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RICKAMAVEN
Herf-A-Holic Topic Starter

15 years ago

5 year-arm interest only and 10 year-arm interest only.
or as pimps would call it how to con a john.

in the 90's banks were offering mortgages
using the banker's choice of words.
banks could qualify almost anyone for any loan
because the payments of interest only, was the
consideration necessary to qualify a buyer
who wouldn't didn;t make enough money to qualify for
a standard principle and interest 30 year mortgage.

most borrowers , having found their house of choice,
wanted a mortgage, and the banks came up with a new
type of loan called the five or ten year fixed followed by
a 1arm, a variable rate changed anually for the balance
of the loan. then the banks bundled these into
packages, called them derivatives and sold them to
other lenders and everyone was happy in the banking
business, until the variable interest kicked in and
borrowers saw a monthly payment more then double.
sometimes almost triple and then the house of cards
fell down, and the country moved as close to a
depression as it could. by law, penetration, however
slight, is deemed to be considered rape.

somehow bush's advisors saw the problem starting
"The Troubled Asset Relief Program, commonly referred
to as TARP, ia program of the United States government
to purchase assets and equity from financial institutions
to strengthen its financial sector which was signed into
law by U.S. President George W. Bush on October 3,
2008. It is the largest component of the government's
measures in 2008 to address the subprime mortgage
crisis."

tarp "was started to keep us out of a depression, but
barely (penetration however slight) and the baby arrived,
a major recession. President Obama continued the tarp
and because of the tarp, a depression was prevented for
many people, but did nothing for most middle class
families. a recession is what affects you, a depression
is what affects me.

at the insistence of President Obama, the government
went into the car business, buying in part, general
motors. republicans and like minded short sided dumb
a s s e s screamed bloody murder. today the stock of
general motors, brought the common stock up to $34.+
ands shortly the government can sell it's shares and
will make a profit on it's loan to gm,

unfortuantely, republicans being ther stumbling block to
everything the administration did not get the public
option in the new medical bill, not did the administration
get all the regulations for the financial markets it wanted.

four years ago i got an interesting set of mortgages.
the bubble had not burst and my house, 1800 sq ft three
and a den, 57 X 180 feet property, tract home, built in the
early 50's, in need of paint as we all know, was valued at
$625,000. i bought it in 1969 for $32,500.

my first is a 30 year fixed rate of 6.625 with interest only
for ten years; my second is at prime, with interest only
for the same 10 years. at the end of ten year, the3 rates
will stay the same and my heirs can sell it, abandon it, or
move into it. if they handle the transfer correctly the
yearly tax will remain under $1,100. a year.

over the last few days i have been looking as i always
have for any improvement for my most valuable asset.

the best offer i had was from my current lender. they
could reify my first and reduce the monthly payment by
$300,00 for 5 years and then i would be in the arm ,
adhjustable rate mortgage. that rate today would be 4,1
+ 2.25, 6.35. and the libor index is in the low 4's. in the
mid 90's it was in the 8.4's

so what is available to the public now is once again how
to con a john, nice kisses now and in 5 years i will be
required to bend over so the bank can rape me without
having to look me in the eye.

and the republicans don't want too much regulation over
the financial pimps

Edited by user 15 years ago | Reason: Not specified

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ZRX1200
Herf-A-Holic

15 years ago

Barney Frank and Dodd.

Thank them oh crazy one. Bush asked them to actually reform the loan industry and they refused.

RICKAMAVEN
Herf-A-Holic Topic Starter

15 years ago

ZRX1200

i would appreciate your pointing out where that would be documented.

donutboy2000
Herf-A-Holic

15 years ago

In 2003, while the ranking Democrat on the Financial Services Committee, Frank opposed a Bush administration proposal, in response to accounting scandals, for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal, supported by the head of Fannie Mae, reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities...are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."[59]

wikipedia

jackconrad
Herf-A-Holic

15 years ago

(\fun/)
(=’.’=)
(")_(") BINGO !

ZRX1200
Herf-A-Holic

15 years ago

Rick.....you there buddy?

What is the sound of one hand clapping?!!

DadZilla3
Herf-A-Holic

15 years ago

More g*y bashing from the vast right-wing conspiracy

It's all Bush's fault

HockeyDad
Herf-A-Holic

15 years ago

Nobody can deny that we now have more affordable housing!

SteveS
Herf-A-Holic

15 years ago

Rick ...

Here's an article from the New York Times that sheds some light on the background of the problem you mention ....

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

daveincincy
Herf-A-Holic

15 years ago

#10

Rick

isn't

interested

in

FACTS!

apachelm
Herf-A-Holic

15 years ago

#11

I thought this thread would be about the TSA administrators

DrMaddVibe
Herf-A-Holic

15 years ago

#12

i would appreciate your pointing out where that would be documented.

RICKAMAVEN wrote:

You might appreciate it, but you won't read it. Even if you did you wouldn't understand it.

donutboy2000
Herf-A-Holic

15 years ago

#13

THE TRUTH HURTS !

JonR
Herf-A-Holic

15 years ago

#14

Yo short-sheet:

Once again you fall through your infamous A**hole.

:-#

JonR

FuzzNJ
Herf-A-Holic

15 years ago

#15

http://www.nytimes.com/2008/12/21/business/21admin.html?_r=2&pagewanted=all

snowwolf777
Herf-A-Holic

15 years ago

#16

Hat-wise, for pimpin', I prefer purple felt, with a pink band and lime green feather.

JonR
Herf-A-Holic

15 years ago

#17

"pimps without purple hats", wear tin foil hats.

\:d/

JonR

jpotts
Herf-A-Holic

15 years ago

#18

unfortuantely, republicans being ther stumbling block to
everything the administration did not get the public
option in the new medical bill, not did the administration
get all the regulations for the financial markets it wanted.

MiniStalin wrote:

Ummm...when the healthcare "reform" act was passed, Democrats owned both the Senate and the House. Republicans wouldn't have been able to "stop" anything if they tried.

Once more, another dimwit liberal can't deal with the facts so he makes them up as he goes along.

DrMaddVibe
Herf-A-Holic

15 years ago

#19

http://www.nytimes.com/2008/12/21/business/21admin.html?_r=2&pagewanted=all

FuzzNJ wrote:

LOLZ!!!!

Yeah, there's a real bastion of Truth in reporting.

Do their investigative journalists even go out in the "field" anymore?

BAWHAHAHAHAHAHAHAHA!!!!

snowwolf777
Herf-A-Holic

15 years ago

#20

And lest you think otherwise, pimpin' ain't easy.

I'm juss sayin'

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