mr_subprime

Wall Street Breakfast: Must-Know News

I think Rachel Granby is a DISH! What a classy looking babe! Love your new picture! Best Wishes!

America's Fiscal Day of Reckoning and Cassandra's Curse

Only when the masses are homeless and hungry will you see a "revolt" of any sort. The politicians are under the thumb of the bankers, drug companies, and oil companies. If the government was "governing", Wall Street wouldn't have been able to rob the country of it's equity; the oil companies would not be able to raise prices on a whim (summer driving season); and the insurance companies wouldn't be able to make you pay 3 times the amount for services/drugs as a self-payor that they themselves pay to providers. Yes, the American people have had their heads up their A$$e$ for too many years. No one pays attention until it's their house being foreclosed, or their child being indoctrinated in the public school (global warming and free condoms), or their 401k being destroyed. Even then, they feel powerless to make any change or difference in the status quo.


Democracies indeed follow the path to dictatorship (Obama) through laziness and self absorbtion.

I will personally vote AGAINST any incumbent politician on the ballot in 2010/2012. Politicians do not serve their constituents, but rather, their campaign contributors.

Morality has gone by the wayside in this country. We should all be ashamed. The founding fathers got it right. FEAR YOUR GOVERNMENT!

U.S. Government Paying Homeowners to 'Walk Away'

And thanks, Jeff Nielson, for shedding a little "light of truth" on the situation!

U.S. Government Paying Homeowners to 'Walk Away'

Phoenix, you forgot something. They were paid when they sold the note forward, plus the fees and commissions. They were paid AGAIN by the Credit Default Swap insurer when the loan defaulted, and then they got paid A THIRD TIME with the TARP money. Conspiracy? You betcha! When you structure a trust with 1000 prime loans overlying 3200 subprime loans, of which 40% resulted in default, bankruptcy, foreclosed, and "RealEstateOwned", all only 2 1/2 years into the life cycle of the 30-year MBS structure, THIS WAS NO ACCIDENT!!! This is indeed a conspiracy to grab as much of this country's real estate and force as many citizens into bankruptcy and submission as they can. It started with Clinton (Gramm, Leach, Bliley Act) but the whole of Congress is enslaved to the American Bankers Association and the Mortgage Bankers Association. If you can make everyone poor and homeless, they become dependent on the government for EVERYTHING!! That's the plan! Remember it! And you homeowners out there? START FIGHTING BACK!!!

Banks Seeking Short Sale Deficiencies

Mr. Steinberg is shows no pity for borrowers losing homes and being forced into bankruptcy by the unlawful behavior of the banksters. the banks pushed the appraisers for higher numbers, grossly overstating the value of the collateral. Now he wants to see the debtors pursued for the banks errant judgments as well as the consumers. How are you going to whip ME into shape after I lose my home, after my earnings have been decimated (auto sales) by the banking system, and I go into bankruptcy court? Are you going to steal my beater car out of the apartment parking lot and sell that too? Just keep blaming the consumers.

Real Estate: Rentals and Sales Prices Out of Sync

If you didn't have a social security number, Wells Fargo would get you one. It's called an FEI number. All those Mexicans with mortgages and no social security numbers......how do you think that happened???

The Banking Time Bomb Test

The New Orleans Pension Fund just filed suit against Wells Fargo and all the other participants in the Wells Fargo Mortgage Trusts from (what looks like) 2005-2007 vintages. A group of appraisers is suing Wells Fargo for strongarming and blacklisting them if they didn't "hit the numbers" Wells' agents were looking for on appraisals. And yes, I'm suing them for fraud in the origination process. I would surmise the real stress test is going to happen in the courtroom!

Negative Equity the Driving Force Behind Subprime Defaults

I don't think there are nearly as many people walking away from "negative equity" situations as there are families being foreclosed on. Guys like me with commission only income are dealing with a 10-20% decline in earnings. We are now making choices: Life insurance or car insurance?$1500 mortgage or $995 rent? It seems pretty easy on the outside looking in, but anyone who bought a home to provide shelter for their family in a neighborhood fit to raise their children isn't walking because they are "underwater". They're leaving because they are "DROWNING". These folks are being forced out by the lenders (escalating payments and foreclosure) or by the fact that they simply can't afford to own the home and feed their family, too. "Judge not, and ye shall not be judged"

Citi's Flip-Flop on Mortgage Cramdowns: A Really Bad Idea

I'm here to tell you that the banks are not victims here.THEY ARE THE PURVEYORS OF FINANCIAL RUIN. The subprime borrowers who who were TAKEN ADVANTAGE OF are the victims. Yes, I said TAKEN ADVANTAGE OF. Look at the trust performance of, say, any 05 vintage securitized loan trust deal and you will see that the ARMs in these instruments are running 20% foreclosed, bankrupt, or REO. This was no accident! And until you people get your head out of your butts and see that the banks INTENDED to make bad loans so as to capitalize on the real estate, you will not understand. The lack of real UNDERWRITING and FRAUDULENT ORIGINATION PRACTICES are to blame. I know. I'm one of those "deadbeats". But I didn't buy a house to defraud the bank. I bought a house to raise my family in. Let's get a little truth into the marketplace!

Jumpstart Spending With a National Housing Lottery

I was in such a hurry to submit, I forgot my point!!!! If the homeowners stood their ground and fought the wrongful foreclosures, you would have some wealth transferred to the middle class (lower middle class, if you that makes you feel better). The banks really should take it on the chin, they are the perps, after all!

Jumpstart Spending With a National Housing Lottery

Now you've got me riled up! Why doesn't anyone "smart" pick up on the fact that secondary market securitization was the REASON banks like Wells and Citi, Lehman and others were up to their eyeballs in "PREDATORY LENDING". Any one ever hear of "equity stripping" ? I'm a sharp guy (when it comes to cars), but I didn't know s__t about mortgages, LIBOR rates, and you know what? My lender took great advantage of that fact. Now throw in that I was in a rental and someone at a bank said "You're qualified for a mortgage!" I didn't lie, but they sure did! Bogus asset statement, job and education info, bad fiduciary action on every issue. But they didn't care. Really, they didn't. They got paid the juice on the loan up front, sold it into a trust for the investors to buy, and now the ARMs in that trust are almost 19% in arrears, Bankruptcy, or REO. The banks stole from the borrowers and the investors. They robbed the bond insurers and they robbed the government. And after they steal the real estate through foreclosures, they'll own lots and lots of real estate. So all you really smart people out there who think that this all about a boatload of subprime borrowers defrauding the banks, do a little research. Then you'll sound a little bit smarter!

New Mortgage Bankruptcy Bill Does Not Address Real Problem

To reverse the tide, homeowners should be taking their lenders to court and defending their property. Banks wrote predatory loans because THEY COULD! The majority of these lenders wrote bad loans knowing the risk had been assigned upstream to investors. They got paid back on the funds they lent PLUS their commission from the aggregator. You want to see the economy inprove? Extinguish the predatory mortgages, give these people their homes, and let the banks take it on the chin!! Now, you'll have a bunch of lower- and middle class consumers with paid off homes, good credit, and purchasing power!