Results 27 to 36 of 36
02-08-2013, 08:43 PM #27Professional Member*
- Join Date
- May 2000
- Urbandale IA. USA
They KNEW that I am self employed, and asked me to show proof of my last three years of income.
I showed that to them, and told them that PART of my INCOME is LEGALLY hidden. I make more than the 1040 shows. So they had to do a DECLARED income statement that I had to sign.
THEY also told me what I had heard back in the 90s that they would be audited by the government IF they did not accept SOME of this type of mortgage.
The bill (don't remember the name) was proposed by DEMOCRATS, then when conservatives WARNED about fredie mack and salley may being in trouble, the DEMOCRATS vehemently denied there was ANY problem.
The banks had to do something, or get stuck with the bad loans, so they were sold as DERIVATIVES on the stock market. (wrong thing to do, but profitable).
NOW we taxpayers bailed out wall street and the banks, while home owners with limited income got stuffed down the drain.
By the way, I am STILL in my home and making payments, due to the LEGAL tax deductions for business owners......Those who dance, appear insane to those who do not hear the music.
Those who believe, appear ignorant to those who do not know God.
02-08-2013, 09:11 PM #28
It's all a sales pitch....I work at a rv dealership now and working with salesmen on a daily basis I've seen that they will throw you every line in the book. True, not true, half true, doesn't matter as long as you buy something.
02-09-2013, 04:19 AM #29
02-09-2013, 04:47 AM #30Professional Member
- Join Date
- Sep 2012
- Central Florida
02-09-2013, 12:37 PM #31
And you guys get mad when a home owner comes on her and state all HVAC contractors are crooks based on the home owners statement.
Not all banks participated in this issue. Many small ones refused to issue mortgages because of the fraud and the soon to be failures not to mention the position of dishonestly to the banks customers. This refusal was typically by small banks in small communities where the bankers knew the problems these type of business pratices would bring on to their communities. And they need to be recognized and rewarded.
As for the other banks, yes, they knew the consequences and they got paid for placing these loans. But they were forced to place these dishonest loans or go out of business.
I'm not defending those that are guilty but we, as an industry are guilty in our own way. Who in our industry has rejected the millions of chinese/mexican capacitors that have been put on the market for the past 20 years or so. We know abou them, as one example, but we don't do anything about them..as a small example, because we benefit and get paid.
This program was created to benefit inner cities which were being "red lined", a term used in the mortgage banking industry because red lines were put around certain sections of certain cities where mortgages would not be placed, and only a few people in Congress pushed this program into the everyday life of all citizens corrupting the entire industry and giving us what we have now.
Yet they have not paid one cent in punishment. One has already retired and treated like a hero."The American Republic will endure until the day Congress discovers it can bribe the public with the public's own money.
- Alexis de Toqueville, 1835
02-09-2013, 12:58 PM #32
02-09-2013, 12:58 PM #33
02-09-2013, 01:00 PM #34
02-09-2013, 01:30 PM #35
Fault lies on both sides because the Republicans have muted to the Left and very few true conservatives are left. That is why we have the Tea Party as distinguished from the Republican Party and they dislike each other greatly. The Repubs have sold their souls to the devil just as the Left did long ago. The Repubs. are just a milder version of Progressivism, more like Progressive Lite. There are vote whores on both side of the aisle who will sell their souls to the highest bidder. In exchange, voters get their thirty pieces of silver.
02-09-2013, 01:51 PM #36