Housing Bubble 2.0

[sirs]

That's precisely because the banks are NOT granting loans to those folks who are financially incapable of paying back such a huge commitment.  Co-worker of mine, who had multiple real estate investments, literally could not get the bank to approve any loan, after the crash.  Only those who have a serious ability are the ones getting approved.  Now Obama wants to take us into Housing Bubble 2.0, ignoring exactly that which sent us into a recession, 1st go around   

[Plane]

Fannie Mar is making record profits now, because there are so very FEW defaults.

This is bogus nonsense,

I seem to remember when they made grand profits before.

What is diffrent now?

[Xavier_Onassis]

Here in Miami, the housing bubble was caused by house flippers who were following the directions of several preachers and other types who passed themselves off as experts. They got left holding the loan on houses they could not pay for or rent at a high enough price to cover the loans. Many of the loans were balloon payment things as well, and when the balloon payment was due, they could not refinance.

This will not happen again, because neither the banks nor Sally Mae or Freddie Mac will loan without around 15% down. .

[sirs]

[Plane]

Here in Miami, the housing bubble was caused by house flippers who were following the directions of several preachers and other types who passed themselves off as experts. They got left holding the loan on houses they could not pay for or rent at a high enough price to cover the loans. Many of the loans were balloon payment things as well, and when the balloon payment was due, they could not refinance.

This will not happen again, because neither the banks nor Sally Mae or Freddie Mac will loan without around 15% down. .

"flipping "

Not the root of the problem!

Easy to get loans were.

Prudent banks would not have enabled house"flipping" , but it didn't pay to be prudent in an environment where the real money was in "flipping " the new loans.

I have taken out several mortgagues, most of them were quickly sold to larger banks , or federally managed institutions.

[Xavier_Onassis]

Easy to get loans for house flippers were most certainly the cause of the problem.

Every house in foreclosure in my neighborhood was bought by some damn stupid houseflipper pretending that they were going to actually live in the home.

[sirs]

Suffice to say the VAST majority of homes that went under were not being flipped

[Xavier_Onassis]

It does NOT suffice it to say this at all.

It was idiotic house flippers and fools who used their homes as bank accounts combined that caused the problem.

[sirs]

Your claim, YOU BACK IT UP.  You 99% wrong say so means pretty much squat.  Show these reports or data, that a majority of homes that went under here in America, were do to flippers.  I'll make it even easier, and show us how it was a majority of Florida homes

Good luck with that

(and you can dispense with the knee jerk effort to claim nothing you post I'll believe.  This has nothing to do with me, and everything to do with you, supporting your own, currently meritless, claims.  If you're unable, it'll have nothing to do with what I would or wouldn't believe)

[Xavier_Onassis]

Go fuck yourself., moron. You know nothing about this subject.

[sirs]

Your ignorance of what I do and don't know on any given subject, matches that you have about guns, and their defensive use in this country.  As I said, this has nothing to do with me, and everything to do with you, supporting your own, currently meritless, claims.  If you're unable, it'll have nothing to do with what I would or wouldn't believe, nor my supposed ignorance on this subject

[Plane]

I think house flippers exploited easy loan terms, house flippers did not cause easy loan terms.

The loans were too easy, the Congress caused that.

[Xavier_Onassis]

The BANKS have the absolute power to refuse to grant a loan, period.

They did not do so, because  they knew that they would be able to sell the loans, which were absolutely obviously bogus, to someone else and not suffer any consequences.
Banks  and loan peddlers were far more responsible than Congress.

[Plane]

The BANKS have the absolute power to refuse to grant a loan, period.

They did not do so, because  they knew that they would be able to sell the loans, which were absolutely obviously bogus, to someone else and not suffer any consequences.
Banks  and loan peddlers were far more responsible than Congress.

I agree that Congress was highly irresponsible.

Do you see where you say that lenders were confident that they could sell their poorly concieved loans and not be stuck with them?
That is where the government was coming in.

[Plane]

http://freefall.purrsia.com/ff300/fv00253.htm