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AOM is right that the buyer should beware but there was aggressive selling techniques across the board with EVERY bank. These adjustables were given to people telling them that it couldn't go over X percentage but the cute banks had clauses in there which allowed them to run your credit every year and adjust based on that or even payment history, one late payment in a certain period, bye bye max rate. Buyer beware yes, This was fraud! The shame is, everone will join a class action suit, win it after 5 years and the laywers will take most of the award and each person will get a check for $30.00. Sad, very sad.
A government big enough to give you everything you want, is strong enough to take everything you have. -Thomas Jefferson
od, bye bye max rate. Buyer beware yes, This was fraud! The shame is, everone will join a class action suit, win it after 5 years and the laywers will take most of the award and each person will get a check for $30.00. Sad, very sad.
That aint no shyt. why waste my time? screw it, I got my house and that is the main thing.
been in that house for 11 years. It's a nightmare when Countywide says 'If you dont make a payment , your house will be auctioned off in 2 weeks" ...If you beg for a break, they basically say "Too Phucking bad Mister"..pay up or move out.
Angryoldman: How long did you say you were in the banking industry? I think you are getting your oranges mixed up with your apples. There is nothing wrong with adjustable rate mortgages otherwise they would be outlawed right now. Hell, the next mortgage I'm taking is an 5-year ARM. I'm taking that over a 30-year fixed because:
1. Lower interest rate means more money to invest elsewhere
2. I plan on moving again within the next 5 years
3. Protection from interest rates blowing up (possible with this inflation mess going on)
You clearly got something against people getting foreclosed on right now. Maybe you missed out on the whole housing market boom which many of us (directly or indirectly) enjoyed. Wait a minute. I forgot your wife got laid off from Countrywide... Now it makes sense.
I apologoze if someone's already mentioned something like this, but I'm very short on time right now so I couldn't read the replies...but another company to stay away from is Washington Mutual. They just straight robbed me blind...for the second time. They have messed up my home loan a total of 4 times over 5 years. I realize now what they are about; crooks. nothing but crooks. The reps you deal with on the phone have no idea that they are setting up what they are, but corp managenment dam sure knows exactly what they're doing, and it's a well thought out plan that helps WaMu in this time of bad housing market at the expense, or, total loss, I should say, of the home owner.
If you refinance, or do anything with your loan right now, be very very careful. And don't be 1 day late on a payment. I mean literally 1 day. They somehow legally can get away with scamming now. It's fuked up...bad!
Angryoldman: How long did you say you were in the banking industry? I think you are getting your oranges mixed up with your apples. There is nothing wrong with adjustable rate mortgages otherwise they would be outlawed right now. Hell, the next mortgage I'm taking is an 5-year ARM. I'm taking that over a 30-year fixed because:
1. Lower interest rate means more money to invest elsewhere
2. I plan on moving again within the next 5 years
3. Protection from interest rates blowing up (possible with this inflation mess going on)
You clearly got something against people getting foreclosed on right now. Maybe you missed out on the whole housing market boom which many of us (directly or indirectly) enjoyed. Wait a minute. I forgot your wife got laid off from Countrywide... Now it makes sense.
It's a shame that in a village with 6,000,000 idiots who can't read a contract, they chose you to be their leader.
If that was your lame attempt to incite me, I've tried to be incited by better. Your effort was about a c+.
If someone enjoyed the "Whole housing market boom", why are there so many foreclosures? Once again, it comes down to greed. My whole issue with this is, people claim ignorance, then ask the government to bail them out. You have 6 kids from 6 different fathers? Sure, here's govt. assistance. You're fat and out of shape? Here's govt. assistance to help you. You didn't understand what an ARM was? Sure, here's assistance. Bottom line is, if you take an ARM, you're gambling with a rate. Again, you can explain it to me any way you want. But these people wanted to gamble with the rate and hoped it worked out for the best. And it didn't. So now, they want everyone else to bail them out. It's like the movie "Casino", where Joe Pesci invests in the stock market. After he loses money, he says "You know what, I want all my money back". Had the investment worked out for him, he would have been happy as a pig in $hit. But it didn't, so he cried foul.
People wanted a lower rate, or an interest only loan, so they afford a home that was out of their means to begin with. The rate goes up, they can't afford it, now it's everyone elses fault. Once again, if mortgage companies committed fraud, then make them pay for it in the form of lawsuits. I hope the mortgage companies that committed fraud get whats coming to them. But the plain old ignorant people, I can't sympathise with. And I think 98% of the population side with me on this one.
“I don't look ahead... I keep focused on my next opponent. I am looking forward to my next opponent, I don't think past that point.”
--Manny Pacquiao
these phukers make 40k a year and live in 300k homes...hell we make 150k+ and we live in a 130k house...i dont feel sorry for them...they could have lived reasonable like i did....interest only was the only way they could afford the house, then i have to bail them out because they have to start paying principle...and they let thee credit go to shit...made late payments...so now they are paying 12% plus principle...thats there own faul for being stupid
I read all your post and most are valid. The real fraud was involved with the people that defaulted on the "stated income loans". These are the people that make 50k a year from their W-2 jobs but then to get approved for a certain loan amount they did stated income. Basically stating they made 100k but they didn't have pay stubs to verify their real income. Thousands of people have falsly elivated their incomes to get appoved to buy that 300k home. Country wide just happens to be the lended that accepted these loans from the morgage brokers.
Otherwise, if you defalted and you were not in that above category you really were not a victim of fraud. You just had a lack of education before purchasing the loan?
but it's okay to bail out bear sterns, a half a dozen big banks by allowing them to give there bad loans to the fed while the fed gives em back real money to lend and make a profit while the tax payers most likely take the hit, and let's not forget feddie and fannie
u guys rail about socialism all the time, and bush and his boys just socialized the banks and the mortagage industry
i dont know...the adjustable we got in 2002 is exactly what we needed. i certainly can see a use for them, as long as you go into it knowing your gambling. we financed 220k home and at the time, fixed rates put the motgage a hair out of our comphy zone, but an adjustable made it affordable, while we waited, for what we thaught, was a drop in fixed rates. 2 years later, we secured a fixed at 5.15% (3/4 point lower than our adjustable)...it play out as we thaught it would. i believe it's more of a people's eye's are bigger than their wallet type thing. they WANT the big house and with an adjustable, they can get it...but they dont look down the road. people do that with cars all the time! they're desire overcomes their brain! it's ashame, but i tend to believe MOST of the time, it's their fault. the adjustable loan can be a good tool to use if you keep your head straight about it
HE WHO MAKES A BEAST OF HIMSELF, GET'S RID OF THE PAIN OF BEING A MAN!!
but it's okay to bail out bear sterns, a half a dozen big banks by allowing them to give there bad loans to the fed while the fed gives em back real money to lend and make a profit while the tax payers most likely take the hit, and let's not forget feddie and fannie
u guys rail about socialism all the time, and bush and his boys just socialized the banks and the mortagage industry
Trip, you know the banks created this situation and to let it unwind in its entirty would collapse the economy. If Obama gets in there he would not prop up the banks but still let them take a spanking, he would socialize the banking industry. Just listen to his proposals. I'm not going to let you only tell one side of the story my friend.
A government big enough to give you everything you want, is strong enough to take everything you have. -Thomas Jefferson
lol, yeah ur right about the collapse, my point is outrage with no basis in fact, imho, u underestimate obie, he knows what is going on
i'll go back to my main original point
we need a clear path for the middle class, in the past it was manufacturing, in the last 20 years it has changed to higher education, and where as some have prospered greatly, which i'm sure me and u r part of it
lowering taxes will not get the folks on the lower rungs too higher rungs
someone needs to either scare the crap out of em, kick there ass or help them by focusing on it and never letting up
out of those 3 choices above, imho, obie is the only one who see's what is what and is doing something
mick, well, i've lost all respect, he's like i said he would be erratic, and imho he's blown up quicker than i anticipated
yet, i did not anticipate he'd sell his soul too win by throwin in with rove and the neocons, part of me says, oh he's using them, and the reality is, mick's coming across as of very average intellect, very average, and i'm sorry i'm not buying that for my president and this place and time
Always bash the republicans. it was your obie that brought up the race card not mccain trip obama was the one to say he doesnt look like any of the presidents on the currency trip.read the book trip and found out the real obama.
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lol, yeah ur right about the collapse, my point is outrage with no basis in fact, imho, u underestimate obie, he knows what is going on
i'll go back to my main original point
we need a clear path for the middle class, in the past it was manufacturing, in the last 20 years it has changed to higher education, and where as some have prospered greatly, which i'm sure me and u r part of it
lowering taxes will not get the folks on the lower rungs too higher rungs
someone needs to either scare the crap out of em, kick there ass or help them by focusing on it and never letting up
out of those 3 choices above, imho, obie is the only one who see's what is what and is doing something
mick, well, i've lost all respect, he's like i said he would be erratic, and imho he's blown up quicker than i anticipated
yet, i did not anticipate he'd sell his soul too win by throwin in with rove and the neocons, part of me says, oh he's using them, and the reality is, mick's coming across as of very average intellect, very average, and i'm sorry i'm not buying that for my president and this place and time
Unfortunatly, the Dems think that people can't help themselves without trip and company to help them along the path of life. This is incorrect, ease the burden and do not give a hand out but a hand up and they will prosper.
Do I believe in taxes in accordance with ability to pay... yes. We have it now.
The Dems statred the income tax... Telling people it would only affect people above $5,000 of income a year. At the time 80% of the population were earning $250-1,000 a year. should we believe obamie now...NOT!!!
A government big enough to give you everything you want, is strong enough to take everything you have. -Thomas Jefferson
Always bash the republicans. it was your obie that brought up the race card not mccain trip obama was the one to say he doesnt look like any of the presidents on the currency trip.read the book trip and found out the real obama.
bro', it helps if u stay on top of things, IT WAS RICK F'N DAVIS, A ROVE PRODIGY MCCAINS BACKDOOR MAN, A LEADER OF THE NEO-CONS, DID U KNOW RICK SMOKES 3 PACKS A DAY
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