QUOTE: "Long-term pressure from Frank and his colleagues to expand home ownership connects government housing policies to both the housing bubble and the poor quality of the mortgages on which it is based" http://www.forbes.com/2009/02/13/housing-bubble-subprime-opinions-contributors_0216_peter_wallison_edward_pinto.html Did the real estate collapse trigger insurance and banks to fail, and then further snowball into high unemployment? .
Answer: Yes sir Frank and Dodd almost single handedly created the housing melt down by their inept legislative push for Fannie and Freddy to underwrite bad loans. They didn't care as they got kick backs and sweet deals in doing so, and that is a fact
Category: Politics; 2010-08-29 07:08:19
2. Does Biden ever read the newspaper. He says we are heading in the right direction. Headlines don't agree?
Home sales in the United States were down in July. This in spite of dirt-cheap mortgages and greatly reduced prices. The figures are the worse we've seen in this country in over a decade. The experts are telling us that we're in for another drop in home values. Welcome to Recovery Summer! The Financial Times says that disappointing US economic figures are driving a surge in demand for low-yielding assets. I'm not sure what that means, but it doesn't sound good. Here's a quote: "Things appear to have come to a head...with markets braced at the edge of a precipice ahead of key US economic data likely to further unnerve investors already concerned by the extent of impending slowdown." Welcome to Recovery Summer! This from The Wall Street Journal: Day after day, investors have been hit with more evidence that the economy is stalling. The Dow is down over 4% this month, after an ebullient July that was fueled by impressive earnings results from U.S. companies. The Dow posted another triple-digit loss today and at one point fell below the 10,000 level. Michael Casey has details about the factors driving today's market action. But earnings season is now over and investors are far more focused on potential troubles ahead. What's that Biden said? Oh yeah ... Welcome to Recovery Summer. Economist David Rosenberg, apparently someone who has earned a certain degree of respect in economic circles, writes a daily brief for investors. Yesterday he said that the U.S. economy is heading into a 1930s-style depression. He reminded his clients that the Great Depression also had some high points such as positive stock market gains .. but then, as now, those signs of recovery were unsustainable and only provided a false sense of stability. Charles Nenner, founder and president of Charles Nenner research says that the Dow is on its way down to 5000 in the next 30 months. He's saying that things "really look bad for the next 10 years." While millions of Americans are looking for jobs so that they can start taking care of their families again, Our Hero is looking for over 5% in new income tax that our own government says will affect 50% of the small business income that we need to put to work to grow new jobs. Smart, isn't it? You saw the jobless claims that came out last week. Try 500,000 new jobless claims. Welcome to Recovery Summer. The number of subscribers to cable and satellite television fell for the first time in history during the second quarter of this year. People just aren't going to pay the price any more .. not in this economy they're not. The Obama Administration is no longer using the "jobs created or saved" nonsense to tout the effectiveness of the stimulus plan. There's a new phrase now .... "lives touched." The Obama Administration has now as much as admitted that ObamaCare will increase the cost of medical care in this country and, at the same time, add to our deficit. Exactly the opposite of what was promised when they were trying to get the bill passed earlier this year.
Answer: Biden is merely riding the wave of cognitive, rational disconnect that swept 0webaama into office. "Just believe what we say and ignore obvious reality."
Category: Politics; 2010-08-25 06:52:24
3. Bank of America or Direct Lender for a conventional loan?
I have more than 20% down and am only interested in 30-year fix. My realtor referred both a direct lender and a local BOA loan officer for me. She first suggested the direct lender because she thought I was thinking of using a FHA. Why would she say it's better to work with the direct lender if I was considering FHA??? Anyway my bank is BOA so I told her I wanted to get a quote from BOA too. I first contacted the direct lender to get pre-qualified and she was nice and the % was pretty good I thought. But I'm still curious to contact BOA too to get pre-qualified and see what the differences are. Call me crazy but quite frankly I would love to get a loan from BOA if the rate is good because that's my bank and paying for a mortgage would be easy for me I think. I read somewhere. I could settle with the direct lender but should I contact the BOA officer too before I decide? What factors should I compare? Any input would greatly be appreciated! Thanks
Answer: What do you mean by a direct lender? A mortgage company? They can't do anything for you that your bank can't do. Call your local banking center and ask them. Some areas have loan offices where they don't do any other bank office. You can also call BOA at this number: 888.233.4124. Look at interest rate, points, and APR (but don't get crazy over APR, it's not nearly as important as people think it is). As about origination fee, closing costs, rates for 30 year fixed (don't get anything else; fixed rates are so low that it would be foolish to get something else), and before you give them your credit card number to the origination or app fee, find out the time frame to close. When you're refinancing, missing the closing date is mostly annoying but if you're purchasing it's very important. If you were going to buy a new toaster oven, you'd shop around. This is probably the biggest purchase you'll ever make.
Category: Renting & Real Estate; 2010-08-23 20:47:18
4. Why do conservatives try to blame low income people for the housing crisis?
Right wingers claim that the housing bust was caused by "liberals' making it too easy for lower income people to buy homes. This of course is a lie but who cares, it sounds good! The housing crisis was caused by the massive de-regulation of the mortgage industry. Just go to Las Vegas and see the blocks of foreclosed homes that were bought for a half million dollars by people who could only afford a two hundred thousand dollar house. These homes were bought at inflated prices through ARM loans, and interest only loans. They were told the home would go up in value to the point where at the end of three to five years they could either sell the home for a large profit, or else refinance. These were the six figure yuppie types that bought these places, not lower income people. The government did not "force" banks to loan money to anyone. This is a Limbaughesque lie. As for Bush seeing the crisis coming and trying to stop it is laughable. I saw a speech on You Tube where Bush is speaking before a group of Realtors in 2002. He says and I quote, "Just because people have lousy credit does not mean they have to live in a lousy home." He encouraged people with "poor credit to work with Fannie and Freddie." Yes, after the roof started caving in the Bush Administration told Congress to do something. If Bush was as on top of this as right wingers claim, why did he never mention it in any of his state of the union speeches? Mortgage companies are who we ought to blame. They were lending money to people with NO CREDIT checks, and lying about people's incomes to get them into expensive homes. The Republican National organization of Realtors were cheering as well. Lower income people did not get ARM loans and interest only loans, the got standard FHA loans. When Bush ran for re-election in 2004 he boasted at every campaign stop about all the new and "minority" home ownership. The Real, Even Alan Greenspan said that blaming the "Community Reinvestment Act" is nonsense. low income people did NOT buy homes on anything but standard FHA loans. White Power, Bush did not warn anyone until the ship had sailed. Bush ran for re-election in 2004 boasting of all the new home owners. Low income people DID not get loans with balloon payments. Six figure types did. Turn Rush,and Hannity, off and get real facts. Why did Bush not ONE TIME mention this impending crisis in any of his State of the Union Speeches? Warren, The banks were NOT forced to loan money. They loved the government backed loans because they could make money with little risk. Bush bragged in 2004 about all the new "minority home owners." It was part of his "ownership society."
Answer: It was actually the Bush administration who encouraged the onslaught of subprime loans. A couple of things happened. There were house flippers who thought the prices of homes were going to continue to rise (right before the so-called bubble pop). Also, a lot of high risk (or low income) people obtained loans they never should had. All this piled up. Then, companies like AIG sold credit protection on these loans. And when the housing market topped out and declined and the unemployment rate went up, many loans couldn't be paid off. The whole plan of blind consumer confidence was a fail. Money circulation in itself isn't enough for a good economy.
Category: Elections; 2010-08-22 06:00:10
5. Are there "still" Obama faithful who believe he has an economic recovery plan after the "flagship" plan fail?
http://news.yahoo.com/s/ap/20100820/ap_on_re_us/us_mortgage_aid;_ylt=AoMLf1yjylgyLuHaYXUW9rWWwvIE;_ylu=X3oDMTM0bjdpNnA5BGFzc2V0A2FwLzIwMTAwODIwL3VzX21vcnRnYWdlX2FpZARjY29kZQNtb3N0cG9wdWxhcgRjcG9zAzIEcG9zAzIEc2VjA3luX3RvcF9zdG9yaWVzBHNsawNuZWFybHk1MHBlcmM- quoting... Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. "The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications," said Mark Zandi, chief economist at Moody's Analytics. Besides forcing people from their homes, foreclosures and distressed home sales have pushed down on home values and crippled the broader housing industry. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting their homes on the market. Approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the government program have been cut loose through July, according to the Treasury report. That's about 48 percent of the those who had enrolled since March 2009. And it is up from more than 40 percent through June. WHEN IS ENOUGH...ENOUGH??? despite the rantings of the left, there is no assumption here...READ THE QUESTION!!!...im asking for YOUR opinion.
Answer: The flagship clearly has sunk. In a high-seas battle the BO administration is reeling if not already beaten down entirely. Anyway, this was to be expected. Banks were handing out loans like Halloween candy thanks mainly to government intervention. While the democrat party was doing this for the sake of portraying a positive image and garnering support, an already over-burdened financial system paid the price. Tax-payers dollars then had to fund the idiotic bailout of financial institutions due to over-extended loans. There was (and still is) no logic in pre-qualifying people for these loans when the "homeowners" could not make their ensuing monthly payments. Now the same political minds that created the original problem actually believes that lowering interest rates will fix the economy. Nearly 50% failure rate? BO and his clueless administration may consider this a success story. Meanwhile, MSNBC and CNN will sing him praises!
Category: Politics; 2010-08-20 15:13:54
6. I found this online from a (supposed) JW, what do you think of the attitude towards other JWs?
The following quote is in relation to the failed prophecy from the Watchtower for the end of the world in 1975. Happy wrote: Thank you for 1975 1975 has come and gone and along with it the greedy, unfaithful, the liars and the cowards went with it. It was a boon to the Witnesses that 1975 did not harbor the end of the world as some call it. Since then the above mentioned have migrated to a place, such as this, to air grievances either real or imagined. For the Congregations of Jehovah’s Witnesses it has been a blessing. Peace in the congregations abounds now. The troublemakers have left to visit their complaints on the dullards. These were the one’s who reveled in “I won’t have to pay off the mortgage”,“I’ll take that house after Armageddon” or “ I’ll refinance, since I won’t have to pay it off anyway”. Gone are the constant complainers who disrupted the congregation with their petty complaints. Gone are those who tried to suck their brothers into “get rich quick schemes”. Gone are the backbiters who always had something negative to say about the elders, pioneers, governing body, the latest magazine and how nobody liked them. Gone are the “brother can you lend me some money because I can’t get by “ this week individuals. They complain about themselves because this is who they are. Gone are the apostates who followed Ray F and tried to lead others away. We don’t have to listen to their garbage anymore. Thank you, thank you, thank you for 1975. They really believed it. As the heavens were made glad with the ouster of Satan, we also can be glad because the troublemakers have left the building !!!!! http://www.topix.com/forum/religion/jehovahs-witness/TKNGCV2L236DNN72K/p53 Another comment on the same site. noahsday wrote:
Answer: I think the attitude of the person you quoted is typical of someone who is (a) self-righteous, (b) refuses to examine the facts and look at both sides of an issue, (c) must justify their position by any means and at all costs and (d) is living in fear of saying anything that contradicts the Governing Body. I was there, prior to 1975 and I know exactly what the rank and file members thought about October 1975, and the huge hype and excitement generated by the Society. I also know how the Governing Body turned round and blamed people for reading too much into what they said. This is one of the hallmarks of a cult - not to take responsibility and blame others. It saddens me to know that millions of Jehovah's Witnesses refuse to objectively look into the history of their organisation.
Category: Religion & Spirituality; 2010-08-15 19:52:43
