Jack Johnson bankrupt

[Pokecheque]

Oh, now I get the joke. I'm not very familiar with JJ's oeuvre.

[E.L.]

I went to university from the years 2003 to 2006. I'm far too familiar with JJ's oeuvre.

[Bosc]

I just googled it.

[Bosc]

Things are stupid, finding out even more stupid.

http://www.tsn.ca/lenders-say-bankrupt- ... g-1.361436" onclick="window.open(this.href);return false;

[Hounsy]

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.

[Pokecheque]

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.

[Bosc]

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?

[Chris18]

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??

[Pokecheque]

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.

[Chris18]

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.

[Bosc]

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.

[Pokecheque]

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.

[Bosc]

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.