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I honestly don't understand? Maybe someone can enlighten me? Why are we all mad at the banks, and wall street? Why aren't we mad at the individuals who ran up their own credit cards? Why aren't we mad at the people who took out mortgages too big for their britches? Why aren't we calling for personal responsibility? Why couldn't people make their own budgets and realize that they didn't make enough money to pay back $20K in credit, that $30K car, andd the $400K mortgage on $60K a year?
No bank in this world ever forced anyone to use a credit card or take out a mortgage.
I just feel all the anger is misplaced?
To me it's like saying, "there is too much fast food available! It's the restaurant CEO's fault that i ate it and now I'm fat."... everyone would agree that this logic is faulty... so.... I dunno... I don't get it
Because even though the people aren't paying their bills to the companies... the COMPANIES ARE STEALING FROM THE TAXPAYERS! That's who I blame.. the one stealing from ME!!
Evilnewbie?
They are stealing? They are taking your money for credit you didn't sign up for? Interest rates that you didn't agree with? Products you didn't purchase? Somehow, I doubt that is happening to anyone.
because it was the MORTGAGE LENDERS and the REALTORS that had the responsibility and the moral ethics and conduct to say NO....you cannot afford this. They failed miserably at this. Many people that buy a home or get a new credit card and NEW to it all...they don't know know what they can afford and the terms of their loans. It is the responsibility of the realtors, the lenders...the underwriters to say, Hey.this just doesn't look right. We are going to have to pass on their application. Did they do that ? NO....they were greedy.
Don't blame the people....they always have meant well. Blame the greedy lenders and realtors. Just yesterday I saw a TV commercial from the national assocation of realtors urging people to buy because "now is a great time to buy" ! I was thinking...what ?!? are you serious ? we are in a major declining market that is only going to get worse. WE HAVE NOT HIT BOTTOM. Again, greed motivates people to rip average joe schmoe off.
I've said this before in another post, but everyone - human nature - is to blame for what's going on. Unfortunately, more often than not it seems to be the case that the stupid, lazy and unscrupulous win out over the talented, hardworking and honest.
heydade,
I know that's how people feel, I just don't understand. Why I closed on my mortgage, everything was in black and white, for me to read. The payments were listed, the interest rate, the taxes, etc. I'm not sure how it could have been clearer. It was MY RESPONSIBILITY TO READ IT! I was the one the should have asked the questions if I didn't understand something. They explained it to me for like 3 hours, and were thorough. I suppose not all lenders are like that, but we have libraries, internet searches, lawyers.... it is MY responsibility to do MY research. It's not their responsibility to make sure I understand something before I sign it, it's mine.
That's like saying, "I didn't know that underage person was underage officer. You can't arrest me becuase they didn't tell me they were underage. Opps, I didn't take the time to find out, and she wasn't wearing a sign around her neck... not my fault."
I'm not trying to be argumentative, I honestly don't understand how someone can take out a mortgage they don't understand and can't afford, and then blame someone else.
I feel like I'm the only one that feels this way. I completely understood my mortgage and what I'd be paying, becuase I asked questions until I understood, and wouldn't have signed before that happened. I made a budget, made sure I could afford it. I took a mortgage out for HALF of what I qualified for. Not the full amount. I couldn't afford the full amount and still afford food. But it's MY money, MY mortgage, my responsibility.
Do you see how that works? They offered by $300K and I said, "Hmmm, I better stick with $150K." They didn't strong arm me into taking out the whole loan amount. If I would have, that would be MY Fault.
I'm sorry, but it is their responsibility to offer you loans, but your responsibility to accept them in such a way that you don't *********rself. Mortgage companies are not in business to protect you... that's your job.
Am I off base here?
Just because my car can go 150 miles per hour doesn't mean it should. If I drive it 150 miles an hour and I kill someone, is that the auto makers fault for giving me a car that drives that fast? You mean, it's actually my responsibility to drive the car slower than it's max speed for saftey?
I can also probably drive 150 miles per hour in reverse, but that doesn't mean I would ever do that.
I do blame both the lenders and the borrowers. Both took achance that the market would stay in a bubble and they would make money. Many actaully did make money if they got oput at the right time. Then many also signed false income statements besides buying house they couldn't afford. I also blame congesss for incouraging lenders to find a way of aloowing people who could affors a fix mortgage or make a downpayment to buy a home.Now they are bailing out all of them it seems. I really doubt that the feds are going to foreclose on the toxic loans they buy.Just likie credit cards I really doubt many didn't know exactly waht was wht and thought the worse that could happen is they could sale at a profit.
I've said this before in another post, but everyone - human nature - is to blame for what's going on.
Agreed. GREED all the way around - pure & simple.
However, I (personally) blame people (individuals) most of all because they are the ones that could have said NO to begin with. I (me & DH) said NO and we know many people that said NO to exotic loans and debt.
because it was the MORTGAGE LENDERS and the REALTORS that had the responsibility and the moral ethics and conduct to say NO....you cannot afford this. They failed miserably at this. Many people that buy a home or get a new credit card and NEW to it all...they don't know know what they can afford and the terms of their loans. It is the responsibility of the realtors, the lenders...the underwriters to say, Hey.this just doesn't look right. We are going to have to pass on their application. Did they do that ? NO....they were greedy.
Don't blame the people....they always have meant well. Blame the greedy lenders and realtors. Just yesterday I saw a TV commercial from the national assocation of realtors urging people to buy because "now is a great time to buy" ! I was thinking...what ?!? are you serious ? we are in a major declining market that is only going to get worse. WE HAVE NOT HIT BOTTOM. Again, greed motivates people to rip average joe schmoe off.
I get what you are saying but when you make the "Largest" purchase of your life you should have seen lawyer if you couldn't understand the papers. Most people can't understand their loan docs and all they care about is their "monthly payment".
We do need to be responsible at some point. If it's too good to be true it is. Do you know it's bad to go to a loan shark? Well banks and lenders are the same. They don't have to give you any money if you don't agree to the terms.
I honestly don't understand? Maybe someone can enlighten me? Why are we all mad at the banks, and wall street? Why aren't we mad at the individuals who ran up their own credit cards? Why aren't we mad at the people who took out mortgages too big for their britches? Why aren't we calling for personal responsibility? Why couldn't people make their own budgets and realize that they didn't make enough money to pay back $20K in credit, that $30K car, andd the $400K mortgage on $60K a year?
No bank in this world ever forced anyone to use a credit card or take out a mortgage.
I just feel all the anger is misplaced?
To me it's like saying, "there is too much fast food available! It's the restaurant CEO's fault that i ate it and now I'm fat."... everyone would agree that this logic is faulty... so.... I dunno... I don't get it
You don't understand the problem! Please do some reading and educate yourself. Watch this segment on 60 minutes: Wall Street's Shadow Market Video - CBSNews.com (http://www.cbsnews.com/video/watch/?id=4502673n - broken link)
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