in the early 2000's I was a real estate appraiser in the Denver area...I could see the writing on the wall and walked away...the only thing I am surprised about is how long it took (2008) before the thing crashed in earnest
I'm not surprised that another crash is coming because nothing was done to control the factors that led to the last one. Everything that caused the last crash is still going strong.
I didn't need a whistleblower to tell me things were going to shit in this country. I am not even all that intelligent but when I see a steak dangling on a string, I see it for what it is. Unfortunately other people took the bait.
Most of the foreclosures were second and third homes, investment homes being flipped which artificially jacked up prices, and secondly, overpriced homes purchased for residences which were way beyond the means of the purchasers and not uncommonly supported by false financial docs. While the lending criterion was too relaxed and the lenders knew better, the laws didn't prevent it. But the purchasers, many of them speculators or living beyond means, should share equally in the blame.
Those purchasers, yes, but in 2006 I got a $412k mortgage approved by Countrywide as a first time home buyer, luckily another buyer beat me to the condo I was thinking of purchasing because I needed a job from 2008 to 2011, a period when I couldn't get any company to call me in for an interview.
A temp agency I was working for called me several times, wanting me to go work for Countrywide. It was an attractive offer, temp-wise, but the energy behind it told me something was wrong with the work. This was during a time when I saw a regular family driving new cars with jet-skis on a trailer.
I thought "This feels so fake. These aren't people who can afford brand-new toys like this." The whole swirl of instant, easy money felt hollow. I felt afraid of what was surely next.
The worse part about this is nobody teaches the truth about the Subprime scandal or home ownership in schools. Everyone was greedy, the banks, the investors, the homeowners, and Wall Street. People let the homeowners off the hook when they're just as guilty. Common sense should tell you that you can't get something for nothing and you're debt would come due at sometime. They need to really teach these young kids about buying and owning a home these days in school.
Thank you for featuring these guys who spoke out. This would not have been easy. (If I am not mistaken, the phrase "If they can fog a mirror, we'll give them a loan" made it into "The Big Short.") I don't understand how the wrongdoing discussed here wasn't prosecuted.
***** No document loans. No proof of ability to pay. No interest. No principal. Nothing down. No payments. Some things just do not make sense. And real estate is getting ready for a much worse colapse. It is way overvalued. Good-luck.
***** I understand that. It is sad. Trump has said that he will audit the fed and expose the corruption. That is why he is being violently attacked. If this country does not resuscitate very soon we are on the verge of collapse. CITI said that the world economy is in a death spiral. Hold on tight. It is now or never. Either the same old corruption or "Make America Great Again"
I knew a family who had a child with a major disability, the father was thrilled to buy a home for his family. It was in a bad part of LA and he said he was spackling over the bullet holes in the walls. I grieve that they probably lost that home.
The elites of the world think that regular working stiffs like me are expendable. Money & wealth really do a number on people, huh? This is extremely concerning, and should also be to YOU other regular working stiffs as well. (It is 'time' to wake up now, my fellow slaves.)
The only purpose to separating currency from value is to make this confidence game viable. If currency is tied to some, any real thing, metal, labor, time, resources, etc., the currency's value is determined by that real thing's supply and any demand for it. That is anathema to the Wall Street model. Nixon started the process of separating our currency from value, reagan/41/Clinton finished it. What we have today is not an economy, though our real Main Street economy certainly exists, but an intricate illusion of money controlled by the men that own the printing press and they don't even have the expense of actually running the machines and actually printing money. Every transaction made on Wall Street creates money that doesn't exist until it hits the banking system, at which point it becomes new money and further dilutes the whole supply with a healthly cut for the banks and the balance owned and controlled by the issuer inside the market.
Mortgage loan underwriting has been very conservative since 2008. I've been buying and selling many home in the last 8 years and it's only started to loosen up in the last year or so. It's the rising interest rates that will probably start the correction.
*NO ONE* in the world is shocked that americans would go with quantity vs quality even in loans industry 😂😂 They do that with pretty much everything...from food to cars, houses and whatnot.
Christopher Schmidt the key is buying a house within your means, in a safe community where you intend to stay. Put 20 percent down and make sure you have emergency funds of 6 months or more.
Christopher Schmidt -always live BELOW your means, save and buy cash. Make sure it's not "move in ready". If you buy move in ready you're gonna be spending money correcting shoddy workmanship the former owner just did to sell the house. At that point you saved 50% the price of the house not getting a mortgage and 25% not fixing crappy work and materials. Now enjoy your new kitchen and bath and landscaping done just the way you like!
DUDE!!! I want more info on those Sodom and Gamorah toys!! I think I want in!!! Dont want the money (I lie, I wouldnt mind some of it), jus' want the 'toys'. . .
in the early 2000's I was a real estate appraiser in the Denver area...I could see the writing on the wall and walked away...the only thing I am surprised about is how long it took (2008) before the thing crashed in earnest
I'm not surprised that another crash is coming because nothing was done to control the factors that led to the last one. Everything that caused the last crash is still going strong.
It is definitely on the way. The true number of defaults is hidden by BS loan mods and banks holding back on foreclosure inventories
People get education
Don't borrow more than you can afford
Don't take bad loans from these sharks
I didn't need a whistleblower to tell me things were going to shit in this country. I am not even all that intelligent but when I see a steak dangling on a string, I see it for what it is. Unfortunately other people took the bait.
Most of the foreclosures were second and third homes, investment homes being flipped which artificially jacked up prices, and secondly, overpriced homes purchased for residences which were way beyond the means of the purchasers and not uncommonly supported by false financial docs. While the lending criterion was too relaxed and the lenders knew better, the laws didn't prevent it. But the purchasers, many of them speculators or living beyond means, should share equally in the blame.
Those purchasers, yes, but in 2006 I got a $412k mortgage approved by Countrywide as a first time home buyer, luckily another buyer beat me to the condo I was thinking of purchasing because I needed a job from 2008 to 2011, a period when I couldn't get any company to call me in for an interview.
Every time they say "blow the whiste" I just hear the whistle from the Too Short song in my head
Not a mistake... everything was deliberate... greed.
Congrats to these two gentlemen. I never heard of them till now. Hero's no one knows about till years later. How sad.
A temp agency I was working for called me several times, wanting me to go work for Countrywide. It was an attractive offer, temp-wise, but the energy behind it told me something was wrong with the work. This was during a time when I saw a regular family driving new cars with jet-skis on a trailer.
I thought "This feels so fake. These aren't people who can afford brand-new toys like this." The whole swirl of instant, easy money felt hollow. I felt afraid of what was surely next.
The worse part about this is nobody teaches the truth about the Subprime scandal or home ownership in schools. Everyone was greedy, the banks, the investors, the homeowners, and Wall Street. People let the homeowners off the hook when they're just as guilty. Common sense should tell you that you can't get something for nothing and you're debt would come due at sometime. They need to really teach these young kids about buying and owning a home these days in school.
They don't because the children in school will never buy a home, they will only rent or inherit their parents.
Thanks for making this.
Thank you for featuring these guys who spoke out. This would not have been easy. (If I am not mistaken, the phrase "If they can fog a mirror, we'll give them a loan" made it into "The Big Short.") I don't understand how the wrongdoing discussed here wasn't prosecuted.
Find the EMAIL that was referenced... READ IT! Think about the Sallie Mae and Auto FInance industry and where those emails are located!
I know this is very serious but what is sad is that those who willingly took loans/mortgages, are the ones screaming how evil it all was and is today.
***** No document loans. No proof of ability to pay. No interest. No principal. Nothing down. No payments.
Some things just do not make sense.
And real estate is getting ready for a much worse colapse. It is way overvalued.
Good-luck.
***** I understand that. It is sad. Trump has said that he will audit the fed and expose the corruption. That is why he is being violently attacked. If this country does not resuscitate very soon we are on the verge of collapse. CITI said that the world economy is in a death spiral. Hold on tight. It is now or never. Either the same old corruption or "Make America Great Again"
***** I'm afraid you are absolutely correct.
I knew a family who had a child with a major disability, the father was thrilled to buy a home for his family. It was in a bad part of LA and he said he was spackling over the bullet holes in the walls. I grieve that they probably lost that home.
Stu VS Yeah, me too.
If they came out during Obama's presidency then they would all be in jail.
Good old "Countrywide still at it,took me over 3 years to get my money back from them.
The elites of the world think that regular working stiffs like me are expendable. Money & wealth really do a number on people, huh? This is extremely concerning, and should also be to YOU other regular working stiffs as well. (It is 'time' to wake up now, my fellow slaves.)
16:00 - Incentivise with what? So the Banks are into Hu Trafficking?
Yes, the mortgage brokers are the clients of the David Epstein's of the world.
Bet these people signed a good faith statement when they purchased their homes but now no fault of their own the mortgage bank manipulated the market.
The only purpose to separating currency from value is to make this confidence game viable.
If currency is tied to some, any real thing, metal, labor, time, resources, etc., the currency's value is determined by that real thing's supply and any demand for it. That is anathema to the Wall Street model.
Nixon started the process of separating our currency from value, reagan/41/Clinton finished it.
What we have today is not an economy, though our real Main Street economy certainly exists, but an intricate illusion of money controlled by the men that own the printing press and they don't even have the expense of actually running the machines and actually printing money.
Every transaction made on Wall Street creates money that doesn't exist until it hits the banking system, at which point it becomes new money and further dilutes the whole supply with a healthly cut for the banks and the balance owned and controlled by the issuer inside the market.
Thanks, your post is bookmark worthy.
Mortgage loan underwriting has been very conservative since 2008. I've been buying and selling many home in the last 8 years and it's only started to loosen up in the last year or so. It's the rising interest rates that will probably start the correction.
Whistleblower my ass, Bowen knows full well that countrywide never made a single loan, they monetize the promissory note.
*NO ONE* in the world is shocked that americans would go with quantity vs quality even in loans industry 😂😂
They do that with pretty much everything...from food to cars, houses and whatnot.
I would like to buy a house one day and I need more information about the houses that the bank has to sell.😎
Christopher Schmidt the key is buying a house within your means, in a safe community where you intend to stay. Put 20 percent down and make sure you have emergency funds of 6 months or more.
Christopher Schmidt -always live BELOW your means, save and buy cash. Make sure it's not "move in ready". If you buy move in ready you're gonna be spending money correcting shoddy workmanship the former owner just did to sell the house. At that point you saved 50% the price of the house not getting a mortgage and 25% not fixing crappy work and materials. Now enjoy your new kitchen and bath and landscaping done just the way you like!
I miss Jessica D!
sad to see
Jessica, you look stunning!
I want it to crash again, so I can buy cheap. 😢
how's that going for ya
@@tertiary7 It work out great. Bought a new house. Thanks to the pandemic crash. 😂
DUDE!!! I want more info on those Sodom and Gamorah toys!! I think I want in!!! Dont want the money (I lie, I wouldnt mind some of it), jus' want the 'toys'. . .
Human trafficking of children for slavery.
Buy Bitcoin folks...
Buy into another scam LMFAO