Another example of revisionist history
Or, to paraphrase from the book 1984: “He who controls the present controls the past.”
Here’s a quote from a CNN Money news article I read this morning on my cellphone (a.k.a. my modern morning newspaper):
In September 2007, the most recent month for which data is available, more than 20% of subprime mortgage borrowers with scores of between 840 and 900 were 60 days or more delinquent, according to First American LoanPerformance. That default rate was roughly equal to that of borrowers with much lower scores, in the 540 to 599 range.
Oh, you didn’t know? Que Road Dogg and Mr. Ass:
Thank you.
Anyway … did I miss something? All I’ve heard these past few months are that subprime borrowers are people with BAD CREDIT who received mortgages they couldn’t afford from incompetent lenders. Since when did people with excellent credit scores become considered subprime borrowers?
I love how this article jumps straight into the notion of “20% of subprime borrowers with scores between 840 and 900″ WITHOUT EXPLAINING THE NOTION.
Sorry. I’m not buying that people with scores between 840 and 900 are subprime. Excuse me if I don’t pull out my wallet and believe that the office manager of a Fort Lauderdale radio station is a subprime borrower. I refuse to invest in doublespeak.
By labeling someone with excellent credit as a subprime borrower, this potentially sets us all up for higher interest rates and costs associated with credit cards and loans in the future … as well as ever-insidious bank fees, charges, and penalties. I can see it now:
“Why has my interest gone up ten points?”
“Well, sir, you are a subprime borrower.”
“Excuse me? I have an excellent credit rating!”
“AND you own a home that you may not be able to afford. So, of course you are subprime.”
I’m sorry, but to paraphrase 1984 again, We were not at war with Eurasia last week, no matter how many times you tell me otherwise. I remember, Gosh darn it!
Sigh. Since half the population is doped up on pot or prescription psychotropic medication, I know these words are a complete waste of time. Since the other half of the population is watching pornhub or whatever, I should just give up. After all, I’m no better. I, too, am “Only human.”
Label me subprime, even if my score is 900. I’ll take 20% interest on my next car loan, Alex. Really, I don’t mind. I know paying my bills on time is not enough. I need to earn more money, and since my company only has enough profit to build a golden parachute, I won’t be getting any raise this year.
***
Meanwhile, people are dying in Darfur. Who cares about fat Americans who over-leveraged themselves? Well, after they come after the people with good credit, they’ll come after whoever is left. There will be fewer people able to assist the poorer parts of the world financially, and the few with money may not care to do so.
I’m just sayin’. Think about that when you wire money to loved ones somewhere in Mexico, Puerto Rico, Cuba, Brazil, Nigeria, Haiti, and other far-flung places. Your family is counting on your help. The people who are benefiting from this crisis want your money, too … and THEY don’t care who starves in order to get it.
Write your congressman. Encourage them to pass a bill that forces banks to refinance these loans so that value of the home represents today’s prices, not the bubble prices of three years ago.
Oh, wait. I forgot. You’re all overmedicating and watching porn. Never mind.
Similar Posts:
- Section 110 of Bailout Bill
- Random Thoughts on Financial Crisis
- Angel Jimenez: "Bailout Good"
- Movie Scores; Classical Music stations on Blackberry Berrytunes
- Ground Zero for the Mortgage Meltdown Part III
- Housing Mortgage Bill — Vahl Comments
- Thank you, George Bush and Congress for that Housing Bill
YouPorn also operates a chatroom, an online dating service and cam chat.
Aye, aye, unsigned writer! It’s all Brook Shields and her psychotropic drugs’ fault!
man vahls obsessed with banks
Who you callin’ Sub-Prime?
i agree with you
it seems the middle or lower class worker has no hope
in this society.1984 has been upon us for some time.and i feel there is nothing we can do.i mean i have no
faith to even write to my
congressman because he has golf clubs
in his trunk.my credit is 700 i guess that
means i can get a dell credit
card with a $25
interest rate
Vahl really comes of as being even more self-important than usual in this poor excuse of an article, by comparing himself to TRUE fictional heroes such as Neo from the Matrix and Winston Smith.
Not to mention Road Dogg and Mr. Ass.
Take a chill pill, man.
lets all get neurotic and angry like michael savage
Thanks for the link, Heather.
I AGREE WITH THE OP. I AM SO TIRED OF THE MEDIA SPINNING THINGS AND SPREADING MORE PANIC.
I heard the time is right to buy now.
As usual … the huddled masses from around the world have been utterly forgotten by some of the commenters, who latch on to one sentence and run with it.
It’s obvious that heather, tom cruise (love your movies, buddy), comic book guy (a.k.a. the definition of self-important), r-said (I don’t smoke weed like you, jerk), anonymous (anger is a natural human emotion), and david (yeah, it’s a great time to buy) did not read the article from beginning to end.
It must be a terrible disability, not being able to read more than two sentences. I truly feel sorry for you all.
w.a.r. — sign up with Dell today and get a free $25 gift card!
oh yeah I’m sure he is dumb enought to fall for that old trick…you people should not be allowed on the internet…someone might actually belive you…bitch!