US regulator to sue banks over subprime mortgage losses

Originally posted by Aggie Man

Originally posted by Skewed
reply to post by Extralien

 

In my opinion, and at this point in the game I say for any bank that gets convicted of all these crimes, any and all people with outstanding mortgages are free and clear with a clean title. That is the best restitution possible for the situation.

edit on 2-9-2011 by Skewed because: (no reason given)

I would almost agree with that....except...I bought a home well within my means, while many others overextended themselves so they could buy much more than they needed. So, if we are all free and clear, then I am (in a round about way) being punished for being responsible.

If "free and clear" is the outcome, then I want additional restitution to balance the scales.

Honestly, if you took on the responsibility of debt, then I believe you are obligated to see your responsibility through; regardless of how the other party may have acted.

Of course, a bit of punitive damages awarded to the home owner would be nice.

edit on 2-9-2011 by Aggie Man because: (no reason given)

Some banks were a little too greedy in giving out questionable(at best) loans to people that did not deserve them with little or no collateral. Then they took the good with bad loans and packaged them into CDS and sold as derivative investments.

Sure some homeowners wanted a bigger and better house, but if the banks were greedy and stupid enough to lend them the cash without due dillegence THEN its the banks fault more so than the consumer. Its like some snake oil salesmen trying to sell you a free energy machine and you accepting the offer.

People who were responsible for the most part have very little to worry about.

Originally posted by EarthCitizen07

Some banks were a little too greedy in giving out questionable(at best) loans to people that did not deserve them with little or no collateral. Then they took the good with bad loans and packaged them into CDS and sold as derivative investments.

Sure some homeowners wanted a bigger and better house, but if the banks were greedy and stupid enough to lend them the cash without due dillegence THEN its the banks fault more so than the consumer. Its like some snake oil salesmen trying to sell you a free energy machine and you accepting the offer.

People who were responsible for the most part have very little to worry about.

Oh, I know. I was only playing along with that poster's scenario. In such a fantasy scenario, where all mortgages are forgiven, I say the rule is that the irresponsible, over-extenders MUST surrender their homes to the responsible, "living within their means" folks and accept our humble abodes as a final settlement....one can dream....especially since that was a fantasy-land scenario to begin with.

reply to post by Aggie Man


Fantasy or not, it is better than any monies going to the government. It is the peoples money any way that was stolen from them, the government has not lost a dime.

If the government actually does start filing suits, then I think people should intervene with their own lawsuits and demand that the peoples case be tried before the Attorney Generals case.

I don't know, before all this crap started, every member of my family had decent paying jobs.......
now???
this year I have worked more hours than any of them.....and of course, I am the lowest paid, my shop has a two week shutdown every year, and our slow period this year lasted about half the year!!!

I think that we should just have a world wide year of jubilee....
for individuals, for businesses, for countries....
I think that if we were to call in all debts tomorrow, cash in all our assetts, ect....well, we would find just about everyone businesses and countries included, would owe more than they are worth....
there would be few losers...ya, bank of america would lose alot of money, but well, how much does it owe to others?? just wipe out all debt, you now own your car, your house, whatever else scott free, and well wipe the whole mess under the carpet, and start over again...

you can't hold just some responsible and let others go scott free just because they're "too big to fail"!!!

Originally posted by Skewed
reply to post by Aggie Man

 

Fantasy or not, it is better than any monies going to the government. It is the peoples money any way that was stolen from them, the government has not lost a dime.

If the government actually does start filing suits, then I think people should intervene with their own lawsuits and demand that the peoples case be tried before the Attorney Generals case.

edit on 2-9-2011 by Skewed because: (no reason given)

For the record, I totally agree....and I was not, in any way, goofing on you. It's just that I (we) know the game..."We" are never the benefactors of anything positive when it comes to government OR banks.