that's illegal? If someone gives you a fake work check and tax return, they have to believe them.
It’s illegal to verify income with an employer, that’s an invasion of privacy
2020 Democratic Primary Thread: Focus on House & Senate races
- Thread starter mc_brew
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that's illegal? If someone gives you a fake work check and tax return, they have to believe them.
It’s illegal to verify income with an employer, that’s an invasion of privacy
They’ll hang anyone for everything. Ppl have stopped caring
Voting for Trump is the biggest rebuke to the insane accountability standards a small group of people have.
Biden fans are on the same wave now too. We don’t give a shyt about what extreme leftists say. They attack everyone, even their allies.
I'm not sure about this. Celebrating a Joe Rogan co-sign
Really?
Well I guess MSMBC crowd can't cry about this now if this is true.
88m3
Fast Money & Foreign Objects
PoorAndDangerous
Superstar
Wait are you saying everyone was faking tax returns and employer paycheck stubs to get approved? Do you have any links for that? From what I understand they weren’t doing their due diligence in verifying income & with balloon loans the initial payment is lower and thus people who normally couldn’t qualify were getting approved
She looks like the type who looks over your hedge fund portfolio before she decides whether or not to fukk you.
Torrential
LWO
I don’t get how anyone can equate “lifestyle” with police brutality. The reach is so stretched it comes off as dap fishing Brodie .
propping up?We didn't forget that you were propping up Rogan while trashing the NYT.
Have a good day, man..
Don't know if this has been posted yet:
King Kreole
natural blondie like goku
Your argument of "Get off the lifestyle, ID politics and focus on the real meat and potato issues that real Americans care about" is constantly deployed by Blue Lives Matter, All Lives Matter cacs. It's easy to sit here and dismiss the concerns of other marginalized groups by letting someone hostile to their interests into the coalition, but what happens when we're that group? I wonder if the people saluting Bernie for boosting this endorsement would be chill with Bernie boosting a Tucker Carlson or other alt-right figure's endorsement. I personally don't think Joe Rogan is on the same level as those guys, so I'm pretty much neutral on Bernie promoting his endorsement, but the arguments I'm seeing by pro-Bernie people fighting back against this are concerning.
dora_da_destroyer
Master Baker
Because in politics, especially this cycle, there are economic issues and then social/civil issues. And a candidate making the case that he can ignore the latter (except when explicitly calling out policy as it pertains to white working class people) to only focus on economics. Your post came across as c/s’ing that view, as other posters in here have
dora_da_destroyer
Master Baker
She could’ve kept that shyt as an email to her supporters. No one gives a fukk what you’re doing Tulsi
Would be interesting if someone put a microscope to the lives of these morally pure twitter gatekeepers.They’ll hang anyone for everything. Ppl have stopped caring
Voting for Trump is the biggest rebuke to the insane accountability standards a small group of people have.
Biden fans are on the same wave now too. We don’t give a shyt about what extreme leftists say. They attack everyone, even their allies.
Yes, the banks and consumers were committing outright fraud. Back then there would be 100’s of craigslist post selling fake paychecks and W-2’s, in every city.
It was widespread and those businesses targeted low income borrowers to produce the fake documents. banks did know what was up, and some may have even shown people how to do it. But consumers were complicit in the fraud as well.
How Mortgage Fraud Made the Financial Crisis Worse
https://www.lendingtree.com/home/mortgage/do-no-income-verification-mortgages-still-exist/
What happened to no-doc mortgages?
The problem with no-doc mortgages started around the time the housing bubble of the early 2000s was taking shape. While these mortgages were originally intended for borrowers with fluctuating incomes and good credit, many subprime lenders moved beyond prime borrowers with good credit and incomes to subprime borrowers and other borrowers with less than perfect credit or shaky income qualifications.
As with many things, no-doc mortgages started out as a specialized product but the product soon expanded and they started offering no-doc mortgages to such an extent that they ended up calling them “liar loans.”
Liar loans – a term used to describe home loans where the applicant would have to lie to qualify – became common in expensive markets where many people couldn’t get a mortgage for their preferred home if they presented an accurate picture of their finances. These loans defaulted in extraordinarily high percentages back then since borrowers couldn’t really afford them to begin with.
But, some lenders still kept making them. According to the Financial Crisis Inquiry Report, which was the final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, low- and no-doc loans started going off in an entirely different direction around 2005. Realizing they could sell more loans if they loosened requirements, non-prime lenders started boasting how they could offer borrowers home loans without loads of paperwork in exchange for a higher interest rate.
From 2000 to 2007, no-doc loans more than quadrupled from around 2% of home loans to approximately 9% of all outstanding loans, according to the report.
While it may seem strange that banks would hand out loans to people who couldn’t afford them, lenders were incentivized to keep making these loans for a few reasons. First, loan officers still earned a commission regardless of whether the homebuyer defaulted on their loan or not. Second, mortgage lenders weren’t planning on keeping these loans on their books; instead they were repackaging these loans and selling them as mortgage-backed securities to investors.
Lenders made money on the origination of the loan, so they were trying to profit off of volume alone. It didn’t matter to them if the loan was good or bad as long as it went through.
The Financial Crisis Inquiry Report noted that, by the time the financial crisis of 2008 hit, investors held more than $2 trillion of non-GSE (not from a government-sponsored enterprise) mortgage-backed securities and close to $700 billion of CDOs (collateralized debt obligations) that held mortgage-backed securities.
At the same time, delinquencies on mortgages started to surge nationwide, but particularly in “sand states” including Arizona, California, Florida and Nevada. Serious delinquencies — or delinquencies where mortgage payments are more than 90 days late —peaked at 13.6% of mortgages in sand states and at 8.7% of all mortgages nationwide in 2009.
