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Predatory Lenders
Everyone seems content to blame Bush for the bad economy.  Rest assured he has nothing to do with our economy being in such horrible condition.  It is brought about by the fact that Americans can no longer save money even when they want to and try.  If the average family stays in their home about 5 years and even if they have a fixed mortgage with a low rate of 6% how in the world can they build any equity if 80 to 85% of their monthly payment is going toward paying the interest??  The same with auto loans.  It used to be that Americans could build equity even when homes were depreciating due to their age.  But during tose days we did not have front end interest loaded loans.  As long as we sit on our butts and allow these criminals to operate and our government officials who get bought off by these Predatory Lenders then quite naturally we are all going to go belly-up!   I could give you many details if any one is interested.  chuck gilliam
Posted by bigboy12 on 2008-04-22 17:33:34 | Rating: n/a | Views: 105


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Posted by
bigboy12
on 2008-04-22 17:40:51
 
Everyone should take a real good long look at their choice for president. Hillary is the one that voted a cap on Credit Cards at 30%. Wow, what a favor! (I'm being facetious.)
 
 

Posted by
Amortiseur
on 2008-04-23 11:44:30
 
YES. YES. YES.
Please, keep speaking out. Please, keep telling your loved ones, your friends, acquaintances about predatory credit practices.

Thankfully, Congress is soon to vote on a bill that will rate credit card corporations. On a scale of one to five, one being the shitty predatory cards, and five being the ideal credit card, credit card companies will be ranked similarly to how WE are ranked with credit ratings.

Basically, it will turn the tables and let consumers know how safe it is to borrow from these corporations, since they already have a way of finding out how safe it is to LOAN to us (credit ratings).
 
 

Posted by
Nutshell
on 2008-04-24 18:54:23
 
You really feel sorry for somebody that bought a house that costs 85% of their monthly income? Sure blame the bank and not the consumer.
 
 

Posted by
Nutshell
on 2008-04-24 18:58:39
 
Disregard the last comment I read your blog incorrectly. Mortgage payments are always paying mostly interest in the front end and have always been. The problem is people were doing whatever it took to get into the housing boom and got over their heads. I still blame the consumer, nobody forced them to buy these homes.
 
 

Posted by
bigboy12
on 2008-04-25 11:01:27
 
Nutshell; you obviously misread my blog the second time, also. THE FACT of the matter is, homes used to depreciate as they became older, AND loans were NOT always front end interest loaded. I don't feel sorry for 'poor slobs' unless they became that way BECAUSE of the efforts of others. It appears that those of our society that have been denied the benefits of an education are the very ones that become the 'stupid consumer' AND the very ones that are preyed upon by those more fortunate. If EVERY ONE of us were equally educated our so-called DEMOCRACY would be non existent. We have to have the different classes of people and the different levels of brain-power at work so the Governor and others will have someone to advise them, chauffeur them, clean their mansion, and to haul off their garbage. BUT, that does not mean these 'poor slobs' do not deserve to live in a half way decent home, drive a decent car, and to NOT be taken advantage of for the sole purpose of others to get rich, live in their gated communities with armed guards, and all the while trying to get legislation passed to take away the guns from these same 'poor slobs' that just may need them for protection from the other 'poor slobs' that may come around to take away what little they have. The extremely rich MUST keep dissension among the 'natives' to detract from themselves. I could go on for quite a long time, but I think I'll just close this 'tag' by telling you that YOU too could very well fall victim to the 'haves' but you lack the education perhaps to realize it.
 
 

Posted by
Nutshell
on 2008-04-25 23:16:51
 
Despite your usual insults I will rebut...right from the beginning of that comment...

-might have misread was drunk
-homes DO depreciate...land usually does not.
-interest in the US is ALWAYS higher in the beginning..you're paying interest on the principle and it it the largest in the begining.. only makes sense.
-agree about poor slobs & others
-I paid for my own college so have no pity for those that have not...worked the old fashion way..
-None of us will EVER be "equally educated" because we do not have the same intelligence. Also, we all vary in motivation.
-Motivation = some advisors, chauffeurs, cleaners, haulers...not necessarily intelligence. You really think all Governor's officials are smarter than you?- motiviation
-These "poor slobs" can have whatever they want in life if they are willing to work for it. I know a guy that is worth $60 Million and has no high school degree.
-I have a friend in Florida that lives in a gated community and makes $50k per year....
-I own a 4-10 shot gun, 30-30 rifle (scope) and a 12 guage.
-"extremely rich MUST keep dissension" such a typical, demeaning phrase that makes the rest of us sound like such moron puppets being played by these "super rich" puppet master... I'm no puppet but perhaps you are.

Hope this comment answers your wrap up of, "but you lack the education perhaps to realize it."....least I paid for mine.
 
 

Posted by
bigboy12
on 2008-04-26 09:46:34
 
Now I know why you selected "nutshell" as your user name. You must have grown very long arms to be able to pat yourself on the back so much. I will not answer anymore of your 'well educated responses'.
 
 


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