another obama endorsement.

#101
#101
Mr. Rockytop said:
Yeah they were but alot of those people didn't know it was going to take such a hike. I am not sure if you ever worked on commissions before, but that is a cut throat business. There is no way in hell if you told me that my initial mortgage is going to be $1,000 and then in 15 months it will be $3,200 that I would've agreed to the loan.

Now if I didn't know any better and it was disclosed to me as if " your initial mortgage will be $1,000 and then in 15 months it will be increase just a little ,then I would agree. I am willing to bet you that there were unethical practices used while getting people to sign up for the those type of mortgages. There are entirely too many people that have been affected.
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I agree most would not, I can assure you that many of those did understand the concept of the arm loan and simply allowed themselves to believe the bottom would not drop out and they could continue to eek it out. It is a lot like gambling, they wanted more house than they could afford, so they took a risky loan hoping it would all be ok.

Those that didn't understand should have had sense to have someone that did understand to help them. This is the single biggest investment 95% of people will ever make. Would you invest $150,000 in anything without having someone who understands, represent you and your interests?

My wife and I were shopping for a home three years ago. There was one particular house she liked but was much more expensive than we could afford. I didn't even know what an "arm" was but the agent showing her the home told my wife there was no doubt we could get in that house. She talked about it with me and I told her there was no way, it was too expensive and there was something shady going on there. I was right, we would have lost that house! It was common sense, given our financial situation, that we could not afford it. If only everyone was blessed with common sense.
 
#102
#102
Exactly KB. These people were under the delusion that the price of the house would not only never go down but would go up by 10% a year like clockwork.
 
#103
#103
Mr. Rockytop said:
There is no way in hell if you told me that my initial mortgage is going to be $1,000 and then in 15 months it will be $3,200 that I would've agreed to the loan.
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At the numbers you are suggesting this would be about a half million $ house or more - why should I have sympathy for someone buying that big of a house without understanding what they were doing?
 
#104
#104
volinbham said:
At the numbers you are suggesting this would be about a half million $ house or more - why should I have sympathy for someone buying that big of a house without understanding what they were doing?
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Those were only superficial numbers. They were only being used for an example.
 
#108
#108
volinbham said:
At the numbers you are suggesting this would be about a half million $ house or more - why should I have sympathy for someone buying that big of a house without understanding what they were doing?
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Depending on the rate and the length of the loan, those numbers can buy any house. At today's rates though, you are about right.

As a rule, ARM's are bad and anybody buying a house they can't afford with one is playing a very dangerous game. My first place I bought with a 5 year ARM, but I knew I wouldn't be there 5 years so I took the lower rate and bought a little more than what I wanted to pay thinking it would be a good investment. I ran the numbers and decided I could still afford the house if rates went up, it would just be more tight. My job transferred me at the beginning of the year and I had to sell when everything started to tank. I wish I could have held onto my place and waited this out. Needless to say, I took a loss.

I understand some of the anger people have because most people could not forsee this until it was too late. No doubt there are some people that made some ignorant decisions, and likewise, there are some lenders that probably took advantage of people. As for me, I knew what I was doing and it looked like a great investment at the time. However, I think I was the victim of bad circumstances with the job transfer and an unforseen market dynamics. So yes, I am pissed at my situation because most of it was out of my control.
 
#109
#109
It sounds callous, but the problem is that being ignorant is never an excuse. You have to help someone take advantage of you financially.

I've done a couple of things monetarily that I regretted to some degree, but it never fails that when I look back at what I did, it's my signature on the contract.
 
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#110
#110
GAVol said:
It sounds callous, but the problem is that being ignorant is never an excuse. You have to help someone take advantage of you financially.
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that bailout isn't coming. Those folks are getting foreclosed.
Posted via VolNation Mobile
 
#111
#111
Mr. Rockytop said:
Well first all, ignorance is expensive. I agree that alot of people who didn't read the terms of their loans are at fault. However, the loan officer, company, entity did a poor job of making alot of homebuyers aware of the conditions of thier loan. Those comapnies really didn't care to educate the homebuyers for the sake of fattening thier own pockets. When I was in the insurance industry years ago, I made sure that policyowners knew the benefits and features of thier policy. I educated my clients on the differences of term vs whole life vs variable life. As an agent at the time I felt it was in my best interest to make sure that they were completely aware. Of course, alot of people that jumped on the subprime mortgage bandwagon didn't read the conditions of the loan. However, moral fault lies with the mortgage companies who didn't ensure that their clients were not fully aware. The Government seemed to have no choice but to step in , because there were so many people losing there homes. So, are you guys saying to hell with these ignorant people, let them suffer ?
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I am definitely saying, "To hell with these ignorant people. They can suffer, as hard as suffering is in America, for the rest of their lives. I could care less."

As for your comparison of the mortgage industry and the insurance industry. People do not renew mortgages on in the short-term, like they do with life insurance and auto insurance policies. Therefore, while it may be in the best interest of the Insurance salesman to provide someone with a policy they will want to renew (as that is where all the pay for successful insurance salesmen ends up coming from), it is not always in the best interest of the mortgage lender.

The bottom line is this: READ THE DAMNED CONTRACT!
 
#112
#112
therealUT said:
it is not always in the best interest of the mortgage lender.
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we are in agreement in general here, but one of the problems in the mortgage industry is the fact that very often the mortgage broker is independent of the lender, so his agenda is rarely underwriting standards. He's concerned with closing and will help the borrower game the underwriter.

It's a structural problem that needs to be addressed. The guy peddling the mortgage needs to have some tie to loan quality / loan losses. Practically, it means independent mortgage brokers probablyhave to retain a portion of the notes they sell. That would require enormous capital, so most likly the underwriters are going to have their own internal sales force.
Posted via VolNation Mobile
 
#113
#113
Mr. Rockytop said:
Yeah they were but alot of those people didn't know it was going to take such a hike. I am not sure if you ever worked on commissions before, but that is a cut throat business. There is no way in hell if you told me that my initial mortgage is going to be $1,000 and then in 15 months it will be $3,200 that I would've agreed to the loan.

Now if I didn't know any better and it was disclosed to me as if " your initial mortgage will be $1,000 and then in 15 months it will be increase just a little ,then I would agree. I am willing to bet you that there were unethical practices used while getting people to sign up for the those type of mortgages. There are entirely too many people that have been affected.
Click to expand...

volinbham said:
At the numbers you are suggesting this would be about a half million $ house or more - why should I have sympathy for someone buying that big of a house without understanding what they were doing?
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Mr. Rockytop said:
Those were only superficial numbers. They were only being used for an example.
Click to expand...

volinbham said:
But they are so far off that it's ridiculous.
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If a jump in payment like the one you mentioned happened it would be catastrophic to someone on an averagely tight budget. However volinbham makes a good point that the numbers you’re using to base your argument off of are unrealistic.
A loan with 170,000 starting balance at 6% on a 30 term would have around a 1000 payment. Now, in order for the payment to jump to 3200 the interest rate would have to go up to around 23% and we haven’t seen interest rates that high since the Carter administration.
Also most ARMs had a limit of 4-6 points that they could increase(That's what I've been told so correct me if I'm wrong). So the above mentioned loan would have gone from 1000 to 1749 at most. Now a $750 increase in your mortgage can really put a pinch on a budget but it is much more manageable than the $2200 increase you used as an example.
So for those that were responsible enough not to overextend on the initial payment amount, they could have likely made some adjustments to compensate for the increased payment.
Hyperbole has its place in a rhetorical argument but not when you are using numbers to put forth an example.
 
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#114
#114
Mr. Rockytop speaks of God and what we are in his eyes being what matters..I strongly agree, but I am not voting for someone who believes in murdering babies who are half-way out of a mother's body. Obama's view on Christianity and the Bible are extremely warped, as are so many people's around the world..and right here, obviously.
 
#115
#115
akworthen said:
Mr. Rockytop speaks of God and what we are in his eyes being what matters..I strongly agree, but I am not voting for someone who believes in murdering babies who are half-way out of a mother's body. Obama's view on Christianity and the Bible are extremely warped, as are so many people's around the world..and right here, obviously.
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Careful or you'll be labeled a racist.

Obama's went to a white hating church with a turd in a suit for a preacher in Chicago for years. If that spunk spewing turd would have been white he'd have been in jail years ago. But you know, it's not a two way street...can't say anything without being labeled as a racist anymore...unless you're black.

& Rockytop, before you start running that ignorant, defensive mouth....I'm worth more than you, I'm not a racist, I'm in an interracial marriage, I'm not a good ole' boy, I love the Lord God with all my heart, but I fall short when suffering gimme a handout types from Memphis. Peace out....
 
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#116
#116
rockytophigh said:
Careful or you'll be labeled a racist.

Obama's went to a white hating church with a turd in a suit for a preacher in Chicago for years. If that spunk spewing turd would have been white he'd have been in jail years ago. But you know, it's not a two way street...can't say anything without being labeled as a racist anymore...unless you're black.

& Rockytop, before you start running that ignorant, defensive mouth....I'm worth more than you, I'm not a racist, I'm in an interracial marriage, I'm not a good ole' boy,

Well first of all, I don't consider anyone a racist unless they make ill statements such as assumin blacks are on welfare or using crack. Those are generalized stereotypes. If we have a difference of views on political views, then we just disagree. Why must you be an idiot or I be an idiot for wah t we believe in ? When different ones start to speak of Universities are meeting their quotas because I have a Masters degree, is assinine. I attended school the same amount of years as my white, hispanic, and any other nationality counterparts. For the record I choose to use a freewriting technique on here, in times there may be typos, grammar and punctuation errors. However, to judge me or anyone based on that is foolish within itself. I am voting for Obama, in spite of that I don't agree with all of his views. I am pro life for the most part ,but I feel in very few cases there should be an exception. For example , if a young lady is raped and becomes preganant as a result, then yes she should have the choice in a situation as such. I don't agree with inequalities. Whatever is good for me by law , it should be good for any white guy as well. However, we do not live in a world that abide by those views. Now you are guilty of racism, by the statement that you made in the above post. One, we all know Memphis is predominantly black and you have the audacity to type " I love the Lord God with all my heart, but I fall short when suffering gimme a handout types from Memphis "

Why can't handout types not live in Knoxville, Chattanooga, Jackson, WInchester, Pulaski ? I don't argue that Memphis have some, because yes that is the truth. However, they're all over. However, you choose to select Memphis.

Why don't you show your wife what you typed ?
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#117
#117
therealUT said:
I am definitely saying, "To hell with these ignorant people. They can suffer, as hard as suffering is in America, for the rest of their lives. I could care less."

As for your comparison of the mortgage industry and the insurance industry. People do not renew mortgages on in the short-term, like they do with life insurance and auto insurance policies. Therefore, while it may be in the best interest of the Insurance salesman to provide someone with a policy they will want to renew (as that is where all the pay for successful insurance salesmen ends up coming from), it is not always in the best interest of the mortgage lender.

The bottom line is this: READ THE DAMNED CONTRACT!
Click to expand...

Could not agree more. America has the richest poor people in the world
 
#119
#119
Mr. Rockytop said:
rockytophigh said:
Careful or you'll be labeled a racist.

Obama's went to a white hating church with a turd in a suit for a preacher in Chicago for years. If that spunk spewing turd would have been white he'd have been in jail years ago. But you know, it's not a two way street...can't say anything without being labeled as a racist anymore...unless you're black.

& Rockytop, before you start running that ignorant, defensive mouth....I'm worth more than you, I'm not a racist, I'm in an interracial marriage, I'm not a good ole' boy,

Well first of all, I don't consider anyone a racist unless they make ill statements such as assumin blacks are on welfare or using crack. Those are generalized stereotypes. If we have a difference of views on political views, then we just disagree. Why must you be an idiot or I be an idiot for wah t we believe in ? When different ones start to speak of Universities are meeting their quotas because I have a Masters degree, is assinine. I attended school the same amount of years as my white, hispanic, and any other nationality counterparts. For the record I choose to use a freewriting technique on here, in times there may be typos, grammar and punctuation errors. However, to judge me or anyone based on that is foolish within itself. I am voting for Obama, in spite of that I don't agree with all of his views. I am pro life for the most part ,but I feel in very few cases there should be an exception. For example , if a young lady is raped and becomes preganant as a result, then yes she should have the choice in a situation as such. I don't agree with inequalities. Whatever is good for me by law , it should be good for any white guy as well. However, we do not live in a world that abide by those views. Now you are guilty of racism, by the statement that you made in the above post. One, we all know Memphis is predominantly black and you have the audacity to type " I love the Lord God with all my heart, but I fall short when suffering gimme a handout types from Memphis "

Why can't handout types not live in Knoxville, Chattanooga, Jackson, WInchester, Pulaski ? I don't argue that Memphis have some, because yes that is the truth. However, they're all over. However, you choose to select Memphis.

Why don't you show your wife what you typed ?
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Would you not agree that Obama'a preacher did use generalized stereotypes while speaking about "evil, rich, white people"?
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#121
#121
The amount of rapes that end up in a pregnancy is very small..6% last time I checked. Let's face it..most abortions are a result of people who are irresponsible and too selfish to own up to it. I personally know a scumbag who has had 4..all pregnancies were a result of irresponsibility. Abortion should not be used as a form of birth control. It's pretty sad when you've got parents driving their daughter to an abortion clinic because "she's too young"..or promising them a new car if they will abort so they don't miss the softball season..yes, I've seen both situations personally. And we've got the idiots at Planned Parenthood thinking our kids are nothing but a bunch of animals who can't be taught the importance of abstinence, so let's just hand out condoms! Sheesh! Obama supports partial-birth abortion, which is murder. I've had two kids..a few more pushes and you can sign your rights away and walk away if you don't want the blessing!!
Unfortunately, I believe just about everyone has certain feelings and generalizations about people of different races. I coach gymnastics, and I can tell you that there is no difference in how precious the black, white, Hispanic, Indian, Asian etc. children are. Am I completely immune to and free of those feelings? No. In all honesty, I don't care what race Obama is. His socialist views for this country are disturbing and he does not have good character IMO.
 
#123
#123
akworthen said:
The amount of rapes that end up in a pregnancy is very small..6% last time I checked. Let's face it..most abortions are a result of people who are irresponsible and too selfish to own up to it. I personally know a scumbag who has had 4..all pregnancies were a result of irresponsibility. Abortion should not be used as a form of birth control. It's pretty sad when you've got parents driving their daughter to an abortion clinic because "she's too young"..or promising them a new car if they will abort so they don't miss the softball season..yes, I've seen both situations personally. And we've got the idiots at Planned Parenthood thinking our kids are nothing but a bunch of animals who can't be taught the importance of abstinence, so let's just hand out condoms! Sheesh! Obama supports partial-birth abortion, which is murder. I've had two kids..a few more pushes and you can sign your rights away and walk away if you don't want the blessing!!
Unfortunately, I believe just about everyone has certain feelings and generalizations about people of different races. I coach gymnastics, and I can tell you that there is no difference in how precious the black, white, Hispanic, Indian, Asian etc. children are. Am I completely immune to and free of those feelings? No. In all honesty, I don't care what race Obama is. His socialist views for this country are disturbing and he does not have good character IMO.
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I agree 150%:good!:
 
#124
#124
Mr. Rockytop said:
rockytophigh said:
Careful or you'll be labeled a racist.

Obama's went to a white hating church with a turd in a suit for a preacher in Chicago for years. If that spunk spewing turd would have been white he'd have been in jail years ago. But you know, it's not a two way street...can't say anything without being labeled as a racist anymore...unless you're black.

& Rockytop, before you start running that ignorant, defensive mouth....I'm worth more than you, I'm not a racist, I'm in an interracial marriage, I'm not a good ole' boy,

Well first of all, I don't consider anyone a racist unless they make ill statements such as assumin blacks are on welfare or using crack. Those are generalized stereotypes. If we have a difference of views on political views, then we just disagree. Why must you be an idiot or I be an idiot for wah t we believe in ? When different ones start to speak of Universities are meeting their quotas because I have a Masters degree, is assinine. I attended school the same amount of years as my white, hispanic, and any other nationality counterparts. For the record I choose to use a freewriting technique on here, in times there may be typos, grammar and punctuation errors. However, to judge me or anyone based on that is foolish within itself. I am voting for Obama, in spite of that I don't agree with all of his views. I am pro life for the most part ,but I feel in very few cases there should be an exception. For example , if a young lady is raped and becomes preganant as a result, then yes she should have the choice in a situation as such. I don't agree with inequalities. Whatever is good for me by law , it should be good for any white guy as well. However, we do not live in a world that abide by those views. Now you are guilty of racism, by the statement that you made in the above post. One, we all know Memphis is predominantly black and you have the audacity to type " I love the Lord God with all my heart, but I fall short when suffering gimme a handout types from Memphis "

Why can't handout types not live in Knoxville, Chattanooga, Jackson, WInchester, Pulaski ? I don't argue that Memphis have some, because yes that is the truth. However, they're all over. However, you choose to select Memphis.

Why don't you show your wife what you typed ?
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"Now question is will the good ole boys in East Tennessee accept a soul brother as HFC at Tennessee or do they care more about winning

Kind of similiar to the presidency race

Will some who have a problem with skin color accept a black president who seems to have a quality plan as opposed to an out of touch and out of date president who happens to be white ?"

Well they can't be from Knoxville because they're all good ole boys right? At least that's what you HAD THE AUDACITY to write in another thread.

It chaps my @ss for someone to get on a soapbox & pull out the race card when they're 100 times more racist.

Then when I called you on it you called me a racist....I can tell you one black person I'm not a big fan of right now....Mr. Rockytop aka The Amazing Racist.
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#125
#125
akworthen said:
His socialist views for this country are disturbing and he does not have good character IMO.
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Right, his "socialist" views disturb you, yet you're all for the government having control over your body and telling you what you can and can't do with it? Makes sense to me.
 
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