Homebuilders confidence growing!

[merrylander]

Ai Dios Mio, they brokers and bankers lied like cheap rugs and told the regulators everything was fine.

[piece-itpete]

Agreed, but I have a hard time believing they couldn't see it by looking out the window!

Nobody wants to stop the gravey train though.

Pete

[BlueStreak]

Originally Posted by bobabode

What's up Jay? Why are you so angry man. Bush the lesser don't walk on water.
You aren't paying attention to what I wrote Jay. Christ, you're better than that dude. While Franks was also on that bandwagon, Georgie was boning all of us with his butt boy Cheney pulling the rear of that train by declaring war on Iraq for no good reason other than to please his daddy and big oil. All on our dime and credit card BTW. Really Jay, who gives a rats ass what gays do in their own bedrooms. Why should we care what people do in their own castle's? Don't they have the right to choose their own path?

Why do you think the Shrub gets so much blame for tanking the American dream and pocketbook? He went after the wrong guy and it wasn't to satisfy the bloodlust we were all feeling after 9/11. That crazy shit about subcontractor's making so much loot doesn't piss you off? $75 for a bag of laundry. "Iraq for Sale" is a movie that should make you grind your teeth. Give it a look see man.

Because he and his homies did fuck this country up? Listening to the radio this morning I heard that recent polls find most Americans still understand that the Bush administration was at fault for the "Great Recession" or whatever you want to call it.

From Reuters;

http://www.reuters.com/article/2012/...85D0XI20120614

Indisputable fact; Last quarter of 2008, job losses at nearly 3/4 million per month. I wonder what UE would be today if that horrible performance had run unabated through the last four years? Pretty sure it would make 8.2% look like utopia.

Hard fact;

The economic crash came on the heels of six full years of GOP majority control in the House, Senate and Whitehouse. Rate of job loss for the last quarter of 2008 nearly 3/4 MILLION per month.

The only people who don't see that, refuse to see it. Plain and simple.

The last four years? It's amazing there is anything left of this country at all after the disaster we had in 2000-'08.

Dave

[merrylander]

At what?

[piece-itpete]

If it wasn't obvious to them Rob, they were in the wrong line of work.

And everybody knew about the derivatives too.

Pete

[bobabode]

Originally Posted by piece-itpete

A lot of people are blaming other people because of their own greed. Back in 04 when I bought my house they would've given me twice as much. I looked at the numbers and figured out a simple concept:
I COULDN'T AFFORD IT.



The regulators should've been stricter though.

Pete

Hopefully you didn't do an ARM Pete. That's where a lot of the toxic assets came from.(or so I've been programmed to believe) Musical chairs is how it played out without any chairs for those folk who were rooked by this scheme. Their mortgages shot up and the banks weren't allowing the often promised conversions to fixed rate. Foreclosure's poisoned the well and the house of cards fell. (cliffnote version) No ARM for me as I'm a suspicious and paranoid curmudgeon who don't trust any of those weasels.

[piece-itpete]

No ARM either. They have their place but not for me!

I believe many of the ARMs actually went down though. Interest only and balloon mortages can be very bad.

Pete

[merrylander]

Originally Posted by piece-itpete

If it wasn't obvious to them Rob, they were in the wrong line of work.

And everybody knew about the derivatives too.

Pete

I have commented on that before, Brooksley Born tried to warn everyone about derivative but Alan Greenspan, Robert Rubin and Lawrence Summers as good as gagged her. If the all knowing Alan Greenspan says not to worry, who was going to believe a mere woman.

Who was the barking idiot who invented the sub-prime mortgage? And why was Wells Fartgo selling subprimes to people well qualified for a standard 30 year mortgage.

The way the mortgage system is designed here it had to happen eventually.

[BlueStreak]

Originally Posted by piece-itpete

No ARM either. They have their place but not for me!

I believe many of the ARMs actually went down though. Interest only and balloon mortages can be very bad.

Pete

My mortgage company, a small, independent company never drank of the easy mortgage terms Kool-Aid and therefore wasn't involved in the whole mess. I have an ARM through them, at it's worst it was ~$615/month. Today it sits at $482/month.

In <6 years, it will be at $0/month.

Dave

[piece-itpete]

Originally Posted by BlueStreak

My mortgage company, a small, independent company never drank of the easy mortgage terms Kool-Aid and therefore wasn't involved in the whole mess. I have an ARM through them, at it's worst it was ~$615/month. Today it sits at $482/month.

In <6 years, it will be at $0/month.

Dave

Wow, that's awesome! Drinks on Dave - in six years

Pete