if I could choose between No Car Fax and No Cash For Clunkers
Didn't Cash for Clunkers end up being a net loss of 1.4 Billion dollars? It just sounded like a terrible idea, purposelessly destroying cars that were roadworthy. They couldn't just give them to needy low economy families? They couldn't find a few thousand single moms or family struggling with the economy who could just use a running car? Instead of living paycheck to paycheck and riding the bus?
back on topic on topic:
The housing market crash of 2008, I was on the front lines after that shitshow breaching doors with the Sheriffs Dept. evictions detail. "balloon loans" "Adjustable APR loans" "stated income loans"? WHO IN THE FUCK thought that was a good idea. Giving people loans based on their word.
I wonder how many conversations took place just like this in 2006-2007?
Banker faggot: So Mr. Jackson, on your home loan application form here is says your yearly income is $140,000? May I ask your job title and employer?
Jackson: I'm a manager.
Banker faggot: Ok and employed by whom?
Jackson: a famous restaurant
Banker faggot: OK do we have a pay stub or 1040 form?
Jackson: I got a paystub right here.
Banker faggot: You work at Mcdonalds as an assistant manager, it says?
Jackson: Yeah I'm a manager, like I said
Banker faggot: OK, this paystub has a two week take home of just under $1000
Jackson: Yeah, so?
banker faggot: Mr Jackson do you have any other income sources? $2000 a month is $24,000 yearly and you are asking for a $600,00 loan and putting only 10% down.
Jackson: yeah so?
banker faggot: well fuck it lets just say you own a small contracting business making 100K yearly on the side OK?
Jackson: I get the money now, right?
Banker faggot: no Mr Jackson it goes into escrow until the close of the sale of the home itself.
Jackson: how much I need to pay a month?
Banker faggot: good question let me get back to you on that, lets gets the final paperwork started.
I would rummage through the abandoned homes, one of the residents was actually selling the shitty loans that caused this. This dumb fucker had a suitcase full of "refinance your home NOW" flyers, "Buy that expensive car you always wanted, it's free money!! Just sign here" he didn't know or care what he was even selling or buying as long as he got that commission for the home loan he sold. The scary part is Bank of America is currently creating more and more "help the black man, home loan programs" purposely giving black or anyone claiming to be black loan approval for loans they do not qualify for, EXACTLY like 2006 that lead to the 2008 crash.