Borrowers Quotes

The rich is the one that rules over those of little means, and the borrower is servant to the man doing the lending. ~ Solomon

why the rating agencies weren't more critical of bonds underpinned by floating-rate subprime mortgages. Subprime borrowers tended to be one broken refrigerator away from default. Few, if any, should be running the risk of their interest payment spiking up. As most of these loans were structured, however, the homeowner would pay a fixed teaser rate of, say, 8 percent for the first two years, and then, at the start of the third year, the interest rate would skyrocket to, say, 12 percent, and thereafter it would float at permanently high levels. ~ Michael Lewis

Home purchases that are very highly leveraged or unaffordable subject the borrower and lender to a great deal of risk. Moreover, even in a strong economy, unforeseen life events and risks in local real estate markets make highly leveraged borrowers vulnerable. ~ Ben Bernanke

Because the fees associated with a reverse mortgage are high, such loans make sense only for borrowers who expect to live in their home for a number of years. ~ Charles Duhigg

Soon we saw that money going to women brought much more benefit to the family than money going to the men. So we changed our policy and gave a high priority to women. As a result, now 96% of our four million borrowers in Grameen Bank are women. ~ Muhammad Yunus

When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money. ~ Ludwig Von Mises

We must remember that nothing in this world really belongs to us. At best, we are merely borrowers. ~ Christopher Isherwood

In surveys, many borrowers say reverse mortgages have improved their lives and provided money they needed for retirement. ~ Charles Duhigg

Great collections of books are subject to certain accidents besides the damp, the worms, and the rats; one not less common is that of the borrowers, not to say a word of the purloiners ~ Isaac D'Israeli

Take the whole range of imaginative literature, and we are all wholesale borrowers. In every matter that relates to invention, to use, or beauty or form, we are borrowers. ~ Wendell Phillips

When a bank makes a loan, it simply adds to the borrower's deposit account by the amount of the loan. It does not take this money from anyone else's deposit; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower. ~ Robert B. Anderson

Many politicians and pundits claim that the credit crunch and high mortgage foreclosure rate is an example of market failure and want government to step in to bail out creditors and borrowers at the expense of taxpayers who prudently managed their affairs. These financial problems are not market failures but government failure ... The credit crunch and foreclosure problems are failures of government policy. ~ Walter E. Williams

I have children, and this notion - that there might be a single book that introduces children to literature - terrifies me. But you could do worse than Mary Norton's 'The Borrowers.' I loved it as a kid, and my kids love it, too. ~ Elizabeth McCracken

Life is unnecessarily long. Moments of insight, of fine personal relation, a smile, a glance,
what ample borrowers of eternity they are! ~ Ralph Waldo Emerson

The borrowers of America and all the world turn to New York ... It is to the quotations on the New York Stock Exchange that men of affairs from Penobscot to Honolulu turn each morning to find how beats the pulse of prosperity and enterprise. ~ Charles A. Beard

Banks need to continue to lend to creditworthy borrowers to earn a profit and remain strong. ~ Ben Bernanke

poverty is not the result of rapacious financiers exploiting the poor. It has much more to do with the lack of financial institutions, with the absence of banks, not their presence. Only when borrowers have access to efficient credit networks can they escape from the clutches of loan sharks, and only when savers can deposit their money in reliable banks can it be channelled from the idle rich to the industrious poor. ~ Niall Ferguson

Debt is a mistake between lender and borrower, and both should suffer. ~ Nassim Nicholas Taleb

Grameen Bank was formed as an institution owned by its borrower members, who are poor women. Through its unique decision-making process, Grameen Bank has given millions of women the means to emerge from the shadows in a male-dominated society and to make something of themselves. ~ Muhammad Yunus

The sudden introduction of these magic mortgage bonds into the marketplace pushed most every major institutional investor in the world to suddenly become consumed with the desire to lend money to American home borrowers, even if they didn't know to whom exactly they were lending or how exactly these borrowers were qualifying for their home loans. As a result of this lunatic process, houses in middle- and lower-income neighborhoods from Fresno to the Jersey Shore became jammed full of new home borrowers, millions and millions of them, who in many cases were not equal to the task of making their monthly payments. The situation was tenable so long as housing prices kept rising and these teeming new populations of home borrowers could keep their heads above water, selling or refinancing their way out of trouble if need be. But the instant the arrow began tilting downward, this rapidly expanding death-balloon of phony real estate value inevitably had to - and did - explode. ~ Matt Taibbi

Then resold their loans in bulk to Wall Street banks. The banks, in turn, bundled the loans into high-yielding residential mortgage-backed securities (RMBS) and sold them on to investors around the world, all eager for a few hundredths of a percentage point more return on their capital. Repackaged as collateralized debt obligations (CDOs), these subprime securities could be transformed from risky loans to flaky borrowers into triple-A rated investment-grade securities. ~ Niall Ferguson

Borrowers are nearly always ill-spenders, and it is with lent money that all evil is mainly done and all unjust war protracted. ~ John Ruskin

Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn. ~ Seth Klarman

These senior claims were supposed to be very low-risk; after all, how likely was it that a large number of people would default on their mortgages at the same time? The answer, of course, is that it was quite likely in an environment where homes were worth 30, 40, 50 percent less than the borrowers originally paid for them. So a lot of supposedly safe assets, assets that had been rated AAA by Standard & Poor's or Moody's, ended up becoming "toxic waste", worth only a fraction of their face value. ~ Paul Krugman

It's never been more important for borrowers to arm themselves with knowledge and build sound financial-management skills. ~ Robert Manning

The idea, in the wake of the savings-and-loans disaster, was to spread risk outward from those immediately involved in lending to mortgage borrowers and to attract investors by turning mortgages into securities that offered a wide range of yield-risk profiles. And it worked. In 1980, 67 percent of American mortgages had been held directly on the balance sheets of depository banks. By the end of the 1990s, the risks involved in America's system of long-term, fixed interest, easy repayment mortgages were securitized and spread across a much wider segment of the financial system ~ Adam Tooze

All loans, in the eyes of honest borrowers, must eventually he repaid. All credit is debt. Proposals for an increased volume of credit, therefore, are merely another name for proposals for an increased burden of debt. They would seem considerably less inviting if they were habitually referred to by the second name instead of by the first. ~ Henry Hazlitt

What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them. ~ Matt Taibbi

The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow. ~ Mark Zandi

The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government's market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were 'really just as good as the Treasury' and were in any case 'too big to [be let] fail': which, as it happens, was untrue. Similarly, this moronic mantra of 'too big to fail' was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk. ~ G.M.W. Wemyss

The shoulders of a borrower are always a little straighter than those of a beggar. ~ Morris L. Ernst

Bad credit surgery loans are loan service that is basically meant to assist those borrowers who wish to go for a surgical procedure but they are not having ample amount of funds for financing their surgery. With the assistance of this loan service such borrowers can easily access the desired amount of funds along with the tag of their poor credit. The fund avail from this loan will also assist them to mend their awful credit status. ~ Mark Terry

The big fear of the 1980s mortgage bond investor was that he would be repaid too quickly, not that he would fail to be repaid at all. The pool of loans underlying the mortgage bond conformed to the standards, in their size and the credit quality of the borrowers, set by one of several government agencies: Freddie Mac, Fannie Mae, and Ginnie Mae. The loans carried, in effect, government guarantees; if the homeowners defaulted, the government paid off their debts. ~ Michael Lewis

Borrowers will default. Markets will collapse. Gold (the ultimate form of safe money) will skyrocket. ~ Mike Belkin

The Rival
If the moon smiled, she would resemble you.
You leave the same impression
Of something beautiful, but annihilating.
Both of you are great light borrowers.
Her O-mouth grieves at the world; yours is unaffected,
And your first gift is making stone out of everything.
I wake to a mausoleum; you are here,
Ticking your fingers on the marble table, looking for cigarettes,
Spiteful as a woman, but not so nervous,
And dying to say something unanswerable.
The moon, too, abuses her subjects,
But in the daytime she is ridiculous.
Your dissatisfactions, on the other hand,
Arrive through the mailslot with loving regularity,
White and blank, expansive as carbon monoxide.
No day is safe from news of you,
Walking about in Africa maybe, but thinking of me. ~ Sylvia Plath

The borrower runs in his own debt. ~ Ralph Waldo Emerson

I forgot that with the green, the plushness, and shiny plant life that pushed up and surrounded us, with the nourishment it provided came - the fur, the claws, the teeth.
This was not our place. We were borrowers. No longer were we the dominant species. Our time had passed.
We were small in number and frame.
We were supposed to run.
Climb.
Cower
I forgot. ~ Lauren Nicolle Taylor

The decline in home equity makes it more difficult for struggling homeowners to refinance and reduces the financial incentive of stressed borrowers to remain in their homes. ~ Ben Bernanke

Lately, even the Waybacklist borrowers seem to be missing. Have they Been seduced by some other book club on the other side of town? Have they all bought Kindles?
I have one, and I use it most nights. I always imagine the books staring and whispering, Traitor! - but come on, I have a lot of free first chapters to get through. My Kindle is a hand-me-down from my dad, one of the original models< ... > There are newer Kindles with bigger screens and subtler industrial design, but this one is like Penumbra's postcards: so uncool it's cool again. ~ Robin Sloan

The borrowers will always be willing to take a great deal for themselves. It's up to the lenders to show restraint, and when they lose it, watch out. ~ Michael Burry

Back in 1996, 65 percent of subprime loans had been fixed-rate, meaning that typical subprime borrowers might be getting screwed, but at least they knew for sure how much they owed each month until they paid off the loan. By 2005, 75 percent of subprime loans were some form of floating-rate, usually fixed for the first two years. ~ Michael Lewis

You want to evaluate future borrowers, but in order to train an algorithm that will help you identify future defaults, you have to train it and evaluate it on past data. ~ Anthony Goldbloom

I mean your borrowers of books - those mutilators of collections, spoilers of the symmetry of shelves, and creators of odd volumes. ~ Charles Lamb

When I was nine, 'The Borrowers' was such a big series for me! ~ Gugu Mbatha-Raw

We are renters and borrowers and, in the end, only thieves. ~ Bennett Madison