[Elwyn]

Originally Posted by Spring Hillian

I put the blame on lenders who were just handing out the loans regardless of the borrowers ability to pay it back or even maintain the levels of debt they put themselves in. If a house sold for $90k in 1999, it would be awful silly to pay 250k for the same house in 2005 but it was done time and time again.

It would be realy nice if people put the blame where it realy belongs. That being the government and special interest groups. The government pased laws that forsed banks to give loans to people that could not afford them, and special interest groups threatened and balckmailed banks into giving loans to people that could not affored them. It was NOT the banks fault. Banks do NOT make money by giving loans to people that can NOT pay the loan back.

[Soup Not See]

Originally Posted by Elwyn

It would be realy nice if people put the blame where it realy belongs. That being the government and special interest groups. The government pased laws that forsed banks to give loans to people that could not afford them, and special interest groups threatened and balckmailed banks into giving loans to people that could not affored them. It was NOT the banks fault. Banks do NOT make money by giving loans to people that can NOT pay the loan back.

Some of the blame also lies with the borrowers who overextended themselves and did not think of what would happen should a job be lost or their portfolio take a hit. Overextension of one's financial wherewithal seems to be the norm in today's society. Buy now, pay later instead of save now, buy later.

[Elwyn]

Originally Posted by leftee

Some of the blame also lies with the borrowers who overextended themselves and did not think of what would happen should a job be lost or their portfolio take a hit. Overextension of one's financial wherewithal seems to be the norm in today's society. Buy now, pay later instead of save now, buy later.

That's true. But my point was, people blame the banks when their hands were tied, they had no choice but to make the loans.

[Mike1306]

Originally Posted by alfbroker

He does have a few good points, even if they are put forth rather harshly. The downturn has hit many in THE U.S. terribly, and that can make people angry. I sold 100's of homes to people who now have mortgages twice as high as their homes are worth. I didn't cause the down turn, but I do feel bad for these people.

Hopefully we'll get back to an economy where the people that move here and find they don't like it, can sell their homes they bought at a profit and be a little happier when they leave.

Fixed your post.

And his post was ridiculous, there are many large tech firms in Florida, he mentions someone who worked and lived in NY and links his misdeeds to Florida because he had a second home here, people are still moving here and foreclosures are a problem through out the country.
I could go on but it is not worth it.

[Mike1306]

Originally Posted by alfbroker

With almost 1,000,000 unemployed in Florida and still lots of unemployed moving here to look for work, some good news. Tourism up 5% over last year and an estimated 50,000 jobs gained. The bad news? You need to have fryer, burger flipping, or filthy sheet cleaning experience and be satisfied with around minimum wage to be part of the new Florida economy.

Seems the rest of the country has had some issues also.

[kyle19125]

Originally Posted by Mike1306

Seems the rest of the country has had some issues also.

^^^ That would be the fake/doctored government numbers. There are millions more who have exhausted their Unemployment Benefits or those who cannot secure full-time employment (underemployed), yet they aren't counted as if they disappear. The number of unemployed/under-employed Americans is approaching 25%.

Shadow Government Statistics : Home Page

[user8]

Originally Posted by Spring Hillian

I put the blame on lenders who were just handing out the loans regardless of the borrowers ability to pay it back or even maintain the levels of debt they put themselves in. If a house sold for $90k in 1999, it would be awful silly to pay 250k for the same house in 2005 but it was done time and time again.

yeah, because the idiot freewheeling subprime borrowers have no share of the blame. how silly of us to think people should be more financially responsible and not get in over their heads. i mean, they're just the victims, right?

typical.

[Spring Hillian]

Maybe instead of banks I should have used the a more encompassing title for the group of lenders. People are people and when a carrot is placed in front of them, they will reach for it. After all, everybody wants their piece of the American dream. However, lending to people who couldn't afford it was a fault of those lenders. After all, personal responsibility in every facet of American life is not a concern much anymore, is it? "It wasn't my fault" is the mantra of those who fail.

When we bought our first home, we had to show an ability to pay it back. Even though it was a VA backed loan, we still had to jump through a lot of hoops to get the financing. They weren't handing out loans like balloons at a country fair

Originally Posted by user8

yeah, because the idiot freewheeling subprime borrowers have no share of the blame. how silly of us to think people should be more financially responsible and not get in over their heads. i mean, they're just the victims, right?

typical.

[user8]

Originally Posted by Spring Hillian

However, lending to people who couldn't afford it was a fault of those lenders.

that's the typical "oh woe is me. i'm a victim of the corrupt system!" b.s. mentality that got them into trouble in the first place. it's easier to blame the system than your own stupidity, i guess. i'm so tired of people who think like this.

[Spring Hillian]

I agree. I too am tired of people passing the blame for their mistakes in life on "the system". It's like the words "single mom". Since personal responsibility no longer exists, being a "single mom" apparently is an expected ticket to the front of the line. Criminals always use the "it wasn't my fault, it was because my daddy beat me and my mother was a junkie that made me do it". So why wouldn't people use the same thinking when they bought
$250k houses on a $35k a year income?

Not that I think it should be that way, but it seems to me it is.

Originally Posted by user8

that's the typical "oh woe is me. i'm a victim of the corrupt system!" b.s. mentality that got them into trouble in the first place. it's easier to blame the system than your own stupidity, i guess. i'm so tired of people who think like this.