Putting predatory housing lenders in charge of the economy

>Putting predatory housing lenders in charge of the economy.

So...about that draining the swamp business...

What's it feel like to be a bunch of rubes that bought the bullshit and were totally cheated?

>Source:
cnbc.com/2016/11/30/donald-trump-nominates-steven-mnuchin-as-treasury-secretary-wilbur-ross-as-commerce-secrtary.html

Other urls found in this thread:

en.wikipedia.org/wiki/2010_United_States_foreclosure_crisis#Robo-signing_controversy
bloomberg.com/view/articles/2015-09-14/turns-out-the-housing-crisis-wasn-t-all-about-subprime
twitter.com/SFWRedditImages

Not me. I voted Epstein.

When someone takes a loan and does not pay it back, there's only three possible solutions:

1) The taxpayers, against their will, are forced through the threat of state violence, to bail out the troubled bank and cover the damages
2) The depositors, against their will, and with no other recourse available to them, are forced to bail in the troubled bank and cover the damages
3) The person who chose to take out the loan and no longer pay for it, loses the property he acquired with that loan.

In every free, democratic, fair and just society, option 3 is the only good choice.
This is not rocket science.

They should have never been granted the loans in the first place, they were granted with the intent of having them foreclosed on. If you want to defend a bunch of bank jews, go for it, I can't stop you from being a cuck and jew enabler.

4) he gets sent to greece

This.
If we did #3, they wouldn't give loans to people who can't pay them back. You know why? Cause they lose money by doing that!

No, they gave loans knowing they couldn't possibly pay them back because they then receive several payments before the loanee can no longer keep up, then they get to keep the house too. That's the profit.

It feels bad, man.
Should have known that Trump would be just as establishment as any politician.

Who cares I voted for him to make liberals cry and kick out some beaners

Your right unless every kike banker is thrown from a airplane and democratic victory is pointless

Obama was already doing the latter. Hillary would likely have done the same. In fact, Trump may deport even fewer than Obama has.

Banks never make money on foreclosed homes, they just recoup some of the losses
They literally do not want to do it

this

Obama has already rapidly been deporting mexicans, more than any other president before him, but he didn't babble or run his mouth about it so people assumed it just wasn't happening.

Trump's actual policy for dealing with immigrants sounds less harsh than Obama with the exception of making some big, stupid, unrealistic, overpriced wall that does nothing but give warm feelies.

Here, you may learn about predatory lending.

They literally cant answer that quesion OP

With a rightie the cognitive dissonance is so deep that objective reality no longer holds sway

We just elected a reality tv star billiobaire as president

Its the fall of rome v 2.0 , facts dont matter anymore friend

>predatory lending
A term that does not generally apply to mortgages outside of rabid left-wing Marxist circles.

Is making libs cry worth putting predatory billionaires in charge of shit that you're probably going to be using in the future? They're going to look after their wallets more than the middle class.

>predatory
You wouldn't prey on worthless moronic blacks if you had the chance?

>Force banks to give loans to shitty people
>Blame predatory lending

>Obama has already rapidly been deporting mexicans,
Obama change the definition of deportation, see also "mass shooting" now being a firearm discharged near a group of people and suddenly we have thousands and thousands of "mass shootings" every year, OY VEY turn in your guns because scary numbers!

He was part of a scandal where banks improperly foreclosed on houses that weren't even delinquent on their loans.

en.wikipedia.org/wiki/2010_United_States_foreclosure_crisis#Robo-signing_controversy

This was in part due to MERS where the home owner would have 3+ banks separately holding contracts/collateral/or collecting the mortgage.

So basically you were dealing with banks swapping who owned your mortgage without your consent and even though it was completely unspecified in the original contract.

Robo-signing alone is illegal as fuck and the mortgage foreclosure crisis in general led to the biggest fines every dished out by the SEC.

>reality tv star babby billionair
or
>20 year veteran of corruption and lies

>this greek shill

Trump is going to fuck over a whole bunch of supporters who placed all of their economic anxieties on immigration.

He won't have that excuse once the beaners leave.

>it's the,"they're coming for your guns," argument despite no one ever coming for your guns

Nice meme.

• A constitutional amendment imposing term limits on members of Congress
• A ban on federal employees lobbying the government for five years
• A ban on members of Congress lobbying for five years
• Tighter rules about what constitutes a lobbyist, instead of letting people call themselves consultants
• Campaign finance reform limiting what foreign companies can raise for American political candidates
• A ban on senior government officials lobbying for foreign governments

Lie and cry more

He will keep exactly none of those promises. Not even campaign finance reform.

The Sandy Hook gun grab did occur, and the former President berated the American public for disagreeing with him when it blew up in his face.

Most presidential elections usually come down to choosing between the lesser of two evils. Seems like America didn't end up with the lesser one this time.

>3) The person who chose to take out the loan and no longer pay for it, loses the property he acquired with that loan.
And then he gets the partial money he paid for the loan back, right?

RIGHT?
Right?

I can't even believe Sup Forums is actually defending what the banks were doing in the 2010 Foreclosure Crisis

You guys will backpedal everything

DOn't be a broke fucking nigger living above your means and maybe you wouldn't lose your fucking house. A loan cannot be predatory because you are required to be aware of your own financial situation. Trusting a bank is your first mistake, but lying to yourself about your financial security is most definitely your own mistake.

I'm gonna take a screenshot of this and laugh at you when you realize in 3 years that you've been duped.

Hiring a bunch of bankers, Wall St. assholes, Mitch McConnell's wife and Washington insider for Secretary of Transportation, Reince Priebus, decades old Senators, etc. is not "draining the swamp." But if it makes you feel cozy while you sleep at night, you can keep dreaming.

>predatory
>here you can support six homes earning minimum wage check out our low ADJUSTABLE APR!
>durr wut adjustable meen me like hav howz am rich now
>*crashes economy*

Fuck the jews who invented that shit but also fuck the retarded cunts who stared at the dictionary definition of "too good to be true" and went with it.

...

>everyone in finance is evil so financial experts should never hold public office
>Reince Priebus is evil because he's conservative or something
>all senators are evil trust me they are white too
>only incompetent people work on Wall St., the competent work in Africa I swear
>everyone is an insider if Cenk says so

Nice backpedaling, you retard leaf.
You're not even allowed to talk, go sit up there and think about hockey or some other shit nobody else cares about.

I have not backpedaled at all.

This post is proof that none of you have any idea of how the economy in 2008 came crashing down.

Hint: ARMs and the CRA didn't even make up a majority of subprimes.

>The value of American subprime mortgages was estimated at $1.3 trillion as of March 2007,[103] with over 7.5 million first-lien subprime mortgages outstanding.[104] Between 2004 and 2006 the share of subprime mortgages relative to total originations ranged from 18%–21%, versus less than 10% in 2001–2003 and during 2007.[105][106] The majority of subprime loans were issued in California.[107] The boom in mortgage lending, including subprime lending, was also driven by a fast expansion of non-bank independent mortgage originators which despite their smaller share (around 25 percent in 2002) in the market have contributed to around 50 percent of the increase in mortgage credit between 2003 and 2005.[108] In the third quarter of 2007, subprime ARMs making up only 6.9% of US mortgages outstanding also accounted for 43% of the foreclosures which began during that quarter.[109]

>By October 2007, approximately 16% of subprime adjustable-rate mortgages (ARM) were either 90-days delinquent or the lender had begun foreclosure proceedings, roughly triple the rate of 2005.[110] By January 2008, the delinquency rate had risen to 21%[111] and by May 2008 it was 25%.[112]

>By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure.[117] By September 2009, this had risen to 14.4%.[118] Between August 2007 and October 2008, 936,439 US residences completed foreclosure.[119] Foreclosures are concentrated in particular states both in terms of the number and rate of foreclosure filings.[120] Ten states accounted for 74% of the foreclosure filings during 2008; the top two (California and Florida) represented 41%. Nine states were above the national foreclosure rate average of 1.84% of households.[121]

>source: nigger apologist

You wrote something while saying nothing.

How about you actually EXPLAIN what Obama changed, definition wise, instead of just saying it.

They were forced to give out those loans by Bill Clinton.

I can't be bothered to look for it, but if you bother to look for yourself you will see that I am right.

Instead I am going to keep posting super silly pictures and ignoring your requests.

Knowing your own financial situation had nothing to do with it. Most people in the US get into mortgages because of the mortgage tax credit and being part of the rentier class of society is even worse (hint: it's legal for them to raise your rent arbitrarily in the US)

The banks on the other hand weren't even the a factor in the trust needed to sign ARMs. The credit rating agencies were all saying these loans were just as good.

The cost of being poor in the US is immense. And lol as a leaf you shouldn't even have the right to bitch because your real estate market is being cucked out by wealthy chinese people inflating the property of some shack in vancouver.

Those are his promises he told you, yes.
However, for some reason I feel he went back on a few promises before..

>waah I hate facts
KYS

CRA loans made up like

they'll defend it even though they know they got scammed hard

yeah this never happened but nice try

>ARMs...didn't even make up a majority of subprimes

I would Czech your facts there man. It's not about them being a majority. You don't need a majority of your cells to become cancerous to die. ARM's helped underpin CDO's and other mortgage-backed securities, with little bits of the high-risk/high-reward spicy NINJA ARMS chopped up between several products. The poisonous minority of bad loans spread to the key areas of investment in sufficient number to have a cascade effect when the first round of products failed to pay into the second-tier, and third tiers got shut out like junk.

Less to do with the CRA and more to do with imbeciles thinking a 10k sq. ft. home was attainable on their Postal Service pay. Watch "The Queen of Versailles" and take a hard look at the people interviewed peripherally to the main Jew's downfall. 2008 was about terrible investments by banks in products backed by terrible offerings made to retards by other financial entities.

>facts
Next you'll tell me that the Reptoids stole the pyramids from the blacks!

They count turning people away at the border as deportation now, moron

He does what the lobbyists want

ding ding ding

cite it

Most Americans don't sit around thinking about how they're going to get fucked

>people are saying
>I read somewhere

Nice source, faggot leaf.

Here's some footage.

I freely admit I'm not searching for anything, search yourself, it's really not a hard thing to find.

you libtards lost the right to be smug when your candidate got fucking destroyed

it doesn't exist, but that's the problem, faggots don't care about facts anymore, whatever feels good to them is now a "source".

Or as Trump would say, "I HEAAARD."

No. You still need to pay that debt.

Except under fractional reserve banking, the currency for mortgages is conjured out of thin air.

The bank says "OKAY! You're approved!", creates some currency, gives it to you, and makes you pay it back.

Seriously our monetary system is so fucked up.

>anti-establishment candidate

lol

What doesn't exist?

Anyone turned away at the border is now added to the number of "deported". This is an effort to mask the continued handcuffing of the border patrol and ICE from protecting against actual future liberals and cheap labor flooding in.

This is true

Also usury is a sin

Hillary (who I was against just as much as I was against Trump and is therefore NOT my candidate) getting destroyed, has nothing to do with a bunch of retards buying shit from a bullshit man and actually believing it tastes like chocolate...then when it tastes like the shit it is, they keep lying to themselves hoping the chocolate will be deeper in the center, hiding like nougat inside a Snickers bar, but nope, it's still just shit.

you can't choose just option 3 GREECE. >when you write a loan for say $100,000 this gets traded as a bond
>the US economy now assumes this $100,000 is now in circulation in the economy.(because they act as if it was going to be paid)
>when the debt defaults(no one pays), of course they are kicked off their property they don't own
>when the debt defaults, the US economy realizes it has $100,000 less then it thought it had.
>times this by 1,000,000 and you'll understand why the US economy realized it had BILLIONS less then it thought it had
>bailouts happen because billions just not being there will collapse the economy

the real redpill--heres your only possible solution:

1) steal billions from the taxpayers

this guy gets it. thanks you sir. you post brightened my day.

we've reached the stage where Sup Forumsacks pretend they didn't vote for trump and were actually feeling the johnson.
Next will be Sup Forums supporting the democrat in Louisiana

>it's a Bern victim
You realize his only purpose was to pacify the youth and prevent the Democratic base from fracturing under a new version of Occupy Wall Street? Which is why his rhetoric consisted wholly of meaningless slogans and DNC approved jabs at evil right-wingers apparently responsible for everything including the shit-stains in his underwear?

Bernie refused to even criticize the CORPORATE CANDIDATE when he could have ended her campaign within two weeks had he bothered to get aggressive.

The Wikileaks have shown that Bernie had cut a deal with the Clinton controlled DNC long before he actually announced his campaign. This same Clinton controlled DNC is the reason that Jim Webb dropped out calling the entire process a sham.

You should have supported Webb but you;re too fucking stupid to know when you;re being played by meaningless Leftist cliches.

uh huh, that's nice, you're still deflecting that the shit bar you chose to eat is still just shit and not a Snickers.

AHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA


NOW WATCH AS THEY CLAIM ITS STILL BETTER THAN HILLARY EVEN THOUGH THEY HAD PLENTY OF OTHER OPTIONS TO CHOOSE FROM DURING THE PRIMARIES


DAMAGE CONTROL THROUGH THE ROOF

I'm Canadian, and therefore did not get to vote. However, I am baffled that you know so little about your own country.

>not realizing Trump wants to annihilate the world economy to destroy the kike

Niggers and white trash get cheated for being retards

I dont give a fuck

First off, people with fixed rate mortgages had an insane 2.5-3.5 higher chance of delinquency than ARMs.

>Less to do with the CRA and more to do with imbeciles thinking a 10k sq. ft. home was attainable on their Postal Service pay. Watch "The Queen of Versailles" and take a hard look at the people interviewed peripherally to the main Jew's downfall. 2008 was about terrible investments by banks in products backed by terrible offerings made to retards by other financial entities.
That's the thing though. Some of these people who took up subprime mortgages weren't even poor. They actively encouraged people with good credit to take up subprime loans using teaser rates.

People with shit credit didn't get those teaser rates, and were expected to pay 4% more interest on anything than what someone with good credit was offered.

And above all the banks were the ones who hedged on the bet that housing prices would continue to inflate. When that failed, they received a bailout and then took who sections of housing off the market to artificially inflate value. Just go to some sections to florida to see what i mean.

Furthermore, the banks (ones you probably didn't even sign the paperwork with) weren't just going after people who missed payments in 2010-2011.

>The first reason is: It simply isn't true. Many people who are being foreclosed on have actually paid their bills and followed all the instructions laid down by their banks. In some cases, a homeowner contacts the bank to say that he's having trouble paying his bill, and the bank offers him loan modification. But the bank tells him that in order to qualify for modification, he must first be delinquent on his mortgage. "They actually tell people to stop paying their bills for three months," says Parker.
>The authorization gets recorded in what's known as the bank's "contact database," which records every phone call or other communication with a homeowner. But no mention of it is entered into the bank's "number history," which records only the payment record. When the number history notes that the homeowner has missed three payments in a row, it has no way of knowing that the homeowner was given permission to stop making payments. "One computer generates a default letter," says Kowalski. "Another computer contacts the credit bureaus." At no time is there a human being looking at the entire picture.

>The second reason the whole they still owe the fucking money thing is bogus has to do with the changed incentives in the mortgage game. In many cases, banks like JP Morgan are merely the servicers of all these home loans, charged with collecting your money every month and paying every penny of it into the trust, which is the real owner of your mortgage. If you pay less than the whole amount, JP Morgan is now obligated to pay the trust the remainder out of its own pocket. When you fall behind, your bank falls behind, too. The only way it gets off the hook is if the house is foreclosed on and sold.

Bailed-out/failed firms like Lehman, Bear Stearns, Goldman, JP Morgan, etc. didn't make home loans. They weren't "retail" banks; they were investment banks. So, no, nobody "forced" them to make loans.

>its the lenders fault!!! Not the retarx who took out a loan he couldnt afford.

Sick of this fucking meme and faggots who dont know anythimg about money banking and lendning

Even prime loans got hit hard by the financial crisis too

>Once that happened, the risk of those subprime loans became apparent. They'd always been bad credit risks, but that risk had been masked by the rising prices. Defaults started going up. The folks in the waiting room decided maybe they'd wait a little while to see how it settled out. Lenders didn't have money to make new risky loans. The subprime borrowers were the first to go, and the hardest hit. But without those subprime borrowers to fuel the bidding, prime borrowers suddenly found they'd overbid on their own slots. They had, in the dread banker's parlance, "negative equity."

>In other words, had we not been making risky loans to so many new borrowers, the bubble would probably not have expanded as rapidly as it did. But the subprime borrowers were not the only people, or even the majority of people, bidding on homes. Most of the bidding was done by better credit risks, with perfectly conventional loans. The buyers and the banks simply underestimated the risk that the prices of these homes would fall. And when prices fell, prime borrowers caught in bad situations -- deteriorating neighborhoods or deteriorating finances -- had little alternative but to default. Which is why your risk of default is best predicted, not by the type of loan you got or how much you put down, but by whether you had negative equity.

src: bloomberg.com/view/articles/2015-09-14/turns-out-the-housing-crisis-wasn-t-all-about-subprime

Good goy, it was the poor who at the levers of the housing market the entire time