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Who the hell is getting an ARM? Most mortgages, at least in the States, are fixed rates. Also, mortgages are almost entirely regulated. There's almost nothing

Who the hell is getting an ARM? Most mortgages, at least in the States, are fixed rates. Also, mortgages are almost entirely regulated. There's almost nothing a business can do in the mortgage sphere that wasn't specifically allowed by the feds.

simiones 4y ago
Yes, the point is that the banks are (edit: should have said "would be, in the absence of government regulation") far more predatory than government - it's in fact government (who GP claimed is "sticking them at gunpoint") that is protecting us from the banks. Just look at loan sharks for a view of what banks sans regulation are.
arrosenberg 4y ago
Thats cute, but I lived through the 2008 housing crash, none of that stuff stopped the banks from kicking people out of their homes and destroying a bunch of lives.
- guhidalg 4y ago
  Your bank isn't a good bank, their bank is obviously a virtuous bank that would never prey on desperate borrowers /s
- ThunderSizzle 4y ago
  That's cute, but who the hell still gets an ARM? It's like going full stupid. Never go full stupid.
  - arrosenberg 4y ago
    > That's cute, but who the hell still gets an ARM? Well over a million people during the 2005-2006 frenzy - https://www.stlouisfed.org/publications/bridges/spring-2007/subprime-arms-popular-loans-poor-performance https://www.stlouisfed.org/publications/bridges/spring-2007/... > It's like going full stupid. Never go full stupid. It's more like a bunch of sophisticated bankers and lawyers used their Ivy League education to trick working class people into a financing agreement they couldn't understand or afford. Your version seems kind of rude to people who have better things to do than learn the intricacies of finance - that's why government (some of the time) is good - they regulate bankers so that regular people can just buy a house without worrying about elite mendacity taking away their home and savings.

simiones 4y ago

Yes, the point is that the banks are (edit: should have said "would be, in the absence of government regulation") far more predatory than government - it's in fact government (who GP claimed is "sticking them at gunpoint") that is protecting us from the banks. Just look at loan sharks for a view of what banks sans regulation are.

arrosenberg 4y ago

Thats cute, but I lived through the 2008 housing crash, none of that stuff stopped the banks from kicking people out of their homes and destroying a bunch of lives.

guhidalg 4y ago
Your bank isn't a good bank, their bank is obviously a virtuous bank that would never prey on desperate borrowers /s
ThunderSizzle 4y ago
That's cute, but who the hell still gets an ARM? It's like going full stupid. Never go full stupid.
- arrosenberg 4y ago
  > That's cute, but who the hell still gets an ARM? Well over a million people during the 2005-2006 frenzy - https://www.stlouisfed.org/publications/bridges/spring-2007/subprime-arms-popular-loans-poor-performance https://www.stlouisfed.org/publications/bridges/spring-2007/... > It's like going full stupid. Never go full stupid. It's more like a bunch of sophisticated bankers and lawyers used their Ivy League education to trick working class people into a financing agreement they couldn't understand or afford. Your version seems kind of rude to people who have better things to do than learn the intricacies of finance - that's why government (some of the time) is good - they regulate bankers so that regular people can just buy a house without worrying about elite mendacity taking away their home and savings.