AFG - uhoh

[Opulentus Tigris]

It is getting off-topic, but that is inaccurate. People lost their homes because they borrowed outside of their means. Banks in the US were under political pressure to provide home loans to low income/poor credit rating families, based on the flawed report "Closing the Gap: A Guide to Equal Opportunity Lending". This was compounded by unsustainably low interest rates.

In the end, people have to take responsibility for their own financial decisions. It is illogical to blame bankers etc; there isn't much profit in lending to people who can't repay loans, as the pain these financial groups are going through demonstrates.

Regardless, I know this is the internet, but firing up over a TIC one-liner is kind of pointless.

Ever heard of a NINJA loan, No Income No Job or Assets. They loan these low income and uneducated families money. They begin on low interest rates but they have built in ratchet clauses in them, which means after 2-4 years the interest rates go from say 7% to up to 13%. Hence they can no longer service their loans.

Now, the mortgage broker gets a commission from the bank, as a kind of introducers fee, for selling the loan. In other words, the bank pays the mortgage broker to rip off their own customers. I know what I'm talking about. I'm a property valuer. Your point is well made but also a little simplistic to blame the borrower.

 

[Opulentus Tigris]

Not that I need to justify my post but for your benefit I'll just say that you missed the point of it. All I meant by 'typically Richmond' was that the club always seems to cop the short end of the stick with things outside of its control.

If that's the case I apologise for getting hot under the collar. Some posters on this site are very negative, which is fine......because some of what they say is a fair call, and supported by facts and observations. Your post just got under my skin. It shouldn't have.

Once again I apologise.

 

[taraba]

If that's the case I apologise for getting hot under the collar. Some posters on this site are very negative, which is fine......because some of what they say is a fair call, and supported by facts and observations. Your post just got under my skin. It shouldn't have.

Once again I apologise.

That's OK. This was all obviously a big misunderstanding. Let's just forget about it :fing32

 

[Streak]

If that's the case I apologise for getting hot under the collar. Some posters on this site are very negative, which is fine......because some of what they say is a fair call, and supported by facts and observations. Your post just got under my skin. It shouldn't have.

Once again I apologise.

Good on you for apologising OT.

 

[ronnit]

i can see why your post was misunderstood taraba...when i read it i also thought it was a typical negative supporters typical negative comment

i understand your explanation...it is more like...that is sooooooo like richmonds luck!!

 

[taraba]

i can see why your post was misunderstood taraba...when i read it i also thought it was a typical negative supporters typical negative comment

i understand your explanation...it is more like...that is sooooooo like richmonds luck!!

Thanks, that is exactly what I meant

 

[ZeroGame]

taraba you really shouldn't have been so quick to stick the boot into the club with your comment

 

[taraba]

taraba you really shouldn't have been so quick to stick the boot into the club with your comment

Oh come on Zero, I already explained how the comment had nothing to do with the club. Read the whole thread for the explanation, unless you're just having a laugh with the whole thing.