Libya to adopt Sharia Law

[redsamurai]

lol...started by me...good one.

yeah actually it was....

anyway, my last two cents in this post...here's a response from another friend of mine who's out in SF working for BoA...

"At every level there were fees that were paid out...anywhere between 250-750 bucks a pop....when I was at Wells the initial fee alone was 500 for an approved app its usually an origination fee to start....underwriters get a piece of that...remember too that this where Fannie and Freddie get inot the mix...Fr and Fan baought mort on the secondary market in total they bought 1 in 2 of all new morts..for a total of 5 trillion dollars in face value morts (the paper is no longer worth anywhere close to that)...those morts are insured by the fed gov so even if they're shit the bank that sold the mort to freddie gets a kick back fee...freddie gets an origination fee...if the loan goes inot the shitter..the tax payer pays the bill...for the foreclosure part fees were alos generated much the same way...Tom Woods as a great book on all of this...but they all knew how it worked and they were all getting paid...it was a total scam..."


In the end it was the usual utterly corrupt collusion between the govt (really the fed) and free market but that wasn't the issue here. You claimed that banks weren't making out on this scheme. That is utterly woefully inaccurate and something tells me you know it.

 

[redsamurai]

Also, you are a fucking fool if you think a bank/lender writes a loan hoping it will default. Stick with killer unpaid, hay bailing, 400% efficient turbines producing all natural pot smoke internships bro.

oh, oh I'm the troll....no you're right. My bad.



wtf dude? you are the websters def of a troll.

 

[javaguru]

???

Well, just because they were businessmen involved in the sale of illegal narcotics doesn't mean they were dishonest people. To use an analogy EF people might understand....there are trusted and untrusted sources and many steroid dealers behave in an ethical manner because they know it's good for long term business. Scammers are usually scammers because they know the buyer has no recourse when they get screwed....unlike legal enterprises. Where are the trial lawyers and their lawsuits? Big banks with the deepest pockets in America are the targets trial lawyers dream about....

It currently takes over 300 days on average to foreclose on a default mortgage, in Ohio it was that long or longer well before the housing crisis...Many of those properties where someone lived free for almost a year were vandalized by the foreclosed person adding additional cost. Look at the data, banks LOSE money on foreclosures....


On a different note, the new version of sharia in Libya changes the polygamy law from one where all parties had to agree to the new marriage agreement to one where the man decides...seems like they are moving to a more fundamental version of sharia law...