,you'd see that the term "forced loans" came from Monroe.
He equated "forced loans" with subprime mortgages, not me.
I merely used his term in my response.

In my original post I did say that banks were "forced".Pressured would have been a better word.

Based on the above post,I incorrectly presumed you were also using the terms "forced loans " and subprime mortgages" interchangeably.

Glad to see we both agree that the subprime mortgage crisis was the major contributing factor in the crash.

There's also no question that the blame for this goes beyond party lines.


Last Edited: 10/6/2016 3:14:01 PM by rpbobcat
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rpbobcat
General User

Member Since: 4/28/2006
Location: Rochelle Park, NJ
Post Count: 3,504

Status: Offline
  Message Not Read  RE: Your man!
   Posted: 10/6/2016 3:27:04 PM 
OUPride wrote:
DelBobcat wrote:
rpbobcat wrote:
I don't know if I'd refer to all of the economists who consider the subprime mortgage crisis as one of the causes of the financial collapse as "fringe".

The subprime mortgage crisis resulted in unqualified people getting mortgages.
What's worse is that, in a lot cases,the lenders knew these people could never pay them off.

Then these lenders,I believe "Countrywide" was one of them,"packaged" and sold them to large financial institutions.

When the people couldn't pay their mortgages,the financial institutions had a lot of worthless paper.

The fact that many more people were able to get mortgages pushed up prices, helping to create the "housing bubble".
In this area people were buying properties at inflated prices.They figured prices would keep going up and they could sell at a profit anytime.

As I said before,I do land surveying.
I still remember clients saying that they were buying property "A" for an investment.
They planned on holding it for a year or so,selling for a huge profit,then doing it again.

One client told me he figured that by doing this he could retire in few years.

Then the bubble burst.

All of sudden "prime" borrowers as well as subprime were "under water".

That led to properties being abandoned and foreclosed.

I've seen towns where whole blocks are empty.
That reduces property values around them and lost real estate taxes in those towns.
Municipalities can file liens for back taxes,but until the property gets sold,they still put a whole in local budgets.



It's like you don't even read the responses to your posts. I didn't say that economists pointing to the subprime mortgage crisis as a cause of the crash are fringe. The subprime mortgage crisis was absolutely the number one cause of the crash. What I said was that very few economists would say that "forced" loans were the reason. It was a dialing back of regulations by both parties that caused the subprime mortgage crisis, not the government "forcing" banks to give unqualified people loans. That's the point. There is a very big distinction.


+1

The banks were relentless in their churning of new "product" to package into derivative based investment vehicles. Those two mortgage salesmen in "The Big Short" who mention that they were bartending a year ago are not fictionalized. That happened all over the company to feed the Wall Street machine. Yes, people can be unsophisticated about finance and credit and get in over their head. It's why there should be common sense regulations to keep corporations from exploiting them for their own ends, particularly when we've seen that, in its most extreme form, that can create something with much broader economic repercussions that go far beyond poor people getting foreclosed upon.


I agree 100% about having some type of common sense regulations.

But,I also think that anyone taking out a mortgage, unsophisticated in finance or not, has a responsibility to know what they are getting into.

I still remember people who were being foreclosed on saying they either didn't read or understand the mortgage papers before they signed them.



Last Edited: 10/6/2016 3:27:39 PM by rpbobcat
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Monroe Slavin
General User

Member Since: 12/20/2004
Location: Oxnard, CA
Post Count: 9,121

Status: Offline
  Message Not Read  RE: Your man!
   Posted: 10/6/2016 5:06:55 PM 
rpbobcat wrote:
I don't know if I'd refer to all of the economists who consider the subprime mortgage crisis as one of the causes of the financial collapse as "fringe".

The subprime mortgage crisis resulted in unqualified people getting mortgages.
What's worse is that, in a lot cases,the lenders knew these people could never pay them off.

Then these lenders,I believe "Countrywide" was one of them,"packaged" and sold them to large financial institutions.

When the people couldn't pay their mortgages,the financial institutions had a lot of worthless paper.

The fact that many more people were able to get mortgages pushed up prices, helping to create the "housing bubble".
In this area people were buying properties at inflated prices.They figured prices would keep going up and they could sell at a profit anytime.

As I said before,I do land surveying.
I still remember clients saying that they were buying property "A" for an investment.
They planned on holding it for a year or so,selling for a huge profit,then doing it again.

One client told me he figured that by doing this he could retire in few years.

Then the bubble burst.

All of sudden "prime" borrowers as well as subprime were "under water".

That led to properties being abandoned and foreclosed.

I've seen towns where whole blocks are empty.
That reduces property values around them and lost real estate taxes in those towns.
Municipalities can file liens for back taxes,but until the property gets sold,they still put a whole in local budgets.



Truly the responsibility for the subprime loans should go on consumers, about 95% of whom (ask your friends) would be in a crisis if they missed two paychecks.

It wasn't like the financial institutions were responsible and made the loans.


Look, I'm going to have to start charging you for disabusing you of wrong facts and conceptions.




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WHERE"S THE BAND?!


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Ted Thompson
Administrator



Member Since: 11/11/2004
Location: MAC Play
Post Count: 7,399

Status: Offline
  Message Not Read  RE: Your man!
   Posted: 10/6/2016 8:53:15 PM 

Well, "political discussions" went how I thought they would go. Although I did think Alan's poll was an interesting idea.

Welcome to Siberia.

Follow Ohio Football recruiting on the BobcatAttack.com football recruiting database.

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