Posted:
#26
Oh how a good thread goes bad so easily.
I love how the target is placed on the back of liberals, minorities and low income people, how short sided and wrong.
The banks were not forced to write 90 to 100 dollars in loans relative to cash on deposit, the banks were more than happy to slurp up origination fees and underwriting fees, then chop all the loans up and profit of selling them to all and any while outright LYING about the credit strength and even betting against the very products they duped to others.
Maybe my math is bad, but a lower income homeowner who defaults on a 200k loan, with it being sold for 100k is a lesser loss than the second tier buyer who bought a 750k house and it auctions at 350k. The foreclosure market is BUSTING out for those bread and butter homes you are bashing, while the higher end properties sit in short sale for a year or more. THAT is the state of the current market.
Keep placing blame on minorities and shield the banks and lenders and builders, that makes tons of sense.
I love how the target is placed on the back of liberals, minorities and low income people, how short sided and wrong.
The banks were not forced to write 90 to 100 dollars in loans relative to cash on deposit, the banks were more than happy to slurp up origination fees and underwriting fees, then chop all the loans up and profit of selling them to all and any while outright LYING about the credit strength and even betting against the very products they duped to others.
Maybe my math is bad, but a lower income homeowner who defaults on a 200k loan, with it being sold for 100k is a lesser loss than the second tier buyer who bought a 750k house and it auctions at 350k. The foreclosure market is BUSTING out for those bread and butter homes you are bashing, while the higher end properties sit in short sale for a year or more. THAT is the state of the current market.
Keep placing blame on minorities and shield the banks and lenders and builders, that makes tons of sense.
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