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its people like you who want to blame everyone else. i lost clients because i told clients they couldn't afford that. sorry but people knew what they were doing.
And people making $7 an hour who took out $400,000 mortgages fully knowing that they could not afford it and are now sticking me with the bill bear no responsibilty?
Such a sad lack of personal responsibility in this country.
I can walk into a bank and ask them to hand me a million dollars. That doesnt mean they will.
The federal government enabled mortgage brokers, and mortgage brokers enabled homebuyers.
I can walk into a bank and ask them to hand me a million dollars. That doesnt mean they will.
The federal government enabled mortgage brokers, and mortgage brokers enabled homebuyers.
People are still responsible for their OWN actions. If you take a mortgage that you cannot afford, you have no one to blame but yourself, I don't care if you get an approval or not. That is besides the point. Personal responsibilty. No one held a gun to anyone's head and forced them to take on a mortgage or a mortgage rate they could not afford. Just because you are approved for a certain mortgage amount, does not mean you have to buy a house for that much $$.
The federal government enabled mortgage brokers, and mortgage brokers enabled homebuyers.
...and home buyers fell for it, hook line and sinker.
Look, when we bought our house 5 years ago I nearly choked at how much the bank approved for us. It was really funny. We could live in a REALLY nice house...as long as we didn't need any money to pay bills, save for college or retirement, or eat. We took a loan for about 1/4 of what the max they offered and still have a nice house in a nice area. Our agent was a bit disappointed as she was hoping for a fatter commission based on what we qualified for rather than what we actually spent.
We were smart enough to know that what they offered us was not in our best interest. The banks are in the business of selling a product and that product is debt. They will sell as much as you will buy whether it be in the form of a mortgage, car payment or CC. Yes, they are snakes for offering so much credit to people who can't afford it, but in the end it is the home owner, or the person buying the car or applying for yet another CC who is making the choice to play with snakes.
I see the real estate agents as being least responsible here. Their job isn't to tell the buyer what to do, how much to finance, etc. BrokerDave sounds like a responsible agent who was looking out for his clients more than most...pointing out the snakes to folks who didn't see the danger for themselves.
McCain's economic plan:feed the rich,starve the poor. Losing your house? No bailout money for you, that goes to the rich bankers and CEOs who really need that money to pay for their luxurious lifestyle, after all 'the rich are very different from you and I' - right?
McCain is another 'supply side' trickle down Bushonomic's devotee, that is, give the rich all they want, and them let them relieve themselves on the middle class.
People are still responsible for their OWN actions. If you take a mortgage that you cannot afford, you have no one to blame but yourself, I don't care if you get an approval or not. That is besides the point. Personal responsibilty. No one held a gun to anyone's head and forced them to take on a mortgage or a mortgage rate they could not afford. Just because you are approved for a certain mortgage amount, does not mean you have to buy a house for that much $$.
I don't dissagree EXCEPT for the fact the predatory lending does exist.
Not everyone is as educated as you may be and thousands relied on the consultation of their mortgage broker who in many cases misled them with teaser rates and neg-am mortgages, ARMS, etc.
I don't dissagree EXCEPT for the fact the predatory lending does exist.
Not everyone is as educated as you may be and thousands relied on the consultation of their mortgage broker who in many cases misled them with teaser rates and neg-am mortgages, ARMS, etc.
Blame the snake for being a snake....not a very good argument IMO. Note, I'm not defending the snakes, just recognizing what they are.
Why would someone, anyone, educated or not, sign for a mortgage they didn't understand? All of the documentation is available to review before closing. If they still didn't understand they should have held off closing until they did understand. It isn't that complicated if you break it down. This is how much I earn, this is how much my payment will be. This is what it could adjust to. Can I afford that? This is how much the balloon payment will be. Can I afford that?
People are still responsible for their OWN actions. If you take a mortgage that you cannot afford, you have no one to blame but yourself, I don't care if you get an approval or not. That is besides the point. Personal responsibilty. No one held a gun to anyone's head and forced them to take on a mortgage or a mortgage rate they could not afford. Just because you are approved for a certain mortgage amount, does not mean you have to buy a house for that much $$.
I agree...until they found home builders who had their own mortgage companies that LIED to the first time home buyers. Telling them their rates would be fixed permanently when in fact they were not. They were lied too... How can the buyers be held responsible for that?
Blame the snake for being a snake....not a very good argument IMO. Note, I'm not defending the snakes, just recognizing what they are.
Why would someone, anyone, educated or not, sign for a mortgage they didn't understand? All of the documentation is available to review before closing. If they still didn't understand they should have held off closing until they did understand. It isn't that complicated if you break it down. This is how much I earn, this is how much my payment will be. This is what it could adjust to. Can I afford that? This is how much the balloon payment will be. Can I afford that?
great, so let's just let smart people prey on the not so smart people and let the not so smart people rot in hell and tell them its all their fault.
please, give it a break.
Most of these brokers "assured" their clients that homes values would go up and that they could refinance into affordable rates when they needed to. I'm happy the mortgage qualification process has tightened. its about time.
I'm done debating blaming not so smart home buyers who didnt know much about economics for listening to licensed professionals they hired and getting screwed in the end. Those are the homeonwers i feel sorry for.
The flippers and speculators and those whoe KNEW BETTER don't garner any pity from me. THey should be foreclosed on and purged from the market. Good riddence.
Last edited by BK2Westchester; 10-22-2008 at 11:03 AM..
I agree...until they found home builders who had their own mortgage companies that LIED to the first time home buyers. Telling them their rates would be fixed permanently when in fact they were not. They were lied too... How can the buyers be held responsible for that?
Do you have a link to such stories?
Were the home buyers at closing? We have purchased 6 homes and in all cases it is clear at closing, explained multiple times, what the loan is, the interest rates, what the payments will be, all the terms of the loan. I don't see any way the home owners wouldn't have known unless the closing documents were falsified in which I would presume criminal charges could be filed against the builder/lender in addition to civil suits awarding damages to the home owners. Home buyers can also have legal representation at closings (some states require it) for their own protection.
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