Chuck Asay by Chuck Asay

Chuck Asay

Recommended

Comments (32) (Please sign in to comment)

  1. Tigger

    Tigger GoComics PRO Member said, about 1 year ago

    This is oh so true as in 1995, Bill Clinton said his economic plan was working as many were buying homes for first time… 10 years later we find out they should never have been given the home loan as the did not have two cents to their name

  2. DGF999

    DGF999 said, about 1 year ago

    True, true.

  3. Darsan54

    Darsan54 GoComics PRO Member said, about 1 year ago

    So untrue !! The housing bubble/bust was started, built and exploded by the private sector banking and that is an historical fact.

    The bankers and finance companies sold lead paint, toxic financial waste under the good ole unregulated free-market system which apparently allows them to get away with housing murder.

  4. Tax Man

    Tax Man said, about 1 year ago

    @Darsan54

    Yes. And it was all because the government forced the banks to make bad loans. That led to the banks making loans as cheaply as they could.

  5. Tax Man

    Tax Man said, about 1 year ago

    Let the private sector handle it and things work out.

  6. Chillbilly

    Chillbilly said, about 1 year ago

    @Darsan54

    I agree. Before Clinton, banks were on the hook for the loans they made. After Clinton, they had no legal cumpulsion to manage and monitor the risk that they’d created and would sell the mortgage to pretty much any company who’d buy.

  7. foofinho

    foofinho said, about 1 year ago

    @Mr. King

    That’s right. It seems like there are 20 investors for every property that is for sale and a cash offer always wins. At least this time when the bubble bursts, it shouldn’t take down the credit market assuming all these investors are not borrowing their money.

  8. Absalom57

    Absalom57 said, about 1 year ago

    The idiot or groups of idiots that created the Sub-Prime Loan and the ARM should be drawn and quartered and their remains fed to pigs. It gave to many people ‘hope’ and a false sense of ‘worth’ Only to have their hopes and worth crushed when the balloon payments kicked in.

  9. exoticdoc2

    exoticdoc2 said, about 1 year ago

    …and they’ll continue in their same idiotic pattern until the US is in ruins.

  10. wmconelly

    wmconelly said, about 1 year ago

    Hey, Chuck, how’d ya like to live in a basement? How’s about under a bridge? People are always gonna buy houses, and sell houses; it’s the bleeding BANKING system and the Fun Fellas that hyper-sold the system that blew up the balloon. Grow a pair, would ya? Tell the Truth instead of the Tea Leaves…

  11. Darsan54

    Darsan54 GoComics PRO Member said, about 1 year ago

    @Tax Man

    You’re buying into a totally false meme! These loans were made by profiteers selling toxic products. Government had nothing to do with that. Countrywide was the worst of the worst.

  12. Darsan54

    Darsan54 GoComics PRO Member said, about 1 year ago

    @HOWGOZIT

    And they weren’t forcing anyone to make loans that were toxic. Plenty of historical reporting out there to enlighten you if you look.

  13. mickey1339

    mickey1339 GoComics PRO Member said, about 1 year ago

    @Darsan54

    “The housing bubble/bust was started, built and exploded by the private sector banking and that is an historical fact.”


    The bundled mortgages they sold as “MBS, Mortgage Backed Securities” turned out to be a disaster. It was a disaster because the mortgages therein were many adjustable rate mortgages that people bought to flip and then couldn’t. So they were stuck with unmarketable houses and when the ARM’s came up for renewal they couldn’t afford the higher rate. It flooded the housing market with houses losing value and foreclosures skyrocketed.


    Every president since Jimmy Carter pumped the American dream of home ownership. It went completely crazy during G.W’s term with the advent of “liar loans” and home financing qualifications that were bordering on being fraudulent. People could use a W-2 as a basis for a home loan. There is lot’s of blame to go around, including democrats in congress (barney Frank) who encouraged lowering standards required by Fanny and Freddie.


    I heard Obama saying the other day he wanted to make it easier for people to qualify for real estate loans with “solid credit.” If they have solid credit they shouldn’t have a problem. What he wants to do is drop the down payment to very low levels. In some cases FHA is already lending with 5% down. I think it’s just a bad move back to the problems we had in 2007/08. The housing market has been picking up because investors and foreign buyers are purchasing as investments, often with cash. Mortgage lending apps are falling again and it may be indicative that the housing market could slow down again. In a few months a trend down (if it stalls) should be clearer.


    http://portal.hud.gov/hudportal/HUD?src=/buying/loans

  14. Darsan54

    Darsan54 GoComics PRO Member said, about 1 year ago

    @Harleyquinn

    Again, total disinformation campaign that this private sector melt down was the public sector’s fault. This mortgage problem originated and grew from firms like Countrywide selling toxic subprime mortgages to people they KNEW couldn’t pay them back. The government had nothing to do with that.

  15. Adrian Snare

    Adrian Snare said, about 1 year ago

    @Tigger

    It took the banks ten YEARS to figure out the obvious ?
    I’d know it within ten DAYS..
    These banks must be allowed to fail, and their executives economically punished.

  16. Load the rest of the comments (17).