Comments on: One More Unbelievable Story About the Subrime Mess http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Matts Sacks http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-192250 Matts Sacks Tue, 18 Dec 2007 20:34:25 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-192250 Really ? They are all trapped in the same boat. I am a Brazilian. And I did not fall for that, I chose not to. Then they go around saying "you havent gotten anywhere since you got in America", "you havent bought anything", you just spent all your money in taxes ... It took some time, but look at this mess now ... Whos the looser ? As for me, I'll spending my money in real American issues...These people are giving me and others, a bad name ... Really ?

They are all trapped in the same boat.
I am a Brazilian. And I did not fall for that,
I chose not to.

Then they go around saying “you havent gotten anywhere since you got in America”, “you havent bought anything”, you just spent all your money in taxes … It took some time, but look at this mess now …

Whos the looser ?

As for me, I’ll spending my money
in real American issues…These people are giving me and others, a bad name …

]]> By: Bush’s Subprime Bailout: What about the Problems that Got Us into this Mess to Begin With? at SmartHippo Blog http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-189822 Bush’s Subprime Bailout: What about the Problems that Got Us into this Mess to Begin With? at SmartHippo Blog Fri, 14 Dec 2007 21:11:06 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-189822 [...] The web is abuzz this week with reaction to President Bush’s plan to help homeowners with subprime mortgages who are at risk of foreclosure. Bush announced the plan yesterday, which is aimed at 1.2 million borrowers who are at risk of foreclosure when their “teaser” rate period ends and the rates are readjusted. These borrowers will be able to either refinance their mortgage, have it guaranteed by the Fair Housing Administration, or freeze their teaser rate for a five year period. [...] [...] The web is abuzz this week with reaction to President Bush’s plan to help homeowners with subprime mortgages who are at risk of foreclosure. Bush announced the plan yesterday, which is aimed at 1.2 million borrowers who are at risk of foreclosure when their “teaser” rate period ends and the rates are readjusted. These borrowers will be able to either refinance their mortgage, have it guaranteed by the Fair Housing Administration, or freeze their teaser rate for a five year period. [...]

]]> By: Minimum Wage http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-186265 Minimum Wage Sun, 09 Dec 2007 00:13:41 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-186265 Normally, I use Firefox, but Firefox causes WordPress to choke ("Error: This file cannot be used on its own") so I end up using my crummy $9.85 AOL browser to post here, and normally the cut-and-paste works but here only the cut works and I can't paste. p.s. my FICO is probably lower than 585 (two of my CRA scores are lower, one is higher) and there is little I can do to improve it. Normally, I use Firefox, but Firefox causes WordPress to choke (”Error: This file cannot be used on its own”) so I end up using my crummy $9.85 AOL browser to post here, and normally the cut-and-paste works but here only the cut works and I can’t paste.

p.s. my FICO is probably lower than 585 (two of my CRA scores are lower, one is higher) and there is little I can do to improve it.

]]> By: plonkee http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185956 plonkee Sat, 08 Dec 2007 14:27:42 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185956 It certainly seems like they shouldn't have qualified for a mortgage, but it's only obvious if you already know that 585 is a low score. If you don't understand how things work then it's personal responsibility is a meaningless concept. People get obviously conned all the time because they are out of their depth and in this case, they were relying on people they know through church to treat them properly. It certainly seems like they shouldn’t have qualified for a mortgage, but it’s only obvious if you already know that 585 is a low score. If you don’t understand how things work then it’s personal responsibility is a meaningless concept.

People get obviously conned all the time because they are out of their depth and in this case, they were relying on people they know through church to treat them properly.

]]> By: JLP http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185828 JLP Sat, 08 Dec 2007 06:29:05 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185828 Minimum Wage said: <em>"p.s. why doesn't PASTE work here???"</em> I wasn't aware that there was a problem. Has anyone else had a problem pasting stuff into comments? Minimum Wage said:

“p.s. why doesn’t PASTE work here???”

I wasn’t aware that there was a problem.

Has anyone else had a problem pasting stuff into comments?

]]> By: Minimum Wage http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185826 Minimum Wage Sat, 08 Dec 2007 06:22:01 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185826 I live on less than $500 a month after paying rent. Surely if I made $6K a month I'd be able to afford a $3,600 house payment. p.s. why doesn't PASTE work here??? I live on less than $500 a month after paying rent. Surely if I made $6K a month I’d be able to afford a $3,600 house payment.

p.s. why doesn’t PASTE work here???

]]> By: Brad http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185659 Brad Fri, 07 Dec 2007 22:35:57 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185659 How many red flags can people ignore? Her FICO was 585 and it was higher than his? I suppose the realtor's commission would easily cover it, but I have to wonder if there was some additional kickback that made the realtor willing to make personal loans to the buyers (who she had to know would never be able to pay her back). Maybe there was $20,000 back at closing, it just didn't make it to the buyers? There are so many things wrong on so many levels. I'm not sure whether to feel bad for them, since they were obviously conned; or to think they deserve it, since they were so OBVIOUSLY conned. How many red flags can people ignore?

Her FICO was 585 and it was higher than his?

I suppose the realtor’s commission would easily cover it, but I have to wonder if there was some additional kickback that made the realtor willing to make personal loans to the buyers (who she had to know would never be able to pay her back). Maybe there was $20,000 back at closing, it just didn’t make it to the buyers?

There are so many things wrong on so many levels. I’m not sure whether to feel bad for them, since they were obviously conned; or to think they deserve it, since they were so OBVIOUSLY conned.

]]> By: JimmyDaGeek http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185613 JimmyDaGeek Fri, 07 Dec 2007 20:56:53 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185613 The real crime here is that not only were immigrant criminals preying on their own, but this couple did not consult someone in their community or church to help them understand what they were doing or what they should do. They relied on these so-called professionals to walk them through the process. Rule-of-thumb for anybody getting involved in something they have no experience in, consult someone they trust that has no interest in what they are doing for an opinion. The real crime here is that not only were immigrant criminals preying on their own, but this couple did not consult someone in their community or church to help them understand what they were doing or what they should do. They relied on these so-called professionals to walk them through the process.

Rule-of-thumb for anybody getting involved in something they have no experience in, consult someone they trust that has no interest in what they are doing for an opinion.

]]> By: Mrs. Micah http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185546 Mrs. Micah Fri, 07 Dec 2007 19:14:42 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185546 That's one of the tragic parts of the subprime mortgage crisis. People with less financial experience and education (I expect certain immigrant groups would be particularly vulnerable, since they're still getting used to all the hoops of being in the US) are vulnerable to those who appear to have their best interests at heart but are actually scamming them. I wish there was some way to help...I don't think the bailout will do it. That’s one of the tragic parts of the subprime mortgage crisis. People with less financial experience and education (I expect certain immigrant groups would be particularly vulnerable, since they’re still getting used to all the hoops of being in the US) are vulnerable to those who appear to have their best interests at heart but are actually scamming them. I wish there was some way to help…I don’t think the bailout will do it.

]]> By: FinanceAndFat http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/comment-page-1/#comment-185542 FinanceAndFat Fri, 07 Dec 2007 19:10:43 +0000 http://allfinancialmatters.com/2007/12/07/one-more-unbelievable-story-about-the-subrime-mess/#comment-185542 Sad story, but these people are the perfect example of why there should not be a rate freeze or government assistance for the sub-prime mess. These people couldn't afford that house no matter how low the interest rate (even 0%). What happened to personal responsibility? Sad story, but these people are the perfect example of why there should not be a rate freeze or government assistance for the sub-prime mess. These people couldn’t afford that house no matter how low the interest rate (even 0%).

What happened to personal responsibility?

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