Comments on: Slaying the Subprime Vampires – Reprise

By: odd time signatures » Blog Archive » Misleading Subprime Advertising

odd time signatures » Blog Archive » Misleading Subprime Advertising — Mon, 31 Mar 2008 01:05:58 +0000

[...] Slaying the Subprime Vampire This is crossposted from the political blog since it concerns a broader audience than the [...]

By: Karoli

Karoli — Mon, 31 Mar 2008 00:58:17 +0000

Victor,

I’ve posted the mailing we received. I’d like your honest opinion as to who you view as the get-rich-quick party.

The loan amount they offered would have dovetailed with property values in July here, but not now, by the way.

By: Karoli

Karoli — Sun, 30 Mar 2008 23:41:40 +0000

Victor,

I agree that there are some who lied on applications and if it can be shown that *they* lied (and I highlight that for a reason), they should not be shown any mercy whatsoever.

On the other side of your argument, however, is the fact that many were told they could buy a home and secure a loan based on their income, when in fact the mortgage broker was lying to them. I have an example of the kind of lies they were told with very little recourse to figure out what is true and what is not. I will upload it here later — it was a mailing we received direct to us.

So when you complain that liberals are the ones with the problem, how do you justify bailing out major financial institutions who have sold out your grandmother and mine for the almighty dollar? And to God knows who? See, that’s the trouble I have with you Republicans who are not true conservatives, just peddlers of punishment while raking in everyone else’s American dream. Corporate bailouts are good; personal bailouts bad.

I call bullshit on that idea.

By: Victor Andros

Victor Andros — Sun, 30 Mar 2008 22:23:55 +0000

You make very good points in your advice about “old fashion finance”. However, like everyone else in your camp, you treat the sub-rime borrowers as helpless innocents who were pounced upon. Some polls have shown that up to 65% of those borrowers actually lied and falsified loan documents. You disregard their greed, speculation (of becoming an overnight millionaire), being a generation of “immediate gratification” without earning it first (not even the downpayment) and “entitlement”, and on and on. There are a few “facts of life” and a couple of economic laws that you overlook in your rush to blame everyone except the borrower. Yes, Alan Greenspan,the Sec. of the Treasury, the SEC, and others share the blame. However, you overlook Caveat Emptor. Bad deals have existed since the beginning of time. The idea that is sold by liberals today that The American Dream is a guarantee that everyone is owed his own home is also at fault. The dream is that you are allowed the freedom and opportunity to raise yourself up to a decent living standard. NO MORE. It has been proven in many ways that this is an almost unique trait of this country. It has survived by the system of Capitalism, not Socialism and its children, the nanny state and entitlement programs; which brings us back to Mr.Obama and Mrs. Clinton. Yes, Capitalism needs some controls, just as poorer people need some help, but don’t “Throw the cat out with the bathwater”!