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Thread summary:

Home foreclosure gloom, ARMs or people just walking away, buyer responsibility, no blame placed on realtors, lender fault, lender secured by asset, overextending budget

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Old 07-28-2008, 01:06 PM
 
947 posts, read 2,786,363 times
Reputation: 721

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[quote=TristansMommy;4630256]
You were misssing my point of the post completely.. ]


My post was basically written in general and not directed at you specifically.

I have read your posts in the past. Now I just gloss over your posts and not read them completely because you just go off on a tangent that is never ending. So I pretty much just skim your posts and not waste too much time.
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Old 07-28-2008, 01:20 PM
 
51 posts, read 247,235 times
Reputation: 49
my personal opinion is that if a person doesn't know what they're getting into, if they don't understand they will have to pay off the loan and how much the payments will be...they shouldn't be getting a loan. I know i can't afford a porche and i'm not going to try and buy one... i don't blame the home owners for the bank bailouts, but what are we teaching people in schools if they can't calculate such basic mathematics that they go to a lender and ask to tell them how much they can afford???

The financial mess is all responsibility of the lender, a bank isn't there to GAMBLE, they should be looking at figures and do the math. It was all about income redistribution... banks are always going to get bailed out by the govt so this was plain stealing. How could these people not know someone making 40K and buying a 700K home wasn't going to default on the loan?

Who has this money now?
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Old 07-28-2008, 01:24 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,120,793 times
Reputation: 908
Quote:
Originally Posted by bettyklang View Post
my personal opinion is that if a person doesn't know what they're getting into, if they don't understand they will have to pay off the loan and how much the payments will be...they shouldn't be getting a loan. I know i can't afford a porche and i'm not going to try and buy one... i don't blame the home owners for the bank bailouts, but what are we teaching people in schools if they can't calculate such basic mathematics that they go to a lender and ask to tell them how much they can afford???

The financial mess is all responsibility of the lender, a bank isn't there to GAMBLE, they should be looking at figures and do the math. It was all about income redistribution... banks are always going to get bailed out by the govt so this was plain stealing. How could these people not know someone making 40K and buying a 700K home wasn't going to default on the loan?

Who has this money now?
What is seriously lacking.. and Irealized now.. is financial education in schools.. how markets and money works.. how home mortgage market works etc. I thought I knew..but apparently I didn't..

they need to teach this all in schools.. and now that I have learned some hard lessons.. I will teach it to my kids..
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Old 07-28-2008, 01:26 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,120,793 times
Reputation: 908
[quote=Rose Red;4634410]
Quote:
Originally Posted by TristansMommy View Post
You were misssing my point of the post completely.. ]


My post was basically written in general and not directed at you specifically.

I have read your posts in the past. Now I just gloss over your posts and not read them completely because you just go off on a tangent that is never ending. So I pretty much just skim your posts and not waste too much time.
Well.. if you had bothered to actually read my post you may find that I am not trying to blame anyone else.. simply stating that I am a victime of the market circumstance adn teh subprime mess..

Nice backhanded slap there..don't bother to even skim my posts if you're not going to read them.. I never go off on tangent..I just lay out the facts But I guess you just don't want to hear them and keep drawing yuour close minded black and white conclusions..
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Old 07-28-2008, 01:44 PM
 
51 posts, read 247,235 times
Reputation: 49
Quote:
Originally Posted by TristansMommy View Post
What is seriously lacking.. and Irealized now.. is financial education in schools.. how markets and money works.. how home mortgage market works etc. I thought I knew..but apparently I didn't..

they need to teach this all in schools.. and now that I have learned some hard lessons.. I will teach it to my kids..
I think its more important to teach people how to apply what they learn and question, not learn to a book or a test. You can't teach from a book for everything in life...but once you know how to APPLY the knowledge, you can use it for various situations you'd never come across in school.

Of course powers that be, are continuously trying to teach to exams...to make for an uneducated consumer who won't question.
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Old 07-28-2008, 01:50 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,120,793 times
Reputation: 908
Quote:
Originally Posted by bettyklang View Post
I think its more important to teach people how to apply what they learn and question, not learn to a book or a test. You can't teach from a book for everything in life...but once you know how to APPLY the knowledge, you can use it for various situations you'd never come across in school.

Of course powers that be, are continuously trying to teach to exams...to make for an uneducated consumer who won't question.

Completley understand and agree..but you need to be taught first before you can apply that knowledge. They don't teach you how to balance a checkbook in schools, they don't teach you how credit cards work in schools.. they do not teach you anything that I feel you can really use once you get out of school. It's basic life skills that are lacking..

I will be sure to teach my kids that stuff.
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Old 07-28-2008, 03:42 PM
 
3,583 posts, read 10,272,928 times
Reputation: 5096
Quote:
Originally Posted by TristansMommy View Post
Completley understand and agree..but you need to be taught first before you can apply that knowledge. They don't teach you how to balance a checkbook in schools, they don't teach you how credit cards work in schools.. they do not teach you anything that I feel you can really use once you get out of school. It's basic life skills that are lacking..

I will be sure to teach my kids that stuff.
No they don't teach practical application in school. If you want to learn how to do a specific task go to a vocational school. They teach practical application - One way to do one thing. Higher education is about learning how to use your brain- how to think - thats far more valuable in the long run.
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Old 07-28-2008, 03:47 PM
 
Location: southern california
55,237 posts, read 72,540,398 times
Reputation: 47459
imho i dont think it will stay down. i think its guna go up again after the bailout.
that way the banks make money b4 and after the bailout. a very bad time to sell.
new places are not selling well here.
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Old 07-28-2008, 03:50 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,120,793 times
Reputation: 908
Quote:
Originally Posted by Va-Cat View Post
No they don't teach practical application in school. If you want to learn how to do a specific task go to a vocational school. They teach practical application - One way to do one thing. Higher education is about learning how to use your brain- how to think - thats far more valuable in the long run.

well of course all schooling teaches you how to thnk..Im' not arguing with that fact at al. . I'm simply saying that in order to propertly think and come up with the right answers you need all the information or as much information as possible.. that's what I'm tryng to say.
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Old 07-28-2008, 04:01 PM
 
3,583 posts, read 10,272,928 times
Reputation: 5096
Quote:
Originally Posted by TristansMommy View Post
well of course all schooling teaches you how to thnk..Im' not arguing with that fact at al. . I'm simply saying that in order to propertly think and come up with the right answers you need all the information or as much information as possible.. that's what I'm tryng to say.
I understand what you are saying. All I'm saying is that its better to teach how to find information than to teach a specific task. I'd use the old "give a man a fish/teach him to fish" analogy. As an example.... You yourself are here on the internet asking questions and finding out the information on your own. No one taught you to come to this site. You just wanted answers and looked for them on your own. I.E......No one handed you a fish, you learned to fish
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