OffThePost.org :: View topic - Jack Johnson bankrupt

No doubt the kid is ridiculously naive, but if we were raised by parents as materialistic and manipulative is he was, we probably would be too.

I don't trust the word of those shyster creditors for a single, solitary second. 36% interest!?!?!? You're a fuckin' scam artist or a mafioso if you're putting out "loans" like that. I hope the judge bitchslaps them but good, but I have a bad feeling it won't happen because I'm not sure what they've done is against the law. Kinda what happens when you completely deregulate the financial sector.

At this point I bet you can get away with it. I mean, really, the housing market collapse happened in part because people were signing up for ARMs that had such a low monthly payment, they actually ended up owing MORE overall after making it, due to interest. Seriously.

I thought the issue wasn't ARMs but the 0% down mortgages that they would offer interest free for a period. Then, the interest kicks in and people can't make the payments.

ARMs in Canada have proven to cost less over the long term than fixed rate morgages, I believe.

Bosc wrote:

What I heard was ARMs weren't the bad guy as a realtor told me, it was that a lot of people signed up for them without truly knowing what they were, and I think due to the market the rates adjusted and people got screwed.

Author:	Pokecheque [ Thu Jan 29, 2015 4:32 pm ]
Post subject:	Re: Jack Johnson bankrupt
Oh, now I get the joke. I'm not very familiar with JJ's oeuvre.

Author:	E.L. [ Thu Jan 29, 2015 4:35 pm ]
Post subject:	Re: Jack Johnson bankrupt
I went to university from the years 2003 to 2006. I'm far too familiar with JJ's oeuvre.

Author:	Bosc [ Thu Jan 29, 2015 4:38 pm ]
Post subject:	Re: Jack Johnson bankrupt
I just googled it.

Author:	Bosc [ Wed Sep 16, 2015 3:12 pm ]
Post subject:	Re: Jack Johnson bankrupt
Things are stupid, finding out even more stupid. http://www.tsn.ca/lenders-say-bankrupt- ... g-1.361436

Author:	Hounsy [ Fri Sep 18, 2015 11:33 am ]
Post subject:	Re: Jack Johnson bankrupt
Well the creditors are going to claim he was in on the lending as he is their only avenue of potential repayment. Not saying he was not in on it just that a lot of legal posturing is going to be going on with millions on the line and all sides are motivated to stretch the truth.

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Jack Johnson bankrupt http://offthepost.org/viewtopic.php?f=27&t=6871	Page 2 of 2

Author:	Pokecheque [ Mon Sep 21, 2015 1:31 pm ]
Post subject:	Re: Jack Johnson bankrupt
No doubt the kid is ridiculously naive, but if we were raised by parents as materialistic and manipulative is he was, we probably would be too. I don't trust the word of those shyster creditors for a single, solitary second. 36% interest!?!?!? You're a fuckin' scam artist or a mafioso if you're putting out "loans" like that. I hope the judge bitchslaps them but good, but I have a bad feeling it won't happen because I'm not sure what they've done is against the law. Kinda what happens when you completely deregulate the financial sector.

Author:	Bosc [ Mon Sep 21, 2015 1:35 pm ]
Post subject:	Re: Jack Johnson bankrupt
Av-merican wrote: No doubt the kid is ridiculously naive, but if we were raised by parents as materialistic and manipulative is he was, we probably would be too. I don't trust the word of those shyster creditors for a single, solitary second. 36% interest!?!?!? You're a fuckin' scam artist or a mafioso if you're putting out "loans" like that. I hope the judge bitchslaps them but good, but I have a bad feeling it won't happen because I'm not sure what they've done is against the law. Kinda what happens when you completely deregulate the financial sector. Is that the loan that was supposed to be paid back in 30 days and wasn't?

Author:	Chris18 [ Mon Sep 21, 2015 4:58 pm ]
Post subject:	Re: Jack Johnson bankrupt
Av-merican wrote: No doubt the kid is ridiculously naive, but if we were raised by parents as materialistic and manipulative is he was, we probably would be too. I don't trust the word of those shyster creditors for a single, solitary second. 36% interest!?!?!? You're a fuckin' scam artist or a mafioso if you're putting out "loans" like that. I hope the judge bitchslaps them but good, but I have a bad feeling it won't happen because I'm not sure what they've done is against the law. Kinda what happens when you completely deregulate the financial sector. I thought anything over 30% was usury. No??

Author:	Pokecheque [ Mon Sep 21, 2015 6:08 pm ]
Post subject:	Re: Jack Johnson bankrupt
At this point I bet you can get away with it. I mean, really, the housing market collapse happened in part because people were signing up for ARMs that had such a low monthly payment, they actually ended up owing MORE overall after making it, due to interest. Seriously.

Author:	Chris18 [ Tue Sep 22, 2015 7:18 am ]
Post subject:	Re: Jack Johnson bankrupt
Av-merican wrote: At this point I bet you can get away with it. I mean, really, the housing market collapse happened in part because people were signing up for ARMs that had such a low monthly payment, they actually ended up owing MORE overall after making it, due to interest. Seriously. Okay. I'm way out of touch on that stuff anymore. I hate money- since I don't have any.

Author:	Bosc [ Tue Sep 22, 2015 9:06 am ]
Post subject:	Re: Jack Johnson bankrupt
Av-merican wrote: At this point I bet you can get away with it. I mean, really, the housing market collapse happened in part because people were signing up for ARMs that had such a low monthly payment, they actually ended up owing MORE overall after making it, due to interest. Seriously. I thought the issue wasn't ARMs but the 0% down mortgages that they would offer interest free for a period. Then, the interest kicks in and people can't make the payments. ARMs in Canada have proven to cost less over the long term than fixed rate morgages, I believe.

Author:	Pokecheque [ Tue Sep 22, 2015 11:04 am ]
Post subject:	Re: Jack Johnson bankrupt
Bosc wrote: I thought the issue wasn't ARMs but the 0% down mortgages that they would offer interest free for a period. Then, the interest kicks in and people can't make the payments. ARMs in Canada have proven to cost less over the long term than fixed rate morgages, I believe. What I heard was ARMs weren't the bad guy as a realtor told me, it was that a lot of people signed up for them without truly knowing what they were, and I think due to the market the rates adjusted and people got screwed. But yeah, the 0% down was the problem. One realtor told me for a while when things were supposedly booming, the person signing up for the loan would actually walk away with a check.

Author:	Bosc [ Tue Sep 22, 2015 12:29 pm ]
Post subject:	Re: Jack Johnson bankrupt
Av-merican wrote: Bosc wrote: I thought the issue wasn't ARMs but the 0% down mortgages that they would offer interest free for a period. Then, the interest kicks in and people can't make the payments. ARMs in Canada have proven to cost less over the long term than fixed rate morgages, I believe. What I heard was ARMs weren't the bad guy as a realtor told me, it was that a lot of people signed up for them without truly knowing what they were, and I think due to the market the rates adjusted and people got screwed. True if the rates spiked and especially if they are the sub-prime borrowers, they may have even less of an idea of how they work than regular borrowers.

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