The government who else. Although ACORN and groups like it helped by using intimidation tactics.
The government who else. Although ACORN and groups like it helped by using intimidation tactics.
I hope you kicked that realtor to the curb. I tell people my clients all the time that even though they might 'qualify' for a certain price range it doesn't mean they can afford it. I don't want anyone I sell a house to, to become house poor.
(edited to correct major point error LOL thanks terry!)
Last edited:
Govt regulations forced the banks into giving the bad loans, for the same reasons they are trying to make it happen again. Banks were threatened with fines, sanctions etc if they did not comply with federal regulations. Then the feds turned around and blamed the banks.
This!!!!
Yeppers. There's about a dozen government agencies that monitor bank lending to ensure that minorities aren't discriminated against. This came from the "redlining" accusations in the 80's and 90's (which was essentially banks saying no to high-risk borrowers). Banks learned in a hurry to say 'yes' to bad lenders and then pass the risk on to Fannie/Freddie.
I did. Ended up buying through a realtor that worked with me at the glass plant. She got us hooked up with a house that we loved, before it hit the market.
And the threats start!
Fed warns big banks to reform or face breakup
AFP
15 hours ago
New York (AFP) - The Federal Reserve delivered a stark warning to the largest US banks Monday that they could be forcibly broken up if they do not reform their ways.
New York Federal Reserve chief William Dudley said that after paying well over $100 billion in fines in the past six years for bad behavior, banks should recognize the imperative to reform.
If the heads of the large banks do not change the culture that led to the fines, he said in a speech to top Wall Street officials, "then bad behavior will undoubtedly persist."
"If that were to occur, the inevitable conclusion will be reached that your firms are too big and complex to manage effectively. In that case, financial stability concerns would dictate that your firms need to be dramatically downsized and simplified so they can be managed effectively.
"It is up to you to address this cultural and ethical challenge," he told the bankers.
"So let's get on with it."
Dudley referred to the long list of professional misbehavior, ethical lapses and compliance failures at leading banks since 2008, when the industry plunged into an existential crisis after the housing market bust.
"The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system," he said, according to prepared remarks.
"As a consequence, the financial industry has largely lost the public trust."
Dudley, whose office oversees the activities of the largest US banks, rejected the idea that the problems arose from "the actions of isolated rogue traders or a few bad actors."
"The problems originate from the culture of the firms, and this culture is largely shaped by the firms' leadership. This means that the solution needs to originate from within the firms, from their leaders," he said.
"The consequences of inaction seem obvious to me -- they are both fully appropriate and unattractive," he added.
Fed warns big banks to reform or face breakup
AFP
15 hours ago
New York (AFP) - The Federal Reserve delivered a stark warning to the largest US banks Monday that they could be forcibly broken up if they do not reform their ways.
New York Federal Reserve chief William Dudley said that after paying well over $100 billion in fines in the past six years for bad behavior, banks should recognize the imperative to reform.
If the heads of the large banks do not change the culture that led to the fines, he said in a speech to top Wall Street officials, "then bad behavior will undoubtedly persist."
"If that were to occur, the inevitable conclusion will be reached that your firms are too big and complex to manage effectively. In that case, financial stability concerns would dictate that your firms need to be dramatically downsized and simplified so they can be managed effectively.
"It is up to you to address this cultural and ethical challenge," he told the bankers.
"So let's get on with it."
Dudley referred to the long list of professional misbehavior, ethical lapses and compliance failures at leading banks since 2008, when the industry plunged into an existential crisis after the housing market bust.
"The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system," he said, according to prepared remarks.
"As a consequence, the financial industry has largely lost the public trust."
Dudley, whose office oversees the activities of the largest US banks, rejected the idea that the problems arose from "the actions of isolated rogue traders or a few bad actors."
"The problems originate from the culture of the firms, and this culture is largely shaped by the firms' leadership. This means that the solution needs to originate from within the firms, from their leaders," he said.
"The consequences of inaction seem obvious to me -- they are both fully appropriate and unattractive," he added.
Thankfully we have constitutional entities like the Federal Reserve looking out for us.
Subprep,
I don't know you, but I'll give you the benefit of the doubt. In your last sentence, did you mean to say, "I don't want anyone I sell a house to, to become house poor?"
If I'm wrong and you do want them to become house poor, will you be the official OSA "token capitalist?"
(Just kidding, Folks.)
WOW yes thank you for correcting my mistake! good grief *shame be upon me*
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