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Before they lost their house in the 2008 crash, my parents' mortgage was sold between lenders something like 4 times in three years. I think they ended up with Bank of America, who, after agreeing to a short sale, tried to (illegally) force my parents to make up the difference between the sale price and the remaining mortgage balance. My parents were able to lawyer up and after almost a year of court proceedings BofA stopped trying to wring blood from that particular stone. My dad still tells the story about how he asked the bank rep he was negotiating with about the bank bailout, and how my dad thought that the bailout was contingent on trying to keep people like him in their homes. The rep's response? "That's our money, not yours." In summation, gently caress this demon nation.
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Aug 31, 2020 21:09
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Ahh, got it! Wasn't sure if there was some neat database you could go search to see where your loans lived. I went with a credit union that is pretty well regarded, so no signs of sale of mortgage yet!
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Aug 31, 2020 21:32
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movax posted:Ahh, got it! Wasn't sure if there was some neat database you could go search to see where your loans lived. No perverse incentives here! Certainly nothing can go wrong! EDIT: I just noticed who this was. Good to know you're still alive, and even bought a loving house. Nice! Ham Equity fucked around with this message at 21:42 on Aug 31, 2020 |
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Aug 31, 2020 21:38
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Thanatosian posted:Credit unions sell mortgages allllll the loving time. They usually continue to service the mortgages they sell, so you may not even know the difference. See, they get to collect .25% of the interest, and have zero of the risk that way. See, I'd love to detect / know that they were doing that! Mostly out of morbid curiosity.
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Aug 31, 2020 21:42
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Leon Trotsky 2012 posted:One Weird Trick: Debt Collectors Hate It!
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Aug 31, 2020 21:47
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movax posted:See, I'd love to detect / know that they were doing that! Mostly out of morbid curiosity. Freddie Mac and Fannie Mae both have mortgage lookup tools so you can see if they own your mortgage. You can always just contact your mortgage lender/servicer and ask, too. From your perspective, nothing really changes. And honestly, getting people (rather than equity firms) to buy homes isn't a bad goal; it's just the way they go about it that is less than ideal.
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Aug 31, 2020 21:50
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kw0134 posted:In this particular case, without knowing more it's hard to say, but there's a ton of sketchy bullshit by debt collection agencies. I've been cold called for accounts that have long been settled to settle a debt with them, and when I ask in writing for evidence of this debt they, shock and surprise, never get back to me. This could be legit! It could also be a database entry from 2004 that was sold "as-is" on the barely legal secondary market for debts that were flagged uncollected. Who the gently caress knows! He mentions that he owes the money in the reddit thread, but doesn't think they can prove it.
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Aug 31, 2020 21:56
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kw0134 posted:In this particular case, without knowing more it's hard to say, but there's a ton of sketchy bullshit by debt collection agencies. I've been cold called for accounts that have long been settled to settle a debt with them, and when I ask in writing for evidence of this debt they, shock and surprise, never get back to me. This could be legit! It could also be a database entry from 2004 that was sold "as-is" on the barely legal secondary market for debts that were flagged uncollected. Who the gently caress knows!  
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Aug 31, 2020 21:57
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Also, he says in the post that they sent him proof of the debt. He just says that they can't collect the debt because he sent them a cease and desist letter and they never sent him enough proof to:quote:Validate the legitimacy of their authority to be a state-approved debt collector that can contact me regarding alleged debts. (Specifically if they are licensed to be a debt collector in my state, the name on their license that grants them such authority, the name/address/telephone number of the state agency that grants them this authority. and therefore he legally blocks them from contacting him, they can't collect the debt if he is never contacted, and he has trapped them in a legal paradox.
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Aug 31, 2020 22:04
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Leon Trotsky 2012 posted:Also, he says in the post that they sent him proof of the debt. He just says that they can't collect the debt because he sent them a cease and desist letter and they never sent him enough proof to: In California you can tell debt collectors to stop contacting you and they're required to do so. They can then sue you, of course.
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Aug 31, 2020 22:07
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Wicked Them Beats posted:In California you can tell debt collectors to stop contacting you and they're required to do so. You can stop them from calling you, but you can't stop them entirely from mailing things to you. They can still mail you updates on the debt and their plans on what action to take. Edit: Apparently, there are also no restrictions on text messaging at all due to the law never being updated. quote:The Fair Debt Collection Practices Act doesn’t specify any restrictions about receiving text messages. California also bans debt collectors from using profanity. quote:They cannot swear, threaten to illegally harm you or your property, and may call your employer only once to verify employment. Leon Trotsky 2012 fucked around with this message at 22:19 on Aug 31, 2020 |
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Aug 31, 2020 22:10
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For the BWM book club (is it a thing? it should be a thing): Bad Paper by Jake Halpern.
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Aug 31, 2020 22:20
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I'm torn. Debt collectors are a bunch of rat gently caress scumbags who need to be wiped off the face of the earth. On the other hand, this guy clearly has such an odd, and self-serving, interpretation of the law that I'd love to see him throw all his money away by trying to drag this through the courts.
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Aug 31, 2020 22:24
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kw0134 posted:In this particular case, without knowing more it's hard to say, but there's a ton of sketchy bullshit by debt collection agencies. I've been cold called for accounts that have long been settled to settle a debt with them, and when I ask in writing for evidence of this debt they, shock and surprise, never get back to me. This could be legit! It could also be a database entry from 2004 that was sold "as-is" on the barely legal secondary market for debts that were flagged uncollected. Who the gently caress knows! I've had this same experience, certified letter requesting proof, and boom, no contact no credit agency hit. Either scams or collecting on something settled years ago. By virtue of the debt collection agency actually responding, I'd say he a) legitimately owes and b) it's probably a good sum of money to actually make it worth their while to present the proof.
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Aug 31, 2020 22:26
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oopsie rock posted:For the BWM book club (is it a thing? it should be a thing): Bad Paper by Jake Halpern. Where were you a few months ago? 
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Aug 31, 2020 22:32
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movax posted:Ahh, got it! Wasn't sure if there was some neat database you could go search to see where your loans lived. If it's not Fannie or Freddie, this works: https://www.mers-servicerid.org/sis/common/search We refinanced in July, mortgage was immediately sold to Wells Fargo. I found that out through that site.
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Aug 31, 2020 22:44
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DaveSauce posted:I'm torn. Debt collectors are a bunch of rat gently caress scumbags who need to be wiped off the face of the earth. It depends on the debt being collected. I worked for a mortgage servicer in collections and 99 out of a 100 calls were to people that didnt pay their mortgage because they found a great deal on a project car, or had to buy a new Xbox, or they have a "medical condition" where they can only eat expensive steaks. The 1/100 was the actual sad issue about medical bills or a death in the family, etc. and we had several ways to actually help those people. IE people with legitimate hardships. The way to help the other 99 is to tell them to get their priorities in order because they have money to pay their bills if they wanted to. They don't like being told that, so we're the bad guys, of course. We also had the cease and desist nut cases that think they're "showing Obama whose boss" and keeping their house by blocking us from calling them only to realize later they hosed up their taxes and need our help. But now we legally can't talk to them and they don't want to pay for a stamp to mail us questions, so they just call, scream racial profanities and hang up over and over while they creep steadily towards foreclosure.
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Aug 31, 2020 22:54
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Leon Trotsky 2012 posted:Also, he says in the post that they sent him proof of the debt. He just says that they can't collect the debt because he sent them a cease and desist letter and they never sent him enough proof to: So we'll wait for the inevitable followup post, "why I get sued  "
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Aug 31, 2020 22:56
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Moneyball posted:Where were you a few months ago? I wasn't paying attention, apparently...what'd I miss?
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Aug 31, 2020 23:09
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oopsie rock posted:I wasn't paying attention, apparently...what'd I miss? I suggested something like that but with little enthusiasm, so 
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Aug 31, 2020 23:24
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Moneyball posted:I suggested something like that but with little enthusiasm, so Reading about all the complicated ways that the world is hosed up was a lot more fun when the termite mound of privilege that I live in was large enough to hide the all of the simple ways that the world is hosed up.
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Aug 31, 2020 23:45
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A little late on this but isn’t a significant portion of Tesla’s business centered in selling the regulatory credits it gets? Like their actual car sales haven’t been good year-over-year for a while and this is the only thing driving their stock ‘growth’ (aside from magic wishes)? What are the magic words I need to tweet at Trump to get him to discontinue this program for car manufacturers?
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Sep 1, 2020 00:01
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oopsie rock posted:For the BWM book club (is it a thing? it should be a thing): Bad Paper by Jake Halpern. Is this worth reading?
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Sep 1, 2020 00:10
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Spring Heeled Jack posted:A little late on this but isn’t a significant portion of Tesla’s business centered in selling the regulatory credits it gets? Like their actual car sales haven’t been good year-over-year for a while and this is the only thing driving their stock ‘growth’ (aside from magic wishes)? Yeah it’s like of the $500 million total in profit they’ve reported in the last year $400 million came from sale of regulatory credits. Revenue from automotive sales has been flat overall. Yet the stock is up like 10x where it was in January
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Sep 1, 2020 00:12
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Moneyball posted:I suggested something like that but with little enthusiasm, so Ah, sorry. I'm usually a solo reader though, so I'm poo poo at book clubs. Maybe I just tuned out the call. But I'm great at tossing out recommendations! Here's another that I'm making my way through now: Cheap: The High Cost of Discount Culture by Ellen Ruppel Shell. It's from 2009 so there are many recent developments it doesn't cover, but it's got a lot of history on how sales kicked capitalism into overdrive. Residency Evil posted:Is this worth reading? I liked it!
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Sep 1, 2020 01:02
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"Devil Take the Hindmost" is a history of speculative bubbles that wouldn't be out of place in the BFCBC. Spring Heeled Jack posted:What are the magic words I need to tweet at Trump to get him to discontinue this program for car manufacturers? "Obama did [opposite]."
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Sep 1, 2020 01:05
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At today's close, Tesla has a market cap of $464B and a PE of 1300. They are far and away the most valuable automaker and that market cap is about as much as #2-7 are worth, combined, or a third of the total global market cap for automobile manufacturing. Which makes total sense seeing as how 1 out of every 3 cars sold worldwide is a Tesla.
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Sep 1, 2020 02:53
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The new thread title is really resonating with me due to a very stupid conversation I had with my late-sixties mother last night. Paraphrased, given it was a phone call: (Mom = M, Sundae = S) quote:Mom: "I bought my condo 6 yrs ago for $280K and now the ones around it are selling for $489K. I'll have a great profit when I sell!"  At that point, I gave up and changed the topic.
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Sep 1, 2020 03:26
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Your mum is right except it will be bought by a property investment corporation and rented to someone who will never own property.
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Sep 1, 2020 03:30
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Trimson Grondag 3 posted:Your mum is right except it will be bought by a property investment corporation and rented to someone who will never own property. time to go long on 
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Sep 1, 2020 08:31
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SpartanIvy posted:It depends on the debt being collected. I worked for a mortgage servicer in collections and 99 out of a 100 calls were to people that didnt pay their mortgage because they found a great deal on a project car, or had to buy a new Xbox, or they have a "medical condition" where they can only eat expensive steaks. The 1/100 was the actual sad issue about medical bills or a death in the family, etc. and we had several ways to actually help those people. IE people with legitimate hardships. Don't misinterpret my disdain for your former profession as me defending people who make stupid financial decisions. I'm sure you and your colleagues were The Good Ones, but that doesn't really matter. Just remember that there's a very good reason for the long list of laws that debt collectors have to follow.
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Sep 1, 2020 14:54
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DaveSauce posted:Don't misinterpret my disdain for your former profession as me defending people who make stupid financial decisions. There's a long list of laws for all professions. Having laws for an industry doesn't mean people in that profession are inherently evil or bad.
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Sep 1, 2020 17:59
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DemoneeHo posted:I’ve been a domming a family friend’s husband without knowing its him GWM for the author, hilarious BWM for the dude she's talking about.
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Sep 1, 2020 18:20
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AreWeDrunkYet posted:GWM for the author, hilarious BWM for the dude she's talking about. She distinctly avoided specifying whether or not she knew he was married and that "not going on vacation" would affect his wife, too. GWM, BWCFHD (Bad With Common loving Human Decency).
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Sep 1, 2020 18:23
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AreWeDrunkYet posted:I (f19) work as an online dominatrix specialising in financial domination. It started as a way to make some quick cash for college and then snowballed into like an actual job. How the gently caress do I get into this job field?
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Sep 1, 2020 19:13
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Moo the cow posted:How the gently caress do I get into this job field? quote:(f19)
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Sep 1, 2020 19:23
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Lol he sent her enough to buy a house. There have to be cheaper ways to achieve sexual gratification. Perhaps someday the internet will provide them.
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Sep 1, 2020 19:34
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The sexual gratification comes from it being expensive. FinDom is very real! Whenever cheesecake streamers or Only Fans comes up in this thread, there's usually a question of "Why do these guys think that sending money to the women will get them laid??" and that's not it. They are getting their rocks off from the act of sending money.
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Sep 1, 2020 19:37
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GoGoGadgetChris posted:The sexual gratification comes from it being expensive. FinDom is very real! You'd think someone would've found a way to make this work with paper trading
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Sep 1, 2020 19:45
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With streamers some actually do believe their $$$ are literal nice guy coins that will eventually grant them the chance to try and woo the target of their obsession.
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Sep 1, 2020 19:47
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