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F*$? Stupid people. Come on people!!!

Discussion in 'The Lounge' started by 73k5blazer, Apr 26, 2007.

  1. 73k5blazer

    73k5blazer Unplug the matrix cable from the back of your head Premium Member

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    I get up in my hotel room this morning, and as usual, there's a USA Today just outside my door, which I usally peruse while I'm walking downstairs and eating my croissant.
    There's an article in there today about how Minorities are being hit hard by ARM's and subprime loans for housing.

    "They were targeted"

    NOOOOO. Banks don't give a rat's a$$ who or what color you are, they TARGET everyone.

    But it get's better:
    (paraphrased)
    "No one warned me about the risks with an ARM loan"
    "I didn't know I had to pay taxes and condo dues?"

    :rolleyes::rolleyes::rolleyes::rolleyes::rolleyes::rolleyes:

    WTF!!!!!!!!!!

    People just don't want to take responsibility for themselves.:mad: Which is really really sad. We really need to do a better job of educating young people that, the government is not there to protect you if you f*ck up. You need to do your homework ahead of time, nobody else is looking out for you except for you and that will never change, no matter how much the dems and NAACP whine about it.

    No one told them that an Adjustable rate mortrage can go up? Really. Umm..I think that's what the ADJUSTABLE part means. No one told them that financing 100% of value at a 9.95% ARM to start is a bad deal? At some point, you just need to slap people. 9.95% is a bad deal on a car loan, a home loan at that rate in todays market is a complete joke. And you shouldn't have to be told, warned, protected. If you signed up for that, you made your own bed. No one told your interest rate is only fixed for a year. YES THEY DID, it's right there in black and white, READ THE PAPERS YOUR SIGNING!!! "But they said I didn't have to look it over, just sign". Of course they did! That practice has been going on for centuries and will continue to go on. Again, it comes back to self responsibility, nothing more. There will always be shady people out there trying to separate you from your money.

    That article is a joke on so many levels, I can't believe they printed it.

    Here's the sham of an article:
    Clicky
     
    Last edited: Apr 26, 2007
  2. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    yes, people are morons. The minority thing is a joke. Banks "target" anyone who has money. If you have some, or want to borrow some... they don't give a **** if you're purple with 6 heads. The bank I work for actually keeps statistics and brags about how many minority people they serve (I guess its not worth remembering/noting how many white people we serve). I guess that kind of bank pisses off Al Sharpton types... who were also pissed off back in the day when banks refused to deal with certain types of people. :rolleyes:

    j
     
  3. bigjbear

    bigjbear 1 ton status Staff Member Moderator

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    I had to go back and read slowly because at first I thought you said "Mennonites" not "minorities". I was thinking, "Wow, that really doesn't make sense!"
     
  4. chalet2506

    chalet2506 1/2 ton status Premium Member

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    I'm white. When I financed this last house, most of the offers I got were ARM mortgages. I had to tell them "look, I don't want a f'n arm, fixed rates are what I'm after". By the time I was done, I had a lower fixed on a 30 year note than what I was originally offered on the arm's. I don't feel sorry for anybody dumb enough to sign off on one those, I don't care if they're white, black, or brown. You can't speak English and didn't understand what was in the contract? Too bad. Get educated next time. Rant over.
     
  5. Confedneck79K30

    Confedneck79K30 3/4 ton status

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    ive got an ARM... .5% max per quarter, no more than 1.3% per year... payment has gone up like 100 bucks in the last year... big Effin deal... buying a house now on a fixed and the payment is not a whole lot different... some people are just stupid and they need to face that
     
  6. ryan22re

    ryan22re 1/2 ton status

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    I can see how somebody could get hosed on their first house. After that, you are on your own. FWIW, I bought my first (and only) house at 23. I knew the difference between a fixed and arm. I locked in at a low rate (guy at bank said I had a "freakishly high" credit score) and had never even considered a arm.

    To Cornfed:

    wouldn't it be better to be applying that extra $100 a month to the principal? I don't see how that is a big effin deal. If the payment goes up $100 a year, that would suck after 4-5 years (I understand it will go down at some point, but maybe not) if the interest rates keep going up. I certainly could use an extra $100 a month right now.

    But some people don't have loans with rates as low as yours. I've heard people saying their mortgage doubled per month.
     
  7. Confedneck79K30

    Confedneck79K30 3/4 ton status

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    that would suck to be them... im only keeping the mortgage another year until the market picks up, and the guy who's renting it while im in my new house is going to buy it, provided he can get approved, which he should... i have considered a refi... but its hardly worth anymore than what we paid (20k or so) but i dont know if it's cost effective to refi or not, gotta talk to my mortgage broker after i close on the current house...
     
  8. boggerless

    boggerless 1 ton status Premium Member

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    it will never die. and the liberal media feeds off this shiat.all i have to say is Malice Green.
     
  9. stoney126

    stoney126 1/2 ton status

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    I too bought my house at 23. And let me tell you I didnt know sqaut(still dont :D) But I remember getting offered an AMR. I simply asked "So this can go up at anytime?" They said well sure but It could go down too. I just laughed and asked for different options
     
  10. boggerless

    boggerless 1 ton status Premium Member

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    :haha: :haha: :haha: :haha: good for you.:D
     

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