Housing Bubble

Some schmuck gets a mortgage with no income! Don’t you think she should of known there might have been an issue. NO BAILOUT OF OUR TAX MONEY FOR IRRESPONSIBLE PEOPLE. Victim my ass! http://www.nydailynews.com/money/2007/09/23/2007-09-23_queens_woman_victimized_in_brokers_mortg.html The growing wave of foreclosures casting a shadow over the nation’s economy just crashed over 63-year-old Eva Murphy of Queens. The former airport worker says she became a homeowner after a representative of a company called 2000 Homes showed up on her doorstep in December 2005. The sales rep told her she could afford to buy a house even though she had bad credit and lived on an amalgam of government subsidies. The 2000 Homes sales rep promised Murphy a house with a mortgage she could afford. She says he suggested a two-family home on Roscoe St. in Jamaica, Queens, for $430,000. After the closing, she discovered the price was actually $538,000. Murphy says she was told monthly payments would be about $2,000. She later learned they would be $3,990. She also learned that even though she has no full-time job, her mortgage application listed her as a $9,000-a-month “marketing manager” for a company owned by her loan officer’s husband. Ten months ago, her house ended up in foreclosure. “It’s a mess,” she said.

Is there a pattern here: Mexican Peso Crisis, LTCM, Y2K, AsianContagion, Russian Default, S&L crisis, Housing Bubble Burst? Whether it’s taxpayer money or simply currency debasement, it’s the same thing. It’s what the Fed does. And the little guy rarely gets bailed out, it’s most ofter Wall Street.

The little guy is a woman who didn’t work getting a 400k mortgage and saying to herself I can afford these payments. How can she even believe it. C’mon!

Her husband is a loan officer at a company he owns?!?

Her husband is not a loan officer. The loan officer who sold the loan to her has a husband who owns an unknown company. Don’t you like this mess? :wink:

It is quite obvious these mortgage brokers together with the home owners committed fraud. How come they are not persecuted? If they are not breaking any laws, then the investors who own these mortgages are dumber than dumb.

Beside this woman may be losing a home. But being she didn’t have a job and assuming she had low ARM payments for the first 2 years, she got off living in a great place for 2 years based on fraud. And Dodd & Hillary’s answer is she should keep the place cause of the evil banks. BS

Unfortunately, bail out already started. And so far, I don’t hear any crooks being put into jails at all. That’s even worse than Enron. :stuck_out_tongue:

Maybe it is difficult to prosecute because it’s a civil law issue, not a criminal one, and each state has unique civil laws. The grievants (the people who would bring lawsuit) are spread all over the place and don’t know wtf is going on. How’s that for some legal mumbo.

Ptrainer, thus why I’m a Republican…

Right on kkent, except I’m starting to go with the title conservative, because as far as I’m concerned the republicans have lost their way

I concur.

Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. Remember the best minds are not in government. If any were, business would hire them away.