House Of Cards
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02-19-2009, 05:48 PM
#13
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Last week I turned down a $2,100/mo rental application from a young couple who had $970k debt per their combined credit report. He used to be a mortgage broker and now works for NYC based financial institution and she is a school teacher. He boasted of living the high life until I said a credit report and proof of income is mandatory... go figure. Their $130k combined annual salary didn't allow them to come close to their monthly obligations net of rent. Their lease payments on the Audi Q7 SUV and BMW 3-series were in excess of $1,700 per month. Talk about a bankruptcy waiting to happen. No thanks, losers, you're not worth a trip to renter's court!
I enjoyed a nice sizzling steak lunch with the $50 cash I charged them for a combined credit report.
I enjoyed a nice sizzling steak lunch with the $50 cash I charged them for a combined credit report.
02-19-2009, 06:18 PM
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Last week I turned down a $2,100/mo rental application from a young couple who had $970k debt per their combined credit report. He used to be a mortgage broker and now works for NYC based financial institution and she is a school teacher. He boasted of living the high life until I said a credit report and proof of income is mandatory... go figure. Their $130k combined annual salary didn't allow them to come close to their monthly obligations net of rent. Their lease payments on the Audi Q7 SUV and BMW 3-series were in excess of $1,700 per month. Talk about a bankruptcy waiting to happen. No thanks, losers, you're not worth a trip to renter's court!
I enjoyed a nice sizzling steak lunch with the $50 cash I charged them for a combined credit report.
I enjoyed a nice sizzling steak lunch with the $50 cash I charged them for a combined credit report.
How could someone pile up that kind of credit and debt with no mortgage?
I may not have a big bank account, but I don't have some pile of unsecured debt (just a mortage on a house not worth crap).
02-19-2009, 06:27 PM
#16
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I believe the phrase here would be "Livin' Large".
Some butt head in a fancy suit and a wallet full of plastic playing the game. The idiot that applied for, and got, the no income verification mortgage by stating he made way more than he did to get into the big house, thinking he could make it all work. The fool that leveraged himself so far out that the least little bump in the road sent him into a tailspin. Why the fock should these people be bailed out by we people that have been financially prudent all our lives, that buy what we can afford, pay for what we buy, go without that which we can not afford to pay for, and never let themselves get so stretched out that they might get into trouble. Maybe I'm way off here, but I really resent having to be a part of bailing their sorry a$$es out of their self inflicted stupidity.
Some butt head in a fancy suit and a wallet full of plastic playing the game. The idiot that applied for, and got, the no income verification mortgage by stating he made way more than he did to get into the big house, thinking he could make it all work. The fool that leveraged himself so far out that the least little bump in the road sent him into a tailspin. Why the fock should these people be bailed out by we people that have been financially prudent all our lives, that buy what we can afford, pay for what we buy, go without that which we can not afford to pay for, and never let themselves get so stretched out that they might get into trouble. Maybe I'm way off here, but I really resent having to be a part of bailing their sorry a$$es out of their self inflicted stupidity.
Last edited by RaggedEdge; 02-19-2009 at 06:29 PM.
02-19-2009, 06:30 PM
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02-19-2009, 06:48 PM
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Yep Greenspan sits there and says hey how could i say whoa we need to slow this down and start checking things out when everybody was living the goodlife because hedid not want to have been the bearer of badnews or reality. It was his JOB he did not step up to the plate and spell it out and take a ration of chit from everybody like they would have given him but he would have looked much better now than he does now
02-19-2009, 06:48 PM
#19
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Oh and the mortgage brokers who comitted FRAUD, yea thats what it is FRAUD, time to go to the poky, to the Bankers who lied on the loan ratings again theirs a word for it FRAUD, yea you go to poky also. WHY IS NO ONE IN JAIL!!!!!!!!!!!!!!!!!!
If I sold a car with rolled back milage, and did it 100 times a year, yea ITS FRAUD, I would go to jail, why to these guys get a free pass??????
If I sold a car with rolled back milage, and did it 100 times a year, yea ITS FRAUD, I would go to jail, why to these guys get a free pass??????
Who in the F*ck is going to keep an eye on what... This bail out money is as good as gone...
What I don't understand (because I am not into politics that much)... If you and I aren't spending money.. How is it going to get the auto worker back to work, How is it going to get the housing market back to work, How is going to get the factory workers back to work producing the products WE buy weekly.... If WE ain't got no money... WE ain't spending... I heard that some of the money would be used to help free up some credit... Well if you lent losers with a 550 credit score money... Why would you do it again???
Help me if I am wrong...
02-19-2009, 06:52 PM
#20
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This question was asked to some politician who supported the bill on CNBC this morning. If you have a 600K loan and it's "crammed down" to 500K so you can afford it. What happens in 3-5 years and the homes value is now 600K plus again? She did not and would not answer the question. The idiot that got themselves into trouble gets to keep the gains.
