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How is this a good idea?

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impulse418 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote impulse418 Quote  Post ReplyReply Direct Link To This Post Topic: How is this a good idea?
    Posted: 02 September 2011 at 7:27pm
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merc View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote merc Quote  Post ReplyReply Direct Link To This Post Posted: 05 September 2011 at 8:20am
link fail?
saving the world, one warship at a time.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote super_gman Quote  Post ReplyReply Direct Link To This Post Posted: 05 September 2011 at 11:15am
The link works for me.

I love how Fannie Mae and Freddie Mac are trying to assume zero responsibility for the risky investments that they themselves purchased. Kind of a shame that, more than likely, tons of money will be spent on this lawsuit when there shouldn't even be one at all.
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Mack View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mack Quote  Post ReplyReply Direct Link To This Post Posted: 07 September 2011 at 12:59pm
I'm fine with them hosing over the banks.  While Freddie and Fannie should take some responsibility as well, the banks that took government money did not seem to be in a hurry to help anyone with their mortgages.  I know folks that were struggling and falling behind and Bank of America wouldn't talk to them when they asked for help with changing their mortgage because they were keeping up payments and BoA didn't see any change to the mortgage as necessary..  When they finally fell behind, BoA wouldn't negotiate with them because they were behind on payments and were thus a bad risk.  When they tried to get out of the mortgage through short sale or using the assistance programs the government supposedly funded, BoA wouldn't talk with them because BoA didn't want to take a loss.  When they quit paying and abandoned the place, BoA still wasn't willing to do anything other than demand payments on the original schedule.  Once BoA realized they were stuck with a place worth much less than the mortgage value they acted like they might be willing to negotiate, but it was too late by then.  (And, BoA's idea of negotiation was to knock a miniscule amount off of what was owed and demand immediate payment.)

I've heard similar tales regarding other lenders . . . so I have no sympathy whether this is just or not.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ParielIsBack Quote  Post ReplyReply Direct Link To This Post Posted: 08 September 2011 at 10:59am
The issue here is that the banks didn't properly vet the products they were selling, then sold them as less risky investments than they were.  A number of banks have already been successfully sued and payed out billions of dollars for this, which is why this is happening now.

As Mack said, the banks' response to mortgage problems in the past three years has been atrocious.  They've essentially held mortgage-owners financially responsible for their own unethical bond selling practices.
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impulse418 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote impulse418 Quote  Post ReplyReply Direct Link To This Post Posted: 09 September 2011 at 3:24am
How do you sue nearly bankrupt, banks?

We need to nationalize the banking system once and for all.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Gatyr Quote  Post ReplyReply Direct Link To This Post Posted: 09 September 2011 at 3:42pm
Originally posted by impulse418 impulse418 wrote:

How do you sue nearly bankrupt, banks?

We need to nationalize the banking system once and for all.

Confused
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