About those foreclosure snobs, “It couldn’t happen,

( – promoted by buhdydharma )

oh no, it couldn’t happen to ME,” snobs.

The “It’s all those stupid borrowers fault!” arrogant snobs.

The “I have no problem with them being put on the street if they’re not paying,” snobs.

Here’s a few questions I have for them, red-hot off the griddle of my righteous indignation about the foreclosure fandango:

Dear Mr Snob,

Haven’t you heard interviews with some of these people? Did you listen up when you had the chance?

They never had had a pot to piss in, weren’t from families that’d owned houses, had NO CLUE what the process might be.

NO CLUE that someone could lie to them.

NO CLUE (because they were lied to left and right) that their mortgages were going to double or triple when the interest rates jacked up.

Someone like you and me, nice middle-class family, or at least some common sense and self-education, some formal education — we didn’t SIGN those stupid “jack your payments up” loans. We avoided them, because we understood what they meant.

You know, 2 years later, or 1.5 years later, those people were asked to pay DOUBLE the original payment. Could you have handled that?

I really think you need to hold a couple more blue collar jobs, so you can meet and truly get to understand the depth of simplicity and gullibility that many people in the “have not” category have.

And finally.

We had BILLIONS for bankers — who maintained their multi-million dollar a YEAR incomes, and thus, saved their multi-million dollar mansions, marriages, possessions, college funds for their kids, etc.

But WHERE was the money to just simply re-negotiate a few of these loans for these people? WTF good does it do our country to have these people on the street, their children not getting good educations, and the houses sitting empty?

Answer me that, Mr Snob. Those homeless people, those traumatized children who’re missing out on learning, because homelessness is NOT conducive to learning, and for damned sure doesn’t allow your parents to send you to college — how in the hell are they going to be able to add GOOD to our society?

Mr Snob, if you had an bleeping clue about what Habitat for Humanity is about, you would know that it’s exactly about the fact that if you lift a family out of sub-standard housing, or homelessness, every member begins to thrive, and contribute to society on a more positive level.

Good grief. Habitat for Humanity has worked smart, and worked tirelessly, to bring hundreds of thousands of USA residents out of grindingly bleak housing. For over three decades.

And here we are, in a scant year or so, throwing millions of families on the trash-heap of homelessness — as though they were no more important than yesterday’s big mac wrapper.

15 comments

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    • Miep on October 18, 2009 at 10:30 am

    of saying what set this off, though I have some sense of it.

    You’re basically spewing about the subprime mortgage scam and all the people who got hurt by it.

    Gosh, Allison. How dare you imagine that every citizen of the US of A not be punished merely for not understanding the banking system?

    After all, is there anything, really, that is more important than money?

    So naive, Allison. It’s Darwin’s Rule, Allison. The insufficient shall suffer.

    Used to be Darwin was about reality; now it’s about abstractions. Get used to it, Allison.

    Oh, and did you see this?

    http://www.credoaction.com/com

  1. Falling behind when we double their payments!

    Hahaha, what is WRONG with them?!?

    Hahaha, they sure were STOOPID to take those terms we sold them, huh, Harv?

  2. or was that my ears, how about this one?

    Turns out Mr Snob wrote another comment. Turns out he’s an attorney, making a living today, working with foreclosures. Rrrrrrrreaaallllllyyyy? [Jack Benny voice] Don’t imagine that could prejudice him towards one side of the other do you?

    In part, he said:

    I don’t believe there is one side or another that needs to be favored.  We should let legal process play itself out.  I guarantee that as these MERS foreclosure cases move to the appellate level, you’ll find MERS does much better, as more sophisticated judges take up the cases.  The real problem is that for too long, people have been insulated from bad financial decisions through the continual extension of credit.  The availability of credit has distracted people from the wage stagnation that has occurred because they weren’t forced to do without. Curtailment of credit is a good thing, as it will focus more people on the income inequalicy problems occurring in this country.

    [my bolding] [and may I note, it’s ok for the US Govt to be in hock to China about as far out as the Milky Way galaxy, but when the little guy does it, he’s wrecking the country. uh Huh!]

    So in my inimitable mild-mannered fashion, I suggested some other thoughts for Mr Snob to ponder:

    “Once again, haven’t you listened to the inside story on these loans, as told by people who were on the inside, while all these ridiculous loans were being made? (On “This American Life”, NPR.)

    Talking about how they KNEW they were making ridiculous, stupid loans, but hey, they were making a fortune? Individual incomes of 10’s of thousands a month, low end… from getting people loans the lending agent KNEW they would never be able to pay back.

    Those (former) lending agents talk about how their boss would come to them and say, “XYZ company is loaning with even less stringent conditions, we need to match them.” A race to the bottom.

    You used your BMW example. I’ll counter with another. If the wacky guy from down the block who lives with his mom knocks on my door, and says, “I want to borrow $350,000,” is it incumbent upon me to say YES to him?

    I don’t quite think so.

    The BANKS, the LENDING AGENCIES are always at fault when a borrower who didn’t have the ability to pay back a loan was given a loan. Always. If the borrower had the ability, fell on hard times, BUT had been thoroughly vetted in the beginning, and was on sound footing — then fine, that case used to happen. But that’s not what we’re talking about here. You said it yourself:

    Additionally, the overwhelming majority of people who are in this situation should never have become homeowners in the first place.

    Damn straight they shouldn’t have. The BANKS/Lending agencies screwed up, wholesale, knowingly, willingly, for years, and made huge windfall profits while doing so. Then chopped those mortgages into tiny bits, and recombined them with other mortgages, invented a fancy new name for them… and sold them to dozens or hundreds of people. So no one person/corporation is holding the note.

    And in many cases, no one knows who owns the note. And you know that.

    So there’s no one really to go after the lender, no corporation, no individual, no bank, no lending agency, that owns that note at this point in time. And you know that. Somewhere, in the front of your mind, or the back of your mind, you know that, though you’re not typing about it to us.

    And that is why you think that MERS should be regarded as an agent. Because if it IS — then your legal game and your income from all this can be regarded as legitimate. Because it’s all just business as usual.

    Except it is NOT — because on a huge scale, multiple banks, and multiple lending agencies, took hundreds of thousands if not millions of little people to the proverbial cleaners, taking their “closing fees” and so forth and running with them, and dropping them into situations FAR WORSE for them than being the renters they were. Set them up for a world of hurt, while those same lending agents and agencies would continue to ride high.

    Double-dipping, perhaps, circling back like vultures to purchase those properties back from those suckers who’d moved into them like cattle down a chute. “We’ll rent that puppy to you now — sucker!”

    And yes, it’s personal to me. I know a grandmother who purchased a house to be near her granddaughter, at a time in her life when she needed someone to watch her after school, so she wouldn’t get in trouble. And the ONLY FREAKING LOAN SHE COULD GET — not because she didn’t know better, not because she hadn’t grown up in a 5500 sq foot house in DC, not because her parents weren’t well off, as she had been, and not because she didn’t have a healthy down payment — but because “Since everyone else is doing it, this is the ONLY type of loan we’re offering, where the rate balloons up”.

    Yes, it’s personal to me. IF there had been a law against that type of loan –which I might add, our State Attorney General tried to get written into law, but somehow GWB’s regime said that one state couldn’t make itself an exception like that — she wouldn’t have a mortgage with a payment that just jacked up through the ceiling.

    She thinks she may go homeless, but she says it was worth it to save her granddaughter, she got her through that rough patch, and she’s not so worried about it now.

    All the remodeling, which she and her sons worked their tails off on, and she hired people for, too. Turning the place into a model of green efficiency, the rain barrels, other amazing ecological features. The front door with stained glass panels saved from her parent’s front door. Her beautiful garden, raised beds so she could garden in her older age. (Already old, yeah.)

    The real problem is that for too long,

    predators have been on the loose to chew up the little guy, with no legal regulation to rein them in.

  3. What Enron?  Nobody could have ever imagined ponzi scam economics doesn’t work.

    • robodd on October 19, 2009 at 2:37 am

    the lessons of the last nine years, I’ve got to believe we’re heading for another crash.

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