instead of this can we have show trials and executions for the bankers and mortgage brokers?

dj_bigbird: A Fark Handle: instead of this can we have show trials and executions for the bankers and mortgage brokers?

And the idiots at Fannie Mae/Freddie Mac that helped compound this issue. And the idiots in Congress that voted for the bill creating the agencies.

nah, i'm cool with just killing the ones that created the derivatives and gamed the rating agencies. though perhaps a couple of higher-ups at the rating agencies need a show trial too.

I'll believe it when I see it.

Over in one.
Unless we execute the criminals here, we are doomed to repeat history in 16 years.

Richard Freckle: What do I win for buying at the right time?

You guys like the Bible, right?

"For the kingdom of heaven is like a landowner who went out early in the morning to hire men to work in his vineyard. He agreed to pay them a denarius for the day and sent them into his vineyard. "About the third hour he went out and saw others standing in the marketplace doing nothing. He told them, 'You also go and work in my vineyard, and I will pay you whatever is right.' So they went. "He went out again about the sixth hour and the ninth hour and did the same thing. About the eleventh hour he went out and found still others standing around. He asked them, 'Why have you been standing here all day long doing nothing?'
" 'Because no one has hired us,' they answered.
"He said to them, 'You also go and work in my vineyard.'

"When evening came, the owner of the vineyard said to his foreman, 'Call the workers and pay them their wages, beginning with the last ones hired and going on to the first.'

"The workers who were hired about the eleventh hour came and each received a denarius. So when those came who were hired first, they expected to receive more. But each one of them also received a denarius. When they received it, they began to grumble against the landowner. 'These men who were hired last worked only one hour,' they said, 'and you have made them equal to us who have borne the burden of the work and the heat of the day.'
"But he answered one of them, 'Friend, I am not being unfair to you. Didn't you agree to work for a denarius? Take your pay and go. I want to give the man who was hired last the same as I gave you. Don't I have the right to do what I want with my own money? Or are you envious because I am generous?'

"So the last will be first, and the first will be last."

dustman81: Richard Freckle: What do I win for buying at the right time?

[www.dcasali.com image 640x360]

You'll get nothing and like it!

correct

There are 147 million households in the United States.

64% of which own a home.

66% of those have a mortgage.

147,000,000*.64*.66 = 62,092,800 people this could possibly effect.

way to address 1/62,092,800 of the problem.

This, THIS, will turn things around.

//rolls eyes.

vudukungfu: Over in one.
Unless we execute the criminals here, we are doomed to repeat history in 16 years.

16 years? My, aren't we the optimist. I give it 5-6 years tops. It won't be real estate again since that smoking crater will probably just be recovering by that point, but the same shiatheads who created this will have found some new scheme and do it again, and probably soon since they learned absolutely nothing from last time and no one has punished them. My hope is that next time this happens it will be fresh enough in everyone's minds that some real ass kicking happens.

CitizensUnited: There are 147 million households in the United States.

64% of which own a home.

66% of those have a mortgage.

147,000,000*.64*.66 = 62,092,800 people this could possibly effect.

way to address 1/62,092,800 of the problem.

This, THIS, will turn things around.

//rolls eyes.

isn't it 1/62nd?

How about writeOFFs? Banks already got their cry-me-a-river money to cover invisible losses. AND homeowners still on the hook.

dj_bigbird: And the idiots at Fannie Mae/Freddie Mac that helped compound this issue. And the idiots in Congress that voted for the bill creating the agencies.

How about Bush and his "Ownership Society"?

GoodyearPimp: Richard Freckle: What do I win for buying at the right time?

You guys like the Bible, right?

"For the kingdom of heaven is like a landowner who went out early in the morning to hire men to work in his vineyard. He agreed to pay them a denarius for the day and sent them into his vineyard. "About the third hour he went out and saw others standing in the marketplace doing nothing. He told them, 'You also go and work in my vineyard, and I will pay you whatever is right.' So they went. "He went out again about the sixth hour and the ninth hour and did the same thing. About the eleventh hour he went out and found still others standing around. He asked them, 'Why have you been standing here all day long doing nothing?'
" 'Because no one has hired us,' they answered.
"He said to them, 'You also go and work in my vineyard.'

"When evening came, the owner of the vineyard said to his foreman, 'Call the workers and pay them their wages, beginning with the last ones hired and going on to the first.'

"The workers who were hired about the eleventh hour came and each received a denarius. So when those came who were hired first, they expected to receive more. But each one of them also received a denarius. When they received it, they began to grumble against the landowner. 'These men who were hired last worked only one hour,' they said, 'and you have made them equal to us who have borne the burden of the work and the heat of the day.'
"But he answered one of them, 'Friend, I am not being unfair to you. Didn't you agree to work for a denarius? Take your pay and go. I want to give the man who was hired last the same as I gave you. Don't I have the right to do what I want with my own money? Or are you envious because I am generous?'

"So the last will be first, and the first will be last."

This.

Basic instructions before leaving Earth.

- If you ran a bank, you kept your job and bonuses.
- If you ran a hedge fund, you kept your profits and your bad loans were repaid.
- If you sold real estate or mortgages, you kept your commissions.
- If you bought a house you could not afford, you kept it and got a partial refund.

If you managed your finances sensibly and put your money in the bank, you got to pay for it.

What have we learned, class?

spamdog: How about Bush and his "Ownership Society"?

notsureifserious.jpg

A Fark Handle: CitizensUnited: There are 147 million households in the United States.

64% of which own a home.

66% of those have a mortgage.

147,000,000*.64*.66 = 62,092,800 people this could possibly effect.

way to address 1/62,092,800 of the problem.

This, THIS, will turn things around.

//rolls eyes.

isn't it 1/62nd?

What about the 98.3%?

So this is what TotalFark is like?

I wonder if - and how she would find out - this applies to my mom-in-law. Their house was foreclosed on under VERY shady circumstances.

<csb>
My mom in law inherited her parents' modest (3 BR 2 BA ~ 1500 sq ft) home. It was already paid off, but a couple years into moving in it needed some major repairs. Dad in law 'knew a guy' who was a banker, and they went to him to see about a loan. He quickly ran them through it, having them sign stuff and he would 'fill in the numbers later'. Yes, it was stupid.

They got the loan they could afford, and started work on the house. Then the first bill came. It was for something like 4 times what they'd agreed to. All work was halted while they looked into it. However, the bank that gave them the loan had sold the note for the loan to another bank, and the guy who'd given them the loan had pocketed the difference between the loan they agreed to and the loan they'd actually gotten (with fake numbers the guy had filled in later) and skipped town. He'd apparently done this to several other people as well.

Long story short, the note had apparently been sold again who knows how many times, and they ended up being foreclosed on by like 4 banks at once - none of which could actually prove they owned the note. Dad in law was sick - deathly sick - by that time so they stopped fighting and we just moved them in with us. Each of those banks later tried to sell the house at auction out from under each other as well.

Joke was on the banks somewhat though. They'd been living in a half-finished house for more than a year by the time foreclosure stuff started happening and it's basically condemned at this point. According to the old neighbors it's still sitting there, a rotting, empty eyesore in an otherwise fairly nice neighborhood.

Dad in law's dying wish was that since the guy who'd 'skipped town' after screwing everyone hadn't been found, he'd actually been off'd by trying to screw over the wrong client, and he'd get to meet him in hell.
</csb>

A Fark Handle: CitizensUnited: There are 147 million households in the United States.

64% of which own a home.

66% of those have a mortgage.

147,000,000*.64*.66 = 62,092,800 people this could possibly effect.

way to address 1/62,092,800 of the problem.

This, THIS, will turn things around.

//rolls eyes.

isn't it 1/62nd?

yeah. good point. I swear I can count.

Pocket Ninja: I'm sure it will offer as much assistance and consideration to those people who bought sensibly sized houses within their budgets, planned well in terms of their financing options, and have remained current on their mortgages despite their homes shedding value as it does to those people who took out 5-year ARMs to purchase McMansions four times the size they needed and stopped making their payments 6 months ago.

Oh yeah!

Just like those of us that didn't enter the market because we saw how over-inflated it was and how disaster was brewing, we're going to be rewarded with taxpayer money and legal concessions too, right? Right?

YouPeopleAreCrazy: notsureifserious.jpg

"What? Who's Bush?"

Leet Jesus: - If you ran a bank, you kept your job and bonuses.
- If you ran a hedge fund, you kept your profits and your bad loans were repaid.
- If you sold real estate or mortgages, you kept your commissions.
- If you bought a house you could not afford, you kept it and got a partial refund.

If you managed your finances sensibly and put your money in the bank, you got to pay for it.

What have we learned, class?



Mongo just a pawn in game of life.

Gothnet: Oh yeah!

Just like those of us that didn't enter the market because we saw how over-inflated it was and how disaster was brewing, we're going to be rewarded with taxpayer money and legal concessions too, right? Right?

It's called "social justice". Learn to love it.

Sounds like smoke and mirrors to me. I bet they help a few home owners...use one of them as a prop for the President's State of the Union speech, and most home owners will still be farked, while the banks go scot free.

AverageAmericanGuy:
"The workers who were hired about the eleventh hour came and each received a denarius. So when those came who were hired first, they expected to receive more. But each one of them also received a denarius. When they received it, they began to grumble against the landowner. 'These men who were hired last worked only one hour,' they said, 'and you have made them equal to us who have borne the burden of the work and the heat of the day.'

"But he answered one of them, 'Friend, I am not being unfair to you. Didn't you agree to work for a denarius? Take your pay and go. I want to give the man who was hired last the same as I gave you. Don't I have the right to do what I want with my own money? Or are you envious because I am generous?'

"So the last will be first, and the first will be last."

This.

Basic instructions before leaving Earth.

-----

That's a bad analogy. The landowner was paying the workers with his own money.

The proper analogy would have the landowner collecting a denarius from the earlier workers, then handing it to the later workers on the premise that it was in everyone's best interests.

Leet Jesus: - If you bought a house you could not afford, you kept it and got a partial refund.

Yeah, keep thinking that. Hint: look at all the "bank-owned" signs.

Ok, I've only had one mortgage in my life, and I have 20 years left on the 30. I got it, and pay it. What does, "writedowns in the size of their mortgages" mean exactly?

great, more handouts and bailouts.

how about someone has to actually prove there were a victim?

plenty of people took loans they couldn't afford thinking that real estate would never go down in price.

Spartan_Manhandler: Leet Jesus: - If you bought a house you could not afford, you kept it and got a partial refund.

Yeah, keep thinking that. Hint: look at all the "bank-owned" signs.

Oh right, I forgot about them. Those guys keep the boat and TV they bought with their home equity loan before they lived rent free for two years and then mailed the keys back to the bank.

Leet Jesus: Spartan_Manhandler: Leet Jesus: - If you bought a house you could not afford, you kept it and got a partial refund.

Yeah, keep thinking that. Hint: look at all the "bank-owned" signs.

Oh right, I forgot about them. Those guys keep the boat and TV they bought with their home equity loan before they lived rent free for two years and then mailed the keys back to the bank.

...and then they blamed someone else for their financial problems...

I just payed off my mortgage today with my severance, so I'm getting a kick out off these replies...

oh, wait...

Leet Jesus: Oh right, I forgot about them. Those guys keep the boat and TV they bought with their home equity loan before they lived rent free for two years and then mailed the keys back to the bank.

Or their jobs were outsourced, their replacement job was 85 miles away each way, they were farked over by both BofA and Fannie Mae, their modest house was sold out from under them, and they ended up with two small cars, one of which has 341,000 miles on the clock from the commute, and a mass of credit card debt from trying to keep up with mounting energy and food prices while trying to make repairs on their modest house.

tenpoundsofcheese: ...and then they blamed someone else for their financial problems...

Yup, it's their fault that their house lost half its value and their job was eliminated.

Spartan_Manhandler: Yup, it's their fault that their house lost half its value and their job was eliminated.

Ya know, can't you morons acknowledge that there are some cases of BOTH scenarios? Some people deserve some public assistance and some don't. The black-and-white worlds you live in must be terribly boring and predictable.

Spartan_Manhandler: tenpoundsofcheese: ...and then they blamed someone else for their financial problems...

Yup, it's their fault that their house lost half its value and their job was eliminated.

Well... Yes, it is. Their choice not to prepare for possible, even foreseeable events.

Meanwhile, people who have great credit, jobs and income to support themselves are finding it easier to climb K2 backwards at night than getting a mortgage closed in a reasonable time.

Fark the assclowns who got themselves in too deep.

Leet Jesus: The proper analogy would have the landowner collecting a denarius from the earlier workers, then handing it to the later workers on the premise that it was in everyone's best interests.

I'm sorry, do you think current homeowners with up to date mortgages are paying AND the ONLY ones paying for bad deals by other homeowners? I want to live in that world.

Leet Jesus: - If you ran a bank, you kept your job and bonuses.
- If you ran a hedge fund, you kept your profits and your bad loans were repaid.
- If you sold real estate or mortgages, you kept your commissions.
- If you bought a house you could not afford, you kept it and got a partial refund.

If you managed your finances sensibly and put your money in the bank, you got to pay for it.

What have we learned, class?

Exactly what I was coming here to say. If they start doing this bullshiat without helping all of the responsible homeowners who are getting farked, I'm walking away from my mortgage.

fark 'em all.

GoodyearPimp: Leet Jesus: The proper analogy would have the landowner collecting a denarius from the earlier workers, then handing it to the later workers on the premise that it was in everyone's best interests.

I'm sorry, do you think current homeowners with up to date mortgages are paying AND the ONLY ones paying for bad deals by other homeowners? I want to live in that world.

No, I don't have a mortgage and I'm paying. But I know who is not paying - the ones getting the writedowns. Evidently they don't have any money.

Am I the only one to recognize an election year ploy to help buy a few votes?

This will not do nearly as much good as the harm that was done over the past several years under both parties.

AngryDragon:
Exactly what I was coming here to say. If they start doing this bullshiat without helping all of the responsible homeowners who are getting farked, I'm walking away from my mortgage.

fark 'em all.

Hey, what about helping families like mine that didn't buy a house at all? That lived in an undersized apartment, deferring the "dream home" for 5 years (and counting) until we had saved enough to make a financially sensible decision?

Will I be paid reparations? Will my children get to go to the school district of my choice now?

Leet Jesus: AverageAmericanGuy:
"The workers who were hired about the eleventh hour came and each received a denarius. So when those came who were hired first, they expected to receive more. But each one of them also received a denarius. When they received it, they began to grumble against the landowner. 'These men who were hired last worked only one hour,' they said, 'and you have made them equal to us who have borne the burden of the work and the heat of the day.'

"But he answered one of them, 'Friend, I am not being unfair to you. Didn't you agree to work for a denarius? Take your pay and go. I want to give the man who was hired last the same as I gave you. Don't I have the right to do what I want with my own money? Or are you envious because I am generous?'

"So the last will be first, and the first will be last."

This.

Basic instructions before leaving Earth.

-----

That's a bad analogy. The landowner was paying the workers with his own money.

The proper analogy would have the landowner collecting a denarius from the earlier workers, then handing it to the later workers on the premise that it was in everyone's best interests.

Heidi Is The Proprietor Of A Bar In Norfolk

Her story will explain the messy economic calamity that has engulfed the entire developed world. But, I have gotten ahead of myself. Let's get back to the story ...

In order to increase sales, Heidi decides to allow her loyal customers - most of whom are unemployed alcoholics - to drink as much as they please and pay later. She keeps track of the drinks consumed in a big ledger (thereby granting the customers loans).

Word Spreads

Word gets around and, as a result, increasing numbers of drunks flood into Heidi's Bar. Taking advantage of her customers' freedom from the need to make immediate payment, Heidi dramatically increases her prices for wine and beer. Of course, no one complains. As expected, her sales volume increases massively.

The Bank Loves Heidi

A young and dynamic Customer Service Consultant at the local bank recognizes these customer debts as valuable assets and increases Heidi's borrowing limit. He sees no reason for undue concern since he has the debts of the alcoholics as collateral. The Customer Service Consultant is promoted for his insights.

At the bank's corporate headquarters, Securities Analysts transform these loans into PukeBonds and BarfBonds. These securities are then traded on stock markets worldwide. No one really understands what these kinds of bonds actually are and how they are secured. Nevertheless, as their prices continuously climb, these securities become top-selling items.

The Bank Gets Nervous

One day, although the prices are still climbing, a Risk Manager of the Bank decides that the time has come to demand payment of the debts incurred by the drinkers at Heidi's Bar. The Risk Manager is, of course, fired for his negativity. In the meantime, though, the drunks cannot pay back their debts and Heidi cannot fulfill her loan obligations to the bank. Heidi claims bankruptcy. Word gets out.

Markets Crash. Small Businesses Fail

PukeBonds drop in price by 95 %. BarfBonds, though, perform better, stabilizing in price after dropping by only 80%. The suppliers of Heidi's bar, having granted her generous repayment terms and having invested in PukeBonds and BarfBonds are suddenly in desperate financial situation themselves. Her wine supplier claims bankruptcy; and her beer supplier is taken over by a competitor.

The Government To The Rescue

The Government sees the failure of these small businesses as part of the economic fabric, until the Bank that extended the loans - and caused the entire problem - suddenly faces its own desperate financial situation. You see, the senior officers of the bank and the elected officials in the Government all went to the same school and golf at the same club. So, it is obvious that something needs to be done.

The Bank is saved by the Government, following dramatic round-the-clock consultations in a concerted effort by leaders of all political parties. And, the debts of the unemployed drunks are paid in full by the Government in order to prevent widespread personal bankruptcies.

And, Now For the Punch Line

Where does the money come from for this bailout of the Banks and the drunks? This is the best part.The bailout is funded by a new tax levied on fully-employed, fiscally-prudent non-drinkers. And, that's the whole story explained. All the rest is cover-up.