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Rick Santelli 2012


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#1 pstall

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Posted 21 February 2009 - 11:48 AM






:boxing_smiley:

#2 2jakefansinva

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Posted 22 February 2009 - 11:32 AM

Need more like him. :thumbsup:

#3 Davidson Deac II

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Posted 22 February 2009 - 01:40 PM

Generally speaking, I agree that the government should not get into the practice of helping out those that made bad decisions. But I am not so certain when so many made bad decisions, that it effects those that didn't make bad decisions. Right now, the bad economy is effecting a lot of people who haven't made bad decisions. I don't really know which way I fall on this issue, but I am not so certain I am ready to say the mortgage assistance is a bad idea for the nation as a whole.

#4 pstall

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Posted 22 February 2009 - 08:30 PM

For this mess. I say compartmentalize the mortgages of those who should have never gotten the loan to begin with.
Buy them a year of time. The rule is at the end of that year they get an apt and their credit is NOT dinged.
Let the house go to an investor or someone who can afford it and move on.

#5 dimbee

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Posted 22 February 2009 - 08:49 PM

I don't think people realize just how corrupt the mortgage industry had gotten that led to the mortgage/housing situation we currently find ourselves in. There were processors (the people that are supposed to shoot down a bad loan) calling companies telling them, "Just fax me over a document saying that so-and-so makes this much money and we'll approve the loan." These were the people that were supposed to just the opposite! I'm not saying the home-owners who can't/couldn't realistically afford the home should or shouldn't be helped out, I'm just saying that so many people don't know just how ridiculous it was 4-5 years ago. The stated income loans that ANYONE could take out. The borrowers with minimal income that were not required to escrow their taxes and insurance. The appraisers that got kick-backs for their appraisals. The whole industry got so damned greedy. This problem is more than just people that couldn't afford their mortgage payments. People lose sight of that fact when they see people getting bailed out and get pissed because they're not getting the same help. I can't tell you how many people I talk to everyday that ask me why they can't get some love and say, "Well, maybe I'll just get 3 months behind on my payment!"

It really does make me laugh how people act like that. Our economy is in the shitter. Deal with it. Don't get pissy because Joe-neighbor is hurting and is getting much needed help.

Mortgage companies/banks aren't in the business of owning homes and selling them.

#6 Davidson Deac II

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Posted 23 February 2009 - 08:41 PM

I don't think people realize just how corrupt the mortgage industry had gotten that led to the mortgage/housing situation we currently find ourselves in. There were processors (the people that are supposed to shoot down a bad loan) calling companies telling them, "Just fax me over a document saying that so-and-so makes this much money and we'll approve the loan." These were the people that were supposed to just the opposite! I'm not saying the home-owners who can't/couldn't realistically afford the home should or shouldn't be helped out, I'm just saying that so many people don't know just how ridiculous it was 4-5 years ago. The stated income loans that ANYONE could take out. The borrowers with minimal income that were not required to escrow their taxes and insurance. The appraisers that got kick-backs for their appraisals. The whole industry got so damned greedy. This problem is more than just people that couldn't afford their mortgage payments. People lose sight of that fact when they see people getting bailed out and get pissed because they're not getting the same help. I can't tell you how many people I talk to everyday that ask me why they can't get some love and say, "Well, maybe I'll just get 3 months behind on my payment!"

It really does make me laugh how people act like that. Our economy is in the sh*tter. Deal with it. Don't get pissy because Joe-neighbor is hurting and is getting much needed help.

Mortgage companies/banks aren't in the business of owning homes and selling them.



Who is more corrupt. The mortgage broker who sells a loan to someone he knows can't afford it or the Customer who pads his own numbers to make the mortgage broker think he can afford it.

#7 Kurb

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Posted 23 February 2009 - 08:44 PM

Joe Neighbor should have never tried to buy a house he knew he couldn't afford.

Two wrongs don't make a right, except when votes are at stake.
The mortgage companies should be getting nailed for this, but they are getting bailouts and "help". Rewards, two wrongs actually making a right in this case.

#8 Davidson Deac II

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Posted 23 February 2009 - 09:00 PM

Joe Neighbor should have never tried to buy a house he knew he couldn't afford.

Two wrongs don't make a right, except when votes are at stake.
The mortgage companies should be getting nailed for this, but they are getting bailouts and "help". Rewards, two wrongs actually making a right in this case.


The crooked mortgage companies are gone for the most part, and their employees (for the most part decent folks) are out looking for jobs.

#9 Fiz

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Posted 23 February 2009 - 09:00 PM

Who is more corrupt. The mortgage broker who sells a loan to someone he knows can't afford it or the Customer who pads his own numbers to make the mortgage broker think he can afford it.

um probably the predatory lenders.

corruption implies knowledge. most of the people had no idea they couldn't afford ARMs because they weren't well explained by people who knew EXACTLY what they were fuging doing

#10 pstall

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Posted 23 February 2009 - 09:04 PM

without sitting down during the conversation of these bad loans we may never know.
Personally, before I sign my name on anything I'm asking questions.
If a lender purposely steered someone into a trap loan than karma is a coming.
But we need to give avg Joe SOME credit of having both bi cameral parts of their brain still working.
Its a mess all around but it will trim the fat of knuckleheads and hopefully some prudent behavior can be gained from this. Not 100% but more the norm than the exception.

#11 Davidson Deac II

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Posted 23 February 2009 - 09:08 PM

When I bought my house, they tried to sell me a couple of different loans. I kept saying VA loan, I want a VA loan. Took a while, but the message eventually got through and I got a VA loan. Fixed rate at 5% for 30 years.

Some of the mortgage brokers will certainly try to steer you towards a mortgage that is more for their benefit than yours. Thats why the customer needs to do a bit of research and not be afraid to ask questions.

#12 Fiz

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Posted 23 February 2009 - 09:11 PM

davidson deac II is trying to justify his opinion with anecdotal evidence?

I AM SHOCKED

#13 dimbee

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Posted 23 February 2009 - 10:17 PM

Who is more corrupt. The mortgage broker who sells a loan to someone he knows can't afford it or the Customer who pads his own numbers to make the mortgage broker think he can afford it.


I'm not saying either is more or less corrupt/at fault than the other. But, try to put yourself in the shoes of average Joe low income if you can, and an LO provides a scenario where they can "live the dream" and own a home. I'm not saying Joe shouldn't have done his due diligence, but the fact is most of them obviously didn't and jumped at the chance. I would imagine, given that situation, a person would be hopelessly optimistic and think that things would work out somehow.

#14 dimbee

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Posted 23 February 2009 - 10:24 PM

Joe Neighbor should have never tried to buy a house he knew he couldn't afford.


Agreed. But when a scenario is provided saying that they "CAN" afford the home...

Two wrongs don't make a right, except when votes are at stake.


I can hardly agree with that. The economic situation is dire to the point where I think "votes" is hardly the basis for action.

The mortgage companies should be getting nailed for this, but they are getting bailouts and "help". Rewards, two wrongs actually making a right in this case.


They are getting nailed. Lest it's gone unnoticed, mortgage shops are and have been closing their doors left and right. It's the big banks/lenders that are getting bailed out because they are so integral to our economic stability. BofA, Wells Fargo, WAMU... all of these lenders are now on a 60-90 day delay on refinancing a mortgage today because they've had to lay off so many people that they can't work at proper pace. That's ridiculous- anything beyond a 30 day wait is unheard of.

Just trying to add some informed perspective.

There are just too many people that are uninformed that are so quick to throw stones.

Not saying you're one of them, brother Kurb, just saying...

#15 Kurb

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Posted 23 February 2009 - 11:06 PM

I know man, and I understand people need homes.

Maybe not the home they never should have purchased, but MEHHH to the whole damn thing.

I just hate MY money being wasted time and time again.


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