Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Who approves those HELOCS? It's a drug dealer, user relationship. But in this case the Pushers are licensed by the Gov't to do the right thing. It doesn't take license or oversight to accept debt. It does however take a license and ethics to issue debt. When that debt is issued under the emotion of greed. Well then you get what we have. They can turn the faucet on and off at will. With that power comes responsibility.
Comments like this suggest that people need to be protected from their own stupidity. While I would agree that most people aren't very bright, the bank can only have limited knowledge about what someone can afford. They can never know what some likes to spend. Everyones lifestyle is different and they need to be responsible for their own choices. These were grown adults that borrowed this money. I like have the freedom to make my own choices. More protection would be less freedom.
considering how wide spread the crisis is/was....this melt down impacted schools, towns, cities, counties, etc whose elected officials, money managers etc invested heavily in securitized debt. all sold the same song and dance.
so personal choice...great idea if you truly believe that humans act with sound logic and make rational decisions. We don't but just like the majority in America do not understand the scientific method, trying to explain that decades upon decades of research has gone into how to market and sell people "stuff" might be a fallacious argument to someone who believes in personal choice.
we don't need to even go into the way that these RE products were racially biased and sold now do we. touches on to taboo a subject.
the OP's post.....it aint over is right. i hope to see 30-40% of american households going through some SS or FC process before this over. we'll all know someone or be that someone....and i'd love to be the fly on the wall when the cavalier attitude of some posters gets shoved in their face when they open their mouthto someone whose gone through all this and say "it was your personal choice"
Comments like this suggest that people need to be protected from their own stupidity. While I would agree that most people aren't very bright, the bank can only have limited knowledge about what someone can afford. They can never know what some likes to spend. Everyones lifestyle is different and they need to be responsible for their own choices. These were grown adults that borrowed this money. I like have the freedom to make my own choices. More protection would be less freedom.
DUII laws, Seat Belt laws, There are even STop sign laws.
THere are leash laws for you dog.
Drug laws for kids.
Licenses for nearly everything we do.
The public school system, media, marketers have taken a lion share of the American publics attention and it shows.
When it comes to the largest investment that most people ever make in their lives, that could leave them at the mercy of society when they lose it.
Well damn it those idiots deserve everything that happens to them...
the OP's post.....it aint over is right. i hope to see 30-40% of american households going through some SS or FC process before this over. we'll all know someone or be that someone....and i'd love to be the fly on the wall when the cavalier attitude of some posters gets shoved in their face when they open their mouthto someone whose gone through all this and say "it was your personal choice"
i'll be roflmao if they slug ya one
I assume you're referring to me with the cavalier attitude comment? I dispute that characterization, but admit I have stong feelings about this issue.
I do believe the part about this not being over.
What I disagree with is OP's contention that California pulling out of settlement talks has anything to do with "getting it" or having guts. It seems a whole lot more like political posturing and pandering to me.
"The agreement was supposed to settle claims of poor mortgage and foreclosure practices, including document fraud known as "robo-signing" approving documents in foreclosures without actually reading them."
Should lenders have to dot their i's and cross their t's? Absolutely. But these negotiations have been going on for 11 months now. Can you point me to even one California homeowner who was wrongly foreclosed on? Sheesh, let's even widen the net. Has anyone anywhere documented a case where a borrower who was current on their payments was foreclosed on? Sorry, but IMO anyone who was not making payments and who ends up in foreclosure has experienced a proper foreclosure as provided for in the contract they signed.
FWIW, I also believe borrowers have the same right to take advantage of any and all contracual options as lenders.
I'm watching to see if strategic default becomes more accepted and commonplace. I do think it's probably the best option for many people. Excessive debt and the diversion of income to lenders in the form of insanely high payment levels both traps borrowers, and serves as a drag on our consumption driven economy. (again a whole other discussion)
If you want to ease the burden on overextended loanowners, foreclosure will certainly do that. But everyone seems intent on finding a solution that allows people who borrowed excessively to stay in their homes. And of course no matter how you try to go about that, it will require unbelievable amounts of taxpayer money.
I assume you're referring to me with the cavalier attitude comment? I dispute that characterization, but admit I have stong feelings about this issue.
I do believe the part about this not being over.
What I disagree with is OP's contention that California pulling out of settlement talks has anything to do with "getting it" or having guts. It seems a whole lot more like political posturing and pandering to me.
"The agreement was supposed to settle claims of poor mortgage and foreclosure practices, including document fraud known as "robo-signing" approving documents in foreclosures without actually reading them."
Should lenders have to dot their i's and cross their t's? Absolutely. But these negotiations have been going on for 11 months now. Can you point me to even one California homeowner who was wrongly foreclosed on? Sheesh, let's even widen the net. Has anyone anywhere documented a case where a borrower who was current on their payments was foreclosed on? Sorry, but IMO anyone who was not making payments and who ends up in foreclosure has experienced a proper foreclosure as provided for in the contract they signed.
FWIW, I also believe borrowers have the same right to take advantage of any and all contracual options as lenders.
I'm watching to see if strategic default becomes more accepted and commonplace. I do think it's probably the best option for many people. Excessive debt and the diversion of income to lenders in the form of insanely high payment levels both traps borrowers, and serves as a drag on our consumption driven economy. (again a whole other discussion)
If you want to ease the burden on overextended loanowners, foreclosure will certainly do that. But everyone seems intent on finding a solution that allows people who borrowed excessively to stay in their homes. And of course no matter how you try to go about that, it will require unbelievable amounts of taxpayer money.
Very well said. I wasn't allowed to rep you again.
Very well said. I wasn't allowed to rep you again.
Ditto.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
