(15) Unfortunately the demand is greater than the supply, so IWSBs are something of a luxury good, like antique furniture or corporate jets: boasted of by upper-class whites and wealthy organizations, coveted by the less prosperous. To be an IWSB in present-day US society is a …
That approach is what one reader was getting at in a recent message to the public editor. He wrote:
A bill that would give the controlling party of either chamber of Congress veto power over any major new regulation passed the House of Representatives Wednesday. The measure, dubbed the Regulations From the Executive in Need of Scrutiny -- or REINS -- Act, would require Congres …
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“I am much taken by this and can’t think of any real parallel in history,” said Stephen Hess of the Brookings Institution. “Yes, comedians have always told jokes about elections, but this is quite different.
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Noone expected this. The so-called leaders who have taken three solid days to return from their foreign holidays to a country in flames did not anticipate this. The people running Britain had absolutely no clue how desperate things had become.
Being poor is like a game of poker where if you lose, the other players get to @!$%# you. And if you win, the dealer @!$%#s you. A bunch of you reading this are among the 45 million "working poor" in America, and if you're not, you know somebody who is. Like me.
He has betrayed his wife and family; it is up to them to decide whether to forgive.
Hahahahahahaha...
The State of Michigan spends annually somewhere between $30,000 and $40,000 per prisoner, yet we are struggling to provide schools with $7,000 per student. I guess we need to treat our students like they are prisoners, with equal funding. Please give my students three meals a day.
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Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser's Board of Trustees. Creative production and animation by Free Range Studios.
What we have in Detroit is an Emergency Manager appointed by the previous governor who was facing a challenge from the School District which was frustrated by his top-down approach to school reform. That challenge was effectively crushed by the passage of Public Act 4.
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"Total Checking." "Value Checking." "MyAccess Checking." What do they all have in common? The word "free" is missing from the name.
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Just hours after Democrats and Republicans agreed to bargain on tax cuts, and fewer hours still after Defense Secretary Robert Gates implored Congress to repeal Don't Ask, Don't Tell this year, word leaked that Republicans aren't really interested in any of it -- a major repudiat …
"We started the ballgame with the idea that we wanted to make (UCLA) work from side-to-side," Davis said. "When you do that, you're not going to be as vertical as you are with play-action or whatever.
(15) Unfortunately the demand is greater than the supply, so IWSBs are something of a luxury good, like antique furniture or corporate jets: boasted of by upper-class whites and wealthy organizations, coveted by the less prosperous. To be an IWSB in present-day US society is a …
Nice commenting! Keep up the good work!
Take care!
— McSpocky
Robin,
I did not say they "came up" with these types of loans, I said they offered them. And some most certainly profited from their availability through banks and other financial institutions. I will be the first to admit that I don't know everything about the workings of banks, mortgage brokers, hedgefunds, etc. But I do know a little about fiduciary duty and agency.
Mortgage brokers are not agents of the bank. They had a choice. They helped in making these loans readily available. They are in the business of selling access to money. What you're saying is mortgage brokers had no choice in offering these loans to consumers. That's flatly incorrect. Their fees are based on the loan they supply unless they put a fixed rate in from the beginning. That's incentive to push the subprime loans and loans people couldn't afford when they didn't have to. And quite a few did.
This is not to say all mortgage brokers are bad. There are good ones out there too. But they definitely count in reasons the US economy exploded.
It wasn't the mortgage brokers who came up with arms or subprime loans, etc.
Get your facts straight
The banks give the programs and guidelines for mortgage brokers to follow, then the banks and lenders...guess what UNDERWRITE the loans and FUND the loans that a mortgage broker seeks to place a client.
So, before you comment..know what you are talking about..
I'm so tired of mortgage brokers being the escape goat for the guidelines that were given from the banks and lenders.
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