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Anti-Idiotarian Rottweiler » We Guess Reuters Are Racists, Then
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We mean, how else are we to interpret a hed like “Minorities Hit Hardest By U.S. Housing Crisis” for a story about a black guy who made a boneheaded decision? They must be suggesting that minorities are more boneheaded than other people, then. Oh well, one more reason to detest al-Roto-Reuters.

Listen, Mr. Horribly Discriminated Against Minority, it’s quite fucking simple. So simple, in fact, that His Majesty managed to grasp the concept in his first year of Economics, but let’s make it even more simple by dividing every mortgage in the world into Fixed Rate (FRM) or Adjustable Rate (ARM) ones only: Fixed rate means that, no matter what the interest rate does over the next 30 years, you’ll pay the same every month. Clearly, this makes it a really, really fucking dumb idea to get one of those if interest rates are at an all-time high, because ten years from now, when everybody else is getting nice, low-interest loans, you’re still stuck paying an arm and a leg. (We’ll cover refinancing and other issues in an Advanced Class. Suffice it to say that setting yourself up with a loan that you ought to know that you need to refi soon is about as dumb as anything I’ve ever heard of).

Conversely, which applies to your case of mental retardation, Adjustable Rate means that you’ll pay whatever the interest rate will be at any given point in the future. If it goes up, you pay more, if it goes down, you pay less. Simple, huh? Alright, then. This obviously means that it’ll be fucking daft to get one of those if interest rates are really bloody low, since you’ll likely be paying an arm and a leg while all of those who got FRMs are still paying peanuts (compared to you).

Now look at current interest rates, dumbass. Do they look like they’re going to drop substantially in the future? Not unless the Fed digs out the shovels and starts paying people to lend money from them, they bloody well won’t.

So why the FUCK did you sign an ARM when you already acknowledge that you were looking for an FRM? “Because you felt pressured into it by your broker?” What? He was holding a fucking .50 cal S&W to your head? Giving you the Evil Eye? Threatening to rape your family unless you signed?

Dumbfucked dumbass doodlebrain.

UPDATE: Our alert readers (more alert than we are, obviously) point out another interesting detail from the article: The dumbass in question is an executive assistant at… *drumroll* a BANK. That’s right. An executive assistant at a BANK who doesn’t understand what an ARM is.

Holy jumping Jehosaphat on a hydrogen-powered pogo stick, Batman! We too want to know which bank pity-fucked him with a job so that we can run, not walk away from it if, Heaven forbid, it turns out we have money in it.

22 Responses to “We Guess Reuters Are Racists, Then”
  1. memoryleak Comment by memoryleak

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    WTF ?

    When myself and the then significant (now former & insignificant) other went to apply for a mortgage for the dream house, we only qualified for a ARM loan. After making payments (and establishing credit)
    for six months, lo and behold, we qualified for a FRM loan. Quick as bunnies, we refi-ed into the FRM.

    Now, this chowderhead “Clavon”, a bank executive assistant no less, opts for an interest only
    FRM ???, he deserves what he gets, melanin content is irrelevant .

    :em98:

  2. LC RobertHuntingdon Comment by LC RobertHuntingdon

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    Of course melanin content is irrelevant. Only an idiot who believes the word “progressive” actually denotes progress would think otherwise. But that unfortunately accounts for a good chunk of our society today.

    RH

  3. Unregistered Comment by jbuist

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    Clavon, a 35-year-old executive assistant at a bank, said he felt stuck.

    Holy shit! The guy works for a bank and he doesn’t know how loans work? Not only does this guy fail at life but apparently he’s not to up to speed in his profession.

    I’m not even a college grad and I knew enough to buy my first home on a FRM. The only financial adviser I have in my life is my own father and he suggested an ARM but I knew better than that. In my father’s defense he’s always done better with adjustable rate loans, hence his advice, but he’s in an entirely different league from me. He borrows about 4-5 times the worth of my house in a year and pays it all back within months.

    I have no idea what kind of idiot it takes to buy into an interest-only mortage. That takes a special kind of stupid, and one that I’ve never met in person.

    Apparently stupid does hurt.

  4. jihadonlibs Comment by jihadonlibs

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    Every time someone pulls the race card, a lib dies somewhere.

  5. evilned Comment by evilned

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    I bought my first house a few years ago. When I as working with the mortgage broker, she had a big folder and started going on about all these different ARM’s and other silly scams.

    I told her I wanted a straightforward fixed rate loan thank you. Her comment was it would be at a higher rate. “Don’t care, rates will go up but a fixed rate won’t.”

    I got it at 5.65% :em69:

  6. Unregistered Comment by lane

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    Clavon, a 35-year-old executive assistant at a bank, said he felt stuck. The ball was rolling, he trusted his broker and so the next day, he signed the loan.

    …. not understands an ARM?

    as an bank … exec assistant … does an WoW ROLFMAO dance.
    :em95:

  7. LC Hardclimber54 Comment by LC Hardclimber54

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    As ususal, somebody makes a pissy decision and, because of their skin color, they become “hard hit” by the housing crisis… Sweet Swinging Mama, how can one go from choosing a bad term to a being hardest hit in one sentence!?!?

    This guy could have been purple with yellow poka dots, still was one stupid move. So instead of admitting to his own lack of foresight, he finds somebody else to blame.

    Welcome to our modern society, where all your ills and problems are strictly cause by somebody else…

    Idiot.

  8. Unregistered Pingback by Reuters: “minorities hardest hit” by mortgages adjusting upward

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    […] a pretty racist assumption they’re making […]

  9. Dick Comment by Dick

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    Somebody find out what bank this inferior chocolate flavored douchebag works for. If I have money there, I’m pulling in out immediately considering it’s been proven they can’t understand a simple contract, let alone read.

  10. Odahi Comment by Odahi

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    Oh, boo frickin’ hoo. I need to get out the canoe, I’m crying so much for this douchebag. The wife and I refinanced our mortgage a few months ago. We’ve done it twice. Both times, we got a lower rate, each time enough lower to make it worth the closing costs. Both times, the broker tried to pull that ARM crap. No thank you. Our rate now is 5.375. I was around in the Dhimmi Carter years, I remember those rates, and I KNOW that they could get back up there, especially if Shrillary manages to steal the election. I don’t work in a bank, nor do I do the day-to-day finances for our family. I still know enough not to go for a damn ARM or interest-only ripoff. What a maroon. I have a nice beachfront lot I’d bet this doofus would be interested in. He may be among the “hardest-hit,” but I bet he could benefit from ANOTHER kind of hit- like Moe Howard could deliver!

  11. MuscleDaddy Comment by MuscleDaddy

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    GW doesn’t do much for me, but he did coin one of my favorite phrases of all time:

    “The soft bigotry of low expectations”

    Go Reuters.

    - MuscleDaddy

  12. Don_M Comment by Don_M

    Strict Standards: call_user_func_array() expects parameter 1 to be a valid callback, non-static method emotions::filter_text() should not be called statically in /home/misha/public_html/2007/wp-includes/plugin.php on line 59

    This guy could have been purple with yellow poka dots, still was one stupid move. So instead of admitting to his own lack of foresight, he finds somebody else to blame.

    Welcome to our modern society, where all your ills and problems are strictly cause by somebody else…

    Thanks, Hardclimber. This is yet more evidence that shame in the U.S. of A. died right after Richard Nixon got driven out of office. The media trots people like this out, and they’re just too blinded by the klieg lights to realize that they’re making total and complete fools out of themselves in public — as Her Highness has so eloquently pointed out. I hope the irreversible loss of face was worth it to this family, just so some hack could “prove” that racism is still alive and well in America.

    Now, class, repeat after me:

    THERE’S NO SUCH THING AS A FREE LUNCH.

    Nowhere is the old cliche more true than in mortgage lending.

  13. BobF Comment by BobF

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    What does being Black have to do with making a stupid decision on a loan? He took a chance and got burned. Why does skin color have to come into play? :em98:

  14. Useful Idiot Comment by Useful Idiot

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    Slightly tangential topic: The Supreme Court will determine whether you can sue (employer? or fund manager?) if your 401k doesn’t perform.

  15. Comment by "Lady H" aka Dori

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    Testing.

  16. psychochick, LC Comment by psychochick, LC

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    Race is relevant here because these people troll minority and elderly neighborhoods to peddle their sub-prime loans. They are manipulative, rapacious, aggressive weasels, and I have targets for when I learn to shoot. They do not always present clear information, and obviously make their pitches attractive. I’ve dealt with these people. They wanted to charge me two points to refinance. I think it’s Ameritrade that is particularly evil. Their packages are so complicated that people often have no idea how much they are borrowing or how much their payments will be, and the customer is high-pressured to quickly sign. Remember how Yochanan‘’s mom was in danger of losing her home from one of these types of loans? I remember one case–I don’t remember her race, but the lender didn’t tell this woman that taxes and insurance weren’t covered in her loan. Her monthly costs were higher after refinancing.

    I think the example here is probably the most blameworthy case of the article and probably not representative, based on other things I’ve read. It doesn’t mean anything that he works at a bank. Administrative assistants range from secretary skills to just xeroxing/filing (having been one). An executive assistant is probably doing the same thing, but for an executive. It’s impossible to say how much financial knowledge he has, if any. He made a stupid decision; some people are easily manipulated.

  17. Emperor Misha I Comment by Emperor Misha I

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    Race is relevant here because these people troll minority and elderly neighborhoods to peddle their sub-prime loans. They are manipulative, rapacious, aggressive weasels, and I have targets for when I learn to shoot. They do not always present clear information, and obviously make their pitches attractive. I’ve dealt with these people. They wanted to charge me two points to refinance. I think it’s Ameritrade that is particularly evil. Their packages are so complicated that people often have no idea how much they are borrowing or how much their payments will be, and the customer is high-pressured to quickly sign.

    They should’ve written a story about predatory lenders, then, instead of a generally nonsensical blatherpiece about how “minorities are hardest hit” (how about the women? They weren’t hardest hit this time?).

    And re: Predatory lenders, I agree with you completely. They ought to be shot. Repeatedly. In places that won’t necessarily kill them right away. They’re fucking swine preying on other people’s trusting nature and ignorance, and torture’s too good for them.

  18. LC SkyeChild G.L.O.R. Comment by LC SkyeChild G.L.O.R.

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    Sorry, but I don’t cut him any slack.

    1. He’s 35, well old enough not to be swindled.
    2. If he was UNSURE, he shouldn’t have signed it.
    3. He could have taken the paperwork to an attorney or a knowledgeable friend.
    4. The internet is widely available. He should have done his homework.
    5. He could have asked around for assistance of friends and family.

    I am sick to death of it always being someone else’s fault. Comments like that…that they troll minority and elderly neighborhoods continue to propogate the idea that, yeah, minorities and elderly ARE stupid.

  19. LC SkyeChild G.L.O.R. Comment by LC SkyeChild G.L.O.R.

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    PIMF: propAgate. It would be nice to have the edit feature back.

  20. Useful Idiot Comment by Useful Idiot

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    I’m with you Skye Child. I’ve made stupid deals in my life and have paid the corresponding “stupid tax”. No one interviewed me, no one bailed me out, hell, it never occurred to me to blame anyone other than the guy in the mirror. Why should people who made stupid mortgage deals get any sympathy, or worse, any compensation from the gubmint? Suck it up and deal with it like the rest of us have done. He’s not the first person to have made a financial blunder.

  21. Unregistered Pingback by eraser’s blog » Blog Archive » Comment on We Guess Reuters Are Racists, Then by Reuters …

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    […] hardest hit” by… […] a pretty racist assumption they’re making […] http://www.nicedoggie.net/2007/?p=1374#comment-52456 Comments for Anti-Idiotarian Rottweiler […]

  22. Unregistered Pingback by We Guess Reuters Are Racists, Then

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