If your credit isn't the best, you might be familiar with sub-prime loans: they're the kind with a high rate for people with low credit...
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Comments about this Video
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You can refinance out of these exotic mortgages with George Bushes FHASecure Home Loans. FHASecureHomeLoans DOT com
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lol Stacy... still think we're not headed for a recession?
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It's so stupid to use a subprime loan. I used ingdirect for all of mine .
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you can argue that it is stupid to use a subprime, BUT there are whole industries based on this. Subprime industry employs thousands of people.
Everyone isn't the same, economically and can't all go to one lender, whoever that is, that not the way capital markets work. Plus fradulent appraisals even in prime industries is another subject being ignored.
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AMERICANS,
You will go down in history as the empire that DENIED the GENOCIDE of the FIRST CHRISTIAN NATION of the WORLD, The Armenians, while you conspired with the JEWISH BANKERS to defraud the world -- the same JEWS who had JESUS CHRIST CRUCIFIED. Americans, you torture and kill in the name of democracy and freedom. YOU are an ABOMINATION.
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From the subprime to the rediculous ,only in America the land of the fee the home reppos of the brave .
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Down payment?!
Income?! WTF? How am I supposed to get the house my kids want if I don't have those things? Can't I just borrow the down payment and pay it back when the house has gone up in price next year?
And why do I need income when the price is increasing. It pays for itself, duh. Lenders are becoming stupid and picky.
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Are you sure your kids want the house?
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Ajas,didnt you mean a drown payment, as the sea of negative equity is now rising effectively turning people who paid large deposits into sub prime .
Once the recycled foreign debt fails and money becomes expensive ,house prices will fall into negative equity with owners opting for tenancies
How does negative equity owning dreamocracy sound to you .
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Consumers are victims, always. "subprime" describes the class of applicants targeted in the mortgage scam. In 99.9% of cases the banks were/are fully collateralized. The entire mortgage writing process is a fraud. Reference the Credit River Decision 1968, Mn. and UCC exchange law. They killed the judge afterwards, but the decision still stands. Why do you think Goldman gave out $600M+ in bonuses for 2007?
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There are people that will never be able to get a mortgage with out a sub or non prime as they call it now. It comes down to us in the industry to practice a little responsability. If they are on a fixed income don't roll them into an arm they wont be able to afford in 2 years. There are good products within non prime, just irresponsible lending.
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These "lenders" were approving loans without W2 forms, or any proof of income.... simply approving the loans based on the "stated income" with nothing to back it up. How crazy is that???? These lenders are nothing more than bottom feeders. The big CEO's should all be thrown jail for this. This type of lending ran rampant all across America for serval years. These guys were making big bucks, and then abscounded with all the money they made as the market crashed around them.
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Quit buying shit you know you can't afford, I know its a crazy concept but practice a little fiscal responisbility.
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Lyndon LaRouche is the only one with a solution that will save the real productive economy, by putting a firewwall between the speculative debt that is collapsing, and the savings of the average family. It's called the "Homeowners and Bank Protection Act" larouchepacdotcom
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house made of SHEETROCK and CHIPBOARDS.And they ask 500 to 600 thousands.IF ENOUGH people would say I AM NOT PAYING that much for this JUNK THEN, HOUSE would be VALUED as it should be.Now you're in SHITS, bec. of GREED!!look at you now!
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If we could only get our government to subscribe to the same theory...
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Time for that mortgage broker to go back to bartending or hamburger-flipping.
I met two former realtors who are *back* to pole-dancing (topless) after houses stopped selling.
Its amazing how much money these know-nothing tools could make. Like more than many highly-educated doctors for some time there. Seriously you could do this job with a GED and a slick talking BS'ing skills. Ive seen the people wh have. I think its only normal for it (the easy big money) to stop.
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Bono Vox from U2 is a home-owning homo.
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Awesome!
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Heres how it works:
Subprime predatory lending > CDO and Investment banking > Wall Street > Stocks of corporations around the world.
The stocks aren't there, it's all debt obligations based on home mortgages and loans.
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Heres how it works:
Subprime predatory lending > CDO and Investment banking > Wall Street > Stocks of corporations around the world.
The stocks aren't there, it's all debt obligations based on home mortgages and loans.
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Good info.
These days you have to have HUGE credit and deposits to qualify. You can borrow funds to hold on deposit without even a credit report, if you agree to hold the funds on deposit in an account in your name - a great way to get a VOD too. creditloader dot com offers these loans at 4.9% APR.
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Good info.
These days you have to have HUGE credit and deposits to qualify. You can borrow funds to hold on deposit without even a credit report, if you agree to hold the funds on deposit in an account in your name - a great way to get a VOD too. creditloader dot com offers these loans at 4.9% APR.
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That's AMERICA...............
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That's AMERICA...............
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The fire is on both sides of the wall.
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The fire is on both sides of the wall.
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I paid $89,000 for my florida home in 1992. It's now paid for and worth $389,000. My Maine Home is worth $489,000. I paid that off in 1988. I only mortgage a home for 15 years and I would never use a subprime lender.
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I paid $89,000 for my florida home in 1992. It's now paid for and worth $389,000. My Maine Home is worth $489,000. I paid that off in 1988. I only mortgage a home for 15 years and I would never use a subprime lender.
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"possible but not likely"
lol...UR A GENIUS!!!
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4.5 X Annual Income= what you can afford to borrow.
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lol.. great post ajas95
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"possible but not likely"
lol...UR A GENIUS!!!
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4.5 X Annual Income= what you can afford to borrow.
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lol.. great post ajas95
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Bushco was complicit in this mess. How many times during the last 8 years has Mr Bush talked about the "economy" as strong and pointed to housing numbers to assert this claim? Lot's. It was all an illusion. Keep the masses thinking they are better off while the country's economy tips closer to the cliff in order to advance as many changes to law as possible, completely politicize the DOJ and govt and head for Republican hegemony.
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Bush tapped an obscure federal agency created during the Civil War called the Office of the Comptroller of the Currency. "In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act preempting all state predatory lending laws, thereby rendering them inoperative, "The federal government's actions were so egregious ... that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules."
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Bushco was complicit in this mess. How many times during the last 8 years has Mr Bush talked about the "economy" as strong and pointed to housing numbers to assert this claim? Lot's. It was all an illusion. Keep the masses thinking they are better off while the country's economy tips closer to the cliff in order to advance as many changes to law as possible, completely politicize the DOJ and govt and head for Republican hegemony.
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Bush tapped an obscure federal agency created during the Civil War called the Office of the Comptroller of the Currency. "In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act preempting all state predatory lending laws, thereby rendering them inoperative, "The federal government's actions were so egregious ... that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules."
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"Predatory lenders" is PC lingo designed to put the onus on "the bankers/capitalists". Many banks threw caution to the wind and gave mortgages to people that clearly couldn't afford them in the long run. The banks should suffer the consequences by absorbing the losses. Once burned, twice learned. The people that signed these mortgages were a combination of greedy and stupid. Greedy because they bought more house than they could afford. Stupid because any idiot KNEW rates would eventually go up.
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People on both sides of this need to step up and take responsibility. However, when the feds gave a nod to the risky loans by getting rid of oversight state by state (thanks lending lobby) and targeted low income (who by the way 50% of them would have qual. for FHA loans), the govt providing no regulation at all with these new banking products that were untested, bundling with other investments...it's a mess sponsored in part by Bushco. Fact.
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Fair enough. I don't disagree with any of this. Lets also acknowledge that both Reps and Dems were all in favor of expanding home ownership...for legitimate social and economic reasons. One more example of govt "good intentions" resulting in unintended consequences.
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Absolutely they both were. And, we have to recognize that a complete hands off of these banks and these new products is a no no. We must have a healthy balance between some regulation (let's face it, if we left every business do whatever the hell they wanted, we would all be dead from toxic air and water) and pro business to support growth. But we MUST have oversight.
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"Predatory lenders" is PC lingo designed to put the onus on "the bankers/capitalists". Many banks threw caution to the wind and gave mortgages to people that clearly couldn't afford them in the long run. The banks should suffer the consequences by absorbing the losses. Once burned, twice learned. The people that signed these mortgages were a combination of greedy and stupid. Greedy because they bought more house than they could afford. Stupid because any idiot KNEW rates would eventually go up.
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People on both sides of this need to step up and take responsibility. However, when the feds gave a nod to the risky loans by getting rid of oversight state by state (thanks lending lobby) and targeted low income (who by the way 50% of them would have qual. for FHA loans), the govt providing no regulation at all with these new banking products that were untested, bundling with other investments...it's a mess sponsored in part by Bushco. Fact.
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Fair enough. I don't disagree with any of this. Lets also acknowledge that both Reps and Dems were all in favor of expanding home ownership...for legitimate social and economic reasons. One more example of govt "good intentions" resulting in unintended consequences.
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Absolutely they both were. And, we have to recognize that a complete hands off of these banks and these new products is a no no. We must have a healthy balance between some regulation (let's face it, if we left every business do whatever the hell they wanted, we would all be dead from toxic air and water) and pro business to support growth. But we MUST have oversight.
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Do you want a medal?
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Do you want a medal for being an a hole? I'm sure you already have plenty.
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Do you want a medal?
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Do you want a medal for being an a hole? I'm sure you already have plenty.
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People who use subprime loans already are a credit risk. I own both of my homes and I'm doing great. But I keep my cars for at leasts 10 years and I don't have any debt.
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People who use subprime loans already are a credit risk. I own both of my homes and I'm doing great. But I keep my cars for at leasts 10 years and I don't have any debt.
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Stated Income is essential for Self Employed Borrowers. Anyone who understands self employment writes off everything they can and pays themself as little as possible W2 money to minimize taxes. These folks may be more than qualified for X mortgage.
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Stated Income is essential for Self Employed Borrowers. Anyone who understands self employment writes off everything they can and pays themself as little as possible W2 money to minimize taxes. These folks may be more than qualified for X mortgage.
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I swear, if there is a bailout, I'm going to march up to capital hill.
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I swear, if there is a bailout, I'm going to march up to capital hill.
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Well, see you on capital hill...
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Well, see you on capital hill...
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The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
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The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
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HISPANICS were the major group to hold SUBPRIME LOANS. HISPANICS were given loans when other groups could not get them. Now they want to be bailed out of their mess!!!If they weren't so greedy they would not be in this situation. Most of them didn't even have SSN oe EINS.Now BUSH has made it possible for them to get bailouts without SSN or EINs!!! S0illegals aliens are milking the system again!!! While Americans pay the bill!!!
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HISPANICS were the major group to hold SUBPRIME LOANS. HISPANICS were given loans when other groups could not get them. Now they want to be bailed out of their mess!!!If they weren't so greedy they would not be in this situation. Most of them didn't even have SSN oe EINS.Now BUSH has made it possible for them to get bailouts without SSN or EINs!!! S0illegals aliens are milking the system again!!! While Americans pay the bill!!!
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I worked in the mortgage ind. from 04-07. The above post is true except Hispanics weren't being greedy, they were being had.
And it wasn't just hispanics, though they are given benefits that others are not.
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I worked in the mortgage ind. from 04-07. The above post is true except Hispanics weren't being greedy, they were being had.
And it wasn't just hispanics, though they are given benefits that others are not.
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Google this: stop-obama-constitutional-crisis
Go to the site and sign.
THIS IS NO JOKE PEOPLE! GO GO GO GO GO
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Without regulations, people tend to do the greediest and stupidest things. But we need the learned to lead the way. Why don't they lead us on the right path instead of the wrong one?
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"Hispanics weren't being greedy, they were being had"
Quite true, and by their "friends," the Democrats.
While Obama & the Democrats were cashing their big paychecks from FannieMae & FreddieMac, McCain and 18 other REPUBLICAN Senators were loudly predicting this disaster and trying to STOP it.
Their letter (May 2006):
tinyurl (dot) com/3q6dc9
(fix the "dot")
Note that NOT ONE DEMOCRAT signed this letter.
Where was Sen. Obama that day? Running for President, too busy to give a shit.
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i think its so funny watching this now and hearing the last few lines lol
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thehelpfund.blogspot
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thehelpfund.blogspot
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Maybe in your area, but over America this isn't true. Many people with good credit jumped in to make cash fast. There will be another wave of foreclosures coming up, as Alt-A and prime loans reset. Subprime was first but it's not limited to subprime loans.
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Thank you for your insights!
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look where we are today, facing the greatest financial crisis since the ameican revolution
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more false BS--actually ACORN along with congress forced lenders to give credit to people with poor credit--and banks got greedy and did what they asked. That coupled with poor financial awareness of the borrower not reading thier loan documents caused the problem..
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Bin Laden and the terrorists are responsible for this mortgage mess, according to Bush, not the good people of Wall Street
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Relan Real Estate and Mortgage will get their pay back for steering customers into sub prime loans and for fraud.
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It's true eveyone involved knew this bubble would burst. They ALL had a part in creating this so we would have a recession today. Get your facts and fight lenders legally!!
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