Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Opinions on mortgage crisis, irresponsible lending and borrowing, foreclosures, mortgage companies to blame for national crisis lending to people who should not own homes
You do realize that over 55% of all foreclosures in this nation are the direct result of a job loss, don't you? Foreclosures due to payment adjustment of an ARM, however, account for less than 5% of all foreclosures.
So here is a scenario for you, a man works at a GM plant in Flint, MI for 30 years. He put 10% down on his home, but due to circumstances beyond his control he loses his job. Can't find another job in Flint. But he had his job for a long time, and had money down, didn't he?
Sort of blows your theory out of the water, doesn't it?
A man who has worked for GM for thirty years knows that the auto business is going bust and he has made his plan. His house is probably paid off anyway or he upgraded maybe 15 years ago. Now if it's the guy who has a job at GM for just 5 years and he's 25 years old and stupid I could see how your story works. If a guy only has ten percent down after thirty years he has issues with money.
Last edited by LaMadden; 02-15-2008 at 04:43 AM..
Reason: add on
A man who has worked for GM for thirty years knows that the auto business is going bust and he has made his plan. His house is probably paid off anyway or he upgraded maybe 15 years ago. Now if it's the guy who has a job at GM for just 5 years and he's 25 years old and stupid I could see how your story works. If a guy only has ten percent down after thirty years he has issues with money.
Agreed, nobody is safe these days, we are all dispensable, whether your a CEO or white/blue/pink collar. Job security is a thing of the past.........a safety net is necessary. Without one your fooling yourself or your a high risk taker(not unlike myself). I'm well aware that i may be buryin myself in debt but am solely interested in securing my childrens futures and have a back up plan for my back up plan. And remember, it's just a thing, a thing that can be replaced..........people put too much emotional attachment on their homes. When you buy think investment and also be aware circumstances can change in the blink of an eye
Agreed, nobody is safe these days, we are all dispensable, whether your a CEO or white/blue/pink collar. Job security is a thing of the past.........a safety net is necessary. Without one your fooling yourself or your a high risk taker(not unlike myself). I'm well aware that i may be buryin myself in debt but am solely interested in securing my childrens futures and have a back up plan for my back up plan. And remember, it's just a thing, a thing that can be replaced..........people put too much emotional attachment on their homes. When you buy think investment and also be aware circumstances can change in the blink of an eye
that's the problem many people choose to avoid. Don't put yourself in a position to fail financially.
Just look at all the idiots currently rolling the dice w/two mortgages banking on a quick sell or only having a couple months of $$ left to suppor this....sheer lunacy.
Home ownership is a PRIVILEDGE, not a right. Too many people think its the other way around and still many current homeowners think they have a god given right for their home to appreciate.
Bottom line is do whatever you can to not put yourself in a position to go belly up. There are certain incidents where somethings are unavoidable but the majority of problems could've been avoided if people took more time to be financially responsible.
I agree to a certain degree. Many people, who aren't necessarily good with money, were led to believe that they could afford the home of their dreams. While it wouldn't be totally over-the-top to partially blame those individuals, it's also important to remember that the lenders ALSO knew the borrower couldn't afford the home, but let them borrow the money anyway.
I know several people who may be in this mess within the next couple of years and I feel for them, because they make good money, have no debt, but may have bitten off more than they can chew. They turned to the mortgage "professionals" for assistance and were led to believe they would be just fine. Not all of us are in the banking industry and we turn to those indivuals/companies for guidance - that's what they're supposed to be there for. The blame can't be placed solely on the borrowers, although many people believe it's their fault and their fault only.
I'm sorry but I get tired of hearing about how it's everyone elses fault. It is the responsibility of the borrower to seek professional advice from professionals. Did the borrowers check the credentials of the loan officer? Probably not. I love how the banks are being blamed. That's like blaming McDonalds for making unhealthy food while you eat their burgers. Personal accountability I say. HUD offers free guidance and it is only a click away. people who do not research before acting have a behavioral problem and THEY need to change.
If a burger is unhealthy do you balme the restaurant or..... quit eating them?
A man who has worked for GM for thirty years knows that the auto business is going bust and he has made his plan. His house is probably paid off anyway or he upgraded maybe 15 years ago. Now if it's the guy who has a job at GM for just 5 years and he's 25 years old and stupid I could see how your story works. If a guy only has ten percent down after thirty years he has issues with money.
Firt of all I would like to say that the people who make comments like "certain people shouldn't own homes etc." probably don't or never did own home, otherwise you would be a lot more understanding, trust me. Think about it, people/families, etc. have owned homes for YEARS. We went through a Deppression many years ago, my grandmother lived through it. This doesn't happen every day, ok? We are now going through a similiar situation, are we not?
Get real, I don't want to go on and on about this, I have just ONE thing to say.
Look how many families/people are loosing they're homes, how many thousands of people are in foreclosure, will be in foreclosure soon and have already lost they're homes. We are not talking about 'a few' We are talking about almost every home owner out there.
There are even Real Estates Agents loosing they're own houses, leaving the business, it's really bad out there right now.
Firt of all I would like to say that the people who make comments like "certain people shouldn't own homes etc." probably don't or never did own home, otherwise you would be a lot more understanding, trust me. Think about it, people/families, etc. have owned homes for YEARS. We went through a Deppression many years ago, my grandmother lived through it. This doesn't happen every day, ok? We are now going through a similiar situation, are we not?
Get real, I don't want to go on and on about this, I have just ONE thing to say.
Look how many families/people are loosing they're homes, how many thousands of people are in foreclosure, will be in foreclosure soon and have already lost they're homes. We are not talking about 'a few' We are talking about almost every home owner out there.
There are even Real Estates Agents loosing they're own houses, leaving the business, it's really bad out there right now.
It's so very sad, especially for the children!
Funny how people supposedly endorse capitalism until houses are involved. Then some liberal whackjobs catch the touchy-feely bail out the little guy syndrome.
Also, stop using the word loose. It's another sad epidemic to witness.
Firt of all I would like to say that the people who make comments like "certain people shouldn't own homes etc." probably don't or never did own home, otherwise you would be a lot more understanding, trust me. Think about it, people/families, etc. have owned homes for YEARS. We went through a Deppression many years ago, my grandmother lived through it. This doesn't happen every day, ok? We are now going through a similiar situation, are we not?
Get real, I don't want to go on and on about this, I have just ONE thing to say.
Look how many families/people are loosing they're homes, how many thousands of people are in foreclosure, will be in foreclosure soon and have already lost they're homes. We are not talking about 'a few' We are talking about almost every home owner out there.
There are even Real Estates Agents loosing they're own houses, leaving the business, it's really bad out there right now.
It's so very sad, especially for the children!
OH NOES! Think of the childrenzzz!!!
Seriously though, and all commentary about the horrendous spelling mistakes and grammatical errors aside, I own a few properties, my parents lived through the Depression among other awful events, and if anything it made them much stronger and smarter with their wealth, savings, and investments.
We ARE talking about a few out there that are losing or have lost their homes. A drop in the bucket, actually. Certainly the 'crisis' is more severe in certain parts of the country such as the economically distressed regions (rustbelt and U.S. automotive manufacturing hubs, speculative and overbuilt markets) as well as the low income/ghetto areas, but for the most part, the vast majority of homeowners are fine - with already paid off mortgages, or mortgages that they continue to service just fine.
Real estate agents 'loosing' their homes? HAHAHA, cry me a river!!! GOOD. Talk about a profession with a ton of dead weight, especially during the housing run up. Most agents have no business being in the game, and they will be removed as is the natural evolution.
As for the comment about "certain people not deserving to own homes", that is 100% true. Most people simply lack the education necessary to be competent landholders/homeowners, or lack the ability, skills, and intelligence to earn enough to afford a home.
Seriously though, and all commentary about the horrendous spelling mistakes and grammatical errors aside, I own a few properties, my parents lived through the Depression among other awful events, and if anything it made them much stronger and smarter with their wealth, savings, and investments.
We ARE talking about a few out there that are losing or have lost their homes. A drop in the bucket, actually. Certainly the 'crisis' is more severe in certain parts of the country such as the economically distressed regions (rustbelt and U.S. automotive manufacturing hubs, speculative and overbuilt markets) as well as the low income/ghetto areas, but for the most part, the vast majority of homeowners are fine - with already paid off mortgages, or mortgages that they continue to service just fine.
Real estate agents 'loosing' their homes? HAHAHA, cry me a river!!! GOOD. Talk about a profession with a ton of dead weight, especially during the housing run up. Most agents have no business being in the game, and they will be removed as is the natural evolution.
As for the comment about "certain people not deserving to own homes", that is 100% true. Most people simply lack the education necessary to be competent landholders/homeowners, or lack the ability, skills, and intelligence to earn enough to afford a home.
Okay, so I type fast and didn't win the freaking spelling Bee in school. That doesn't even matter, you know what I mean. Do you have nothing to say about the subject? SO, instead you re-read everyone's posts and make fun of grammer and spelling? Get a life okay?
Look, there are plenty of people who deserve to own homes and there are a lot who do not. I don't think it's all that smart to refinance and refinance over and over and put yourself into debt hoping the economy doesn't fall like it just has. That's where I think a lot of people started going broke because once your home is worth so much less than what you owe, you cannot refi anymore. I believe people rely on the housing prices to go up then they're equity goes up and refinancing is easy.
Now with people loosing they're jobs, etc. they can't refi to pay bills so where does that leave a lot of people?
As for me, it's a very weird situation, I just had bad luck, I won't explain because I don't want everyone making comments, I'm having a hard enough time as it is.
As far as the kids, I was talking really about my own. My 4 yr old son really likes this house, and I do know he would get over it if we end up leaving, it just made me feel bad is all. I have no family to help me and my son kept saying, but mama I love this house. It was just really cute and I felt bad.
Thats it ok
Misha
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Come on, get real here
So Pathetic
