Beware of Predatory Lending!
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From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 15 May 2010 23:29 On May 15, 8:52 pm, FatterDumber& Happier Moe <"WheresMyCheck"@UncleSamLoves.Mee> wrote: > His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic > > > > Enterprises wrote: > > On May 15, 7:18 pm, FatterDumber& Happier Moe > > <"WheresMyCheck"@UncleSamLoves.Mee> wrote: > >> His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic > > >> Enterprises wrote: > >>> I attended today one of those NACA seminars, where the people are > >>> trying to stay afloat among the loan sharks... Hey, that's a perfect > >>> metaphor for the jungle, and why we are where we are. GREED brought us > >>> here, right? Anyways I stood up and handed out some of my fliers > >>> (WELCOME TO THE JUNGLE) and people recognized such a problem we got > >>> today. > >>> Don't you think we should stay away from lending all together and be > >>> happy with what we got, ie. saving money to buy a car or RIDE A BIKE > >>> around and save that much money for a house? How about having a > >>> smaller house? We must think SMALL IS BETTER before that happens. > >>> Maybe I'll be teaching one of those seminars pretty soon: HOW TO BE > >>> HAPPY WITH PEANUTS LIKE A MONKEY! > >>> NOTE: Notice there are other types of sharks out there like the > >>> Insurance Companies, Big Oil & the Medical Industry. > >>> -------------------------------------------------------------------------- > >>> THE WISE TIBETAN MONKEY SAYS > >>> "The monkeys practice that practical philosophy of 'You scratch my > >>> back, I scratch yours!'" > >>>http://webspawner.com/users/BANANAREVOLUTION > >> Dream on, human nature being what it is, and marketing being what it > >> is, the I want it and I want it now bunch will keep these places in > >> business forever in one form or another. > > > True, but the harder it is the better. Maybe instead of a $50K SUV, > > they buy a little car or better a scooter or bicycle. > > Maybe, but not before pigs can fly. They wore t-shirts that said, 'BEWARE OF LOAN SHARKS!' Such a campaign can help control their game of predation. ;)
From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 15 May 2010 23:33 On May 15, 9:07 pm, "Jeff Strickland" <crwlrj...(a)yahoo.com> wrote: > "FatterDumber& Happier Moe" <"WheresMyCheck"@UncleSamLoves.Mee> wrote in > messagenews:4bef2bb9$0$12445$bbae4d71(a)news.suddenlink.net... > > > > > His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic > > Enterprises wrote: > >> I attended today one of those NACA seminars, where the people are > >> trying to stay afloat among the loan sharks... Hey, that's a perfect > >> metaphor for the jungle, and why we are where we are. GREED brought us > >> here, right? Anyways I stood up and handed out some of my fliers > >> (WELCOME TO THE JUNGLE) and people recognized such a problem we got > >> today. > > >> Don't you think we should stay away from lending all together and be > >> happy with what we got, ie. saving money to buy a car or RIDE A BIKE > >> around and save that much money for a house? How about having a > >> smaller house? We must think SMALL IS BETTER before that happens. > > >> Maybe I'll be teaching one of those seminars pretty soon: HOW TO BE > >> HAPPY WITH PEANUTS LIKE A MONKEY! > > >> NOTE: Notice there are other types of sharks out there like the > >> Insurance Companies, Big Oil & the Medical Industry. > > >> -------------------------------------------------------------------------- > > >> THE WISE TIBETAN MONKEY SAYS > > >> "The monkeys practice that practical philosophy of 'You scratch my > >> back, I scratch yours!'" > > >>http://webspawner.com/users/BANANAREVOLUTION > > > Dream on, human nature being what it is, and marketing being what it is, > > the I want it and I want it now bunch will keep these places in business > > forever in one form or another. > > The whole notion of predatory lending completely ignores the part about > stupid borrowing. Predatory Borrowing, perhaps. > > Borrowers borrow because they can. If the first lender says, no, they dial > the phone again and ask another and another until they find one that will > lend to them. It isn't always the lender's fault, sometimes the borrower is > to blame. Lenders will structure the loan to fit the borrower's ability to > pay on the day the borrower asks for the loan. Being optomists, nobody > considers that the borrower's situation -- the Scenario, in lending lingo -- > might change. If a borrower makes X-dollars per month, then the payment > options _might_ be dictated by the other debt and the ration of debt to > income. Everybody likes to assume that tomorrow, or next year, the scenario > on the borrower's side will be improved. > > But, only the borrower knows that he's on shakey ground, or is as steady as > a granite boulder. The lender -- the loan officer that the borrower talks > to -- has lots of loan programs to offer, but the borrower is driving the > bus on which ones are available to him. > > Is there predatory lending going on? Sure. But there's more predatory > borrowing. And the borrowers can always, that's A-L-W-A-Y-S, walk away from > a loan process. The lenders decline, the borrowers refuse. > > I'm inclined to place far more blame for the mess we're in on predatory > borrowing. A few predatory borrowers had their SUVs parked outside. But people should be taught to fight the predatory lenders. Well, I blame the puppet master, not the puppet.
From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 15 May 2010 23:36 On May 15, 9:07 pm, "Jeff Strickland" <crwlrj...(a)yahoo.com> wrote: > "FatterDumber& Happier Moe" <"WheresMyCheck"@UncleSamLoves.Mee> wrote in > messagenews:4bef2bb9$0$12445$bbae4d71(a)news.suddenlink.net... > > > > > His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic > > Enterprises wrote: > >> I attended today one of those NACA seminars, where the people are > >> trying to stay afloat among the loan sharks... Hey, that's a perfect > >> metaphor for the jungle, and why we are where we are. GREED brought us > >> here, right? Anyways I stood up and handed out some of my fliers > >> (WELCOME TO THE JUNGLE) and people recognized such a problem we got > >> today. > > >> Don't you think we should stay away from lending all together and be > >> happy with what we got, ie. saving money to buy a car or RIDE A BIKE > >> around and save that much money for a house? How about having a > >> smaller house? We must think SMALL IS BETTER before that happens. > > >> Maybe I'll be teaching one of those seminars pretty soon: HOW TO BE > >> HAPPY WITH PEANUTS LIKE A MONKEY! > > >> NOTE: Notice there are other types of sharks out there like the > >> Insurance Companies, Big Oil & the Medical Industry. > > >> -------------------------------------------------------------------------- > > >> THE WISE TIBETAN MONKEY SAYS > > >> "The monkeys practice that practical philosophy of 'You scratch my > >> back, I scratch yours!'" > > >>http://webspawner.com/users/BANANAREVOLUTION > > > Dream on, human nature being what it is, and marketing being what it is, > > the I want it and I want it now bunch will keep these places in business > > forever in one form or another. > > The whole notion of predatory lending completely ignores the part about > stupid borrowing. Predatory Borrowing, perhaps. > > Borrowers borrow because they can. If the first lender says, no, they dial > the phone again and ask another and another until they find one that will > lend to them. It isn't always the lender's fault, sometimes the borrower is > to blame. Lenders will structure the loan to fit the borrower's ability to > pay on the day the borrower asks for the loan. Being optomists, nobody > considers that the borrower's situation -- the Scenario, in lending lingo -- > might change. If a borrower makes X-dollars per month, then the payment > options _might_ be dictated by the other debt and the ration of debt to > income. Everybody likes to assume that tomorrow, or next year, the scenario > on the borrower's side will be improved. > > But, only the borrower knows that he's on shakey ground, or is as steady as > a granite boulder. The lender -- the loan officer that the borrower talks > to -- has lots of loan programs to offer, but the borrower is driving the > bus on which ones are available to him. > > Is there predatory lending going on? Sure. But there's more predatory > borrowing. And the borrowers can always, that's A-L-W-A-Y-S, walk away from > a loan process. The lenders decline, the borrowers refuse. > > I'm inclined to place far more blame for the mess we're in on predatory > borrowing. How can you resist the pressure --social pressure, survival pressure-- NOT to own an SUV in America? In the jungle you must be the biggest animal out there.
From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 15 May 2010 23:38 On May 15, 9:07 pm, "Jeff Strickland" <crwlrj...(a)yahoo.com> wrote: > "FatterDumber& Happier Moe" <"WheresMyCheck"@UncleSamLoves.Mee> wrote in > messagenews:4bef2bb9$0$12445$bbae4d71(a)news.suddenlink.net... > > > > > His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic > > Enterprises wrote: > >> I attended today one of those NACA seminars, where the people are > >> trying to stay afloat among the loan sharks... Hey, that's a perfect > >> metaphor for the jungle, and why we are where we are. GREED brought us > >> here, right? Anyways I stood up and handed out some of my fliers > >> (WELCOME TO THE JUNGLE) and people recognized such a problem we got > >> today. > > >> Don't you think we should stay away from lending all together and be > >> happy with what we got, ie. saving money to buy a car or RIDE A BIKE > >> around and save that much money for a house? How about having a > >> smaller house? We must think SMALL IS BETTER before that happens. > > >> Maybe I'll be teaching one of those seminars pretty soon: HOW TO BE > >> HAPPY WITH PEANUTS LIKE A MONKEY! > > >> NOTE: Notice there are other types of sharks out there like the > >> Insurance Companies, Big Oil & the Medical Industry. > > >> -------------------------------------------------------------------------- > > >> THE WISE TIBETAN MONKEY SAYS > > >> "The monkeys practice that practical philosophy of 'You scratch my > >> back, I scratch yours!'" > > >>http://webspawner.com/users/BANANAREVOLUTION > > > Dream on, human nature being what it is, and marketing being what it is, > > the I want it and I want it now bunch will keep these places in business > > forever in one form or another. > > The whole notion of predatory lending completely ignores the part about > stupid borrowing. Predatory Borrowing, perhaps. > > Borrowers borrow because they can. If the first lender says, no, they dial > the phone again and ask another and another until they find one that will > lend to them. It isn't always the lender's fault, sometimes the borrower is > to blame. Lenders will structure the loan to fit the borrower's ability to > pay on the day the borrower asks for the loan. Being optomists, nobody > considers that the borrower's situation -- the Scenario, in lending lingo -- > might change. If a borrower makes X-dollars per month, then the payment > options _might_ be dictated by the other debt and the ration of debt to > income. Everybody likes to assume that tomorrow, or next year, the scenario > on the borrower's side will be improved. > > But, only the borrower knows that he's on shakey ground, or is as steady as > a granite boulder. The lender -- the loan officer that the borrower talks > to -- has lots of loan programs to offer, but the borrower is driving the > bus on which ones are available to him. > > Is there predatory lending going on? Sure. But there's more predatory > borrowing. And the borrowers can always, that's A-L-W-A-Y-S, walk away from > a loan process. The lenders decline, the borrowers refuse. > > I'm inclined to place far more blame for the mess we're in on predatory > borrowing. I went to accompany someone. But it was worth the experience. They said, Chase was the biggest shark, so beware. And make sure to call them and make noise like a monkey.
From: His Highness the TibetanMonkey, ComandanteBanana and Chief of Quixotic Enterprises on 15 May 2010 23:45
This is a good description of loan predation... (I quote) Wherever there is a pool of low-income homeowners or other groups of individuals who are financially vulnerable, the potential for greedy mortgage companies or con-artists to step in looms large. While the actions of these companies may not always be illegal, the result can be the same: the homeowners may lose their home and the professionals who supposedly 'helped them' end up profiting. These helpers are predators seeking their prey from the elderly, the sick, the poor. Predatory lending practices can leave victims homeless and defeated, stripped of self-respect and hope, their credit ruined. The definition of predatory lending involves who really benefits in the mortgage transaction. The fact that the homeowner does NOT benefit is what turns a legal mortgage into a predatory lending practice which can and should be reported. There are many resources where one can report mortgage fraud and predatory lending. If uncertain whether a mortgage action is legal, or actually fraud or a form of predatory lending, then one should still report it and find out for sure. In many cases only a fine line divides actual fraud from an ethical and legal transaction. http://www.mortgagenewsdaily.com/Mortgage_Fraud/Predatory_Lending.asp *** I'd advise them not to swim in shark infected waters. |