Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan

http://tpmmuckraker.talkingpointsmemo.com/2011/08/tea_party_rep_bank_should_have_known_i_wouldnt_be_able_to_repay_22_million_loan.php

Three cheers for fiscal responsibility!!

That seems to big on their side.

and be believable!

these people would be the first to protest if that argument were used in a case defending a typical consumer in default.

:sarcasm:

and then lost their jobs, it was THEIR fault. But he gets a loan that he should never have had, it's tha BANK'S fault? Wasn't that what repugs were saying during the Savings and Loan scandal?

Typical sociopath response. Once you learn how, they are easy to spot.

this kind of fraud. This is the fraud that caused the consumer end of the sub-prime crisis.

It is a disgrace. I have no particular affection for the Tea-Bagger, but his story rings true.

their business. ;-)

made to borrowers to get them to agree to absurd subprime loans.

This story is very possibly true. I've heard it too often to doubt it.

Look, friends, that guy who is setting up your mortgage or selling you a house -- is not your friend. No matter if you've been joined at the hip since childhood, you are still adversaries in this business dealing. It is what is called an arms-length negotiation for a contract.

And if you don't have a promise on paper (even from your grandmother), you will have a tough time, an expensive time, enforcing it in a court, and you often cannot enforce it at all.

Plain and simple: Not all promises are enforceable. Read up on this for yourself. I can't advise you on the internet. This is basic stuff. Stuff I did not know when I was young and needed to know it.

Don't just call a service rep or your local bank and talk about financial issues and leave it at that.

Call them and then write a follow-up letter confirming your call and what their responses was. And then save that piece of paper in a file.

If someone says something like "You can refinance that later." Write a letter and confirm what you said and what they said -- and mail the letter.

And then keep that letter forever if necessary.

Don't let fast-talkers fool you as they have fooled so many people.

to borrowers duped into subprime loans?

Seriously?

You don't think that they had a TEAM of attorneys pouring over a $2.2 million dollar deal?

It said they had to personally sign the note to "put skin in the game" (be personally responsible) and these 2 elected officials were duped into not reading (or not understanding) the terms of the agreement?

Sorry, not buying that logic.

I mean really jaw-dropping. How the hell do they figure out how to get out of bed in the morning?

So whos fault is it? Everyone that made bad loans and took advantage of lax lending standards because of government guarantees or the banks that also took advantage of the situation or the government for pushing the banks to make more(too many) risky loans and then allowing them to sell them off without an accurate credit rating?