Dont forget about Bush and Cheney

Edumacating? Please. Not one of your posts has been even slightly more legitimate than McCain's lie filled ads.

doesn't anyone that agrees to an ARM know that it must reset after two years according to the whim of the lender or holder of the note?

BUying homes on the bet that they will rise in value quicker than the date of the exppectant reset accompanied the gamble by those ignoring the principle behind ARMs.

they are qualifying loans, not lonng term sound fixed rate loans.

Assuming that prices will always rise is foolhardy and not due diligence.

Who's game is it anyway?


This was the warning in 2000 that went unheeded.

Accompanying those warnings were statistcs showing that house prices were out of balance, geographically speaking, at a variable rate from the deviation of the historic basis for qualifying for home loans.

That ignored criteria was that the house should cost no more than 3 times the annual salary of the borrower.

Buying down the initial interest rate to qualify boirrowers for homes that cost 10-12 times the borrowers annual income is just plain old fashioned stupidity.

you got what you got because of this "head in the sand" delusion that historyy is a lie, and that sound fiscal responsibility is an antiquated fossil of a bygone era.


Well, apparently the doomsayers were prophets and not charlatans and carpetbaggers, huh?


Americans buy into free lunches way too easy.

scary.

you see....

when loans like these are two years old, they reset and the prevailing interest rate is triggered.

That triples the mortgage payment.

So why not sell?

OK.

But everyone sold or offered to sell at the same time.

FIxed rate mortgages were being offered now, by 2006, with 30% down. MINIMUM!!!!!!!

no refinancing there......

no buyers there.....

why?

because ARM loans can't refinance easily, that's why.

A sale is absoultely necessary for a sound commercial bank to write a refinance. But a refinance must be qualified for. If the ARM buried homeowner cannot handle the reset of the existing ARM, how will thaT SAME HOMEOWNER QUALIFY FOR A REFINANCE INTO A FIXED RATE LOAN?

Answer: they don"t!!!!!!!!!

what do they do then?

they sell?

to whom?

to sonmeone with 30% down, that's who.

But that doesn't work. Nobody puts 30%down.


exactly.

that's why new loans backstopped with that requirement for equity participatioin in a housing market known to be flat and stagnant by the banks being inundated with loan apps for fixed rate refi's.

HUH?????????????


The 30% down requirement was plugging in an expected downturn and deflationary effect on housing?

HUH?

The banks knew that a correction was overdue. A 20% loss in equity was anticipated by the expected short selling into the market of homes by distressed sellers.


WHy oh why is everyone a real estate expert and an entrepreneur in speculative housing as an investment tool

Everyone thought they were smarter than the industry professionals.LOL\

Housewives and car salesmen acting like they are wheeling dealing General Contractors and astute interior designers.

puuullleeeeeezzzzeeeeeee.

have some more KOOL AID, folks.




Does this make sense?


probably not.

and here we are.


blaming bush for it.


and hating on the bankers.



Just remember that nobama's biggest fans and confidants and advisors benefitted by freddie and fannie games.

and nobama's biggest contributors to his bid to steal the levers of power are coming from money given by these behemoth gambling factories.

everyone was warned.


this is putting the fox in the chicken coop.

While the delusional continue to blather, thinking conservatives turn away from the insanity that is John McCain.

I resemble that remark.

he saw me first , war.

You think, therefore you are...

I am?

Okay, I couldn't help it.

Fiscal Conservatives like me are completely sick to their stomachs about the mess this government has caused.

Yes, and they are coming out against this bailout the same as some Democrats. There's also some fear that giving the Sec. of the Treasury so much power won't be so great when it's a Democrat.

"There's not once chance that Governor Palin would have to answer a question. ... They're eliminating even the chance of any kind of interaction with the candidate -- it's just unprecedented."

FOX News Producer Shushannah Walshe

Wow, even Rupert Murdochs propaganda machine is up in arms about this. That should speak volumes... but it won't.

Richard Cizik is one of the country’s most powerful and outspoken Christian evangelical leaders. He happens to be a Republican, and he has known the GOP’s presidential nominee for many years. “I thought John McCain was a principled person,” Cizik says. “But John McCain has backed off, not just on climate change but on torture and a sensible tax policy — in other words, he’s not the John McCain of 2000. … He seems to be waffling on issue after issue.

“It’s not illogical for someone to conclude that John McCain is going to be more like George Bush than John McCain is going to be like John McCain in 2000.”

http://coloradoindependent.com/8807/evangelical-leader-smacks-mccain-for-lack-of-principle

Anyone remember when McCain ran in 2000?

He was ruthlessly attacked by his fellow republicans. It's the sort of attack campaigning that set the tone for Bushes next run and McCain's current run.

McCain won in, was in New Hampshire with almost %50 of the vote, but the Bush/Rove political machine was attacking and by the time the South Carolina primary came around it was really ugly.

McCain said regarding rumors spread about him and his family, "I believe that there is a special place in hell for people like those."

Funny thing is, I would have voted for McCain in 2000.

Sadly, McCain seems to have abandoned his principles in this race to win the presidency. He is all that he once condemned.