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naem posted:I'm trying to think what this guy's goal was here 
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Nov 26, 2015 02:01
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Phlegmish posted:how does this make sense, the reason they don't move out is that real estate is too expensive you idiots article encourages a group with a trillion dollars of student loan debt and the lowest wages in nearly 3 decades and the worst job prospects except for maybe people in their sixties to buy houses. 'loving millenials ruining the housing market' millenials then buy houses they can't afford because of a trillion dollars of student loan debt and the lowest wages in nearly 3 decades and the worst job prospects except for people in their sixties. the housing market then crashes again when millenials can't pay a mortgage and student loan debt with their lovely wages. article comes out 'loving millenials ruining the housing market'
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Nov 26, 2015 03:04
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Volunteering for massive student loan debt: It isn't their fault! They were tricked! Underwater on the house after signing for a mortgage with crazy terms: It isn't their fault! They were tricked! Getting a degree in a thing that is actually bad for getting a job when it turns out it makes you overqualified for the jobs that are available: It wasn't their fault! They were tricked! It's a good thing there aren't any actual consequences for being stupid and making bad decisions, people might actually learn something.
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Nov 26, 2015 03:42
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GORDON posted:Volunteering for massive student loan debt: It isn't their fault! They were tricked! Hindsight is a beautiful thing, isn't it?
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Nov 26, 2015 03:59
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DreamShipWrecked posted:Hindsight is a beautiful thing, isn't it? A lot of people who think they are intelligent are actually stupid. It's the nature of stupidity, sometimes.
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Nov 26, 2015 04:02
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GORDON posted:Volunteering for massive student loan debt: It isn't their fault! They were tricked! The older generation have NO responsibility for teaching the young generation how to be people, they're just supposed to figure it all out themselves naem fucked around with this message at 06:25 on Nov 26, 2015 |
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Nov 26, 2015 04:14
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Go to college, it's good Follow your dreams, follow your heart, like I did, I will lead to a career Buy a house, from me, they're good, I'm an old, you can trust me
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Nov 26, 2015 04:16
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lol at millenials that can't figure out how to marry a sugardaddy/momma
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Nov 26, 2015 04:18
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Dapper Dan posted:article encourages a group with a trillion dollars of student loan debt and the lowest wages in nearly 3 decades and the worst job prospects except for maybe people in their sixties to buy houses. 'loving millenials ruining the housing market' If the housing market crashes again it will be solely on the government this time. PMI is held to specific risk to capital and reserve/loss ratios while the FHA/VA is not. Since most first time home buyers are not dropping > 20% on a down payment the lender will require MI, however, the FHA still insures around 4 out of every 5 mortgage loans that require MI. The rest go to PMI. Since first time home buyers are generally the payer of MI, and with strict capital and risk requirements now, the MI companies aren't insuring a lot of poo poo anymore. In addition, a lender is not going to apply for LPMI on a mortgage for a first time home buyer with an LTV of 97%. But can you guess who is ok insuring that loan? That's right - the FHA. So like I said, if the housing market crashes it will be on the government for stamping "yes" to anything that is fed into the FHA.
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Nov 26, 2015 04:22
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Look at this smug loving Millennial cat.
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Nov 26, 2015 05:12
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heh, still lives at home too
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Nov 26, 2015 06:01
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HEY NONG MAN posted:heh, still lives at home too Got his own twitter account even.
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Nov 26, 2015 06:44
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Wheres the smart phone
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Nov 26, 2015 06:54
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GORDON posted:Volunteering for massive student loan debt: It isn't their fault! They were tricked! the problem with the job thing is that most colleges have very very bad career services who can't differentiate between majors or provide any valuable advice besides pointless emails. or their people are constantly getting rotated out. the school i am going to has the best career services i've ever seen and are committed to getting their graduates jobs. not all places are like that and a lot of professors have been in academia so long they don't know anything else. also the gender studies department is not going to say 'yeah, the only jobs you'll be able to get are in a non-profit maybe or in academia which you need even more expensive degrees for'. but yeah, you have to do your research. otherwise you will end up getting hosed. at the same time, you also can't expect 17 or 18 year olds to make sound financial decisions with implications of possibly a lifetime of debt. they need good guidance and lol if you think high school guidance counselors in the lovely public education system are good enough. parents need to share some of the blame, as they want their kids to go to expensive private schools to show off with no care about the debt their kids take on. I hate yankees posted:If the housing market crashes again it will be solely on the government this time. PMI is held to specific risk to capital and reserve/loss ratios while the FHA/VA is not. Since most first time home buyers are not dropping > 20% on a down payment the lender will require MI, however, the FHA still insures around 4 out of every 5 mortgage loans that require MI. The rest go to PMI. ah, i didn't know that. so it isn't possible then. but still, its an idiotic article since kids out of college can't afford a house or get good jobs right away. this isn't the 1950s anymore.
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Nov 26, 2015 06:55
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mazzi Chart Czar posted:https://www.washingtonpost.com/opin...0b1f_story.html it's cool how young black people can't do anything to instigate action from limp dick white school heads about pervasive racism on campus without being either violent thug monkeys or trophies for everyone fag pussies real cool (USER WAS PUT ON PROBATION FOR THIS POST)
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Nov 26, 2015 09:46
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oh come on. they need jobs first. dear boomers: you're ruining the job market. retire.
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Nov 26, 2015 13:39
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mr. mephistopheles posted:it's cool how young black people can't do anything to instigate action from limp dick white school heads about pervasive racism on campus without being either violent thug monkeys or trophies for everyone fag pussies That is such an obvious and tactless troll bait I can't believed you bothered to read it and respond to the troll who will never even see your post.
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Nov 26, 2015 13:49
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http://everydayfeminism.com/2015/08/for-nice-guys-who-dont-get-it/ Thanks feminist faerie, now I know how to avoid committing microaggressions.
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Nov 26, 2015 16:59
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I hate yankees posted:If the housing market crashes again it will be solely on the government this time. PMI is held to specific risk to capital and reserve/loss ratios while the FHA/VA is not. Since most first time home buyers are not dropping > 20% on a down payment the lender will require MI, however, the FHA still insures around 4 out of every 5 mortgage loans that require MI. The rest go to PMI. Isn't part of the problem that banks refuse to take the hit for the housing crisis? The way I understand it is that they refuse to sell all the McMansions and flipped houses they have on their books at a loss, because that would eat into their corporate profits. BOA specifically was lobbying Congress to get the FDIC to cover their losses years ago. Last I read about it, there could be plenty of affordable housing but banks refuse to let the 'market correction' come out of their pockets.
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Nov 26, 2015 18:04
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red19fire posted:Isn't part of the problem that banks refuse to take the hit for the housing crisis? The way I understand it is that they refuse to sell all the McMansions and flipped houses they have on their books at a loss, because that would eat into their corporate profits. BOA specifically was lobbying Congress to get the FDIC to cover their losses years ago. I know that this poo poo is definitely happening around here, my mom's normal suburban subdivision is like half empty foreclosed houses that have been vacant for years and are falling apart because the banks that own them still want 2006 prices for them
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Nov 26, 2015 18:37
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City of Tampa posted:I know that this poo poo is definitely happening around here, my mom's normal suburban subdivision is like half empty foreclosed houses that have been vacant for years and are falling apart because the banks that own them still want 2006 prices for them They should be homeless shelters.
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Nov 26, 2015 18:39
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TheMostFrench posted:http://everydayfeminism.com/2015/08/for-nice-guys-who-dont-get-it/ Can I still open doors for old ladies who are carrying things, or am I supposed to let them do it themselves I'm confused
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Nov 26, 2015 18:40
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City of Tampa posted:I know that this poo poo is definitely happening around here, my mom's normal suburban subdivision is like half empty foreclosed houses that have been vacant for years and are falling apart because the banks that own them still want 2006 prices for them I know of several half abandoned subdivisions where only a couple of houses were built, with blank lots or empty foundations along a nice paved drive with a circle turn around, with one hillbilly family living it up in their house they kept through the recession using the whole thing as their driveway full of atv's
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Nov 26, 2015 18:43
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EugeneJ posted:Can I still open doors for old ladies who are carrying things, or am I supposed to let them do it themselves If you're not trying to gently caress the old ladies you're good bro
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Nov 26, 2015 19:05
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bacon flaps posted:If you're not trying to gently caress the old ladies you're good bro GILFS need love too rear end in a top hat
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Nov 26, 2015 19:06
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VendaGoat posted:GILFS need love too rear end in a top hat Yeah but they don't need microaggressions disguised as chivalrous behavior jesus didn't the feminism faerie teach you anything
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Nov 26, 2015 19:37
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LegoPirateNinja posted:oh come on. they need jobs first. Boomers thought they'd be able to retire at 65. Then the age for full benefits was raised to 67. Soon it will be 70. By the time you're ready to retire it could be 75 or the system could be completely bankrupt.
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Nov 26, 2015 19:44
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ghlbtsk posted:Boomers thought they'd be able to retire at 65. Then the age for full benefits was raised to 67. Soon it will be 70. If this happens there will be decrepit skeleton people dying in the streets and no jobs for anyone under 50
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Nov 26, 2015 21:49
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red19fire posted:Isn't part of the problem that banks refuse to take the hit for the housing crisis? The way I understand it is that they refuse to sell all the McMansions and flipped houses they have on their books at a loss, because that would eat into their corporate profits. BOA specifically was lobbying Congress to get the FDIC to cover their losses years ago. Yes, to a degree. The "market correction" should have been the banks being deemed "too big to fail", and split. BOA lobbied congress though specifically because of Countrywide, in my opinion. Countrywide was a large player in the crash. They were rampant with fraud and did not require basic checks, such as a separate field review to supplement an appraisal. They did not spread business across many appraisers, so the loan officers were able to collude with them. Then, in addition to that, you had the robosigning. They artificially raised home values, said a person needed more money on a loan, gave out the loan, the market crashes, the homeowner realizes they are under water, "strategic default" becomes a thing (don't do this), and thus the market nose dives even more. To compound this, the banks thought it was a good idea to take these high risk poo poo mortgages, bundle them as securities, and sell them to investors. They were essentially junk bonds but there was no reasonable way the investor could tell because the banks offered reps and warrants (hey this is good only X% are high risk) that were comically way off. So once the mortgages start defaulting, the value of the securities crashed. Goldman Sachs role in this was they purchased a poo poo load of the bad securities and could not dump them fast enough. I think Goldman Sachs deserves a lot of criticism but I genuinely think they were victims to a point. I lose the sympathy for them when they began trading the securities when they knew they were bad. They should have raised the flag to the SEC and FHA at that point because I truly believe they knew what was going to happen. Even worse, the banks knew the mortgages were poo poo and that the only way they could recover any losses besides government reimbursement (for low income mortgagors) was to get MI. So the banks packaged the mortgages into what's called a bulk deal and also sold these on reps and warrants, which like I said were comically off. The important thing to understand about a rep and warrant is that it has an inherent dollar value to it - it's your guarantee on what you are selling. Also, they offered loan products to borrowers such as SISA or NINA, which mean "stated income, stated asset" and "no income, no asset." That basically means with SISA you state the income and assets or with NINA you don't even need to provide that information. No income verification on a large capital outlay is a fantastic idea. So as these loans went into foreclosure the banks started filing MI claims. At the time MI companies held loss reserves, but no matter how much capital and planning they set aside none of them could handle the catastrophic losses that they incurred due to the banks not being truthful. The only thing that saved a lot of MI companies was the stop loss set for the bulk deals, however, not all MI companies had that provision in the agreement so they had to continue to pay claims until they could no longer function operationally. The nail in the coffin was when the banks then turned around and started suing the MI companies for fraud. I am not joking. The long term effect of this bullshit, primarily from BOA, is that housing prices are still way above what they should be sold at. Other banks did play their part, but BOA was the largest player and they literally brought the country to its knees and no one seems to remember or care about that. If people were not apathetic idiots and actually cared about things like this happening then they would not bank with BOA. Bank somewhere that gives a poo poo about you like USAA or a credit union. I work in the industry so I also have general knowledge of all of this, but I do not believe many people have pieced together the puzzle of the crash in this manner because all of these events were separate and a few don't seem related. It's extremely complicated, too, so I'm obviously oversimplifying a lot of events. edit: I graduated college at the peak of the crash and it took me almost 2.5 years to bootstrap myself into a real job. I started out as a contractor and I learned that nothing should ever be beneath me and that I should be grateful for what opportunities I had. I hate yankees fucked around with this message at 22:37 on Nov 26, 2015 |
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Nov 26, 2015 22:29
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City of Tampa posted:I know that this poo poo is definitely happening around here, my mom's normal suburban subdivision is like half empty foreclosed houses that have been vacant for years and are falling apart because the banks that own them still want 2006 prices for them just burn them down, the banks will be proper hosed when theres literally nothing there cept an empty lot
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Nov 27, 2015 01:49
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Lufiron posted:just burn them down, the banks will be proper hosed when theres literally nothing there cept an empty lot And the insurance companies would like a word with you.
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Nov 27, 2015 01:57
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So peoples heads don't spin let me try to translate this and please forums poster I hate Yankees, rate my performance. So so total dicks overcharge people for homes, these dumbasses agree. Which raises more home prices, which more dumbasses buy, until said dumbasses become insolvent....can't make their mortgages. Everyone declares bankruptcy. These homes though still have a value attached to them, even if it's total hog poo poo from the bankruptcies. This value to bundled into a tightly bound buttplug and inserted into investors. These investors scream bloody murder and sell the comically oversized butt plug to other investors. This happens until someone just loving falls rear end first onto the buttplug and it comes out their mouth with "Save me Obama" attached on a pretty ribbon. The government says ok, we'll help you dear citizen and gently starts to remove the buttplug, but it's a really large buttplug and the muscles of the person it's in just keep pulling it back up. At this point, the people who sold this poor schlep the rear end rammer sue him because he can't take the pain. And they win. And now we're at present time.
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Nov 27, 2015 02:08
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VendaGoat posted:So peoples heads don't spin let me try to translate this and please forums poster I hate Yankees, rate my performance. Also we spent a trillion dollars (financed by China whose economy turns out to be mostly garbage) in order to murder brown people for a decade until their whole region is going murder nuts and they're stampeding to escape and occasional shooting up our cities yes
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Nov 27, 2015 05:16
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VendaGoat posted:So peoples heads don't spin let me try to translate this and please forums poster I hate Yankees, rate my performance. 5/5 
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Nov 27, 2015 06:15
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Lufiron posted:just burn them down, the banks will be proper hosed when theres literally nothing there cept an empty lot In Detroit they call this Devil's Night and its a yearly tradition on the night before Halloween. What I'm getting at is... Why should they have all the fun?
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Nov 27, 2015 06:54
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all cities should strive to be more like detroit
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Nov 27, 2015 20:29
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I hate yankees posted:
I've had a very positive relationship with my credit union for 20 years  ex GF who's a wealthy republican tax accountant ayn rand fan hates credit unions for some reason, says they're all corrupt
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Nov 28, 2015 01:32
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lol
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Nov 28, 2015 01:44
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Nov 28, 2015 01:52
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Nov 28, 2015 01:56
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