T1B

War Wagon wrote:Golly, I hate to see what would've happened had the Fed defaulted.

Mikey wrote:Thanks Tea Party for scaring the holy shit out of the markets.

War Wagon wrote: weak manufacturing, home building, consumer spending does.

Bizzarofelice wrote:

War Wagon wrote: weak manufacturing, home building, consumer spending does.

and Europe.

Dinsdale wrote:Whitey -- maybe not where you live in Thumperville, but look at comments from a newspaper from a "liberal city" (like mine, for example), and yes -- OBVIOUSLY the "tea-baggers" are responsible for every evil in the country.

I mean, the nerve of them... not wanting to pay off a credit card with another credit card.

mvscal wrote:

Bizzarofelice wrote:

War Wagon wrote: weak manufacturing, home building, consumer spending does.

and Europe.

...and Japan...and downward revisions to Q2 "growth"...and (justified) fears of another round of quantitative easing on the horizon.

Prices for Treasury securities jumped Thursday, sending the yield on the two-year note to a record low, as investors rushed to U.S. government debt in search of safety.

http://hosted.ap.org/dynamic/stories/U/ ... 4-17-26-23

Atomic Punk wrote:Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say?

War Wagon wrote:

Atomic Punk wrote:Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say?

How is BOA screwing anybody?

People signed pieces of paper. They knew the terms of the loan or they were too stupid to have signed that mortgage in the first place. They defaulted on the loan. They lose their home. Pretty simple stuff.

War Wagon wrote:

Atomic Punk wrote:Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say?

How is BOA screwing anybody?

People signed pieces of paper. They knew the terms of the loan or they were too stupid to have signed that mortgage in the first place. They defaulted on the loan. They lose their home. Pretty simple stuff.

Atomic Punk wrote:"Balloon payments" and "hidden fees" designed to where only an intelligent lawyer could figure out the mortgages are what happened/is happening slappy.

War Wagon wrote:How is BOA screwing anybody?

Dinsdale, from a couple-month-old thread, wrote:Feel free to call "bullshit" on this one... I would, if I wasn't privy to it unfolding...

About 4 years ago, give or take, a friend of mine bought his first house. Got an absolute "liar loan,"and if I remember right, din't even have a job at the time (or had just started a new one). Got himself a good job, has never missed or been late on a payment. His loan wasn't with BoA, but they apparently got it in the musical-loans game.

His plan, like everyone else buying during the boom, was to make the payments, get some equity, and refi.

Then came the crash, which hit this area harder than most. Still, he never missed a payment.

So BoA calls him, and tells him "you have a balloon payment coming up in a couple of years, and that's when houses get foreclosed on. The government wants us to ditch the 'troubled assets,' and get out of upside-down loans."

And here's where the story starts testing the limits of believability, but I'm not making this up.

So my friend tells them: "I agree. Since I make good money and have never missed a payment, I'd love to refinance with you -- make it longer, make the payments a little higher... whatever -- let's just ditch the balloon, and we're good."

BoA: "Uhm.... no. We can't loan more money than the house is worth. Got $40,000?"

Friend: "Would we be having this conversation?"

BoA: "There's a government program for people in your situation. It's called a HAM, which you qualify for. Instead of getting foreclosed on, you'll walk awat with about 4 grand."

Friend: "If I can't get refinanced, I guess I'll take it, although I'd rather keep my house. Sign me up."

OK, this is where shit gets crazy...

BoA: "In order to qualify, you need to be at least 60 days behind on payments. You need to be at least 60 days behind in payments, so you need to stop making payments before we can sign you up."

My friend found this pretty odd, but since his bank told him to, and was offering him cash to walk away, he did as told.

60 days later, he calls them up.

Friend: "It's been exactly 60 days, let's get this ball rolling."

BoA "Uhhhh..... yeah, about that HAM/buyout dealio -- you make too much money to qualify."

Friend "You knew how much money I made when you told me to stop paying."

BoA: "BUT... we do offer our own private version of the HAM."

Long story slightly shorter -- the new deal they hit him with has higher payments, and a bigger balloon. While not a financial guru, he ain't an idiot either, and told them to go KCScott themselves.

Their response was the jaw-dropping part...

BoA: "Well, since you're not going take the new deal... you're 60 days behind, so we're starting foreclosure tomorrow."

Again -- dude was never so much as late with a payment until they told him not to pay them.

I think there's some lawyers involved now.

And no, I didn't make this up.

Mikey wrote:Pops should be happy. His prediction is finally coming true, only a year and a half late. I guess if you wait long enough almost anything is sure to happen at least once.

Wagon wrote:We were told that if the debt ceiling wasn't raised, financial chaos would ensue. Utter ruination, worldwide panic.

poptart wrote:

Mikey wrote:Pops should be happy. His prediction is finally coming true, only a year and a half late. I guess if you wait long enough almost anything is sure to happen at least once.

I don't know how a person could not recognize that Barry's economic policies would bring on disasterous results.

Wagon wrote:We were told that if the debt ceiling wasn't raised, financial chaos would ensue. Utter ruination, worldwide panic.

ObaMao (and many other @ssholes) told people the exact opposite of what is true.
Per norm.

'Chaos' is, as Dinsdale accurately said, thinking you can solve a critical debt problem by... taking on more debt.

No cuts were made.
We were merely promised (*wink*) that the rate of debt increase would be lowered a bit.

Yes, as a raging fire engulfs your home, instead of hosing it down with 10 gallons of gasoline, you decide to scale it back to 8 gallons.

Genius.


The 'tea party' representatives were the only rational adults taking part in the debt ceiling negotiations.

poptart wrote: debt ceiling negotiations.

Screw_Michigan wrote:Dins is right, that shit has been reported in media outlets all across the country.

Dinsdale, from a couple-month-old thread, "Feel free to call "bullshit" on this one...

Dinsdale wrote: Lawyer said that since they keep sending him thesame modification paperwork (that he's filled out and been denied on multiple occasions), it means they don't have physical copies of his paperwork, and they're buying time. Lawyerdude told him to continue not making payments, and sock the money away/hide it, since lawyerdude has another client in the same boat who's been living payment/rent free off BofA for almost 2 years.

Dude says take the money he would have made payments with (again, my friend has a stable job and is well-paid), and in a couple of years, he'll have one hell of a down payment to start over with.

In short, the attorney said that rather than fight them, use their game to your own advantage. Live rent-free off them as long as possible.

My friend is buying all sorts of crazy shit (boat, etc.) that can be put in other people's names, and sold for $$$$ down the road. Meanwhile, he's living in a nice, large house on BofA's dime. Sure, his credit will be wrecked for a few years, but damn, SatanofA is sure letting him build a mean bankroll.

War Wagon wrote: More bullshit.

The sad part is that there are stupid motherfuckers who will read shit like that and believe it, then be all butt-hurt when the mortgage company comes back on them and sues for what the schlep still owes them.

Dinsdale wrote: And yes, my friend, along with millions of other people, signed on for a balloon, since that's pretty much all the industry wanted to give anyone. No one anticipated that there would be collusion among the lenders, and that they would be so rigid in wanting to seize assets, rather than allow people to refi their way out of the balloon.

Goober McTuber wrote:I think what Dinsdale meant was that the ARM loans/balloon knot payments were pretty much all the industry wanted to give to anyone who didn't qualify for a standard fixed rate mortgage. When they should have been just showing them the door.

Mikey wrote:

poptart wrote: debt ceiling negotiations.

Right there you've outed yourself once again as a completely brainwashed/braindead fool.

poptart wrote:S&P Downgrades U.S. Credit Rating From AAA

Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.





Those DAMN TEA PARTIERS!!!!1!!


errr...



http://www.foxnews.com/politics/2011/08 ... downgrade/

'No risk' the US will lose its top credit rating, says Treasury's GeithnerBy Michael O'Brien - 04/19/11 10:33 AM ET

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.

"No risk of that, no risk," Geithner said on the Fox Business Network.

http://thehill.com/blogs/on-the-money/b ... dit-rating