Yeah, there were alot of comments in one of the threads, people talking about watching the 2008 recession destroying their families. Heartbreaking, ugly tears...
Banks backing weak loans caused the crash. Hedge funders came in and siphoned even more wealth through the manipulation of the vulnerable Options Market.
Don't forget that Obama and Barney Frank created that bad debt bubble with their mismanagement of Freddie Mac and Fannie Mae.
It was Obama that then bailed out all the crooked banks while they foreclosed on your home, using taxpayer money. He doubled our national debt in a few short months.
Exactly. People put 100% of the blame on the banks, but this was a government created crisis that government could later “solve”. Like the student debt “crisis”. I don’t think it was a coincidence the market exploded one month before Obama’s first election. Clinton set the wheels in motion with the Community Reinvestment Act of 1995. His HUD Secretary was Andrew Cuomo. They encouraged banks to throw their standards out the window and threatened them with regulations if they didn’t.
But President Bill Clinton, in 1995, added teeth to the CRA. Economists Stephen Moore and Lawrence Kudlow explained: “Under Clinton’s Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in ‘credit-deprived’ areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn’t comply with these rules, regulators reined in their ability to expand lending and deposits.
Cuomo was perpetrating a fraud with his behavior as HUD secretary. He narrowly escaped scandal - mostly because his dad intervened. IIRC, Cuomo pushed someone else under the bus to take the fall.
The fraud was he forced banks to eliminate their home loan standards. Why? Because Clinton believed home ownership was "an American right." Seriously - just look up his rhetoric and speeches from the early 90s.
To the surprise of no one, defaults skyrocketed. Cuomo's office then reversed a decades old HUD policy of selling the defaults to other lenders (keeping the homeowners in the home), and began pursuing foreclosures en masse. The foreclosed properties were sold on the cheap to cronies and close associates of Cuomo.
The government created the crisis back in the 60s when they started the HMDA reporting and then said banks had to lend money to people that were not qualified via the three Cs
CREDIT (how well they paid their bills)
COLLATERAL (20% down)
CAPACITY TO PAY (did they have a fucking job)
Said it was racist... so then they started moar Federal Reserve like hybrids Fannie Mae, Freddie Mac, Ginnie Mae, then college loans and a bunch of other stuff to basically guarantee that broke dick mutherfuckers would pay back the bank loans or the gov would tax responsible people enough to give them their money back.
Bush, Clinton, Bush, Obama, were just moar sorry mutherfuckers adding to the bankers wealth.
BUSH SIGNS AMERICAN DREAM DOWNPAYMENT ACT
$200 million program will help tens of thousands of low-income families to become homeowners
WASHINGTON - There is a reason why many American families can't buy their first home - they can't afford the downpayment and other upfront closing costs required to qualify for a mortgage. For as many as 40,000 low-income fam
https://archives.hud.gov/news/2003/pr03-140.cfm
^^^^ that is the law that created the sub prime crisis
You have to love the swamp rat logic: "You can't afford a home because you can't afford the down payment. Here - we'll just give you the money. Enjoy!"
Uh...maybe they don't have the down payment because they can't afford the house in the first place?
Right. Without the discipline or initiative to earn a down payment, they aren't going to have the discipline or initiative to make the monthly payments.
The movie 'The Big Short' helped explain it all-basically CDOs were dogshit wrapped in catshit... I watch this every few months to keep the anger fresh..
Bail outs for Wall Street
People who were not qualified were given mortgages that could not be repaid. Balloon burst for everybody.
In our area, things have been tough for about a decade. Sucks that generational businesses shut down, especially when we know that fat cats with their billions made even more billions from screwing us.
They called them NINJA loans, No Income, No Jobs, no proof of income needed, to deny was . racism, liar loans to secure the money. 2007 to 2008 time frame. My wife and I locked in a nice house on the steep side of the incline, and went underwater for about 12 years... The market crashed about a year after we closed. We are just now seeing Daylight...
Yes! Kids our sons' ages right out of college were being approved for $300,000 homes which, for our area, were pricy. My father-in-law said when this was happening that if just 1 little thing went wrong the whole bubble would burst, which it did. He died a few months before this occurred.
It’s a little more complicated than blaming it all on the banks. Wheels were set in motion for the crisis by Clinton and his HUD Secretary Andrew Cuomo, with the Community Reinvestment Act of 1995. If I’m not mistaken this also made credit default swaps legal again. See my post below https://greatawakening.win/p/11SKGdHrMe/x/c/4DvnyLxz8Uc
Absolutely it was bigger. I just simplified it in my post. The stupid thing was after the crash, my husband and I went to purchase a 2nd home. We could have paid cash but went the financing route. It took 3 months! If only they had been that careful with as Covefefe_Commando posted, they had done this with the NINJA loans.
So yours and covefefe's post struck a cord. I was always embarrassed as a single mom in 1990s I had to resort to Fannie Mae loan but knew literally nothing about the horrors then. I was working a crap job in the travel industry and see now, I never should have been approved for the loan. I ended up nearly losing it 4 years letter but a friend helped and I refinanced.
Ffwd to 2008-2009 I remarried in 06 and went to nursing school. I quit my job to focus on being able to go full time. Towards the end of graduation we nearly lost our home (husband relocated and moved in with me same 1990s home) refinancing saved it so we thought.
Originally loan was Countrywide. They sold it to BoA and now it's with some other no name. The thing that floors us is how much we still owe on this home after paying on it since 1995! Not am expensive home either I'm talking around bought around 100K no idea 9f worth now. Live in an expensive area bc I was duped about good school district.
It's barely a dent and admittedly we've been taken advantage of. We have been for the last couple years finally able to make headway with some of our debt but the mortgage doesn't seem right.
Would our accountant be able to make heads or tails of this? I consider us to try to be good people that help others when we can but all of this subprime info makes total sense. I just feel incredibly duped.
Try to get it refinanced if you can. It isn't unusual to go for years without making a dent in the principal because almost all of the money goes to interest for many years of your loan.
Kinda nervous to try to refi but I think interest is much lower now. Thank you! So hard to get good advice as it seems many want to take advantage. It just seems that close to 30 years of paying on it should have had it nearly paid off.
Don't forget who owns Freddie Mac and Frankie mae...it is the government and they determined the rules for the loans and then made the recession worse by bailing oit the banks after what they had done.
The government directly caused this though you don't hear that version...because the government has "many press agents".
The same way our government caused and facilitated the length of the great depression through its m2 money supply managenent. Watch the 10 minute milton Friedman clip on you tube called "the great depression myth"
The fed reserve in collusion with congress did this to us in both instances. Change my mind.
It also had some racial ties too, Wells Fargo for example, targeted low income blacks into bad loans. And had emails in the higher up, labeling them "mud people"
Search: Wells Fargo mud..
It was all around horrible, then the occupy movement turned it into a systemic race thing, and not a corrupt system thing.
This is heart wrenching. People do what they can and play by the rules just to have the carpet puled from under them. I can't stand reading this stories; reality is that it can happen to any of us. Having our livelihood vaporized and it's not even our faults; seeing the people who caused this laughing their butts to the bank was like salt on a wound.
But that's what's needed! As horrible as I may make it sound, it's exactly what's needed to get people to actually do something. So many people settle into the malaise of thought streams ushering them on an inner tube like a lazy river to the inevitable idea that they can't fight, much less change, the very system they are in. Hogwash.
What politicians and Wall Street culture has done to the person on mainstreet is horrible. 2008 was a siren call of the danger ahead. 2021 may be the call of the Black Swan, but hopefully people will finally realize it's only this way because for so, so long we've allowed it to happen. Folks like the one in the OP's screenshot finally understand they truly have nothing to lose. We, have nothing to lose now that we know that it can not only be taken from us willy nilly, but the rules will be changed in order for them to take it from us.
"...by consent of the governed." People forget that phrase. Our last non-violent protest is what's playing out now. GameStop is the canary indicator of whether or not we have the stomach for true, equitable change.
I lost my career during all that, had no home for two years. My industry never recovered even today it lost many skilled people. most of us found other work instead of going back.
im doing very well today but understand how easy it is to lose and never get back.
And now that you know what it's like to lose everything, you have a chance to fight back. The Fire burns - but not to destroy. The Fire burns to illuminate your opportunity to tell them you won't be downtrodden or extinguished. Don't hold onto the hate - hold onto the lesson. It sounds hollow to say I feel bad for your situation, but it's not a hollow statement when I say that I pray for you and yours. I hope you are blessed with the very best. Not all folk are oriented to such things, but, I do it anyway. Take care fellow Anon, to you and those you know.
Absolutely hold the line. The world is about cycles and now it's time for those pulling the financial strings to experience the end of their manipulation cycle.
I recognize the one in purple, but can't remember any names. that being said, can still tell they're disgusting by their expressions. arrogance is ugly.
Not sure what system they are running but it sure in the hell doesn't look anything like our constitution or Bill of Rights of We the People!! We need Our Republic back . Not the this illusion filled with corrupt and moral decay.
One where all lives matter and justice is truly equal.
I lost my home. Had the IRS chase me. I busted my ass. My family sacrificed. I am now well leveraged and calm. Fuck the elitist hypocrites. I survived and I will always be here...Peace brother.
Yeah that's pretty nasty. I only lost 20-30% of my net worth. It took 4 more years for the repercussions of that to finally bring me to the brink. Lost my job, lost my health, running up credit card loans and debt, but finally managed to pull out of it after a couple of years of contract work and eventually a new job.
It was a government created problem. There’s a reason Hollywood makes everyone believe it was 100% the banks. Look into the Community Reinvestment Act of 1995 by Clinton and his HUD Secretary Andrew Cuomo. The roots of the housing bubble are there.
But President Bill Clinton, in 1995, added teeth to the CRA. Economists Stephen Moore and Lawrence Kudlow explained: “Under Clinton’s Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in ‘credit-deprived’ areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn’t comply with these rules, regulators reined in their ability to expand lending and deposits.
I graduated college in 2009 at the height of the recession. Tens of thousands of dollars in debt, couldn't find a job, had to move back in with my folks. That was a miserable time. And now I see our current "leadership" wants to bring us right back to the shitty Obama days once again.
The recession sucked. I had to take job I hated just for the pay, took 2 years to find something better, then got laid off. It was hard times that could have been avoided by decent govt. policy like we saw with Trump.
My parents and I were displaced when the housing market collapsed. I will never forget what they did to my parents. I threw everything I have in the market to fuck these clowns that destroyed so many lives. I will go down to a $0 balance to watch these fuckers squirm and lose everything.
When you find out they delayed the crash in 2008 to get 0bama the traitor elected makes it even worse, watch "the big short".
0bamas cabinet was picked by the bankers so he could bail them out.
This is one of the reasons Skycoin was made and is going to be the future of crypto as you gain interest in the form of coin hours just for holding it in the wallet, one of the biggest problems with bitcoin is that you are always worrying if it will go up or down so cannot really be used for day to day payments.
They also have Skywire which is a meshnet designed to resist censorship and replace everything on the internet with something everyone can be part of rather than just the big companies.
Money is the root of all EVIL. The more you have, the more you want. Still, you cannot take it with you when you go. It will NOT buy you a spot in Heaven. "It is easier for a camel to go through the eye of a needle, than for a Rich man to enter the gates of Heaven." But yet, the so-called devout Catholics and Christians on the Left have forgot what the Lord said. They must read their Bibles and re-dedicate their lives to the Lord.
And here I have always blamed Realtors for this. Maybe the reasons here are behind the 08 collapse, but I saw the realty industry say "Hey, if we double the selling price, with interest rates so LOW, they can still afford the payment for a year of two. Then we make double the COMMISSION!" And housing prices in my area (majorly depressed) are still WAY overvalued - And the TAXMAN is taking full advantage of this.
Yeah, there were alot of comments in one of the threads, people talking about watching the 2008 recession destroying their families. Heartbreaking, ugly tears...
Banks backing weak loans caused the crash. Hedge funders came in and siphoned even more wealth through the manipulation of the vulnerable Options Market.
Don't forget that Obama and Barney Frank created that bad debt bubble with their mismanagement of Freddie Mac and Fannie Mae.
It was Obama that then bailed out all the crooked banks while they foreclosed on your home, using taxpayer money. He doubled our national debt in a few short months.
Exactly. People put 100% of the blame on the banks, but this was a government created crisis that government could later “solve”. Like the student debt “crisis”. I don’t think it was a coincidence the market exploded one month before Obama’s first election. Clinton set the wheels in motion with the Community Reinvestment Act of 1995. His HUD Secretary was Andrew Cuomo. They encouraged banks to throw their standards out the window and threatened them with regulations if they didn’t.
https://www.capitalismmagazine.com/2020/01/community-reinvestment-act-reparations-gone-bad/
Cuomo was perpetrating a fraud with his behavior as HUD secretary. He narrowly escaped scandal - mostly because his dad intervened. IIRC, Cuomo pushed someone else under the bus to take the fall.
The fraud was he forced banks to eliminate their home loan standards. Why? Because Clinton believed home ownership was "an American right." Seriously - just look up his rhetoric and speeches from the early 90s.
To the surprise of no one, defaults skyrocketed. Cuomo's office then reversed a decades old HUD policy of selling the defaults to other lenders (keeping the homeowners in the home), and began pursuing foreclosures en masse. The foreclosed properties were sold on the cheap to cronies and close associates of Cuomo.
This is a decent write up of the scandal.
The government created the crisis back in the 60s when they started the HMDA reporting and then said banks had to lend money to people that were not qualified via the three Cs
Said it was racist... so then they started moar Federal Reserve like hybrids Fannie Mae, Freddie Mac, Ginnie Mae, then college loans and a bunch of other stuff to basically guarantee that broke dick mutherfuckers would pay back the bank loans or the gov would tax responsible people enough to give them their money back.
Bush, Clinton, Bush, Obama, were just moar sorry mutherfuckers adding to the bankers wealth.
Who do you think has been controlling our gov? (((the banks)))
Bush created the bad debt bubble
^^^^ that is the law that created the sub prime crisis
You have to love the swamp rat logic: "You can't afford a home because you can't afford the down payment. Here - we'll just give you the money. Enjoy!"
Uh...maybe they don't have the down payment because they can't afford the house in the first place?
"RAYCIST!"
Right. Without the discipline or initiative to earn a down payment, they aren't going to have the discipline or initiative to make the monthly payments.
The movie 'The Big Short' helped explain it all-basically CDOs were dogshit wrapped in catshit... I watch this every few months to keep the anger fresh..
Bail outs for Wall Street People who were not qualified were given mortgages that could not be repaid. Balloon burst for everybody. In our area, things have been tough for about a decade. Sucks that generational businesses shut down, especially when we know that fat cats with their billions made even more billions from screwing us.
They called them NINJA loans, No Income, No Jobs, no proof of income needed, to deny was . racism, liar loans to secure the money. 2007 to 2008 time frame. My wife and I locked in a nice house on the steep side of the incline, and went underwater for about 12 years... The market crashed about a year after we closed. We are just now seeing Daylight...
Yes! Kids our sons' ages right out of college were being approved for $300,000 homes which, for our area, were pricy. My father-in-law said when this was happening that if just 1 little thing went wrong the whole bubble would burst, which it did. He died a few months before this occurred.
Xactly... NINJA "No Income, No Job or Assests"
And then the fucking mortgage companies would TELL not ask the appraisers what the house was worth.
It’s a little more complicated than blaming it all on the banks. Wheels were set in motion for the crisis by Clinton and his HUD Secretary Andrew Cuomo, with the Community Reinvestment Act of 1995. If I’m not mistaken this also made credit default swaps legal again. See my post below https://greatawakening.win/p/11SKGdHrMe/x/c/4DvnyLxz8Uc
Absolutely it was bigger. I just simplified it in my post. The stupid thing was after the crash, my husband and I went to purchase a 2nd home. We could have paid cash but went the financing route. It took 3 months! If only they had been that careful with as Covefefe_Commando posted, they had done this with the NINJA loans.
So yours and covefefe's post struck a cord. I was always embarrassed as a single mom in 1990s I had to resort to Fannie Mae loan but knew literally nothing about the horrors then. I was working a crap job in the travel industry and see now, I never should have been approved for the loan. I ended up nearly losing it 4 years letter but a friend helped and I refinanced.
Ffwd to 2008-2009 I remarried in 06 and went to nursing school. I quit my job to focus on being able to go full time. Towards the end of graduation we nearly lost our home (husband relocated and moved in with me same 1990s home) refinancing saved it so we thought.
Originally loan was Countrywide. They sold it to BoA and now it's with some other no name. The thing that floors us is how much we still owe on this home after paying on it since 1995! Not am expensive home either I'm talking around bought around 100K no idea 9f worth now. Live in an expensive area bc I was duped about good school district.
It's barely a dent and admittedly we've been taken advantage of. We have been for the last couple years finally able to make headway with some of our debt but the mortgage doesn't seem right.
Would our accountant be able to make heads or tails of this? I consider us to try to be good people that help others when we can but all of this subprime info makes total sense. I just feel incredibly duped.
Dave Ramsey has a good program for folks to pay off debt, including mortgage debt. Check him out online: Daveramsey.com
Appreciate this! Will do.
Try to get it refinanced if you can. It isn't unusual to go for years without making a dent in the principal because almost all of the money goes to interest for many years of your loan.
Kinda nervous to try to refi but I think interest is much lower now. Thank you! So hard to get good advice as it seems many want to take advantage. It just seems that close to 30 years of paying on it should have had it nearly paid off.
Don't forget who owns Freddie Mac and Frankie mae...it is the government and they determined the rules for the loans and then made the recession worse by bailing oit the banks after what they had done.
The government directly caused this though you don't hear that version...because the government has "many press agents".
The same way our government caused and facilitated the length of the great depression through its m2 money supply managenent. Watch the 10 minute milton Friedman clip on you tube called "the great depression myth"
The fed reserve in collusion with congress did this to us in both instances. Change my mind.
Go watch “the big short”
It also had some racial ties too, Wells Fargo for example, targeted low income blacks into bad loans. And had emails in the higher up, labeling them "mud people"
Search: Wells Fargo mud..
It was all around horrible, then the occupy movement turned it into a systemic race thing, and not a corrupt system thing.
This is heart wrenching. People do what they can and play by the rules just to have the carpet puled from under them. I can't stand reading this stories; reality is that it can happen to any of us. Having our livelihood vaporized and it's not even our faults; seeing the people who caused this laughing their butts to the bank was like salt on a wound.
It's a staple of the "elite". Just like the cabal. In your face arrogance, egotism, and mockery.
Hollywood
Wall street market makers
Leftist "leaders"
It truly is this.
But that's what's needed! As horrible as I may make it sound, it's exactly what's needed to get people to actually do something. So many people settle into the malaise of thought streams ushering them on an inner tube like a lazy river to the inevitable idea that they can't fight, much less change, the very system they are in. Hogwash.
What politicians and Wall Street culture has done to the person on mainstreet is horrible. 2008 was a siren call of the danger ahead. 2021 may be the call of the Black Swan, but hopefully people will finally realize it's only this way because for so, so long we've allowed it to happen. Folks like the one in the OP's screenshot finally understand they truly have nothing to lose. We, have nothing to lose now that we know that it can not only be taken from us willy nilly, but the rules will be changed in order for them to take it from us.
"...by consent of the governed." People forget that phrase. Our last non-violent protest is what's playing out now. GameStop is the canary indicator of whether or not we have the stomach for true, equitable change.
That’s powerful...
I lost my career during all that, had no home for two years. My industry never recovered even today it lost many skilled people. most of us found other work instead of going back.
im doing very well today but understand how easy it is to lose and never get back.
fuck them, hold the line
And now that you know what it's like to lose everything, you have a chance to fight back. The Fire burns - but not to destroy. The Fire burns to illuminate your opportunity to tell them you won't be downtrodden or extinguished. Don't hold onto the hate - hold onto the lesson. It sounds hollow to say I feel bad for your situation, but it's not a hollow statement when I say that I pray for you and yours. I hope you are blessed with the very best. Not all folk are oriented to such things, but, I do it anyway. Take care fellow Anon, to you and those you know.
Absolutely hold the line. The world is about cycles and now it's time for those pulling the financial strings to experience the end of their manipulation cycle.
Feels
Massive feels.
Fuck those greedy jews.
This isn’t our government any more.
I recognize the one in purple, but can't remember any names. that being said, can still tell they're disgusting by their expressions. arrogance is ugly.
Not sure what system they are running but it sure in the hell doesn't look anything like our constitution or Bill of Rights of We the People!! We need Our Republic back . Not the this illusion filled with corrupt and moral decay. One where all lives matter and justice is truly equal.
I lost my home. Had the IRS chase me. I busted my ass. My family sacrificed. I am now well leveraged and calm. Fuck the elitist hypocrites. I survived and I will always be here...Peace brother.
Yeah that's pretty nasty. I only lost 20-30% of my net worth. It took 4 more years for the repercussions of that to finally bring me to the brink. Lost my job, lost my health, running up credit card loans and debt, but finally managed to pull out of it after a couple of years of contract work and eventually a new job.
Yea I’m with ya... fuck those wolves on wall st
It was a government created problem. There’s a reason Hollywood makes everyone believe it was 100% the banks. Look into the Community Reinvestment Act of 1995 by Clinton and his HUD Secretary Andrew Cuomo. The roots of the housing bubble are there.
https://www.capitalismmagazine.com/2020/01/community-reinvestment-act-reparations-gone-bad/
I graduated college in 2009 at the height of the recession. Tens of thousands of dollars in debt, couldn't find a job, had to move back in with my folks. That was a miserable time. And now I see our current "leadership" wants to bring us right back to the shitty Obama days once again.
The recession sucked. I had to take job I hated just for the pay, took 2 years to find something better, then got laid off. It was hard times that could have been avoided by decent govt. policy like we saw with Trump.
Are these your words?
My parents and I were displaced when the housing market collapsed. I will never forget what they did to my parents. I threw everything I have in the market to fuck these clowns that destroyed so many lives. I will go down to a $0 balance to watch these fuckers squirm and lose everything.
I’m £4,000 in
Not selling
Happy to lose it
Fuck Wall Street
Kind of along the lines of the first Wall Street movie with Michael Douglas and Charlie scuzzsheen.
When you find out they delayed the crash in 2008 to get 0bama the traitor elected makes it even worse, watch "the big short".
0bamas cabinet was picked by the bankers so he could bail them out.
This is one of the reasons Skycoin was made and is going to be the future of crypto as you gain interest in the form of coin hours just for holding it in the wallet, one of the biggest problems with bitcoin is that you are always worrying if it will go up or down so cannot really be used for day to day payments. They also have Skywire which is a meshnet designed to resist censorship and replace everything on the internet with something everyone can be part of rather than just the big companies.
Money is the root of all EVIL. The more you have, the more you want. Still, you cannot take it with you when you go. It will NOT buy you a spot in Heaven. "It is easier for a camel to go through the eye of a needle, than for a Rich man to enter the gates of Heaven." But yet, the so-called devout Catholics and Christians on the Left have forgot what the Lord said. They must read their Bibles and re-dedicate their lives to the Lord.
LOVE of money. Big difference.
Damn.
God Bless Your Father.
https://files.catbox.moe/oagb9t.png
And here I have always blamed Realtors for this. Maybe the reasons here are behind the 08 collapse, but I saw the realty industry say "Hey, if we double the selling price, with interest rates so LOW, they can still afford the payment for a year of two. Then we make double the COMMISSION!" And housing prices in my area (majorly depressed) are still WAY overvalued - And the TAXMAN is taking full advantage of this.
Avenge me Boys!! AVENGE ME!! https://www.youtube.com/watch?v=uu3FRRXqazw
I love it.