This just in... You've already paid for your neighbor's home.

[ringwise]

Originally Posted by gwynedd1

...which is another reason why the mortgage industry needs to be nationalized.

No, they need to fail. Just like you and I should be, if we made horrible decisions.

The government has not business loaning money for ANY reason, particularly since they suck at everything they do. Waste, fraud and abuse....

[jimj]

Originally Posted by ringwise

Profit? How do you get there might be a profit? To the homeowner, perhaps, but not to the taxpayer.

A behavior that is rewarded will be repeated. Borrowing more home than you can afford, with no punishment for failing (in fact, being rewarded) and no reward for succeeding, will guarantee that this will happen again.

Another item to consider, the USDA 100% home loan program that is STILL in play as I write this or a real estate sign I saw just last week advertising 110% mortgages.
Isn't things like the above the same activity that was part of the mortgage mess to begin with?

[ringwise]

Originally Posted by jimj

Another item to consider, the USDA 100% home loan program that is STILL in play as I write this or a real estate sign I saw just last week advertising 110% mortgages.
Isn't things like the above the same activity that was part of the mortgage mess to begin with?

Of course it is, but that behavior was rewarded, so it will continue.