"Our journey is not complete"Obama says

[dan991]

Let me ask you this.... you have 5 different pieces of cake. I'm hungry and you offer me one. I die because it was poisoned. Am I to blame if ALL 5 WERE POISONED?

[canesfan804]

The mortgages the banks wrote and everyone offered were anal rape at its finest. Where was all this government oversight to PREVENT IT? I mean... Obama gives a shit so much what kind of gun I own that he is gonna write a law telling me what I can't have.... where was the law telling banks "you can't do that"?
HE WAS NOT IN OFFICE WHEN THIS WENT DOWN!!! THIS WAS ANOTHER BUSH WACKER
I don't care about the payroll taxes because at the end of the day- doesn't matter. They will continue to go up and up as long as Obama has his Amex Black Card. I'm hoping it starts getting declined and we tumble into a recession so bad that it forces a complete reset of the entire government and spending.

The prob here is we all dont know how to live within our means. Too much overspending by everyone. Kinda like the mortage notes people were getting when they knew if either the husband or wife loses their job they couldnt make the payment. Hopefully we all learned a lesson from this but I somehow doubt we are that smart. People will continue to point fingers at everyone eles for their own F ups.

[gixxerboy1]

Let me ask you this.... you have 5 different pieces of cake. I'm hungry and you offer me one. I die because it was poisoned. Am I to blame if ALL 5 WERE POISONED?

Not 100% of mortgages were bad though. Were some people inocent and screwed, im sure but 100% no. And some were written bad to get people into homes they couldnt afford If your making 40k a year with 2 kids you dont buy a 300k house.
And they didnt have to buy a house at all. Fvcking rent then.

[dan991]

The prob here is we all dont know how to live within our means. Too much overspending by everyone. Kinda like the mortage notes people were getting when they knew if either the husband or wife loses their job they couldnt make the payment. Hopefully we all learned a lesson from this but I somehow doubt we are that smart. People will continue to point fingers at everyone eles for their own F ups.

[Hazard]

why is the health care reform so bad. Give actual facts of why?

Gix you know my stance I won't get into this whole thing because I'm on my phone. The health care reform (in my opinion) is bullshit. I don't think it's a fix that anyone truly likes or wants. It seems more to me like he said "this needs to be fixed..... Since no one has an idea on what's best we'll just go with this" - there's longer term issues with the bill. I have a medical background myself and while I admittedly don't know every aspect of the bill I don't like some of the things I do know.

The bill will benefit a lot of people but these people currently do have access to care. If people do their research and understand their laws they to can get care. Most who are for the bill can't afford private insurance but yet their taxes are going to increase because healthcare is NEVER free.

~Haz~

[canesfan804]

Oh yea Dan I do understand the PMI issue. I dont think its right for banks to make me carry a policy to protect them if I default. Thats why they do a credit check right? I was saying I dont know what TARP was but it sounds like another PMI scam.

[dan991]

Not 100% of mortgages were bad though. Were some people inocent and screwed, im sure but 100% no. And some were written bad to get people into homes they couldnt afford If your making 40k a year with 2 kids you dont buy a 300k house.
And they didnt have to buy a house at all. Fvcking rent then.

Not necessarily true though. yea- people signed up for more than they could afford; because the banks told them they could afford it and provided trick financing tactics to make the un-affordable affordable. The average citizen didn't make up how these loans work; the banks did. Then the banks got burned on their own scam so instead of letting them pay the consequences... OBAMA wrote them a check. That didn't happen on Bush's watch.... Obama wrote the check and made that decision.

[dan991]

Oh yea Dan I do understand the PMI issue. I dont think its right for banks to make me carry a policy to protect them if I default. Thats why they do a credit check right? I was saying I dont know what TARP was but it sounds like another PMI scam.

Tarp is the Troubled Asset Relief Fund. That's also known as Obama's piggy bank. More or less- if you lose your house to foreclosure, and the bank sells it at a loss (short sale) the bank doesn't lose any money; they can hit Obama's TARP account for the difference. Same as PMI however provided to the banks by tax payers instead of insurance companies.

[canesfan804]

Not 100% of mortgages were bad though. Were some people inocent and screwed, im sure but 100% no. And some were written bad to get people into homes they couldnt afford If your making 40k a year with 2 kids you dont buy a 300k house.
And they didnt have to buy a house at all. Fvcking rent then.

Funny thing is some people didnt even get evicted for over 2 years of no payments. Most of those didnt try to save that house pmt for those 2 years to have something to fall back on they blew it on whatever. I do have a friend who went through this and he saved enough cash to buy a dump foreclosure and fix it up. Now its a smaller home in not as nice a neighborhood but its a home none the less.

[dan991]

So... at this point... Obama can be held accountable for:

1. Obamacare.
2. Auto Bailouts
3. Banking Bailouts

Not one of the 3 of those things are a good thing.... and the combination of 2 & 3 is disastrous to the future because it doesn't hurt to do bad business; you just get a government hand out courtesy of the same tax payers you're screwing over.

[dan991]

Funny thing is some people didnt even get evicted for over 2 years of no payments. Most of those didnt try to save that house pmt for those 2 years to have something to fall back on they blew it on whatever. I do have a friend who went through this and he saved enough cash to buy a dump foreclosure and fix it up. Now its a smaller home in not as nice a neighborhood but its a home none the less.

My cousin did the same thing. He lived in a $600K house for 2 years mortgage free, and when they gave him 30 days to move he bought a nicer house across the street for $200K less than he owed on his. He took a mortgage from the same bank too... just put it in his wife's name, LOL

[canesfan804]

Personal responsibility can only be a factor if the offering in itself wasn't a suicide bomb. Almost every mortgage offering was a suicide bomb. How do you blame one person that blew up when everything they had to choose from was explosive? See what I'm saying? There wasn't a "good mortgage" and the norm offered from the banks was a bad deal to begin with.

Bush is at fault for allowing it to happen; Obama is at fault for not stopping it and also for bailing out the companies that caused it. Bank of America, Wells Fargo, US Bank, etc... they ALL should have went under for their scam and bad decisions. Nope- Obama opened the check book and wrote them a big fat bail out check. What happened to accountability? As a person- you fvck up your supposed to be accountable for your own actions... as a business you're not? I now use a Credit Union only because I don't trust banks at all. Money is not safe with them not that our money will be worth more than the paper its printed on sooner or later anyways..

How were ALL mortages bad? I bought my 1st home during the boom and sold it later for profit. I also bought my 2nd during this time and am currently going through the process of selling it for profit. Its called use your head. Like Gix said make 40k/ dont buy a 300k home. I had the bank tell me I qualified for 380k home on 70k a year and thought WTF are they thinking. I knew we could afford the payment on that home but at what cost? I didnt want to be house broke.

[dan991]

How were ALL mortages bad? I bought my 1st home during the boom and sold it later for profit. I also bought my 2nd during this time and am currently going through the process of selling it for profit. Its called use your head. Like Gix said make 40k/ dont buy a 300k home. I had the bank tell me I qualified for 380k home on 70k a year and thought WTF are they thinking. I knew we could afford the payment on that home but at what cost? I didnt want to be house broke.

It wasn't that ALL mortgages were bad; it was that ALL mortgages were pushed through by being "creative" with the financing. Then, most people that even had a good loan were screwed because a majority of the mortgages out there were shit. That drove home prices down so the guy that had a 30 year fixed mortgage got screwed later on and even today. Remember the days where a 30 year fixed was 5-6% and that was a "good rate"? Now what is the rate... 3.X%? So the dude that took a fixed 5 years ago is getting fvcked right now; but also can't refinance because chances are he's under water on the value due to foreclosures and comps.

[gixxerboy1]

How were ALL mortages bad? I bought my 1st home during the boom and sold it later for profit. I also bought my 2nd during this time and am currently going through the process of selling it for profit. Its called use your head. Like Gix said make 40k/ dont buy a 300k home. I had the bank tell me I qualified for 380k home on 70k a year and thought WTF are they thinking. I knew we could afford the payment on that home but at what cost? I didnt want to be house broke.

Same thing i bought a house in 04' They told me i qualified for some crazy amount. Also people were stupid and just looked at payments of different types of mortgages. I had someone offer me an interest only loan. Use your head what good is going to come from that? I took a standard conventional mortgage and had no issues.

[canesfan804]

It wasn't that ALL mortgages were bad; it was that ALL mortgages were pushed through by being "creative" with the financing. Then, most people that even had a good loan were screwed because a majority of the mortgages out there were shit. That drove home prices down so the guy that had a 30 year fixed mortgage got screwed later on and even today. Remember the days where a 30 year fixed was 5-6% and that was a "good rate"? Now what is the rate... 3.X%? So the dude that took a fixed 5 years ago is getting fvcked right now; but also can't refinance because chances are he's under water on the value due to foreclosures and comps.

I think my parents and grandparents paid 9-11% on their homes in the 80s so its just the way things work. there are some victims of circumstance but if you stay within your means you should be good.

[dan991]

In 2006 I bought a new construction house at the smoking price of $225K. I got a deal on that house because it was the builders last house in the subdivision and he just wanted it sold. I took a conventional 30 year mortgage with 20% down and at prime interest rate. I sold that house in 2008 for a profit. Today- if I still owned that house I would be screwed because I can buy the EXACT same house in the same subdivision on the next street over; for $94K.

[RaginCajun]

Gix you know my stance I won't get into this whole thing because I'm on my phone. The health care reform (in my opinion) is bullshit. I don't think it's a fix that anyone truly likes or wants. It seems more to me like he said "this needs to be fixed..... Since no one has an idea on what's best we'll just go with this" - there's longer term issues with the bill. I have a medical background myself and while I admittedly don't know every aspect of the bill I don't like some of the things I do know.

The bill will benefit a lot of people but these people currently do have access to care. If people do their research and understand their laws they to can get care. Most who are for the bill can't afford private insurance but yet their taxes are going to increase because healthcare is NEVER free.

~Haz~

Damn man, been a while and you comment on this. Hahaha

Hope everything is good with you and your little princess

[dan991]

Same thing i bought a house in 04' They told me i qualified for some crazy amount. Also people were stupid and just looked at payments of different types of mortgages. I had someone offer me an interest only loan. Use your head what good is going to come from that? I took a standard conventional mortgage and had no issues.

Interest only is okay if you plan on flipping the house FOR A PROFIT. Where people got screwed was thinking they could live in a house for 5 years and gain significant equity in the value of the house. Buy low sell high... never happened. Then 5 years was up and like my cousin; his mortgage went through the roof. He bought a $600K house thinking it would sell for $900K in 5 years. 5 years went by and it was worth $380K when he went to get a new loan. He said fvck it and literally bought the house across the street for $400K and had his wife take a conventional mortgage and put it in her name. The funny part is that today he is better off buying his original house from the bank on short sale than he was living in it and paying the mortgage. He can literally own his own house cheaper by hundreds of thousands.

[canesfan804]

Same thing i bought a house in 04' They told me i qualified for some crazy amount. Also people were stupid and just looked at payments of different types of mortgages. I had someone offer me an interest only loan. Use your head what good is going to come from that? I took a standard conventional mortgage and had no issues.

People got greedy. Im talking average homeowners got greedy. Banks basically told them they could buy these homes on interest only loan and sell before the arm kicks in and make $$$. You cant buy a HOME for investment. Now a investment property is different but these people were buying HOMES. I dont blame the people 100% the banks are def responsible for this too. I dont like the fact that we bailed out the banks but at the same time we were in a BUSH created recession and all of the top banks tanking would have put us in a definate depression so I somewhat understand the reasoning. Even tho it may have just delayed the inevitable.

[gixxerboy1]

People got greedy. Im talking average homeowners got greedy. Banks basically told them they could buy these homes on interest only loan and sell before the arm kicks in and make $$$. You cant buy a HOME for investment. Now a investment property is different but these people were buying HOMES. I dont blame the people 100% the banks are def responsible for this too. I dont like the fact that we bailed out the banks but at the same time we were in a BUSH created recession and all of the top banks tanking would have put us in a definate depression so I somewhat understand the reasoning. Even tho it may have just delayed the inevitable.

completely agree and Dan's post proved the point to. I never looked at a house i was living in as an investement its a home. And it doesnt matter if its under water now or even if your not planing on selling it. Homes are the only thing people expect to live in for years and make money on. Get real that shit doesnt last. If you cant see thats a fake fvcking bubble then again blame yourself.

[Lunk1]

Same thing i bought a house in 04' They told me i qualified for some crazy amount. Also people were stupid and just looked at payments of different types of mortgages. I had someone offer me an interest only loan. Use your head what good is going to come from that? I took a standard conventional mortgage and had no issues.

I have not read this thread in it's entirety but even as much as I dislike Obama, I agree with Gixx about the housing. I can add 2+2 and I know it will never equal 300K! PPl bought into adjustable rate mortgages because they refused to look at the obvious future and only concentrated on the monthy payment. Shame on them and only them!

[dan991]

People got greedy. Im talking average homeowners got greedy. Banks basically told them they could buy these homes on interest only loan and sell before the arm kicks in and make $$$. You cant buy a HOME for investment. Now a investment property is different but these people were buying HOMES. I dont blame the people 100% the banks are def responsible for this too. I dont like the fact that we bailed out the banks but at the same time we were in a BUSH created recession and all of the top banks tanking would have put us in a definate depression so I somewhat understand the reasoning. Even tho it may have just delayed the inevitable.

That's how Obama works... delay the inevitable. People think we've been in a recession for the past few years however it hasn't even started yet.

As far as people getting greedy- you can't blame the homeowners 100% because its the banks that pushed these loans in the first place. Tax payers shouldn't be bailing out these banks nor should we be providing tax money to cover their losses. TARP is a government program that Obama started which covers the banks losses with tax payer money. The banks tanking would have actually put us in a better place.

There are A LOT of things that nobody wants to talk about... but we're just getting started in a recession. You think foreclosures are down? Hell no.... there is gonna be 10 times the foreclosures a year from now. The banks only stopped foreclosing long enough to review and avoid fines/sanctions on the foreclosure process. The bad loans didn't go away... they just stopped issuing foreclosure notices for the past 6-7 months to avoid further scrutiny in the media on how they handle the foreclosure process. The paper says "foreclosures down again for the 5th month in a row"... my ass.

[gixxerboy1]

TARP is a government program that Obama started which covers the banks losses with tax payer money. .

Again that's not true. Tarp was signed under Bush in Oct 2008. Obama wasnt even elected yet. So its amazing Obama started something before the election and before he took the Oath,

BTW im not saying TARP was good. But lets use the facts

If thats how it works Obama also ended the cold war. He was at the invasion at Normandy Beach. And he will be the first human on Mars.

[dan991]

Again that's not true. Tarp was signed under Bush in Oct 2008. Obama wasnt even elected yet. So its amazing Obama started something before the election and before he took the Oath,

BTW im not saying TARP was good. But lets use the facts

If thats how it works Obama also ended the cold war. He was at the invasion at Normandy Beach. And he will be the first human on Mars.

Okay- my bad, my mistake. We elected Obama to fix shit.... why did he bail them out then? Why is TARP even there?

[dan991]

For the record; I voted for Obama on his first term. Second term; nope.. I didn't even vote because it was like choosing between stage 4 cancer and AIDS.

[gixxerboy1]

Okay- my bad, my mistake. We elected Obama to fix shit.... why did he bail them out then? Why is TARP even there?

All rhat,shit was in place before he was president. He couldnt have stopped tarp on his own.

[Hazard]

Damn man, been a while and you comment on this. Hahaha

Hope everything is good with you and your little princess

Lmfao I know right. I'm in the Q&A helping when I can. I'm also answering pm's. My comp is currently getting fixed so I'll be back shortly

[dan991]

All rhat,shit was in place before he was president. He couldnt have stopped tarp on his own.

no no no... Obama bailed out wall street and the auto makers. That was his decisions not Bush.

[Lunk1]

Both of you need to admitt that everything was good and broke before Obama took office...it may not have manifested till afterwords but the damage was done. Likewise everything good such as capturing Obama was also started before Obama took office. He relly hasn't screwed up anything or acomplished anything. He has simply managed to take credit for the good and pass blame for the bad....welcome to the Whitehouse!

[canesfan804]

Both of you need to admitt that everything was good and broke before Obama took office...it may not have manifested till afterwords but the damage was done. Likewise everything good such as capturing Obama was also started before Obama took office. He relly hasn't screwed up anything or acomplished anything. He has simply managed to take credit for the good and pass blame for the bad....welcome to the Whitehouse!

Obama caught himself. LOL go ahead and tell us what you think of him Lunk. JK

[canesfan804]

Seriously tho Lunk I agree this train was off track a long time ago. Like I said credit cards and all the pay day loans and such were the biggest reason for this IMO. My grandparents pay cash for everything except their home and the last vehicle they bought. Before that it was just their home.

[ElectraMaddox]

If we are only part way through his journey I hate to f*****g see what the rest of the journey is going to bring for the nation.
Is there going to be a nation in four years at the rate he is going?I am sure there are some Obama supporters out there(at least 1 or 2)If you could I would like you to tell me at least 3 things this man has done for our country(Positive things that is).
I would really like to think that our president is on our side but I am having hard time believing it.

P.S Just having one of my politically and tren induced Rants today.

1. Bin laden and Salam hussein were assassinated during his presidency
2. Qe3 (Japanese style quantities easing) was implemented to save the rapidly falling housing industry.
3. Cash for clunkers saved the automobile industry
4. Closed the prisoner torture camp in Guantanamo bay
5. Set stricter regulatory oversight on wall street
6. Making reforms to Higher education in terms of taking away student loans from the private sector and moving them into the federal govt sector so that interest rates are not astronomical
7. The health care reform
8. His reforms are helping us out of the recession and into an expansionary period.
9. The tax revisions were handled in a proper manner as the bush tax bill came to an end
10. He avoided the fiscal cliff
11. He raised the debt ceiling in aug 2011 and will most likely do it again b.c we will be hitting it this quarter
12. He's in the process of making sure everyone gets equal pay for the same positions as many companies tend to pay white males on average a dollar and a half more per hour.
13. He implemented the spending cuts to accumulate over the next ten years to equal 12.1 trillion, majority of our debt

I'd say he's done a lot. FYI I work in finance so I have to keep up with this stuff.

[Lunk1]

Obama caught himself. LOL go ahead and tell us what you think of him Lunk. JK

Sorry I confused the 2 terrorists

[dep30]

I think i'll sit this one out... On a lighter note how bout them ravens and 49'ers

[canesfan804]

I disagree Dan, interest only is only good for the person who is in the business of flipping homes. Where it IS there job. I have flipped a few homes and would rather have the comfort of a conventional loan just in case I cant sell then I can rent it and dont have to worry about the payment going through the roof. If you are a average homeowner and you go this route its a risk YOU take.

[ElectraMaddox]

That's how Obama works... delay the inevitable. People think we've been in a recession for the past few years however it hasn't even started yet.

As far as people getting greedy- you can't blame the homeowners 100% because its the banks that pushed these loans in the first place. Tax payers shouldn't be bailing out these banks nor should we be providing tax money to cover their losses. TARP is a government program that Obama started which covers the banks losses with tax payer money. The banks tanking would have actually put us in a better place.

There are A LOT of things that nobody wants to talk about... but we're just getting started in a recession. You think foreclosures are down? Hell no.... there is gonna be 10 times the foreclosures a year from now. The banks only stopped foreclosing long enough to review and avoid fines/sanctions on the foreclosure process. The bad loans didn't go away... they just stopped issuing foreclosure notices for the past 6-7 months to avoid further scrutiny in the media on how they handle the foreclosure process. The paper says "foreclosures down again for the 5th month in a row"... my ass.

Actually that's inaccurate 2008 the stock market lost 56 percent and has since en done a double meaning we are in an expansionary trend, stocks are under valued and bonds are at premiums bc interest rates are low as qe3 comes to an end this year you'll see the same trend you've seen with stocks and most likely bond prices will tank b.c they lose value when interest rate rise.

It's not banks that push that on people there used to be loans call no doc loans so at that time they didn't have to verify anything if someone had a 720 credit score and said they made 100k they would qualify for 1 million dollar mtg. That's why today you have to go through so much paperwork to get a mtg bc now everything has to get verified. That goes to show you how many people lie.

[ElectraMaddox]

I disagree Dan, interest only is only good for the person who is in the business of flipping homes. Where it IS there job. I have flipped a few homes and would rather have the comfort of a conventional loan just in case I cant sell then I can rent it and dont have to worry about the payment going through the roof. If you are a average homeowner and you go this route its a risk YOU take.

It's also good for someone who is planning on selling with in a 3 to 5 year period as they can save a lot of money during the interest only period in order for their next down payment or to pay off debt.

[Lunk1]

1. Bin laden and Salam hussein were assassinated during his presidency Plan was in action before he took office
2. Qe3 (Japanese style quantities easing) was implemented to save the rapidly falling housing industry.
3. Cash for clunkers saved the automobile industry Now the middle class can't afford a used car
4. Closed the prisoner torture camp in Guantanamo bay Screw em
5. Set stricter regulatory oversight on wall street
6. Making reforms to Higher education in terms of taking away student loans from the private sector and moving them into the federal govt sector so that interest rates are not astronomical As college prices have skyrocketed out of control
7. The health care reform This may not be the best decision depending on if your an employee or employer
8. His reforms are helping us out of the recession and into an expansionary period. How as the national debt is increasing, is he taking us out of recession?
9. The tax revisions were handled in a proper manner as the bush tax bill came to an end My now lower pay check is sooo thankful
10. He avoided the fiscal cliff at what cost
11. He raised the debt ceiling in aug 2011 and will most likely do it again b.c we will be hitting it this quarter
12. He's in the process of making sure everyone gets equal pay for the same positions as many companies tend to pay white males on average a dollar and a half more per hour.
13. He implemented the spending cuts to accumulate over the next ten years to equal 12.1 trillion, majority of our debt

I'd say he's done a lot. FYI I work in finance so I have to keep up with this stuff.

......

[dan991]

1. Bin laden and Salam hussein were assassinated during his presidency
2. Qe3 (Japanese style quantities easing) was implemented to save the rapidly falling housing industry.
3. Cash for clunkers saved the automobile industry
4. Closed the prisoner torture camp in Guantanamo bay
5. Set stricter regulatory oversight on wall street
6. Making reforms to Higher education in terms of taking away student loans from the private sector and moving them into the federal govt sector so that interest rates are not astronomical
7. The health care reform
8. His reforms are helping us out of the recession and into an expansionary period.
9. The tax revisions were handled in a proper manner as the bush tax bill came to an end
10. He avoided the fiscal cliff
11. He raised the debt ceiling in aug 2011 and will most likely do it again b.c we will be hitting it this quarter
12. He's in the process of making sure everyone gets equal pay for the same positions as many companies tend to pay white males on average a dollar and a half more per hour.
13. He implemented the spending cuts to accumulate over the next ten years to equal 12.1 trillion, majority of our debt

I'd say he's done a lot. FYI I work in finance so I have to keep up with this stuff.

Where are you getting all that from? You work in finance where... at the White House? LMAO.....

Obama destroyed almost every small business supplier to GM and Chrysler. He literally put them out of business because GM didn't have to pay them outstanding balances on parts/labor already completed.

He's not helping anyone out of a recession- we haven't been in one YET. The last two years are nothing compared to what's coming. He did NOTHING for Fiscal Cliff- nothing. He delayed it. He raised the debt ceiling... you mean his own credit limit? You know what that does... its makes our dollar less valuable. Again; look at Canada for example. 10 years ago you got $1.54ish per $1.00 American Dollar. Today its $0.99. He's putting together $1T in cuts... then why does he need to increase the debt ceiling?

Gotta love the media and political spin.... lmao

[ElectraMaddox]

......

He had to issue the order for those assassinations to occur
Yes they can theres financing options available for all credit rating and income levels
He's working on capping the prices colleges can place on the cost of education as well as implementing tax benefits for those that comply
It's designed for the middle class ... That's who benefits the most
Because qe3 was still going on billions of dollars a month were going into mtg bonds, now the housing market is stabilizing so they can bring the funds back as they sell the bonds
You won't be saying that when your retirement plan goes up in value, you'll be thankful youll actually be able to retire
Read everything I just wrote