i am in real estate and i do agree that alot of these lenders are predators, but what no one fails to mention is the absolute materialistic "fanatiscism" that most of these people engage in, you should see the looks in someone's eyes when they are house shopping. MORE MORE MORE BIGGER BIGGER BIGGER, it's absolutely awful, and I amke money off of it but nonetheless. There were alot of people taken advantage of, but alot of these morons took advantage of themselves. They were buying stuff to try and impress people that dont give a flying fuck about them anyways
The American Dream Spend borrowed money you'll never pay back, to buy shit you don't need to impress people you can't stand. In the end it's going to expand the gov't by creating more jobs to babysit the mortgage industry.
Exactly. It was unbelievable. Some of the buyers went into almost a primal sort of rage, a rictus, at even a hint that their greed would not be satisfied. Fine if you're among the rich that dont need to borrow - not fine if you're emulating the rich with borrowed $. Nouriel Rubini has a great piece on this sort of thing on his blog this week - - anyone that thinks Fed or monetary policy was going to do anything about that mania is nuts. And 10% rates wouldn't have stopped dot.com either.
I was in the mortgage biz for like 3 years. With some small companies and with a big lender like countrywide. They were all the same. High school graduates selling 300 to 500 k loans and people would trust them with their most valuable asset. Almost all of them were ex car salesman or ex stockbrokers. One mortgage company I worked for the owners were all ex stockbrokers who had lost their licenses from the nasd. In the office it was more like a high school locker room. Foul language, people getting drunk, loan officers doing coke in the bathroom. Even at Countrywide all the loan officers had a CPA in his back pocket who they would pay a few hundred bucks so the CPA would write a letter attesting the fact the borrower made like 6k a month when he was really a janitor making like 2k a month. The worst was the illegal spanish clientel. They were all self employed and loan officers would write stated income loans saying they making 90k a year.
Yeah JJ but those poor subprime borrowers lied their asses off to get their mortgages too in most cases. Stated income loans.....damned if that wasn't a liar trap. Taking any type of loan by misrepresenting your income or assets is a crime known as "false pretenses". perhaps they should be charged, you know, just to be fair and all. When you tell lies, bad things happen. I learned that when I was a little kid. Isn't that one of the first things you are taught in life?
.Redline looks like the producer picked out a dozen women he slept with on the casting couch,and made them the extras,then picked up his leads from Hollywood's unemployment line.And the script.Yikes.Its Mystery Science Theatre 3000 bad.This is 70's made for TV movie bad. Yeah,the movie had a few cool cars,but you don't really get to see that many in action,and the action is directed so poorly you cant get excited by the chases,and if the cars aren't thrilling you,why go to a movie like this? Im in the audience with a bunch of teenagers,and I cant stop laughing out loud.Im getting dirty looks,but this was just a debacle. Rent the F&F movies.Go to Nascar Race.Go to a karting track and race yourself.Whatever you do,avoid Redline like bad cheese.:eek:
"I've sold all my cars to keep the company going," says Sadek, 38. "Every property I own is mortgaged to the max." Redline took in $20MM less than it cost to produce.