Comments on: Monday Blame Game: The Mortgage Fiasco is the MEDIA’s Fault! http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sun, 08 Nov 2009 16:51:22 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Richard http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8288 Richard Fri, 21 Dec 2007 11:58:19 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8288 Great post Chris, I have learned many useful resources from your blog. Thanks for sharing this info and hope to read more from you. I agree with what Russ had said - An ARM usually has an interest rate and a monthly payment that are fixed only for a specific period of time, after which both rate and payment will adjust periodically. The ARM's initial low rate and monthly payment are its appeal, and it can offer that because its rate is based on the short term bond market while a fixed rate mortgage is pegged to long term bonds. :) Great post Chris,
I have learned many useful resources from your blog. Thanks for sharing this info and hope to read more from you.
I agree with what Russ had said – An ARM usually has an interest rate and a monthly payment that are fixed only for a specific period of time, after which both rate and payment will adjust periodically. The ARM’s initial low rate and monthly payment are its appeal, and it can offer that because its rate is based on the short term bond market while a fixed rate mortgage is pegged to long term bonds. :)

]]> By: mike http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8188 mike Tue, 18 Dec 2007 21:58:55 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8188 I get a kick out of the fact that they call it a subprime lending crisis. Its so much more. Subprime is the sympton. Greed on Wall Street were the through culprits. You can't throw a product thats easy to sell and make money and then blame the people who sold the legal product. But you can blame the people who created the product and gave it to us to sell. They made money on both ends of the transaction---raising the money and selling it. But hey lets blame the little mortgage broker for selling what he was given to sell. I mean I should have perhaps hired a bunch of accountants and lawyers and analyst and statiticians and credit anaylst. Oh wait thats what Wall Street does. I am just a person who sold what they told me to. I truly didnt realize that I created and masterminded the whole damn mess. The sad thing is everyone has some accountability. Whats really sad is that those who are most responsible are pointing the fingers at the most vulnerable and getting away with it because they basically own the media. I get a kick out of the fact that they call it a subprime lending crisis. Its so much more.

Subprime is the sympton. Greed on Wall Street were the through culprits.

You can’t throw a product thats easy to sell and make money and then blame the people who sold the legal product. But you can blame the people who created the product and gave it to us to sell. They made money on both ends of the transaction—raising the money and selling it.

But hey lets blame the little mortgage broker for selling what he was given to sell. I mean I should have perhaps hired a bunch of accountants and lawyers and analyst and statiticians and credit anaylst. Oh wait thats what Wall Street does.

I am just a person who sold what they told me to. I truly didnt realize that I created and masterminded the whole damn mess.

The sad thing is everyone has some accountability. Whats really sad is that those who are most responsible are pointing the fingers at the most vulnerable and getting away with it because they basically own the media.

]]> By: Bryant Keefe http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8178 Bryant Keefe Tue, 18 Dec 2007 18:04:40 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8178 Just listening to NPR and they announce how the Fed is releasing guidelines to help save the consumer from "Shady Lending Practices". If we listen to the media we are all smokey back room crooks out to defraud the helpless home owner. If we had been regulated, licensed and supervised none of this would have happened. Bad mortgage brokers. Shame on us! This will only get worse long before it gets better. Just listening to NPR and they announce how the Fed is releasing guidelines to help save the consumer from “Shady Lending Practices”. If we listen to the media we are all smokey back room crooks out to defraud the helpless home owner. If we had been regulated, licensed and supervised none of this would have happened. Bad mortgage brokers. Shame on us!

This will only get worse long before it gets better.

]]> By: Chris http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8165 Chris Tue, 18 Dec 2007 12:05:59 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8165 Lets blame these guys: http://www.miamiherald.com/103/story/348552.html Lets blame these guys:

http://www.miamiherald.com/103/story/348552.html

]]> By: Chris http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8161 Chris Tue, 18 Dec 2007 03:43:52 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8161 Tom: Right. I mean, we all did the deals we did, and would have gladly cashed the check for upside...but we expect the bank and Uncle to cover downside. Ghastly. Tom: Right. I mean, we all did the deals we did, and would have gladly cashed the check for upside…but we expect the bank and Uncle to cover downside.

Ghastly.

]]> By: Tom http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8157 Tom Tue, 18 Dec 2007 02:12:25 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8157 That's one of the things that I don't get. Just because the investment you made doesn't hold it's value doesn't mean you have the "right" to walk away from it. Plus many of the analysts who advocate walking away don't talk about what that is going to do to someone's life for the next 10 years. Any opportunity to borrow money after that will be much more difficult and MUCH more expensive. That’s one of the things that I don’t get. Just because the investment you made doesn’t hold it’s value doesn’t mean you have the “right” to walk away from it. Plus many of the analysts who advocate walking away don’t talk about what that is going to do to someone’s life for the next 10 years. Any opportunity to borrow money after that will be much more difficult and MUCH more expensive.

]]> By: Bryant Keefe http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8155 Bryant Keefe Mon, 17 Dec 2007 22:50:42 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8155 Well, thank you Chris the holidays just got brighter. I was going to pay my mortgages but you are right it is not my fault and I do not have to any more. Now I can go stimulate the lagging retailers and help keep that ship afloat. I have yet to see general or mass media coverage that gets this story right. The media is hell bent on making it a social issue which then makes it a political issue which then means it must be Bush's fault. I am off to buy Guitar Hero 3 on E-Bay for $9000.00 since my mortgages are no longer mine to pay. Well, thank you Chris the holidays just got brighter. I was going to pay my mortgages but you are right it is not my fault and I do not have to any more. Now I can go stimulate the lagging retailers and help keep that ship afloat.

I have yet to see general or mass media coverage that gets this story right. The media is hell bent on making it a social issue which then makes it a political issue which then means it must be Bush’s fault.

I am off to buy Guitar Hero 3 on E-Bay for $9000.00 since my mortgages are no longer mine to pay.

]]> By: Jeremiah Arn http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8152 Jeremiah Arn Mon, 17 Dec 2007 20:46:42 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8152 Eh, I don't think you can lay all the blame at the feet of the media, Chris. While most are lazy schlubs (just like most loan officers), the public and the lawmakers have some responsibility to understand the facts for themselves. The left especially loves to create victim groups - which is one of the most discriminatory things you can do. I'm just happy there is the new 2.0 media to give us some on-the-ground insight. Eh, I don’t think you can lay all the blame at the feet of the media, Chris. While most are lazy schlubs (just like most loan officers), the public and the lawmakers have some responsibility to understand the facts for themselves. The left especially loves to create victim groups – which is one of the most discriminatory things you can do.
I’m just happy there is the new 2.0 media to give us some on-the-ground insight.

]]> By: Russ http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/comment-page-1/#comment-8137 Russ Mon, 17 Dec 2007 18:54:31 +0000 http://blownmortgage.com/2007/12/17/monday-blame-game-the-mortgage-fiasco-is-the-medias-fault/#comment-8137 The media definitely has some complicity in this mess. Putting things in perspective or context is where they fall down. The media reports news, not facts. This is the problem. I saw a stat that showed less than 2% of Countywide's foreclosures are related to ARM resets. Yet, all everyone keeps talking about is ARM resets as if that is what is causing foreclosures. The vast majority of foreclosures are caused by job losses and other things that have nothing to do with bad loans and predatory lending. Of course, since the media keeps reporting ARM resets and predatory lending as the problem, we have politicians passing laws based on media stories and emotion. Not facts. The media definitely has some complicity in this mess. Putting things in perspective or context is where they fall down. The media reports news, not facts. This is the problem.

I saw a stat that showed less than 2% of Countywide’s foreclosures are related to ARM resets. Yet, all everyone keeps talking about is ARM resets as if that is what is causing foreclosures. The vast majority of foreclosures are caused by job losses and other things that have nothing to do with bad loans and predatory lending. Of course, since the media keeps reporting ARM resets and predatory lending as the problem, we have politicians passing laws based on media stories and emotion. Not facts.

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