Comments on: Countrywide Refinancing $16B in Loans http://www.drinkingisbelieving.com/2007/10/23/countrywide-refinancing-16b-in-loans/ The party doesn\'t have to end! Thu, 04 Dec 2008 04:08:59 +0000 http://wordpress.org/?v=2.2.3 By: joeyd http://www.drinkingisbelieving.com/2007/10/23/countrywide-refinancing-16b-in-loans/#comment-14 joeyd Wed, 24 Oct 2007 20:05:43 +0000 http://www.drinkingisbelieving.com/2007/10/23/countrywide-refinancing-16b-in-loans/#comment-14 Where will all the people go who are losing their houses to foreclosure? MEXICO!!! Where will all the people go who are losing their houses to foreclosure? MEXICO!!!

]]> By: Guy Edwards http://www.drinkingisbelieving.com/2007/10/23/countrywide-refinancing-16b-in-loans/#comment-11 Guy Edwards Wed, 24 Oct 2007 18:02:06 +0000 http://www.drinkingisbelieving.com/2007/10/23/countrywide-refinancing-16b-in-loans/#comment-11 Not only is Countrywide trying to look like they are helping out the people who are in trouble (due to their OWN financial irresponsibility), but they are trying to cover their own a$$es. I recently heard a report on NPR(national public radio) where a judge ordered the restructuring of a sub-prime loan into a modest fixed rate. These loans were being given away with little or no need to prove credibility. The Judge's order was most likely in response to the borderline fraudulent representations of these amazing loans by the big lenders. Granted, you should read the fine print, but these giants wanted to pull the old Sleight-of-hand and pull the wool over our eyes. This Judge saw the shady practices being employed. The response to the judge's decision was not taken lightly by the lender. They were very upset because the courts got involved and backed up one of the suckers, I mean customers. It's funny, though, that the FRB is being the guiding force behind the recent moves by these lending giants. Although not implicitly directing the moves, they are being very influential. So much for being independent. Seems like a good way to flood the economy with money and keep consumer spending up.( By the way, I love those trendy phrases..."get your no-hassle ReFi" Sounds cool.) So many foreclosures, ruined credit ratings, and an abundance of debt. Where will all the people go who are losing their houses to foreclosure? Rent somewhere? Move to rural America? What about jobs, gas prices, education systems? Oh god I'm getting a headache. Where is economy heading? If anyone is keen on history, it's quite clear that a decline, gradual or sudden, is imminent. Save your money and live within your means. This is the only way not to get sucked into ridiculous loans. But wait, wouldn't that mean the big lenders would not get as much business. Isn't it bad for the economy if people have their money tied up in savings. Free-for-all spending habits are what drive the profits of large corporations.Want that new house....here's a loan....a car?...got a loan for that....education?....more loans....want to go on vacation....here's more money, and a little Kool-Aid to go with it. Does the blame lie on the individual or the lender? Both. Suck it up, move out of your 3000sq.ft. home and get a little A-frame house in the woods somewhere. That is, if you are able to sell it. Not only is Countrywide trying to look like they are helping out the people who are in trouble (due to their OWN financial irresponsibility), but they are trying to cover their own a$$es. I recently heard a report on NPR(national public radio) where a judge ordered the restructuring of a sub-prime loan into a modest fixed rate. These loans were being given away with little or no need to prove credibility. The Judge’s order was most likely in response to the borderline fraudulent representations of these amazing loans by the big lenders. Granted, you should read the fine print, but these giants wanted to pull the old Sleight-of-hand and pull the wool over our eyes. This Judge saw the shady practices being employed. The response to the judge’s decision was not taken lightly by the lender. They were very upset because the courts got involved and backed up one of the suckers, I mean customers. It’s funny, though, that the FRB is being the guiding force behind the recent moves by these lending giants. Although not implicitly directing the moves, they are being very influential. So much for being independent.

Seems like a good way to flood the economy with money and keep consumer spending up.( By the way, I love those trendy phrases…”get your no-hassle ReFi” Sounds cool.) So many foreclosures, ruined credit ratings, and an abundance of debt. Where will all the people go who are losing their houses to foreclosure? Rent somewhere? Move to rural America? What about jobs, gas prices, education systems? Oh god I’m getting a headache.

Where is economy heading? If anyone is keen on history, it’s quite clear that a decline, gradual or sudden, is imminent.

Save your money and live within your means.
This is the only way not to get sucked into ridiculous loans. But wait, wouldn’t that mean the big lenders would not get as much business. Isn’t it bad for the economy if people have their money tied up in savings. Free-for-all spending habits are what drive the profits of large corporations.Want that new house….here’s a loan….a car?…got a loan for that….education?….more loans….want to go on vacation….here’s more money, and a little Kool-Aid to go with it. Does the blame lie on the individual or the lender?
Both.
Suck it up, move out of your 3000sq.ft. home and get a little A-frame house in the woods somewhere. That is, if you are able to sell it.

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