Comments by "romanmir01" (@romanmir01) on "Predator Bankers Make 'Ghetto Loans' for 'Mud People'" video.

  1. No, it's obvious that people are bought into the system.
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  2. You are an idiot. Foreclosure means you rent and move.
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  3. Those who were foreclosed upon PROFITED from this. Cenk doesn't even understand simplest of things: you are not losing anything if you moved into a house only based on your ability to make a monthly payment, which is RENT. You didn't put any money down, you refinanced the place a couple of times, you PULLED THE MONEY OUT of the fucking house They foreclosed on you? So what? You didn't lose anything, you made money, the BANKS lost money and the GOVERNMENT transferred the losses to the TREASURY
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  4. Packaging mortgages to sell them as ISVs is NOT a crime! The CRIME was that the government was GUARANTEEING those ISVs! Yeah, when gov't says: doesn't matter: buy this shit, if you make money, it's yours, if you lose money, we'll cover your losses. Oh, and by the way, here is FREE MONEY for you to do it with. Why NOT do all of this? It's a freaking trap, it's entrapment.
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  5. Oh, and people who lost their houses, they didn't lose MONEY. People who lost houses were living in those houses ONLY because they could afford the monthly payment, and for that monthly RENT they got a new house, they didn't put any money down (and if they did, they immediately REFINANCED the house, pulled the money out, increased the mortgage and spent the money on some trinkets). No no, there is no reason to cry for the house buyers. They didn't lose in these transactions.
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  6. Government at work. The banks are an arm of gov't, which tells them what to do. The gov't (Federal reserve bank, supposedly 'independent', whatever), gives out loans to banks at 0%. Freddie and Fannie and FHA GUARANTEED the loans. HUD set TARGETS on how much of the loans MUST BE SUBPRIME. So cry me a river that the foreclosure rate shot up, of-course it did. None of those people had ANY EQUITY in their houses! It's not the house buyer who is on the hook, it's the TAX PAYER.
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