Mitt Romney Encourages Foreclosures
Lately, Mitt-Twit has been been putting his scaly foot in his mouth with such statements as:
“I’m not concerned about the very poor. We have a safety net there. If it needs repair, I’ll fix it. I’m not concerned about the very rich. They’re doing just fine. I’m concerned about the very heart of America — the 90-95 percent of Americans who right now are struggling.”
This is the same man who bragged last month that he liked to fire people at a time when nearly 13 million people are out of work and who accepted the endorsement this week of Donald Trump, who has made “You’re Fired!” his television catchphrase.
Also the same man that drove twelve hours with his dog in a crate on top of his car only to reply to the public that his dog, Seamus, “likes fresh air.”
Here is one I missed. In October, during an interview with the editorial board of the Las Vegas Review-Journal, Mitt-Twit said:
“There are things you can do to encourage housing. One is don’t try and stop the foreclosure process. Let it run it’s course and hit the bottom. Allow investors to buy the homes, put renters in them, fix the homes up and let it turn around and come back up.”
It’s all about making a profit, isn’t it Mitt. Forget about the children, the elderly, the handicapped, the veterans, and just all your average Joe’s and Jane’s living in those homes.
Forget that the banking industry received a bailout after packaging an exorbitant amount of bad loans – which never should have been signed off by an underwriter – all hidden among the good loans when selling them off in bulk.
Forget that the subprime sharks and underwriters turned over-appraised homes faster than a Waffle House line cook flips pancakes.
Forget about the fraudulent documents sent through by the loan officers.
Forget that the UW’s were so overburdened that they didn’t even look at these loans but merely scribbled a signature on the form as the assembly line of 1003’s danced across their desk.
Forget that many of the loan officers probably were not smart enough to explain what the TIL is about, “Mr. and Mrs. Smith, if you want this home… just sign here.”
Forget that these innocent home buyers who trusted their banks, their mortgage brokers, their LO’s did not receive a bailout – at least some assistance to try to keep their homes (cough, cough, B…of…A, cough).
Forget that these same home buyers, especially the first time home buyers, proudly moved into their new home to happily find credit card offers filling their mailbox every day by the same greedy banks offering “instant credit” to buy, buy, buy and fill their new home with new furniture, new appliances, new everything!
And forget that many of these foreclosure are ILLEGAL!
No… just forget all about that. All that matters is getting those people out so investors can slither in and reap the benefits.
The banks made some very bad decisions and were helped. Many home buyers made some very bad decisions and were kicked to the curb – literally.
Just as Barking in the Dark said about Karl Rove, you are:
The bile in the liver of a corpse dead of cirrhosis
The presence of the ghoul
The ugliest, the grossest
The hemorrhoid of assholes
The ooze from out the rash
The pus squeezed from the pimple
The maggots in the trash
Phew… Okay. I feel better now.
Mitt is a twit – and I’m being nice.
• Three banks sued by New York State over unreliable and inaccurate mortgage registry
• Rampant Fraud and Financial Collapse
• Former Bank Officer Receives 2 Years for Fraudulent Loans
• Bank admits mistake on Willcox home foreclosure
thanks for quoting me Michelle, yeah – don’t that feel good. continue…
Yes, it does. I was a mortgage banker when the market started it’s climb – but left before it went crazy and crashed. But I saw it coming. The bank I worked at was small and locally owned and most of what we did were low risk loans with well established home owners as we shelved many of our products. But I saw the shit going through elsewhere, and just knew what was going to happen.
I could see this all coming back in the early to mid 2000s, with the valuations of homes going up endlessly, and then boom, crash and burn…
Yup. I left the industry in 2003 (for personal reasons – bad marriage/divorce). But just knew the bubble that was growing would eventually burst.
I’d be around brokers from sub-prime brokerages and hear them talk, “… you won’t believe what I got approved…”. I may have started out in a sub-prime brokerage, but I never pushed a loan through that I did not think was in the best interest of my borrower, and always made sure they could handle it. If it was a debt consolidation, I would sit down at length and explain we’re paying off their credit cards and that does NOT mean to go out and recharge them back up or they will be worse off than they are now, and so on. And I still closed more than those idgits in the office that pushed through iffy shit. I never understood that. These were(are) peoples homes! The one most important and valuable thing they ever purchase in their lives! It’s not to be treated lightly.
Well, I blame the GOP and their repeal of portions of Glass-Steagall for precipitating the whole mess. But after that, I blame the mortgage lenders for exploiting the opportunity and a lot of new homeowners (huge numbers of them in Colo.) for not having sense enough to figure out whether they could actually afford the mortgage they signed for. Of course, once the job market collapsed …
Both borrowers and lenders across the country behaved irresponsibly. It’s time for them to start working together if we’re going to get through this mess. As for Romney … he’s a heartless SOB.
Yes, there are faults on both sides. Everyone needs to have a sense of self-responsibility to decide whether or not they can afford their house payment, taxes, insurance, MIP, etc. and also take into account the cost when moving into a new home – to properly furnish and maintain your property. However, the brokers and bankers dangled the most juicy carrot in front of the buyers and pushed through loans which should have been denied for a plethora of reasons. There is always a risk when buying a home that the value will depreciate rather than appreciate – but there was such an enormous amount of depreciation across the country because, once again, appraisals were inflated in order to push a loan through.
Mistakes were definitely made, but there are many illegal foreclosures. There should at least be an attempt by the banks to make a reasonable effort to work with the homeowner in dire circumstances rather than saying, “tough shit, get out.”
I have never owned a home nor do I ever intend to. I don’t buy into the “great American Dream” of a home, a car in every garage (well, now it’s probably 3 cars, an RV, and a motorcycle). But I’m also a very nomadic person and I have no desire to chain myself to property especially when I’m the kind to get up and travel with the wind at the blink of an eye.