Quote:
Originally Posted by doridori
i thoguht of BOA the korean singer.
|
yeah... I like them songs
But going back to the original question this is whut happened.... there was a real estate bubble so fucking big and crazy that people with no job (no doc) and no ability to read (no shit) .... were given loans.... mostly ARMS and in most cases cute lil ARMs with a balloon payment in the end ... brokers were making a killing out of giving these loans cause there was lil regulation so I could tell people I was going to charge them 1 point go get them wet.. then at the closing I'd tell them THE BANK was going to charge them 4 points but it was still a great deal.
Brokers got this shit memorized by heart and they were getting 4 points up front and in many cases with banks such as NEW CENTURY MORTGAGE.. (one of the first to go down) .. you could get a rebate and a bonus point that the bank would give you .. .It didn't matter if the loans were shit or "subprime" as they were called....
Well seeing as tho as the refis and purchases were going wild because prices were being inflated .... the banks got GREEDY ... yes ... thats the reason this shit is going on... the bubble was unsustainable and they didn't think about it nor they gave a fuck .. they just wanted in! ... and now that shit hit the fan you can see what banks got greedy and where their investments were..... bundled up crap mortgages and fucked securities is all that is left and they are now fucked... their shit and greed has been exposed and in order to avoid Armageddon the government had to sell the house and take a second mortgage "sort to speak" to be able to barely avoid what seems to be inevitable .....
It all started with the housing/financial market....
...DISCUSS...