Just playing around with this site ... TODAY

https://secure.bestratesfrom.us/cash-2a/aboutus.html

I asked for a $400,000 interest only home loan with no money down and income of $36,000 per year.  That's $3,000 per month before taxes and union dues.

Said there were 12 lenders that would consider me ... Yikes.

Interest alone will be $1,667 per month at 5%.  Buy this house and eat ramen noodles, but no money left to heat the house.  No wonder the country is bankrupt. 

Edited to add... Interest only means, NEVER buying the home.  One is only paying the interest, nothing on principle balance.  Who came up with with this crap sandwich??

LOL ...  I play at small town politician.  I kinda doubt HWbar is on Wall street with the whiskey and all.

Both Obama and MCCain have said that their respective parties would shed themselves of special interests and lobbyists. Yet the senate, in formulating a bail out bill that will be the "best for our interests", couldn't get it passed without the inclusion of 1.5 BILLION DOLLARS in "incentives", (PORK) to various members that wouldn't previously agree to its provisions.

Neither candidate, who both made special trips back to DC for the vote and photo ops, objected to the additions and agreed to the plan. I wonder what the house does with it today?

Is it any wonder the public has no confidence in our leadership and the lip service we are constantly served? We will never be free of special interest groups and their affects on our government and our pocket books? Will every politician always have one hand out, palm up while shaking yours with his other? Anyone need some wooden arrows?

Gard

gard- special interest groups are NOT the problem. There is nothign wrong with a group of people wanting to share views to their congressmen/senators. Otherwise, the biggest "special interest group" in the world is the NEA and the democrats sit firmly in their back pocket- you don't hear liberals crying about that. Obama himself recieved over $ 300,000 from fannie Mae/freddy mac. Did he give that back? Nope- he profited from bad liberal soical policies. Don't think for a minute it would be any different if Obama becomes the first muslim president. No its no the "special interests"- its the corrupt politicans that cater to them as long as the money is there.

Here is something- Obama has a liberal track record of failure as all liberal inspired legislation fails. name one liberal policy, either a domestic issue or national security, that worked? ( chrip chrip chrip) Joe Biden isn't any better,in fact, given he has served much longer, is worse. he oppsed the Alaskan pipline for petes sake.

How did we get into this mess? easy- bad liberal economic policies defended and supported by liberals themselves. Jimmy carter started it in 1978. president Clinton expanded it in 1995..liberal made millions ( including the democrats running for pres/VP),ignored GOP who warned them giving loans to people who couldn't afford it was a bad idea and now- this. Why is the GOP to fault? They didn't have the balls to raise holy hell when liberals started insisting people on welfare were good credit risks. The GOP should have raised holy hell when democrats( two of which are in the Obama campaign) started reaping millions and millions in bonuses from Fannie and Freddie and proceeded to run it into the ground.

Gard- it been well documented why we are in this mess. its not captialism. Its not Bushs fault. Its not a result of greed on wall Street ( wall street firms are big democrat supporters BTW) but we are looking at a mess created by the very people who now want 1 trillion bucks to fix it. Where is the money going? Who is getting it? In true liberal fashion, it will line the pockets of the same people responsible,buy some off voters and never solve a thing. You have fallen for the weak and simplistic lip service all polticans play towards "special interests". How about demanding those polticians who started this mess ( barney Frank, Chris Dodd, Obama and Clinton ) be held accountable?

One of the largest contributors in the buying of the government is the US Chamber of Commerce led by chief lobbyist Bruce Joston. They gave over $40 million to both parties.

As long as greed corrupts, as long as everything is for sale including integrity, we will always have problems. I noticed that although I spoke of both parties in generalities and equal blame, you have to start the singular fault scenario. One person, one party didn't create this mess. But then again Farmbabe, everyone that disagrees with you is dumb.

Gard

Guys ... My original post is equal parts serious and humorous.

Please keep to the facts

Farmbabe ... Obama's Religion or race means nothing.  That he has consistently supported uber liberal policy is most important.

Gard... Both partys taking money or support is not an excuse for the current crisis.  That argument is not relevant.  The issue I see, is TOO easy credit to poor borrowers (pun intended)  My OP is an example of bad banking practice.  We should debate why banks would engage in suicidal practices.

Because they know that the government will "Bail" them out. Didn't turn out so bad for them after all, did it?

Not only will the Gov bail them out, but if they don't lend the money they will get sued for not following policy.

Gard:  You wrote "The answer is simple   Greed, by the execs, by the stock holders, by legislators. A bank exec making $20 - $70 million and paying regulators to look the other way when any legislation is being developed? It's very relevant."

You left out the point of my original post.  Greedy home buyers.  Buying an inflated home with the intention of flipping it or walking away from it after trashing the house.

Also, It wasn't the regulators.  (that's easily disproved with the facts.  The GSE's weren't covered by SOX regulations.  And the regulators were pleading to be authorized by congress to inject some sense into Fannie & Freddie.

Remember this ??   http://www.youtube.com/watch?v=_MGT_cSi7Rs

Watch them ripping the shorts off the regulator guy asking for oversight of the GSE's

It's the mega crap sandwich with earmark toppings. Plus wooden arrows as a side dish.

Mark my words, in the coming months you will be reading how this bailout cash has been turned into a political ATM.

Worst mistake in the history of the USA.

IMO- the fact Obama is a muslim makes a big diffreence to me. Muslims hate this country. Its very relevant point to make which is why the Obama camp and the liberal leaning press have NOT made it an issue.Keep in mind- Obama has made a trek to Europe to slam this country. Everything he proposes will change the face of this great nation.

Here are the facts- it was and has been democratic party led policies which created this mess- its called " affordable housing" in which people who cannot afford a conventional mortgage are then given loans by govt backed instiutions. It was democratically led policies that pressured banks ( even passing laws requiring banks to make bad loans) to ignore standard banking pratices and give loans to those who couldn't make the payments ( PS Clinton even made welfare payments to be considered "income:). It was democrats in congress that IGNORED many warnings about the impending disaster by GOP ( who IMO should have gone to the mat to make this known in 2003-2005) It is now the democrats in congress that want another 1 trillion of your money to "fix" it but where are the details about who the money will be spent and since when was the US govt obligated to bail anyone out? Ignore this lesson at your own peril gard- Democrats cannot be trusted to manage anything. They have proved it each and everytime they try.

I ask you again- name one demcratic program that actually solved the problem it targeted?

Gee, what if this bailout doesn't work? Do the taxpayers get reimbursed??????? After all, it's only money. It's pretty sad when I can't even be in charge of my own bus. Is there going to be an itemized statement of exactly where this money is going? It is OUR money. We have a right to know.

Well I need to go. I have to get to the bank and default on my house so I get it back for free in a few months thank to American politics and the power of greed!!!

Seriously though, I need to go get right with the Lord cuz the end is near!!!!!..........

Today in Ohio, a ninety year old woman tried to commit suicide, by shooting herself as her home was being foreclosed by the authorities. Fanny Mac held the mortgage. How many millions did its board members pay themselves in compensation?

Paulson now has the authority to commit one trillion dollars in funds to whomever with no public oversight hearings. Think Chenny and Haliburton were tight? Lets see what Paulson does with Goldman Sacks.

Is Paulson going to give any money to the mortgage holders? Will that Ohio woman benefit in any way? Not on your life. It will go to the same people that created this mess with little oversight. Government bought and paid for. Greed Greed Greed

Gard