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Old 12-10-2007, 09:46 AM
 
1,831 posts, read 4,711,163 times
Reputation: 661

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Quote:
Originally Posted by nativeDallasite View Post
Yes, I agree; but people who use sub-prime mortgages are usually not very knowledgeable about finance and might not understand the difference. Again, it SHOULD be their responsibility to educate themselves about it but that's easier said than done, and brokers and FAs alike do take advantage of that ignorance. That's all I'm saying.
There is no excuse for ignorance. If you're not going to research the most important financial investment of your life then I have no sympathy for you.

When we bought our home four years ago ... right in the middle of the boom ...we had all kinds of brokers and such trying to push crappy mortgages on us.

My husband is a veteran and some realtors wouldn't even do business with us because we wanted to finance through a VA loan. Why? Because the VA doesn't let them tack on a ton of fees or artificially inflate the value of properties.

So we walked away from anybody who had that attitude and found brokers who had no problem with a VA loan. It wasn't that hard to do ... we just kept looking until we could find the right deal that we could afford.

In light of what we went through (including moving to a cheaper, more affordable area to lower our mortgage payment) I just don't understand why I'm supposed to sympathize with people who were totally financially irresponsible.
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Old 12-10-2007, 12:12 PM
 
Location: Obama playing field
716 posts, read 1,869,628 times
Reputation: 380
All this stupid idea will do is postpone the Inevitable, a good portion of them will end up loosing their homes and a fraction of them maybe able to keep theirs if their situations improve but the results will no less be different to what should now be, the result of careless borrowing/lending.

Welcome to the next phase of the scam!!
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Old 12-10-2007, 01:32 PM
 
Location: baltimore
1 posts, read 1,389 times
Reputation: 10
its not so much how they are ran, it is how they were set up, are we so uninformed and ignorant to not know there is a fail safe plan for these greedy financial guru's. the big "3"...(the credit bureaus )are constantly developing means to no end so that their profits will be larger along with the greedy merchants of this world we live in. The financial game take on a badly informed consumer, even with the abilities to make the best choices,,,, you have to ask,,,who & why are they continiously building so many multi-million dollar homes? Who & how soon can they be occupied. Oh we will just develope an attractive program and slam them in it! If it doseent work, so what, we are insured we will bump them out!..Many families lives are turned upside down behind this type of scamming. The credit industry and the financial giants that are responsible should down grade their home to an 8 x 10 and then they will not be so anxious to create programs to take advantage of people. In conclusion, what message are we sending to our children, those who live in these home and at very tender ages watch their familes fall apart or go through major adjustment. Do we need to digress and pay cash for our homes now, as we did before the crash in the 1930's, or can we be respected with resonable home buying programs? I question also what the ethnicity of those whom this program is affecting greatly? If they were more than 50% African American, they would not be in a hury to come to their rescue! All we need to do is reflect back to Katrina!
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Old 12-11-2007, 08:45 AM
 
1,868 posts, read 5,144,994 times
Reputation: 525
right on Sheri ...right on!!
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