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A person, who bought a home, say 7 or more years ago, thru a mortgage, has in a sense, already completely paid off that mortgage, multiple times over. The initial holder of the mortgage, has sold them to Banks and other Financial companies, who have in turn bundled them and sold them to other Financial companies, who in turn kept selling these bundles, along with "insurance" to "guarantee" their asset value. Every time these companies made a sale, they made profit, and so on and so on. This profit has been collected year after year, invested in other things, gone to salaries, commissions, bonuses, dividends, etc. All those involved, except the home owner, have seen huge returns far exceeding that expected on the initial holder of the mortgage. The mortgage holder, has sold them to Banks and other Financial companies, who have in turn bundled them and sold them to other Financial companies, who in turn kept selling these bundles, along with "insurance" to "guarantee" their asset value. Every time these companies made a sale, they made profit, and so on and so on. This profit has been collected year after year, invested in other things, gone to salaries, commissions, bonuses, dividends, etc. All those involved, except the home owner, have seen huge returns far exceeding that expected on the original house sale. Should we not just forgive the debt of that original home buyer? Just a thought.
First off this is just not true it is manipulating the facts
Yes made a profit but they also took 95% the risk
The truth is most people care how much it will cost them a month and could care less about the interest over 30 years. I myself never had a car payment nor do I have a mortgage on my primary home.
If anything, it's the governments fault for not regulating the industry and Wall Street.
Why should I be regulated? Why should any government agent dictate to me what kind of house I can buy or what kind of mortgage I can have?
It should be left up strictly to me and the lender. It's the lenders' duty to make sure I'm a good credit risk, how much loan I should have and it's up to me to decide how much loan I want.
Why should I be regulated? Why should any government agent dictate to me what kind of house I can buy or what kind of mortgage I can have?
It should be left up strictly to me and the lender. It's the lenders' duty to make sure I'm a good credit risk, how much loan I should have and it's up to me to decide how much loan I want.
The lender was allowed to give bad loans using false information. The whole industry was riddled with fraud. Tighter regulations are a must. The train wreck of a real estate market is all the proof you should need.
It's not up to you how much money you want to borrow. It's up to the bank. Your income, assets, credit score, and the house (or investment) will determine how much you can spend. The banks shouldn't be able to make fraudulent loan, sell them to suckers, and wash their hands of the whole issue. "Loan? What loan? We sold that loan months ago" Yes, they need to be regulated.
The lender was allowed to give bad loans using false information. The whole industry was riddled with fraud. Tighter regulations are a must. The train wreck of a real estate market is all the proof you should need.
It's not up to you how much money you want to borrow. It's up to the bank. Your income, assets, credit score, and the house (or investment) will determine how much you can spend. The banks shouldn't be able to make fraudulent loan, sell them to suckers, and wash their hands of the whole issue. "Loan? What loan? We sold that loan months ago" Yes, they need to be regulated.
My bank didn't give me a bad loan and I didn't submit anything false. I didn't lie about my income, I didn't lie about anything to get more money than I needed.
I didn't take as big a loan as I could either, I could have had more but I didn't want more, I wanted what I wanted and that's what I got. I am paying my mortgage -- all on my own. No politicians to the rescue.
So yes it was up to me how much I wanted. I could have wanted more and had more. I could have second mortgages in addition, I could refinance for more cash - but I don't choose to do that. Even if I can.
When money was tight, I worked two jobs -- all on my own, no government had to tell me to do that either.
My bank didn't give me a bad loan and I didn't submit anything false. I didn't lie about my income, I didn't lie about anything to get more money than I needed.
I didn't take as big a loan as I could either, I could have had more but I didn't want more, I wanted what I wanted and that's what I got. I am paying my mortgage -- all on my own. No politicians to the rescue.
So yes it was up to me how much I wanted. I could have wanted more and had more. I could have second mortgages in addition, I could refinance for more cash - but I don't choose to do that. Even if I can.
When money was tight, I worked two jobs -- all on my own, no government had to tell me to do that either.
This has nothing to do with regulations. Or debt forgiveness.
Almost everyone wants to blame big bad business when they need to take responsibility for themselves and business that make bad decision go away and new one come and take their spot in the market.
My bank didn't give me a bad loan and I didn't submit anything false. I didn't lie about my income, I didn't lie about anything to get more money than I needed.
I didn't take as big a loan as I could either, I could have had more but I didn't want more, I wanted what I wanted and that's what I got. I am paying my mortgage -- all on my own. No politicians to the rescue.
So yes it was up to me how much I wanted. I could have wanted more and had more. I could have second mortgages in addition, I could refinance for more cash - but I don't choose to do that. Even if I can.
When money was tight, I worked two jobs -- all on my own, no government had to tell me to do that either.
Out of deference to Delusianne, I will not take advantage of such a golden opportunity for a zinger. Woops, I guess I just did.
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Yes, they need to be regulated.
