State tightens mortgage rules

Yeah. Now. Finally.

Better late than never.

These bastied sharks needed to be kicked in their place.

lol, buyers had NO IDEA what they were getting into with "interest only" loans and adjustable rates. Get outta here, they saw the low payment and didn't care what happened down the road.
How about buying a house that fits your budget. Now these same people will complain when they can't get approved for the house they want.

Lord Downie wrote:

lol, buyers had NO IDEA what they were getting into with "interest only" loans and adjustable rates. Get outta here, they saw the low payment and didn't care what happened down the road.
How about buying a house that fits your budget. Now these same people will complain when they can't get approved for the house they want.

EXACTLY!!!! Now they are going to get help. What!? SELL YOUR HOUSE IF YOU CAN NOT AFFORD IT! duh!

If Rendell's involved, look out. The Devils in the details.

Another example of predatory lending which banks have been involved with for decades.

Unfortunately few white collar criminals receive any meaningful punishment while equally corrupt polictians promise reform to keep the masses content - AFTER they are raped.

Anyone who doubts banks are crooks only have to research the recent hearings on credit card reform.

I worked for the 17th largest bank back in the late 80's and they had less integrity than the mafia, and nothing to fear from so called regulators. In 1991 Barnett bank settled a class action lawsusit for 20 million after defrauding 300,000 cherished customers during a 4 year period. Of course they admitted no wrong doing and only had to cough up a small percentage of their ill gotten gains. Lawyers walked away with a significant percentage of that 20 million while consumers got screwed, receiving an average of 10 percent of actual losses.

The bank should have been required to pay back FULL restitution to every customer plus punitive damages. Those responsible for the scam should have been jailed.

White collar crime is a growth industry.

"State tightens mortgage rules"

__________

Decides to actually make people prove that they have a solid paying job, some semblance of credit, and even some evidence of a down payment...idiots!

Gary wrote:

If Rendell's involved, look out. The Devils in the details.

Not if the machinery bloc of democrats in Philly have anything to do with it.

The horses are gone , lock the doors now.

-smart-always-smart-

Maybe if they lowered the price of some of these overpriced homes things might be different. In fairness, PA is much cheaper than, say, NJ, but still.

How about the people who bought above there means take the blame. DONT tell me that they could not figure that they are buying a CEO home on a WALMART paycheck.....what a JOKE...I think I will go out and Buy a Rolls Royce and then ask the goverment to bail my A** out when I cant afford it! JOKE...Rendell....when he dies they will have to scr** him in the ground thats how crooked he is!

The biggest joke are the clowns who don't understand the big picture and the big players who run the scams.

LOANS should be based on an examination/confirmation of the borrowers ability to pay, except of course when scammers are involved.

http://www.amazon.com/Chain-Blame-Street-Caus...

In Chain of Blame, acclaimed financial reporters Paul Muolo and Mathew Padilla go behind the headlines to tell the inside story of why Wall Street's established investment banks bear much of the blame for the events that have cost millions of Americans their homes. They show in detail how, from 2000 to 2007, executives from Merrill Lynch, Bear Stearns, Lehman Brothers, and others financed non-bank mortgage lenders that eagerly sold their mortgages to consumers through loan brokers. Wall Street then sold bonds backed by subprime mortgages to overseas investors in Europe and Asia—which led to financial difficulties there as well.

The authors build their compelling story around the key players in this tragedy, first and foremost being Angelo Mozilo, founder and CEO of Countrywide Financial, America's largest home mortgage lender. From Mozilo's July 2007 conference call with a group of top Wall Street equities analysts—which marks the true beginning of this fiasco—to his congressional rebuke in 2008, Chain of Blame chronicles the crisis in detail, showingreaders what happened, who is responsible, and what lies ahead.

duh wrote:

Maybe if they lowered the price of some of these overpriced homes things might be different. In fairness, PA is much cheaper than, say, NJ, but still.

Wow, are you ever senseless. That poster is obviously so stupid that there is no point in trying to explain how home prices are determined.

http://patrick.net/housing/crash.html

Catty Trash wrote:

<quoted text>
Wow, are you ever senseless. That poster is obviously so stupid that there is no point in trying to explain how home prices are determined.

I know exactly how home prices are determined & not al are determined by what was put into the home or what is still owed on it. Many are jacked up in price needlessly.

STEELERSFAN wrote:

http://patrick.net/housing/cra sh.html

People can predict what they want to but when the market crashes or increasingly gets worse it can even itself out for some fortunate homeowners who wish to buy. It's nothing but a big game.

duh wrote:

<quoted text>
People can predict what they want to but when the market crashes or increasingly gets worse it can even itself out for some fortunate homeowners who wish to buy. It's nothing but a big game.

I see why you call yourself "duh"

STEELERSFAN wrote:

<quoted text>
I see why you call yourself "duh"

Wonderful comeback, you're so cool! In other words you have nothing to say. I would have expected more of a rebuttal from someone who thinks they are a real estate wiz, but I can't set the bar too high for PA farmer scholars.

duh wrote:

<quoted text>
People can predict what they want to but when the market crashes or increasingly gets worse it can even itself out for some fortunate homeowners who wish to buy. It's nothing but a big game.

Its a conspiracy I tell you. Its all about the big money men trying to screw the little guy.... yada yada ...and you acuse others of being farmer scholars. Now go wrap your head in tin foil and lock the door to your room in your mother's basement so the big money people and evil government can't get you with their mind control beams.