BoA OWNED by person

[tommymac]

Originally Posted by Particle Man

It should have been like it used to be: the banks looked at your ability to repay what they loaned. They see too much risk, they don't give out the money. Foreclosure was the very last result because it causes more problems than it sloves.

This whole "everyone should own a house" and giving out money like fucking water AND consumers thinking they could charge everything and never have to pay it back contributed to the downfall. I've been saving for a house for almost a decade and am finally in a place where I'm ready to move - if I can't get a fucking loan because of greed on both sides I'm gonna be PISSED.

Now is a great time ot buy, between intrest rates so low and propery values in the crapper.

I think most banks are back to being super cautios in giving out mortgages again.

[Particle Man]

Originally Posted by tommymac

Now is a great time ot buy, between intrest rates so low and propery values in the crapper.

I think most banks are back to being super cautios in giving out mortgages again.

Property values and home prices in my area have actually gone UP

[tommymac]

Originally Posted by Particle Man

Property values and home prices in my area have actually gone UP

you can always move down here with us LOL

Intrest rates are still very low, saw 4.59% on a 30 yr fixed loan

[Homeslice]

Originally Posted by Particle Man

Property values and home prices in my area have actually gone UP

Probably because the people closer to NYC are trying to move somewhere affordable.

[tommymac]

Originally Posted by Homeslice

Probably because the people closer to NYC are trying to move somewhere affordable.

Gotta go FAR away from NYC for that. LI and westchester are prety expensive areas now but go north of westchester and it starts getting better.

[goof2]

Originally Posted by Avatard

I missed the part where homeowners actually caused the housing price bubble, and then benefited from its crash, resulting in one of history's greatest land grabs by banking robber barons since before the Fed was established.

Oh, wait...that's because that's not exactly how it went, right?

You think banks caused the pricing bubble on their own? Home buyers bid prices up to unprecedented levels because who cares its free money and hey if they can't afford the payments they will just sell at a profit to someone else who is getting free money because real estate values never go down. That isn't exactly how it went either, is it?

You also think banks want to own all the property they got in this "land grab" as you call it? The banks only own those properties because the buyers stopped making payments and their loans are for more than the properties are now worth. Each property that goes in to foreclosure has a gap between what the property is worth and the value of the existing balance on the mortgage. That difference isn't speculative, it is a real loss to the banks since those banks actually paid out real cash money for the properties that were purchased. They would be much better off financially if homeowners just kept paying their loans. Instead they now have inventories of homes that are worth a fraction of the real money the banks loaned out for them. Every piece of land they got in this "land grab" has a financial loss attached to it.

[Avatard]

Originally Posted by goof2

You think banks caused the pricing bubble on their own? Home buyers bid prices up to unprecedented levels because who cares its free money and hey if they can't afford the payments they will just sell at a profit to someone else who is getting free money because real estate values never go down. That isn't exactly how it went either, is it?

You also think banks want to own all the property they got in this "land grab" as you call it? The banks only own those properties because the buyers stopped making payments and their loans are for more than the properties are now worth. Each property that goes in to foreclosure has a gap between what the property is worth and the value of the existing balance on the mortgage. That difference isn't speculative, it is a real loss to the banks since those banks actually paid out real cash money for the properties that were purchased. They would be much better off financially if homeowners just kept paying their loans. Instead they now have inventories of homes that are worth a fraction of the real money the banks loaned out for them. Every piece of land they got in this "land grab" has a financial loss attached to it.

Which they write off.

[goof2]

Originally Posted by Avatard

Which they write off.

So what? Say a month ago you gave me a thousand dollars and in return I told you I would give you $1,100. Now I can't afford to give you $1,100 so I'm giving you a mountain bike worth $500 and telling you to go screw over the rest of it. Who got the better deal? But hey, you can write it off!

ETA: It is still real money that banks lost and they aren't getting back. The way those losses are accounted for doesn't change that.

[Avatard]

Trust me, the losses (written off) are more than offset by getting to cherry pick what they're flipping. You can't tell me at the end of the day, them being the one ending up with all the assets, AND a fucking bailout that they're getting hurt.

What the fuck are you, retarded that you think I'm gonna fall for that shit?

Let's recap:

People lose their fucking homes
The banks take fucking everything
They get fucking bailout money and take huge fucking bonuses

...But really, it's them that's actually losing?

Fuck you, don't piss on my fucking head and tell me it's fucking raining.

I ain't that fucking stupid.

It's called "redistribution of wealth". Open your fucking eyes, and you'll see it, jackass. It's what's killing the fucking economy, and it's clearly in the fucking numbers.

[Avatard]

It's real fucking simple:

You get to a point in wealth imbalance when so few have so much of all the assets, and the rest are all so fucking poor, that there's fucking no one to sell enough crap to anymore, and the economy takes a profound shit.

Welcome to that precise SHIT.

Bankers gutted the fucking economy, and took it all. Now people are acting surprised no one is buying durable goods???

Please.