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.
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
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.