BoA OWNED by person

[goof2]

Originally Posted by Avatard

I'd say no, and add that apparently you fall for people pissing on your head and telling you it's raining.

The redistribution of wealth that just took place was on a grand fucking scale, son.

The fact that no one has money to buy shit reflects that.

You're buying the official press release, and I'm telling you the redistribution of wealth pulled all the money out of the economy, and it's as plain as fucking black and white.

The whole scenario really isn't much different than the old bank runs of much earlier times, but you're not even thinking on that level. You're not seeing it, and I think it's you who are in fact "that stupid".

There was no "redistribution of wealth", wealth disappeared. Easy credit was treated as wealth and the money was spent. Overinflated values for homes was treated as wealth and the money was spent. Both no longer exist so there is less money to spend.

Where are these magical properties the banks are cherry picking and flipping at a profit? If the house can be sold for more than the remaining loan balance then the homeowners are stupid if they let it go in to foreclosure. They can sell it themselves and pay off the loan. What the banks are overwhelmingly getting instead is homes that are worth less than the remaining loan balance. That loses money for the bank. I would really like for you to explain to me how a bank is coming out ahead on a foreclosure.

Nothing that has happened has put any of the lost money back in the banks. Yes, the banks were bailed out, but pretty much all of them have paid any bailout money they received back to the government. The simple fact is that banks paid out money for people to buy property. Instead of being paid back with interest they have received the property which happens to be worth less than what the banks loaned out. You also apparently don't know what writing off a loss means.

[Avatard]

Originally Posted by goof2

There was no "redistribution of wealth", wealth disappeared.

And you call me dumb. That's the most retarded fucking statement ever fucking made.

Yep, people burned money. They flushed it down the toilet, papered their birdcages with it.

Moron.

Just look at the fucking stats on distribution of wealth, and where it's gone, and stop fucking babbling bullshit, will ya?

You're so fucking full of crap.

[Captain Morgan]

Originally Posted by Avatard

And you call me dumb. That's the most retarded fucking statement ever fucking made.

Yep, people burned money. They flushed it down the toilet, papered their birdcages with it.

Moron.

Just look at the fucking stats on distribution of wealth, and where it's gone, and stop fucking babbling bullshit, will ya?

You're so fucking full of crap.

Oh, how I love Avatard's statements. The homes are worth less now than they used to be worth. Assets dropped in value. Money was borrowed from banks to purchase those assets. Those assets that are now worth less than they were before are owned by the banks. The banks essentially paid more for those assets than they're worth because the banks are the ones that loaned the money. The banks are still trying to sell those assets at a loss to someone else. Do you really think the banks want to hold on to those properties? Do you really think the banks want to pay the property taxes and maintenance fees on those properties? Do you really think the banks are making money on these properties?

Good grief. I really don't know why I bother arguing with you. It's always the same old thing. I actually came in here to tell goof not to bother, but then I got caught up with the same crap. I think nearly every one of your arguments makes me laugh. You remind me of jetskifast.

[Avatard]

Originally Posted by Captain Morgan

Oh, how I love Avatard's statements. The homes are worth less now than they used to be worth. Assets dropped in value. Money was borrowed from banks to purchase those assets. Those assets that are now worth less than they were before are owned by the banks. The banks essentially paid more for those assets than they're worth because the banks are the ones that loaned the money. The banks are still trying to sell those assets at a loss to someone else. Do you really think the banks want to hold on to those properties? Do you really think the banks want to pay the property taxes and maintenance fees on those properties? Do you really think the banks are making money on these properties?

Good grief. I really don't know why I bother arguing with you. It's always the same old thing. I actually came in here to tell goof not to bother, but then I got caught up with the same crap. I think nearly every one of your arguments makes me laugh. You remind me of jetskifast.

Really? That's funny, because I feel like I'm the one talking to a fucking wall.

Fuck the details leading up to the rape, son (that's how this shit gets so handily fucking obfuscated here), let's talk brass tacks [end results]: At the end of the day (and the current US financial meltdown scenario), the wealth has shifted...and it's not to the poorest 99%...it's to the richest 1%.

Now, you can dress that fucking whore up all motherfucking day long, but if you take her to the prom, I'm gonna laugh and point, douchenozzle.

[Captain Morgan]

Originally Posted by Avatard

Really? That's funny, because I feel like I'm the one talking to a fucking wall.

Fuck the details leading up to the rape, son (that's how this shit gets so handily fucking obfuscated here), let's talk brass tacks [end results]: At the end of the day (and the current US financial meltdown scenario), the wealth has shifted...and it's not to the poorest 99%...it's to the richest 1%.

Now, you can dress that fucking whore up all motherfucking day long, but if you take her to the prom, I'm gonna laugh and point, douchenozzle.

Please explain how the banks are profiting from the foreclosures.

[Avatard]

Originally Posted by Captain Morgan

Please explain how the banks are profiting from the foreclosures.

Sure, if you explain quantum physics. Otherwise, eat shit. Who am I, your fucking mom? Bite me. If you wanna believe stupid shit, that's on you.

Go look at a chart with the distribution of wealth before and after this fucking fart show, and then get back to me, OK? Anything else is crap. Crap perhaps you choose to believe, but that's on you...

[101lifts2]

Originally Posted by Captain Morgan

Please explain how the banks are profiting from the foreclosures.

Many of these banks did NOT hold the mortgages for subprime loans. Do you think banks were stupid? They kept the 30yr/15yr loans with 5% down/PMI and sold off the subprime loans. The ONLY purpose of the subprime loans were to sell to investors to make a buck when they bundled them and sold them off. Since these investments were AAA rated, many investors from other countries bought them up. The investors lost, not the banks, yet the banks got the bailout.

Once in a foreclosure, the bank will sell the property for it's value, then the PMI pays 25% of the market value. If the owner put 5% down and say paid 3 years in payments, the bank is not taking a loss. In many cases, the bank makes money. This is why they force you to pay PMI unless you put 20% or more down.

We can also go into how banks bet against CDOs paying out the full loan terms.

Avatard is right (not very tactful, but right). These banks and large corporations are using the government to deregulate shit/mandate legislation or tax so a small few can become very weathly at the expense of the taxpaper. It's going to lead to this country's demise.

[Particle Man]

Originally Posted by 101lifts2

Avatard is right (not very tactful, but right).

tact is overrated

[goof2]

Originally Posted by 101lifts2

Many of these banks did NOT hold the mortgages for subprime loans. Do you think banks were stupid? They kept the 30yr/15yr loans with 5% down/PMI and sold off the subprime loans. The ONLY purpose of the subprime loans were to sell to investors to make a buck when they bundled them and sold them off. Since these investments were AAA rated, many investors from other countries bought them up. The investors lost, not the banks, yet the banks got the bailout.

Once in a foreclosure, the bank will sell the property for it's value, then the PMI pays 25% of the market value. If the owner put 5% down and say paid 3 years in payments, the bank is not taking a loss. In many cases, the bank makes money. This is why they force you to pay PMI unless you put 20% or more down.

We can also go into how banks bet against CDOs paying out the full loan terms.

Avatard is right (not very tactful, but right). These banks and large corporations are using the government to deregulate shit/mandate legislation or tax so a small few can become very weathly at the expense of the taxpaper. It's going to lead to this country's demise.

The banks did securitize and sell off some of the mortgages but they still hold a ton of them too. PMI is also nice for the banks when the homebuyers had to pay it. Many didn't and even when they did home values have dropped much more than 25% in many areas. In Tampa I would guess the average drop has been around 40%, but for neighborhoods built out in the 03-07 timeframe it is probably closer to a 70% decline. ETA: For condos I have seen 75-80% declines.

We can also talk about Bank of America who was pretty much doing everything right by properly evaluating potential borrowers and sticking with more traditional loans and as a result wouldn't have needed to be bailed out. All that changed when the government "encouraged" them to acquire Countrywide, the poster child for junk loans. Working off your theory it shouldn't have mattered because Countrywide wouldn't have had any exposure to the losses. Instead it was a money pit that BoA had to deal with.

[Captain Morgan]

Originally Posted by 101lifts2

Many of these banks did NOT hold the mortgages for subprime loans. Do you think banks were stupid? They kept the 30yr/15yr loans with 5% down/PMI and sold off the subprime loans. The ONLY purpose of the subprime loans were to sell to investors to make a buck when they bundled them and sold them off. Since these investments were AAA rated, many investors from other countries bought them up. The investors lost, not the banks, yet the banks got the bailout.

Once in a foreclosure, the bank will sell the property for it's value, then the PMI pays 25% of the market value. If the owner put 5% down and say paid 3 years in payments, the bank is not taking a loss. In many cases, the bank makes money. This is why they force you to pay PMI unless you put 20% or more down.

We can also go into how banks bet against CDOs paying out the full loan terms.

Avatard is right (not very tactful, but right). These banks and large corporations are using the government to deregulate shit/mandate legislation or tax so a small few can become very weathly at the expense of the taxpaper. It's going to lead to this country's demise.

I can't really say it much better than goof has said it. Keep in mind, the bank doesn't always sell the property for "it's value" at foreclosure. When they're holding as many properties as they are right now, many of them are taking whatever they can get just to get the properties out of their hands. And what about the people who only made a years worth of payments, often putting zero down? We can play with the numbers all day long, but I don't see anyone holding the good end of the stick right now. The ONLY people who are possibly in good shape are the ones that had a bunch of cash sitting on the sidelines and were able to buy up properties at foreclosure rates, then rent the properties out while waiting for the market to come back up. Yes, those are generally wealthy people, but it's not the banks. The banks are not in the landlord business and don't want to be in that business.