The banks have learned nothing..
 

Prior to the first housing crash myself and a partner were looking to flip houses out in Texas. At the time we were both located in FL where housing costs were ridiculous. (This was the height of the boom)

We went to Texas shopped around but the entire time we were there the lending agents kept trying to push us into more expensive properties. There were already lots of short sales on the market at this time and neither of us felt right about what was going on so we held off. 6 to 8 months later the market crashed.

Fast forward about 8 years.. Up until a few months ago I was looking to buy a multi-family building. Dealing with the finance brokers and it's the same shit all over. They have done nothing but try to make it hard as possible to buy lower priced properties but rather trying to push into more expensive stuff.

It doesn't take a rocket scientist to know that if your loan cost more than you collect in rent , then it's not a smart move unless the property value will go up fast in order to flip it.

This is the same shit they are trying to push again.. The broker even said hey don't worry if it's more we can "work" the numbers to get the loan through the door.

These guys have fucking learned nothing and are still pushing the same shit as they did before everything crashed.. I give it 5 to 10 years and we are going to see the same thing all over again, because I know this isn't isolated.. :2 cents:

Because there was no real accountability the first time around. Until people start going to prison for predatory lending, it will continue.

They make more money by selling you a more expensive house. What they need to do is make is so that their commission tops out quickly. Want to make more - Great, sell more houses, don't try to push people into bigger houses.

:disgust:disgust wonder how much shit they get for that, if any at all

Just like the last bubble, it is the government pushing banks to "loosen lending standards" all over again. Go ahead, thank Obama. :1orglaugh

http://articles.washingtonpost.com/2...sing-officials

"The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

President Obama?s economic advisers and outside experts say the nation?s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.

In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs ? including those offered by the Federal Housing Administration ? that insure home loans against default.

Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.

Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today?s low interest rates, among other steps.

Obama pledged in his State of the Union address to do more to make sure more Americans can enjoy the benefits of the housing recovery, but critics say encouraging banks to lend as broadly as the administration hopes will sow the seeds of another housing disaster and endanger taxpayer dollars."




IT'S NOT THE BANKS BUD, IT'S THE GOVERNMENT. it's the government messing with what would be proper risk management in a non-subsidized open market, and instead forcing things and then covering the risk.



:2 cents:
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It's not about weak credit and loans.. You can have a solid credit history and fall on hard time for 6 months and your credit gets trashed. It's happened to me. At that point even if you pay off your past debits your credit is still fucked for the next 7 years..

That doesn't mean the people will just toss away a home mortgage and are incompetent. Lots of families whom were otherwise good credit risks got caught up in the housing crash and lost their homes. Their credit is now trashed for the next 7 years.

If the banks are getting a free pass for their part, why should the average Joe's be the ones whom get penalized? Who the hell else do you think is going to re-buy all those homes that are vacant all over the country? Do you expect them to sit there empty the next 7 or 8 years because people can't get loans and no one can buy them?

Use your brain for half a minute.. Rebuilding the economy means people have to be able to get loans and considering what just happen there are a lot of people that will have credit problems. It's inevitable.

Besides that.. This isn't about people with bad credit. This is about lenders still trying to push more expensive loans than they should be by once again playing the numbers..

so big business didn't pay a bunch of money to get people elected to hack regulation to pieces? or is that still 'the governments fault', and not an act of treason?

when you say 'government and not banks'.. considering how much royalty of the world owns of the Major banks, i suppose my question is what is your definition of government?

He doesn't care as long as he can blame Obama.. Meanwhile he will claim to be libertarian but will never utter a word about anything the Republicans did.

Essentially Libertarians are people whom are ashamed to call themselves Republicans in public but still drink the the same kool aid. :1orglaugh

You haven't been paying attention. I have blamed, and continue to blame Republicans for voting for the Patriot act, the NDAA, the repeal of the STOCK act, all of the stupid Christian based crap, and all of the votes for growing the federal government way, WAY beyond the bounds of the 10th amendment, as well as voting to bring pork barrel spending to their individual states and districts, etc, etc, etc. For the last 5 years, Obama has been president, that puts him in the top hot seat.

In regards to this situation I blame all of the Republicans that voted in the 90s to force banks into making bad loans, and then allowing Fannie and feddie to buy up that bad paper with taxpayer backed funding. This action caused banks to ignore the normal risk restraints of the financial markets and operate in a way that led to the crisis. If banks are left alone to make their own risk assessments, as well as being left to face the consequences, it would not have happened. Instead we have politicians trying to make sweeping generalizations about lending practices, simply to curry favor and funding.... With disastrous results.





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They've learned they can get away with it. :mad:

Atheist / agnostic Republicans who want to smoke pot and fuck who they want.

Actually, the few Libertarians I have had actual conversations with also differ from the Repiggies in that they largely regect corporate welfare (which is refreshing).

yeah, its crazy these things are still happening.
I think i heard they jailed bankers for this in Iceland and now they have a reasonably good economy

Just for the record, I'm a Jew that doesn't smoke pot and I'm faithful to my wife..... but that has nothing to do with wanting a minimal government and maximum freedoms.


Which reminds me that I also blamed repubs for the TARP votes and the bailouts....


....and you must have a real problem with Dems since they all vote for and give out corporate welfare all the time....




.:2 cents:




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Where in texas did you look to flip at? I'm guessing dallas or houston

Best place is outskirts of austin. Brand new 1500sq+ houses are low 100's

why does everyone keep saying "seven years bad credit?"...that is not at all how credit works.i was a florida mortgage broker from 2003 til 2009. i saw how banks and lenders gave loans to people who were clearly not qualified, and worse "worked" numbers to acquire these types of loans. i've said it before and i will say it again...the city or county appraisers have some of the blame to take as well. if a property sold for say 100k and next month jonny realtor wants to flip it for 200k that hurts the market. now, what kind of control is there to keep these things from happening? appraisals. the government allows this kind of "predatory lending" because they know eventually someone somewhere isn't going to be able to afford their obligation and then the derivative credit swap comes into play....check mate, the banks win.

OK, now you have gone and REALLY offended me

The only thing Libertarians and Republicans have in common is we do not want to pay for someone else, that and it ends in ans

You absolutely consume the Obama kool aid as much as Rush listeners consumed that served by Bush.

Where is the anti war outrage over the current dope in chief's wars ?

What about Gitmo, what happened to the human rights violations there, I guess because it is Obama, that is not happening.

Where are all the occupy idiots ? Same 1% still making the same money, and more people are out of work than ever. But Obama is in office, so the liberal propaganda machine is quietly in the background.

Here is the only difference between Bush and Obama

When Bush was in office it was fun to watch Bill Mahar, with Obama in Office Rush Limbaugh is entertaining again.

Look at the thread so chock full of politics and banking experts.

Many experts in here in banking, but not many who have had banks and billing companies, flat out lie cheat and steal from them but they still are self appointed experts on both sides of the fractional reserve banking/billing mind trick

Oh wait we are talking about banksters and politicians lying,cheating, and stealing is the only way you get in the club!

occupy wall street happened under obama, so..

Did anyone seriously expect them to?

If you think the government tells the banks what to do then you live in a dream world.

I remember seeing in interview with a lady on tv about to lose her 750K or 800K home. She was crying and boo hooing tha she works and so does her husband and I remember one of the last things asked was, What do you do for a living. " I'm a School Bus Driver "


WTF! She makes what 30k a year and bought an 800k home?? Its not just the banks faults or the real estate agents. its the people and the flying stupidity.

Sperber and his double talk, not supporting any political side, but always spitting on Obama (I am sure voting Bush twice and Romney just to keep that hahahahahaha Muslim socialist away from the White house). You smell with KKK from 10 miles buddy...

I don't consume any Obama Kool aide.. I think he dropped the ball with Obamacare and he should have pushed much harder than he did and not accepted what he did with the GOP.

I'm not happy that his admin hasn't pushed to prosecute any of the major players that caused the collapse. I'm also not a fan of his stance on Immigration..

On the other hand I'm very happy with the way he handled the two wars and that was the main reason I voted for him. Obama promised to do what he has done with both wars we killed bin laden and we have pulled out of Iraq with Afghan quickly winding down with US involvement.

McCain or Romney would have kept us in both wars and neither would of had to balls to send Spec Ops into Pakistan to kill bin Laden nor would they have followed the Taliban across the boarder with drone strikes..

Iraq would have gone on another 10 years under McCain and Afghan would have been the same but he would have never put any "real" focus there.. They would have sucked this county dry feeding the military contractors all those tax dollars you claim the left spends more of.

I voted for Obama for the wars economy was second fiddle, but I certainly don't think McCain or Romney would have done any better and I think they would have done worse.


Libertarians always claim you don't support give always, meanwhile the Right gives away more more tax payer money than left. Instead of it going to the people it goes to to big business. All the welfare and social programs in this country will never add up the the raping the tax payers get at the hands of big business subsidies and defense contractors blank checks.

If you were really against less taxes dollars being wasted you would be against the Right long before you were against the left.

The right is far more wasteful it's just they can easily fool the people that don't actually look at what they spend and where the money goes. You don't double the nation's deficit by not spending money.. by not spending money.. :2 cents:

Austin was where we went.. We looked all around Round Rock and other areas around there. I was in no way going to touch Dallas or Houston..

LIke I said, Obama has been president for the last 5 years, so he has the power, and he holds the responsibility as well. Who else should I blame for his actions in office?

I voted for Gary Johnson in 2008 and Michael Badnarik in 2004, (I did vote for Bush in 2000, but it was mistake that I regret).

I couldn't care less about what religion Obama is, nor do I think that he is a socialist. His actions are actually much more that of a fascist, since he does not seek to own the means of production, but to merely control it. Either way, he is a HUGE statist, and as a minarchist, I object to his views and actions massively..... I'm amazed that anyone could support the things that the US government is doing; in Pakastan killing kids with drones, in giving itself the power to kill or snatch up US citizens for life with no trial, to spy on our emails and calls with no warrants, to hand out taxpayer money to corporations based on political favors and cronyism, etc, etc, etc....

KKK isn't too big on Jews, btw, so I'm not sure where you get that one.... Perhaps you may want to learn more about that organization prior to making that kind of accusation.



.:2 cents:

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There is nothing at all wrong with wanting less govt and less taxes.. Hell I'm all for it, but realistically it will likely never happen..

However you can try, but you don't get there by thinking the Right is somehow any better than the left.. :2 cents:


The right is just as bad if not worse but for some reason Libs still support the Right most of the time.. In fact all the Lib candidates usually run under the Republican flag and they almost always vote with the Right..

They do that because they want the money.. Well you take the money you are playing the same game with the I Owe Yous.. That's why I have zero respect for any of the Lib candidates because they are just the same, when it comes down to it as the rest, but they have zero power to really get anything done.... :2 cents:

I do give Ron Paul credit for the way he funded his campaigns, but he was never electable and was loony as hell. His son is just retarded..

Only thing banks want to learn is how to fleece the public more. Agents are not accountable, lawyers hide...Its a shit system from top to bottom.

GOP's job is to ass rape the world financially.
Dems job is to re-distribute some back to avoid heavy tax through their friends working the entitlement scam business.

Its pretty cut and dry.