[StBernard] Is it Dems or GOPs?

Westley Annis Westley at da-parish.com
Tue Sep 23 22:51:40 EDT 2008

Yeah John, I was trying to say what you side to Wendy, but you said it so
much better and clearer. As a person that uses credit in a responsible way,
I would never, ever have taken out one of these loans. They are just not
sound and very risky. These people's monthly payments ratio to their
monthly income was also way to much.


> -----------------------------------------------------

> Wendy,


> Let me address or disect comments you made: and keep in mind since I'm an

> appraiser I know this industry.


> "...Had the banks been smart and not so greedy, these people could afford

> homes"....Wendy, banks and lenders DO NOT set the market price of a home,

> the owner/seller or contractor/builder does. Thus, the so called banks

> greed does not even come into play here. If anything, blame "greedy"

> sellers for asking too much for their property.


> "...When the financial crunch began, they should have made ocncessions to

> people having trouble, but their thoughts were to foreclose than

> resell."....NO ONE, and I repeat NO ONE put a gun to a homebuyer's or

> borrower's head. Each person signing the dotted line "knew exactly" what

> he/she were agreeing to and getting into. I think it embarrassing to all


> a sudden claim stupidity as an excuse. Also, go ask ANY lender and they

> will tell you the numbers year after year show they lose money when

> properties are foreclosed on. Any property then can make their money back

> with any small profit from a foreclosure pales in comparison to the profit

> they would have made had the mortgagor (borrower) continued to make


> over the term of the loan. Bottom line, lenders do NOT want to see a

> borrower go belly up - it's foolish and naive to believe otherwise.


> "...instead of variable rates, they should have made stable rates. These

> people were fine in their houses and making payments before interest rates

> rose."....Again, exactly when and who was it that held a gun to borrower's

> heads forcing them to sign on the dotted line???


> "...And let's not forget that these people pushed paperwork through that

> shouldn't have gone there."....First, any bank or mortgage company


> is only doing their job as spelled out by the government law, thus


> (and HERE COMES THE BOMB) this whole entire mess was created by the U.S.

> Congress when it passed the "Community Reinvestment Act" of 1977 (authored

> and passed by a liberal Democratic party controlled Congress and signed


> law by Jimmy Carter) then again strengthen by Bill Clinton and Dems again


> 1993. Please read the article link (titled "The Government Did It") I

> attached in my previous email.


> Wendy, once again, your comments or sentiments reek of "but it's not my

> fault I screwed up" and look to blame someone else for the individual's


> judgement. Banks and lenders didn't creat this problem - the government

> did! And this time the Republicans CANNOT be blamed for it - they didn't

> pass the CRA. Please read the article, as it points out, the CRA's goal


> not to create sound lending practices, but to put people into homes who


> horrible credit and should never have been given a loan to begin with. Oh,

> and the economist who wrote the artilce for Forbes magazine is a Democrat,

> not Republican.


> John Scurich

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