Comments (12) Jump to Comments Form

1. 

   Alexus_The_Great said, about 1 year ago

   soo true…

   “all hands to the boats!!”

2. 

   TheGreatSatan said, about 1 year ago

   A big part of this crisis is this stupid obsession with forcing companies to give loans to people that can’t afford it only because they are poor and are “disadvantaged.”

3. 

   HUMPHRIES said, about 1 year ago

   … forcing … ???

4. 

   lalas said, about 1 year ago

   Back up your statement with some information please.

5. 

   charliekane said, about 1 year ago

   Remember the “Scorpion” episode in Star Trek Voyager?

   Perhaps TGS means that lenders, being good capitalists, could not help themselves. The availability of a market forced them to exploit it.

6. 

   TheGreatSatan said, about 1 year ago

   Do a little research on the supposed “redlining” tactics of mortage companies a couple of decades back. And how the governments enforcement against such practices led to mortage companies being forced to give loans to people that couldn’t afford it just because they were minorities or people living in “diasadvantaged” areas.

   Here’s an article from Neil Boortz (A talk radio host! GASP!) that simplifies it pretty nicely. Try to read what he’s saying with out a bias if you can.

   Before you say it…he’s Libertarian that hates Bush. Should be enough cred for any lib to read him.

   http://townhall.com/columnists/NealBoortz/2008/09/19/therestofthemeltdown_story

   You have to put underscores in between the words after /19/ because this website is bleeep and doesn’t do it right.

7. 

   Corosive Frog said, about 1 year ago

   DECADES ago???

8. 

   TheGreatSatan said, about 1 year ago

   Yes CF, it all started decades ago. Not everything that happens is the result of something that only just started a minute before. You may want to look into something called “History” and why it effects everything that happens in the “Future”

9. 

   FarWestGirl said, about 1 year ago

   satan, BS. That comment might have some validity if the majority of foreclosures were in areas that had been redline districts, but the losses are across the board. Many people did read the fine print when they signed, but the lenders sold or repackaged the loans and changed the rules afterward, trapping a lot of those people in over their heads after the fact. There were a lot of incentives for predatory lending and approval of loans that were much too risky to be safe, but the initiators got paid and resold the loans, so they didn’t care about anything beyond that point. It ended up being a Ponzi scheme and now we’re holding the bag.

10. 

    TheGreatSatan said, about 1 year ago

    “That comment might have some validity if the majority of foreclosures were in areas that had been redline districts, but the losses are across the board.”

    Show me proof that most of the foreclosures aren’t in the redlined areas before you just say whatever you feel the reality is.

    Emotions and facts are quite different.

11. 

    FarWestGirl said, about 1 year ago

    Show me proof that they aren’t. The sheer volume of this debacle far exceeds old redline districts.

12. 

    TheGreatSatan said, about 1 year ago

    “Show me proof that they aren’t. The sheer volume of this debacle far exceeds old redline districts.”

    Well, YOU are the one who challenged ME but fine I’ll give evidence of what I’m saying. The majority of these foreclosures are SUBPRIME mortgages (hence the name subprime crisis) and the redlined areas are the areas that got the maojority of subprime loans. The media trys to play this off as racism when it’s really just the reluctance to give mortgages to people that can’t afford it. Unfortunately most of the people that can’t afford it are minorites. Here’s a link:

    http://www.bloggingstocks.com/2007/11/04/has-the-subprime-mess-exposed-redlining-of-minority-neighborhood/