Re: Update on youwalkaway.com


Posted by Paul on September 28, 2008 at 22:34:13:


In Reply to: Re: Update on youwalkaway.com
Posted by steele in minnesota on September 28, 2008 at 15:11:14:

Steele, I'm SHOCKED!!!!!!!!!!

What harsh language form a guy that understands the system, yet really doesn't understand it at all!

You deal with contracts every single day! Default language is in every single contract!!!!

Show me where it says I have to pay regardless of my ability to pay???? It doesn't!!!!!

The contract says if I don't pay I'm in default and this is what will happen!!! OK they didn't pay the banks get the homes!!! What's the problem??? The bank isn't happy because they have too many properties???

What, they don't want the homes???? AWE! Why not????

That's just tough!!!

Get off your higher than thou horse and follow the rules of the game!

It was certainly OK for bankers to devise adjustable rate mortgages and offer no-down, low down to people with scores of 500. NINA loans (no income, no assets)
Yes. I know the deal!!!! What could be crazier than that! Stated income, No docs! (Liar loans as known in the industry)

Start people off with a 6% loan with margins of 3.5. Fixed for one or two years! While getting "KICK-BACKS" from the bank, excuse me "yield spread premiums" of 1 to 3 points! Translation, on a $300,000 loan $3,000 to $9,000 for closing the poor homeowner that didn't have a clue what was going on!!!!! Then raising rates 17 months in a row pushing the borrowers rate to 10 to 12%. Forcing them into foreclosure. No problem, the bank bundled the mortgages and sold them to investors GLOBALLY!!! Calling them mortgaed back securities.

Sounds like Karma to me!!!!!!!!!!!!!

Now that the educate borrower is realizing his/her investment (the home) is dropping in value, because too many investors are "walking away" from what they thought was going to be easy money! Now the bankers and the DA want to call foul!!!!!

That's not how the game is played!

There's no stealing, except maybe the corporate exec's gettting millions from selling bogus paper to investors worldwide!!! I guess that's why the Fed's are investigating.

Don't blame that $700 Billion on the those not paying!

Blame it on those that thought they could leverage the market forever!!!! The bankers looking to make a fast buck off people that wanted to own a home!

That $700 Billion is NOT even a drop in the bucket compared to all the defaults currently on the books and future defaults coming!!!!! HELLO!!

At first Wall Street tried to blame it on the subprime homeowner. Now we know it was lack of regulations and Wall Street GREED!!!! On a global basis!!!!

Many call this a Wall Street bail out!!!

Not even close! It's the boy with his finger in the dike!!!! And he's getting tired!!!

No Steele, this isn't about morals, or theft. Its about
educated homeowners making a business decision. Lenders that thought they could play fast and lose with other people's money. A market based on hedge funds moving billions of dollars on a daily basis to make a few penny's per share and it all spells GREED!!!

No, I don't feel bad. I understand the game that's being played. I know the rules. I'm just upset, I didn't sell 18 months ago as I had planned. I'm upset at no one but myself! I knew the deal and failed to take action on a timely basis!

There is an out for all of us. But most won't take it, because they'll say that won't work! Isn't that the way it always is?

It all comes down to the movement of money!

Hopefully you'll see the other side of the coin. You can't make fast and lose rules and them complain because others are playing the game different than you expected them to play!


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