Fault of the bad loans was:??

Well, I have researched that very question on this blog, right cheer!
Cording to them what comment here in the major, hit were laws thet said banks had to make bad loans in sartin parcenteges in sartin areas.

Wharas afore, banks red-marked off sartin areas on a map as places what they wanted no loans made---not even applications taken due to it bein a "bad area." Givament sed, no, you nede to consider people not areas.

Well sum started to take applications thar, what mad the uthers start ulso. Whut they done was raze the interest rates out the sky so as a defalte of up to 20-30 parcent mak no diff to tne bank---they wuz kivered!

Wal so meny got so bad that they "bundled them in fodder twine and sole the rites to em to further smarter crooks who furter bundled em to bundle buyers.
The bundle buyers even insured em with insurance companies who run outen muney whan sum got cashed in by forclosin stuf!

Thar didn't seam tuh be no law what sede thet loans had to be mad to them what made little or no muney nor even worked.
Or even ware bilt in terible, horible neighburhoods.

The administrution tarned there heds 90 degres all thu while it seamed--even the SEC and the NROTC, and the S & E, and bank zaminers, and all.

Times ware to gude to stop it! We git in deep. The end is nere!

Bankes stoped lending much of enythang to enybodie ceptin thar frends and whut they could borrie frum the Fed at 0% intrest. They tuk what bilions admin give em and paide the oficers and stockholder wif it and made big parties.'
'
Now nuffin they got worf a dime. Whut to do?
Put en severl printed trillion mor, I think--long as wurld wil let us do hit!

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Seven Month Calm?
Submitted by Bonkers on Sat, 09/19/2009 - 4:59pm.

Whatcha think?

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Bonker$
meanoldconservatives's picture
Submitted by meanoldconservatives on Sat, 09/19/2009 - 5:56pm.

"Whatcha think?"

I think all these blogs you wrote months ago still suck. You going back and responding to yourself still doesn't generate much interest, does it?


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Bonkers: fault
Submitted by Nitpickers on Wed, 12/17/2008 - 5:49pm.

You are close to the answer but the facts are that when banks loan money they expect to get paid back with interest.
If the feds want to pay it for people that is OK providing they pay it all.

We can not do away with the locals who form banks locally and hire pros to build up business with bad loans, then sell their stock to chains for a lot of dough. The generation of credit card business is also very profitable---or was.

We will be short of multi-millionaires locally if we cut them off at the pass!

So far they are still getting their dividends out of the bail-out.

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Nitpickers: money changers
Submitted by Bonkers on Thu, 12/18/2008 - 4:48am.

Weren't these the kind of people who Christ threw out of the Temple?

You know, paper shufflers--no product--just a chance to make extra money on your money without working?

Somewhat like Vegas, Alabama, Mississippi, Tennessee, and Indians everywhere!

The Lottery is even worse since the odds are so bad--for people bad at math! It is similar to the stock market in New York, institutions who use computers to control the ups and downs, leave me a single trader out of any influence on the market.
Now large groups can beat the lottery odds greatly by using scientific methods to pick numbers that reduce the odds. A group just won the Mega Lottery that way.

Since we don't make many products in the USA, the only way to make money is off those dumber than you are!

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Bonkers was closer
JeffC's picture
Submitted by JeffC on Wed, 12/17/2008 - 7:15pm.

It wasn't a fact that "when banks loan money they expect to get paid back with interest". What they expected was to bundle the loan and sell it off to Fannie and Freddie.


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Jeff: Loans
Submitted by Bonkers on Thu, 12/18/2008 - 4:37am.

Maybe technically I'm incorrect, but when a local bank approves a home loan, I think they are for that moment the "loaner."

They also plan to get money from the "sale" of the loan to Wells Fargo or somebody!

In other words they don't care whether it is a good loan or not---just for sale.

The "BIG" question is: how much collusion was there from the local loan preparer all the way to AIG that caused this mess?

Would you loan your personal money to someone without a job and very low wages, or no wages? Unless you could get insurance to cover it?

Would all that be legitimate?

I, for one, think they all knew it was a PONZI!

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Good Grief
Git Real's picture
Submitted by Git Real on Wed, 12/17/2008 - 8:10pm.

Is Bonking Nitpickers debating himself again? Puzzled


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