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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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<blockquote data-quote="Tom Schindler" data-source="post: 963050" data-attributes="member: 56140"><p>yea...and? I mean, I grew up in the ghetto and had a neighborhood bank where I did my banking. It was nice to have a local bank where I could walk home from school and deposit my paycheck. I worked for the school board as a student helper.</p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p>Absolutly. You can not say that ANYONE that lives in the ghetto is not worthy of credit simply because of where they live.</p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p>So, what you are saying is that all sub-prime loans originated at bank branches located in the ghetto and there were no sub-prime loans in the nice part of town?</p><p></p><p></p><p></p><p></p><p></p><p></p><p></p><p>Actually, yes, it should say something like that.</p><p></p><p></p><p></p><p>The banks are not innocent of crimes in this sub-prime mortage scam. And, yes, this was a scam. Banks KNEW they were setting up people to fail. I do agree to never bite off more than you can chew, but the fact remains, a good salesman can sell an Eskimo a deep freezer. The salesman does't give a rats behind if the buyer can pay for it. They only care about the sale and nothing more.</p><p></p><p></p><p></p><p>Mortgage brokers are only worrying about the sale. They will do what they have to do to get the buyer to sign on the dotted line.</p><p></p><p></p><p></p><p>There is plenty of blame to go around. It was not caused by banks in the ghetto.</p><p></p><p></p><p></p><p>The absence of banks in the ghetto is why check cashing/payday loans businesses fourish in the ghettos. Those that live there have no other choice.</p><p></p><p></p><p></p><p></p><p></p><p>Tom</p></blockquote><p></p>
[QUOTE="Tom Schindler, post: 963050, member: 56140"] yea...and? I mean, I grew up in the ghetto and had a neighborhood bank where I did my banking. It was nice to have a local bank where I could walk home from school and deposit my paycheck. I worked for the school board as a student helper. Absolutly. You can not say that ANYONE that lives in the ghetto is not worthy of credit simply because of where they live. So, what you are saying is that all sub-prime loans originated at bank branches located in the ghetto and there were no sub-prime loans in the nice part of town? Actually, yes, it should say something like that. The banks are not innocent of crimes in this sub-prime mortage scam. And, yes, this was a scam. Banks KNEW they were setting up people to fail. I do agree to never bite off more than you can chew, but the fact remains, a good salesman can sell an Eskimo a deep freezer. The salesman does't give a rats behind if the buyer can pay for it. They only care about the sale and nothing more. Mortgage brokers are only worrying about the sale. They will do what they have to do to get the buyer to sign on the dotted line. There is plenty of blame to go around. It was not caused by banks in the ghetto. The absence of banks in the ghetto is why check cashing/payday loans businesses fourish in the ghettos. Those that live there have no other choice. Tom [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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