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That's why the government should not have gotten into any of it in the first place including getting the banks to give out loans irresponsibly.
The old way was better. The borrower had to prove he was credit worthy, the banks were more responsible in giving loans out.
Now the government is scrambling to bailout both sides and just making everything worse when it was the government in the first place that helped create the problem.
Not what I meant, so I'll rephrase my question. Why should consumers operate on a moral based rulebook when businesses operate on a financial based rulebook.
I'm talking about a person taking a second or refinancing their home, they took the money and signed the papers, they spent that money and they are responsable for that money.
Buisness is like gambling, buying a house is not.
But if I got a conventional mortgage - down payment and fixed loan and the whole bit and I carefully avoided trying to live beyond my means and didn't refinance over and over and now I owe less on my house than I could get for it, why should you come out ahead because you made poor decisions?
Why should the responsible be the chumps who end up being taxed to death to provide you and your bank a bunch of bailouts?
hey man, the world aint fair. thats all i can say to you about that heh.
A house is an asset, a place to live. It's not an investment.Its not a bank you can take money out of. Its like a car. The car is not worth what you paid for it but you need it and if it serves its purpose you keep it. This is when you take into consideration the costs of taxes, home repair, utilities, insurance.
How we look at homes has changed and gone are the days are the thinking where everybody wants or should own a home. I say thats for the good, although housing prices still need to come down to reasonable levels. I don't think banks should be bailed out for losses and the home mortgage industry still needs to be cleaned up.
I see an empty $350,000 house near me that was left vacant. They finally cut the grass. I couldn't care less if the bank loses money on it, it should never have been built if nobody can afford to buy it.
hey man, the world aint fair. thats all i can say to you about that heh.
This post just begs for some type of psych test (they do this in hiring so they could develop one for lending) for prospective borrowers to weed out people with this type of atttitude so that no loans are made to them.
hey man, the world aint fair. thats all i can say to you about that heh.
Which is why the solutions to this should involve some fairness.
Like you say, those who made out like bandits during the housing bubble still expect to make out like bandits now with it's collapse and expect the responsible types who played by the old and smarter rules should end up without.
That's why the responsible homeowners should not be taxed and forced to pay for the solutions for poor lending and borrowing practices.
Exactly why should those who borrowed money they could never repay be allowed to walk off scot free?
This post just begs for some type of psych test (they do this in hiring so they could develop one for lending) for prospective borrowers to weed out people with this type of atttitude so that no loans are made to them.
They would lose that attitude if they were held to the consequences of their poor decisions when it comes to money.
I agree with you Vicket, but I am not quite as angry about those who just came on hard times (through a job loss or medical situation) and had bought within their means but just couldn't make the payments.
It's the people like the one quoted in post 33 who don't care about anyone else who tick me off. And the people who are into "strategic" defaults which is a fancy way of just saying what is - you've just decided since things have turned you may as well stiff the bank (and drag down the value of everyone else's house around you). And it's the people who took advantage of the loose lending standards and overbought and the bankers who gave them the money and the realtors who pushed them into the deal who really tick me off too.
It is a business decision....that is all it is...from some reason to some people when a business does the same thing it is smart,when an individual it is immoral...
But if I got a conventional mortgage - down payment and fixed loan and the whole bit and I carefully avoided trying to live beyond my means and didn't refinance over and over and now I owe less on my house than I could get for it, why should you come out ahead because you made poor decisions?
So this is more about it not being 'fair' that you did what you thought was the right thing and someone did what you thought wasn't and they came out ahead???
For one thing,how did they come out ahead?
Quote:
Why should the responsible be the chumps who end up being taxed to death to provide you and your bank a bunch of bailouts?
You are going to be taxed no matter what,stop believing the hype from the banksters that it is the homeowners who are totally to blame.
It is a business decision....that is all it is...from some reason to some people when a business does the same thing it is smart,when an individual it is immoral...
Exactly.
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