Sub-Prime Credit Crunch

I agree with the conclusion. If the lenders have no skin in the deal, what do they have to lose by making the sub prime loan in the first place? They get their cut when they originate the loan and everyone else gets the shaft in the end.

I have not seen the sub prime market as rampant as it has been in the last few years, and it is generally the consumer who will lose. Follow the money trail and tit always leads back to the same place.

I am certainly no expert in the lending field, I just have a basic understanding and the one thing I do not understand is how the lending regulations were allowed to get to an all time low like this in the first place. ANYONE can (could) borrow money, whether or not they could even document their income or the assets.

How about if every lender that originated a loan had to service that loan for it's lifetime. I bet they would set much higher guidelines on who they loaned their money to in the first place.
 
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OK, after re-reading I see your point...I have financed my last three homes, through USAA Federal Savings Bank...they do not sell the loans, they retain the paper for the duration of the loan and will tell you that up front. But I think that is the exception to the rule.

If there is no long term accountability, the only motivation for closing the loan is the upfront fees.

There is much to be said for the traditional 15 or 30 year fixed rate loan with 20% down...do what you can to find the best rate, and pay it off early!
 
Wifey said:
Follow the money trail and tit always leads back to the same place.
Click to expand...

She said TIT! :rofl:

(Back to your originally scheduled discussion)
 
We often wonder if Denise does those things on purpose or not...only Jerry knows for sure...but it sure is fun either way.

Wifey rocks and rolls and who knows what else!
 
I bet tit was on purpose. :D
 
Well I hope so...it only enhances my virtual view of Wifey.

By the way I have been very upfront about my attraction...and have been threatened with a chainsaw...but I am not sure Jerry can catch me in that stock red SRT 10. And when afraid I am really fast. As the song goes: "Gimmie three steps..."
 
Prof said:
Well I hope so...it only enhances my virtual view of Wifey.

By the way I have been very upfront about my attraction...and have been threatened with a chainsaw...but I am not sure Jerry can catch me in that stock red SRT 10. And when afraid I am really fast. As the song goes: "Gimmie three steps..."
Click to expand...

Contraire, mon frere! It's modded now! ;)
 
That is correct she did the shifter thing. I may have to lower the level of my ardor, to avoid loosing a dearly loved, albeit pathetic appendage...
 
Prof said:
Well I hope so...it only enhances my virtual view of Wifey.

By the way I have been very upfront about my attraction...and have been threatened with a chainsaw...but I am not sure Jerry can catch me in that stock red SRT 10. And when afraid I am really fast. As the song goes: "Gimmie three steps..."
Click to expand...


But, I have something that will Bwahahahahaha:D :p ;) :nurse:

http://www.youtube.com/watch?v=7kdd9cDAxUQ
 
Roz-SRT said:
Contraire, mon frere! It's modded now! ;)
Click to expand...

Shhhhhhhhhhhhhhhhhhhhhhhhhhhh, it also has a Magnaflow cat back, don't tell Wifey.:D :D :D
 
Prof said:
There is much to be said for the traditional 15 or 30 year fixed rate loan with 20% down...do what you can to find the best rate, and pay it off early!
Click to expand...
You hit the nail on the head there.

The argument that there "should be a mortgage for everyone" is what is killing us right now. Many of these candy loans target people who are unwilling/unable to save money to cover a 20% down and are then too financially unstable to be able to pay a flat rate with principal expectations. The crappiest part is now the banks are saying "We've spent six years giving free money to stupid people and now they aren't paying us back. We need government money to make up for this!"

Back in '99 I couldn't afford a house. So I didn't buy one. It was that simple. I got into a cheap condo no larger than a 2-car garage. With hard work and careful spending, I was able to buy a house (still in California) by 2003.

I guess "hard work" and "careful spending" are bad words now days.:dontknow: Then again... maybe I shouldn't say hard work... I enjoy my job!:rock:
 
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Roz-SRT said:
She said TIT! :rofl:

(Back to your originally scheduled discussion)
Click to expand...

You missed one, look what else she said ................... :eek: ;) :p :D

Wifey said:
and everyone else gets the shaft in the end.
Click to expand...

:p :p :p :p :D :D :D :rock: :rock: :rock: :nurse: :nurse: :nurse: :thefinger: :thefinger: :thefinger: :thefinger: :thefinger: :thefinger: :flowers:

And that pretty much covers both ends of the spectrum :D
 
Yup, that is about the short and long of it.

Thanks for keeping us on our toes Denise.
 
Prof said:
OK, after re-reading I see your point...I have financed my last three homes, through USAA Federal Savings Bank...they do not sell the loans, they retain the paper for the duration of the loan and will tell you that up front. But I think that is the exception to the rule.

If there is no long term accountability, the only motivation for closing the loan is the upfront fees.

There is much to be said for the traditional 15 or 30 year fixed rate loan with 20% down...do what you can to find the best rate, and pay it off early!
Click to expand...

My Goal is to pay off my home by the time I'm 35:rock: Its gonna Be hard.
But I will have to
 
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