No-Interest and ARM Lending Mortgage Asshats

You know, a lot can be said about the recent Adjustable Rate Mortgage Loans going around. Or, I should say, HAVE gone around. Because there's not a whole lot of people left that can afford them, and those who can certainly aren't filling their gas tanks to "full" now, are they?

I'm trying to figure out who is more responsible. Who do we hold accountable? Would it be the asshats that OFFERED these horrible loans? Or the ignorance and stupidity of asshats who signed on the dotted line?

Let's discuss!





The customers.
People who thought they were getting a great deal - ag first - begged their mortgage companies for "a break" after falling behind and ended up being served their foreclosure notices. For their efforts, they have received a slick "Sorry, these are the conditions of your loan - pay up, or move out". So as a result, those people - families, singles, roommates - people just trying to get ahead have "moved on", you could say. Back to the rental agreements and noisy neighbors with you!

I simply must make a judgment call on this. You were silly for signing for a stupid loan. Despite that, part of the criteria for earning the label "Asshat" is your intention. So while you made an extremely bad judgement call, I just can't bring myself to paint you with the asshat label today. Besides, you already have a lifetime of credit problems due to this, not to mention the inability to buy a house for 2 years.

Some of you can see where this is going.





The Banks.
And then there are the banks. Who I personally think rank highest in the World of Asshattery. They OFFERED this ridiculous loan scheme, knowing that someone would sign when the mortgage payment was $750.00 a month, and ended up somewhere close to DOUBLE that!

Let me get this straight. YOU, Mr. Authorized Bank and Money Expert, having been formally educated in the World of Finance, actually OFFERED a loan to someone that was already 50% of his income, darn well KNOWING that eventually, the rate was going to go up. And you slid the papers, neatly stacked, with your fancy yellow "Arrow - SIGN HERE" stickers, where they are to sign their life away while you look directly at the future homeowner, across the desk and sat there with a smile on your face while your thankful (at the time) clients were excited about finally getting their new home. In a time of war and economic uncertainty.

Enter tough economy. Suddenly, 60% of your clients are crapping themselves, and the best you can offer is the terms of your loan. They can't pay, so you foreclose and evict them. TO THE POINT WHERE IT BITES YOU IN THE ASS.

So what do you do? You go TO THE GOVERNMENT WITH YOUR HAND OUT and BEG that they ease your suffering, since you OBVIOUSLY know your business, that you DESERVE to be BAILED OUT.

The SAME begging that you did to the government, who had nothing to do with your shoddy business practices, YOUR OWN CUSTOMERS did TO YOU and while they didn't know any better, or took a risky chance, you YOURSELVES offered NO MERCY.

So to the banks that offered Swing ARM Loans.....



Banks that relied primarily on ARM Loans - you're taking up air in the WORLD OF ASSHATS.