ScarletB wrote:I didn't really have a grasp on this either so this was interesting. And YES it was originally from the NY Times so a lot of you can disregard it if you want!
BTW Rick - I don't agree with you on much politics wise but part of my "speech" as a loan officer is ALWAYS - just because I'm telling you you CAN doesn't mean you SHOULD! Most people get it. I try to get them - especially first time buyers - to think about the times they'd have to say no to going somewhere with their friends or what they won't be able to buy with a bigger mortgage. But then again, I work for an ethical bank not a Countrywide (of course no one works for them anymore either!)
well at least you aren't rude to me about it but the funny thing is you judge me for one side that I am forced to post here because of the overwhelming liberal ideas here on this site. In reality, I am truly a libertarian (even vote that way) and I think both main parties are liars, cheats and stink!
That being said, the bailout package unfortunately passed and was signed by Pres Bush today and at the same time 3:141pm EST according both according to (CNN) -- California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns.
so when are the taxpayers of the USA going to finally stand up for themselves and say ENOUGH!!
Well considering that I don't actually KNOW you I kind of have to go with the language and the way you post to get a sense of where you stand. I stand corrected. That NY Times thing wasn't directed at you I was just shortcutting the inevitable argument that it's a very liberal paper.
I think the American people tried, emails (including mine) and phone calls AGAINST the bailout flooded DC. Bernie Sanders, one of our Senators read a bunch of them on the Senate floor. That's the only reason it didn't pass in the first place, they were scared, so what did they do?? Load it up with stupid additions, why on earth did they think that would make it more palatable?
GW - 7/19 Great Northern MOTM - 7/20-21 Hershey Labor Day Weekend Show - 8/29 MOTM - Oct 28
C-Dawg wrote:
...to make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon -- that equals $425,000.00.
I WILL WRITE IN C-DAWG FOR PRESIDENT. YOU ARE BRILLIANT
You two must have been in the same math class.
Did anybody do the math on this???...cuz the answer sure ain't 425,000!
..but I do have this bridge I could sell ya' cheap!
$#@&...only Vegas again?? Padres ...gotta start believin'!Bring on '14 Spring Training!
C-Dawg wrote:
...to make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon -- that equals $425,000.00.
I WILL WRITE IN C-DAWG FOR PRESIDENT. YOU ARE BRILLIANT
You two must have been in the same math class.
Did anybody do the math on this???...cuz the answer sure ain't 425,000!
..but I do have this bridge I could sell ya' cheap!
At $700,000,000,000 and 200,000,000 you get $3,500.00........
Attitude: The difference between ordeal and adventure
Scars are Tattoos with really good stories
No matter where ya go....There you are.
Come Back, Come Back.....to the South Bering Sea Islands....
ScarletB wrote:Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye
[...]
But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag
Thanks SB...we've spent the last 12 years with Countrywide, and 25 years in the Mortgage business.
While Mozilo is a greedy scum (not unlike the CEO's of a lot of Companies) I'd hazard a guess that your spouting a lot of gossip and innuendo about the Company at large that you don't have personal knowledge about with that venom you posted.
My apologies, it's just that he got the most press based on what happened. I certainly didn't mean to impugn any honest employees. The leadership decided to get into a lot of dicey stuff that eventually brought the whole thing down and we all suffer now, including folks who had time and 401K money invested in it. My ire is truly directed at what he's done to the whole industry. Certainly not you personally. And I haven't heard any gossip, just what I read on CNBC and saw on the news.
Apology accepted. It's not easy to be in the mortgage business these days.
To be honest, Countrywide got into the loan servicing business, which they thought would save them through the down times, but turned out to be their downfall.
They bought loans that had been originated by "independent" mortgage brokers... (ultimately they were blamed for originating all the loans in their portfolio just because they owned them)
...you and I both know that it is with those "Brokers" where much of the unscrupulous wheeling & dealing and misleading of customers occurred.
Not only that, big and small companies alike encouraged loan officers to qualify borrowers for higher loan amounts (% of income) than thay could reasonably afford.
(It doesn't take a rocket scientist to figure out that if 40-50% of your income is going to your home loan your going to be in trouble...then add a car payment, etc...)
It is these things, along with the credit card companies increasing their customers credit lines so they could furnish those homes, buy iPods, etc... that increased consumer debt (and fueld the refi boom) that ultimately led to the collapse we are now experiencing.
Pay your bills, & rein in spending, live within your means, etc....
Did the Government make you go into debt you couldn't pay or did you?
Personal responsibilty is something I believe in and am frustrated to see currently being blamed on the "man".
Some people never find it, some only pretend
But me, I just want to live happily ever after every now and then.
Find me on: Facebook, Twitter, Blog
ScarletB wrote:Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye
[...]
But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag
Thanks SB...we've spent the last 12 years with Countrywide, and 25 years in the Mortgage business.
While Mozilo is a greedy scum (not unlike the CEO's of a lot of Companies) I'd hazard a guess that your spouting a lot of gossip and innuendo about the Company at large that you don't have personal knowledge about with that venom you posted.
My apologies, it's just that he got the most press based on what happened. I certainly didn't mean to impugn any honest employees. The leadership decided to get into a lot of dicey stuff that eventually brought the whole thing down and we all suffer now, including folks who had time and 401K money invested in it. My ire is truly directed at what he's done to the whole industry. Certainly not you personally. And I haven't heard any gossip, just what I read on CNBC and saw on the news.
Apology accepted. It's not easy to be in the mortgage business these days.
To be honest, Countrywide got into the loan servicing business, which they thought would save them through the down times, but turned out to be their downfall.
They bought loans that had been originated by "independent" mortgage brokers... (ultimately they were blamed for originating all the loans in their portfolio just because they owned them)
...you and I both know that it is with those "Brokers" where much of the unscrupulous wheeling & dealing and misleading of customers occurred.
Not only that, big and small companies alike encouraged loan officers to qualify borrowers for higher loan amounts (% of income) than thay could reasonably afford.
(It doesn't take a rocket scientist to figure out that if 40-50% of your income is going to your home loan your going to be in trouble...then add a car payment, etc...)
It is these things, along with the credit card companies increasing their customers credit lines so they could furnish those homes, buy iPods, etc... that increased consumer debt (and fueld the refi boom) that ultimately led to the collapse we are now experiencing.
Pay your bills, & rein in spending, live within your means, etc....
Did the Government make you go into debt you couldn't pay or did you?
Personal responsibilty is something I believe in and am frustrated to see currently being blamed on the "man".
You are right about brokers, I'd send people out of my office with a decline and they'd go down the street to one of the brokers and get the loan, bad credit, insufficient income he had a program for all of it and always the rock bottom rate on everything. I can't imagine who he's finding to buy stuff now as his biggest investors were IndyMac and WaMu.
Again, I'm SO sorry, I just get passionate about this stuff and don't think sometimes before opening my "virtual" mouth. I"ve been sitting here all evening feeling terrible about it! You're nicer than I am though, I'd be out looking for your old boss with a rope!
This taught me a lesson though, I'm done posting on these politically leaning threads, great way to lose friends you haven't met yet! YIKES
GW - 7/19 Great Northern MOTM - 7/20-21 Hershey Labor Day Weekend Show - 8/29 MOTM - Oct 28
ScarletB wrote:Not that I'm defending Countrywide, they are the lowest of the low in my opinion and have given all of us who do lending a black eye
[...]
But again, if there was any company that was going to try something slimy it was Countrywide. I would cheerfully string that smiling Mozillo guy from the nearest tree. What a dirtbag
Thanks SB...we've spent the last 12 years with Countrywide, and 25 years in the Mortgage business.
While Mozilo is a greedy scum (not unlike the CEO's of a lot of Companies) I'd hazard a guess that your spouting a lot of gossip and innuendo about the Company at large that you don't have personal knowledge about with that venom you posted.
My apologies, it's just that he got the most press based on what happened. I certainly didn't mean to impugn any honest employees. The leadership decided to get into a lot of dicey stuff that eventually brought the whole thing down and we all suffer now, including folks who had time and 401K money invested in it. My ire is truly directed at what he's done to the whole industry. Certainly not you personally. And I haven't heard any gossip, just what I read on CNBC and saw on the news.
Apology accepted. It's not easy to be in the mortgage business these days.
To be honest, Countrywide got into the loan servicing business, which they thought would save them through the down times, but turned out to be their downfall.
They bought loans that had been originated by "independent" mortgage brokers... (ultimately they were blamed for originating all the loans in their portfolio just because they owned them)
...you and I both know that it is with those "Brokers" where much of the unscrupulous wheeling & dealing and misleading of customers occurred.
Not only that, big and small companies alike encouraged loan officers to qualify borrowers for higher loan amounts (% of income) than thay could reasonably afford.
(It doesn't take a rocket scientist to figure out that if 40-50% of your income is going to your home loan your going to be in trouble...then add a car payment, etc...)
It is these things, along with the credit card companies increasing their customers credit lines so they could furnish those homes, buy iPods, etc... that increased consumer debt (and fueld the refi boom) that ultimately led to the collapse we are now experiencing.
Pay your bills, & rein in spending, live within your means, etc....
Did the Government make you go into debt you couldn't pay or did you?
Personal responsibilty is something I believe in and am frustrated to see currently being blamed on the "man".
You are right about brokers, I'd send people out of my office with a decline and they'd go down the street to one of the brokers and get the loan, bad credit, insufficient income he had a program for all of it and always the rock bottom rate on everything. I can't imagine who he's finding to buy stuff now as his biggest investors were IndyMac and WaMu.
Again, I'm SO sorry, I just get passionate about this stuff and don't think sometimes before opening my "virtual" mouth. I"ve been sitting here all evening feeling terrible about it! You're nicer than I am though, I'd be out looking for your old boss with a rope!
This taught me a lesson though, I'm done posting on these politically leaning threads, great way to lose friends you haven't met yet! YIKES
No probs SB, I try not to take things on the forum personally.
I rarely participate in these discussions either, but occasionally I feel the need to chime in.
We're all here because we have at least one thing in common... (JB), that's good enough for me.
Some people never find it, some only pretend
But me, I just want to live happily ever after every now and then.
Find me on: Facebook, Twitter, Blog
Yeah, I sent my emails etc and at least ONE of my senators voted no. Our congressman voted no the first time but lost his nerve on the second go-round, saying "It was this bill or no bill so we had to do it" (Which I don't believe) Our other senator did the "Most difficult vote I've cast" blah blah blah.
I loved being told "Main St just doesn't understand the seriousness of the problem" We GOT it, and we all know this doesn't go to the ROOT of the problem. But I have no idea how to fix overweening greed.
I wonder if my friend in Montreal still has that spare room available.
GW - 7/19 Great Northern MOTM - 7/20-21 Hershey Labor Day Weekend Show - 8/29 MOTM - Oct 28
Subject: 545 people
By Charlie Reese (Charlie Reese is a former columnist of the Orlando Sentinel Newspaper)
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered why, if both the Democrats and the Republicans are against deficits, we have deficits?
Have you ever wondered why, if all the politicians are against inflation and high taxes, we have inflation and high taxes?
You and I don't propose a federal budget. The president does.
You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don't write the tax code, Congress does.
You and I don't set fiscal policy, Congress does.
You and I don't control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 representatives, one president, and nine Supreme Court justices 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a president to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.
What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? She is the leader of the majority party. She and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million can not replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it's because they want it unfair.
If the budget is in the red, it's because they want it in the red.
If the Marines are in IRAQ , it's because they want them in IRAQ .
If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way. There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like 'the economy,' 'inflation,' or 'politics' that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses provided the voters have the gumption to manage their own employees.
We should vote all of them out of office and clean up their mess!
What you do with this article now that you have read it is up to you, though you appear to have several choices.
You can agree to vote against everyone that is currently in office, knowing that the process will take several years.
You can decide to run for office yourself and agree to do the job properly.
Lastly, you can sit back and do nothing, or re-elect the current bunch.
SMLCHNG wrote:My sister sent me this.. just food for thought.
Subject: 545 people
By Charlie Reese (Charlie Reese is a former columnist of the Orlando Sentinel Newspaper)
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered why, if both the Democrats and the Republicans are against deficits, we have deficits?
Have you ever wondered why, if all the politicians are against inflation and high taxes, we have inflation and high taxes?
You and I don't propose a federal budget. The president does.
You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don't write the tax code, Congress does.
You and I don't set fiscal policy, Congress does.
You and I don't control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 representatives, one president, and nine Supreme Court justices 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a president to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.
What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? She is the leader of the majority party. She and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million can not replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it's because they want it unfair.
If the budget is in the red, it's because they want it in the red.
If the Marines are in IRAQ , it's because they want them in IRAQ .
If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way. There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like 'the economy,' 'inflation,' or 'politics' that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses provided the voters have the gumption to manage their own employees.
We should vote all of them out of office and clean up their mess!
What you do with this article now that you have read it is up to you, though you appear to have several choices.
You can agree to vote against everyone that is currently in office, knowing that the process will take several years.
You can decide to run for office yourself and agree to do the job properly.
Lastly, you can sit back and do nothing, or re-elect the current bunch.
--
Oh that's EXCELLENT, the problem is that everyone seems to think their representatives are OK. Also , when some upstart tries to make their way, the powers that be make sure they are crushed, unless and until they agree to toe the line. Additionally they don't seem to be able to raise enough money to compete. And of course the folks who could vote to get RID of the campaign finance excesses WON'T. Would you vote YOURSELF out of a job? Talk about Catch 22?
GW - 7/19 Great Northern MOTM - 7/20-21 Hershey Labor Day Weekend Show - 8/29 MOTM - Oct 28
TommyBahama wrote:so in a sense we aren't a democracy!!...we can vote them in...but we have no say in the decisions of these people!!
we're a republic...supposedly democratic republic
1 a (1): a government having a chief of state who is not a monarch and who in modern times is usually a president (2): a political unit (as a nation) having such a form of government b (1): a government in which supreme power resides in a body of citizens entitled to vote and is exercised by elected officers and representatives responsible to them and governing according to law
When it goes from full to crescent...I move in and out of tune...Everlasting Moon....
TommyBahama wrote:so in a sense we aren't a democracy!!...we can vote them in...but we have no say in the decisions of these people!!
we're a republic...supposedly democratic republic
1 a (1): a government having a chief of state who is not a monarch and who in modern times is usually a president (2): a political unit (as a nation) having such a form of government b (1): a government in which supreme power resides in a body of citizens entitled to vote and is exercised by elected officers and representatives responsible to them and governing according to law
TommyBahama wrote:so in a sense we aren't a democracy!!...we can vote them in...but we have no say in the decisions of these people!!
we're a republic...supposedly democratic republic
1 a (1): a government having a chief of state who is not a monarch and who in modern times is usually a president (2): a political unit (as a nation) having such a form of government b (1): a government in which supreme power resides in a body of citizens entitled to vote and is exercised by elected officers and representatives responsible to them and governing according to law
It seems to be the 'RESPONSIBLE TO THEM" part that they've never gotten the hang of. Once they get into office they become so enamored of the whole thing that they forget why they're there. Although I have to say that at least ONE of the Senators from VT usually does vote the way we'd like him to.
GW - 7/19 Great Northern MOTM - 7/20-21 Hershey Labor Day Weekend Show - 8/29 MOTM - Oct 28
It's not easy to be in the mortgage business these days. 
