Fundamental Differences

[Lurker]

We aren't talking about standard loan practices. We're talking about the loans the industry used to target and expand to new consumer markets.

Also, banks did not use stringent underwriting practices for subprime loans because they didn't care about the risk. All risk was insured after all.

[Kulaf]

Hehe so now you are going to rail on automated underwriting? That is the first hurdle to getting a loan approved and it approves the cookie cutter loans that have no problems. It frees up underwriters to work on the problem loans. That's like saying we should go back to mailing loan apps in because computer processing makes it easier to do more loans.

[Lurker]

It's a fact that the financial industry used ARM's to target new consumers that were never a good fit for them, and they did it to bolster profits because conventional refinancing was in decline. It's a fact they thought the loans were risk free for the banks even when the consumer defaulted.

Are you saying these aren't true statements?

Edit: Also, nobody is saying we shouldn't use computerized underwriting. The problem was with the formulas uses, not that they were computerized. So just answer the question.

[Kulaf]

Just keep trying to fit that cart in there.....you can doooo eeet!

[Lurker]

Whatever.

Someone more honest than you can read the articles I posted and see that the statements are true.

[Kulaf]

Well you throw around terms like "financial industry" making it sound like they acted in collusion to fuck up their own business. How can I respond to that crap?

[Lurker]

Read what I wrote again. I never said that. Quite the opposite. You seem to be incapable of honesty.

[Kulaf]

It's a fact that the financial industry used ARM's to target new consumers that were never a good fit for them, and they did it to bolster profits because conventional refinancing was in decline. It's a fact they thought the loans were risk free for the banks even when the consumer defaulted.

That's a whole lot of "they" did this and "they" did that.

[Lurker]

Riiiight. Cause saying they thought the loans were risk free to the banks means I was saying they tried to fuck up their own business.

I get that you won't answer the question and your're too much of a pussy to admit that what I'm saying is the truth. Whatever. People can read the stuff for themselves.

[Kulaf]

Awww gonna take yer ball and go home. I answered every one of your assinine questions demonstrating your TOTAL lack of any practical knowledge and you are left with your three articles which say nothing. Buh bye.

[Lurker]

The projection and denial run strong in you.

[Kulaf]

Here's you: Blah blah blah
Here''s me: Buh bye

[Lurker]

Heh. Then leave already. You're acting like a dumbass.

Edit: Someone should have told Countrywide they did nothing wrong before they settled that nationwide lawsuit for predatory lending and set aside 8.4 billion dollars in loan aid. It was just the dumb borrowers fault!

[Kulaf]

No just demonstrating your pathetic need to have the last word.

[Lurker]

Ok, you can have the last word before someone pops in to comment on how childish you are behaving.

Have at it.

[Fallakin Kuvari]

It's a fact that the financial industry used ARM's to target new consumers that were never a good fit for them, and they did it to bolster profits because conventional refinancing was in decline. It's a fact they thought the loans were risk free for the banks even when the consumer defaulted.

Are you saying these aren't true statements?

Sorry, I just wanted to join in on the copy-pasta.

[Partha]

I'd like to nominate a sentence from this thread to the Hall of Flame.

See you are just the typical no nothing.

[Select]

This thread is approaching entertaining but it needs more oomph. Charity for those of us who are super sick, can't sleep, and doing a bibliography.

[Harlowe]

Kulaf you sound unhinged on some of this. Not sure why this particular issue feels so near and dear to your heart, as if you are personally being blamed for the loan crisis....but um, your argument would seem more credible if you didn't say things like "no nothing" [sic] repeatedly. Also the demands for more and more details of Ddrak's personal medical shit, was totally tacky.

If people need a refresher on the lending mess, here you go - http://www.thislife.org/radio_episode.aspx?episode=355

Can't rewrite history on this shit.

Also once Ddrak posted his details your story changed from it being people delaying choosing their doctors to it being a supply and demand issue. I am judging people I know with issues getting appointments, what anecdotal information are you using? The pull it out your ass information? At least my assumptions are based on personal experience not my skewed world-view.

[Taxious]

I'd like to nominate a sentence from this thread to the Hall of Flame.

See you are just the typical no nothing.

Haha, yeah I saw that too and laughed pretty hard.