4:42 "made a subprime application, you were doomed, you couldn't change it." This is a false statement. You can end the process at any time up to the conveyance of the title through the deed of trust. Which requires a huge stack of papers and a notary. And affinity lending sounds like people not doing their homework and buying into the Inclusionary narrative. The hard truths are: 1) real estate and mortgages are complicated and take a significant amount of education to understand them, how to shop for them, how the process works. Current disclosures are not the answer, as they as so dense, no one reads them. Dealing with the banks actually requires a weekend or semester seminar. 2) there is no such thing as a free lunch and ease of credit/debt numb us to that reality 3) we need to stop reinforcing the idea that because you look like me you can understand me, educate me, you will look out for me. The coddling of the American youth today with diversity quotas only helps make people less able to navigate the world after school. Classifying what happened here as predatory just classifies the people affected as prey. People are not prey, but this stuff is arbitrary and one needs to be educated before they engage in it. There is no freedom without agency, we do no one any favors by taking away their agency and its consequences. You can sit here and clutch your pearls and reeeee to the high heavens, but no one is building any wealth or gaining financial freedom until they learn this stuff.
You're a dupe. People ended up underwater when they purposely crashed the market. They called the target of those loans "mud people." It was a Ponzi scheme all along; and knowing they could short the whole market, and Blackstone could swoop in to steal it all, and Eric Holder was a feckless catamite for Wall Street, they didn't give a shit.
I have only one word to describe my feelings about a system which allows this to go on: "Disgusted".
Haley Brown, they created it so of course they want this fraud to continue.
Thank You for this info. just a note: I had to hit the thumbs up 8 X"s for it to register... Very Strange
4:42 "made a subprime application, you were doomed, you couldn't change it." This is a false statement. You can end the process at any time up to the conveyance of the title through the deed of trust. Which requires a huge stack of papers and a notary. And affinity lending sounds like people not doing their homework and buying into the Inclusionary narrative.
The hard truths are:
1) real estate and mortgages are complicated and take a significant amount of education to understand them, how to shop for them, how the process works. Current disclosures are not the answer, as they as so dense, no one reads them. Dealing with the banks actually requires a weekend or semester seminar.
2) there is no such thing as a free lunch and ease of credit/debt numb us to that reality
3) we need to stop reinforcing the idea that because you look like me you can understand me, educate me, you will look out for me. The coddling of the American youth today with diversity quotas only helps make people less able to navigate the world after school. Classifying what happened here as predatory just classifies the people affected as prey. People are not prey, but this stuff is arbitrary and one needs to be educated before they engage in it.
There is no freedom without agency, we do no one any favors by taking away their agency and its consequences. You can sit here and clutch your pearls and reeeee to the high heavens, but no one is building any wealth or gaining financial freedom until they learn this stuff.
You're a dupe. People ended up underwater when they purposely crashed the market. They called the target of those loans "mud people." It was a Ponzi scheme all along; and knowing they could short the whole market, and Blackstone could swoop in to steal it all, and Eric Holder was a feckless catamite for Wall Street, they didn't give a shit.
"Notary and a huge stack of papers." They paid a secretary to robosign everything. Read Matt Taibbi.
"No such thing as a free lunch." Tell that to Jamie Dimon and Lloyd Blankfein.