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7 comments to "The Subprime Mortgage Crisis Explained with Cartoons"
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Sue Dunham
March 25th, 2008 at
5:47 am
Thanks. That explains the feeling I’ve had for some time now. This is fraud by another name, just like the Savings and Loan crisis in the 80s.
Deregulating these guys was bad the first time, and it was a bad idea again. -
Not Happy
March 25th, 2008 at
7:11 am
Err….dare I say it, these are taken from http://www.fintag.com!
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bean
March 25th, 2008 at
10:12 am
People don’t understand the “mortgage crisis” because it’s about as real as global warming. A handful of rich people and house-flippers bought secondary homes they couldn’t afford, and when the housing market stopped expanding, they lost their shirts. There’s no friggin’ financial crisis, except for the rising cost of energy.
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oakling
March 25th, 2008 at
9:57 pm
thank you! I’ve been working on understanding how my own personal money works for years (through awesome Debtors Anonymous) and i still don’t understand how all the national economic hoo-ha works, or stuff like bonds and bond issues and interest rates… seems like time for me to start studying that stuff!
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OminousRed
March 25th, 2008 at
11:27 pm
::: To BEAN :::
This affected more than just rich people. There were a lot of people who were first time buyers that this affected. In my office and circle of friends alone, about 60% of them were affected by this. It wasn’t just people who bought homes, there were people who refinanced too.
Basically, a lot of people put themselves in debt or ruined their credit.
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Parker
March 26th, 2008 at
6:50 am
I’ve seen these and still don’t think they’re that educational. There’s a lot of background education that’s needed to understand the full scope of things. If I don’t know what a CPO is or the relationship between mortgage lenders and banks (which is shady enough to be confusing on its own) then I won’t know why this can be expanded to cripple a nation’s economy (don’t we have many other things to deal with besides housing?) or how this is as bad as The Great Depression if thousands of people aren’t migrating from factory to factory looking for work. It’d be great if people supplied simple FAQs to be answered by an expert..and a cartoon isn’t necessary. Something in between crappy art and a post-grad economics lecture would be wonderful.
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Mike S.
July 3rd, 2008 at
12:52 pm
Lender Police at http://www.lenderpolice.com seems to have taken care of the mortgage lender loan fraud problem for Borrowers, Closing Agents, Mortgage Lenders, and Real Estate Agents.
Always use Lender Police after you apply for a mortgage loan. They’ll tell you if your lender is giving you a good deal or not in one of two ways. You can purchase a good faith estimate review for $99 that will tell you if the interest rate, points, fees, and rebates you’re being charged is appropriate for your situation. The loan document review for $199 verifies that the loan documents that you’re signing are for the same loan that you were quoted and your lender didn’t slip in any extra points, fees, pre-payment penalties, or is receiving a lender rebate for selling you a higher interest rate than you qualify for.
A mortgage loan evaluation from Lender Police is the only way to guarantee you lender isn’t trying to rip you off.
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