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WoW!!!!! haven't you been watching your Government borrowing from peter to pay paul so to speak , while promissing to put it back at a later date but never doing it. ie: California Governor borrowing from the schools then laying off teachers because the State dosen't have funds to pay them ?!!!! Yes It's the same all over the country. it's business plain and simple!
Are you being sarcastic? Business practices can also be unethical. The last eight years have been one huge orgy of unethical behavior and look what it has bought us.
Last edited by tilli; 01-15-2009 at 05:30 PM..
Reason: added poster name to quote
I don't see anyone crying for lenders, but one thing you seem to be forgetting is that the lender is only losing on any particular loan because the borrower has failed to live up to their obligations, not the other way around. It may be helpful for you to remember the very basics of the loan transaction. Once the lender gives the borrower hundreds of thousands of dollars, the lender has basically performed. The rest of it is on the borrower.
It is not the lender's obligation to protect the borrower against declining value of real estate. It is not the lender's obligation to protect the borrower from ARM adjustments. It is not the lender's obligation to protect the borrower from job losses. How would you feel if you gave someone $350,000 and they just gave you the finger and drove away to their second home in their brand new escalade.
Obviously the banks deserve some blame, mostly for chicanery relating to securitizations, and in an extremely limited number of cases, for problems relating to the origination of the loan. People who blame lenders for telling borrowers that ARMs are good ideas (that blame, if any, should really go to the mortgage brokers), or for suggesting that a refinance would be possible down the road, or for accepting appraisals that may not have been accurate, are delusional. Borrowers make their own decisions, and there is no justification for closing your eyes and relying on the predictions of a mortgage broker.
Are you being sarcastic? Business practices can also be unethical. The last eight years have been one huge orgy of unethical behavior and look what it has bought us.
And "Do as i say" "Not as i do" is the new government policy!
Okay. I'm going to try not to be blunt, so please don't be offended if I come off that way...
ALot of homeowners put themselves into bad positions by buying more than they could realistically afford. With that being said, these homeowners started falling behind or tried to sell their properties and couldn't, so they were foreclosed on. The downturn of the housing market has put this country into an economic demise like we have never seen. Unemployment is now up to 7% and climbing. If my husband loses his job because of the root of the problem (buyers biting off more than they could chew), I take it personally. Because now you have affected MY family's livelihood. And MY family wins, hands down, every time.
See, people get so wrapped up in their own lives, it's really hard for them to think how it affects others.
I really don't care what a lender told you. You should have had some common sense to know better. If you didn't, I don't think you should have bought a house. Period. Caveat emptor.
Ultimately, there's alot of blame to go around. Depends on how you look at it...
My point is this...no one forced anyone to buy a home. The sole decision came down to the borrower at some point. The lenders were just enablers.
please give me a break . Hang a steak in front of a hungry man and he will eat it ! Why because that is how it is. Government said every should have a home , and we will make it possiable one way or another. Sorry but that how it is .
Location: Halfway between Number 4 Privet Drive and Forks, WA
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Quote:
Originally Posted by Fighter 1
please give me a break . Hang a steak in front of a hungry man and he will eat it ! Why because that is how it is. Government said every should have a home , and we will make it possiable one way or another. Sorry but that how it is .
Sorry, but there is a difference between eating and biting off a hunk that you know will choke you...
I don't recall the government telling me I was entitled to have a home...and a tricked out McMansion with stainless steel and granite counters to boot....
Moderation. It's the new trend. Irrational exhuberance is so yesterday
If you don't believe me, go to the local Hummer dealership and ask how they're selling...
Okay. I'm going to try not to be blunt, so please don't be offended if I come off that way...
ALot of homeowners put themselves into bad positions by buying more than they could realistically afford. With that being said, these homeowners started falling behind or tried to sell their properties and couldn't, so they were foreclosed on. The downturn of the housing market has put this country into an economic demise like we have never seen. Unemployment is now up to 7% and climbing. If my husband loses his job because of the root of the problem (buyers biting off more than they could chew), I take it personally. Because now you have affected MY family's livelihood. And MY family wins, hands down, every time.
See, people get so wrapped up in their own lives, it's really hard for them to think how it affects others.
I really don't care what a lender told you. You should have had some common sense to know better. If you didn't, I don't think you should have bought a house. Period. Caveat emptor.
PotterGeek it takes alot to offend me But I actually do not disagree with what you are saying. I do believe in personal responsibility. However, there was an ethical responsibility on the realtors, lenders, mortgage brokers, banks etc. to provide complete and accurate information to buyers, as that is their field and THEY are supposed to be the experts. I myself was a buyer in 2004 and I could tell you stories for days about the types of things I was told about adjustable ARMS, interest only loans, future appreciation, etc. Even when I wanted a traditional fixed 30-year loan I was actually hassled about taking this route instead of utilizing one of the 'creative' financing tools. My response was to go to a different lender. However, that was not my first property. Many of my friends, specifically in Florida, were first-time home-buyers and are REALLY in dire straights right now. Stupid them for trusting people who had an ethical obligation to fully disclose the risks associated with their products. If I went to a doctor because I had a stomach ache and he says you need your appendix out, and I go to another doctor and he says the same thing am I supposed to then be expected to somehow have the knowledge to prove these doctors right or wrong? At the end of the day I can do research on the internet all day long but I expect them to provide me accurate information/treatments/diagnoses because that is their profession. Again, do I think homeowners are 100% blameless...no, but I also don't believe they are 100% in the wrong either and I would actually say many of them are behaving or did behave much less unethically than the lenders.
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But I actually do not disagree with what you are saying. I do believe in personal responsibility. However, there was an ethical responsibility on the realtors, lenders, mortgage brokers, banks etc. to provide complete and accurate information to buyers, as that is their field and THEY are supposed to be the experts. I myself was a buyer in 2004 and I could tell you stories for days about the types of things I was told about adjustable ARMS, interest only loans, future appreciation, etc. Even when I wanted a traditional fixed 30-year loan I was actually hassled about taking this route instead of utilizing one of the 'creative' financing tools. My response was to go to a different lender. However, that was not my first property. Many of my friends, specifically in Florida, were first-time home-buyers and are REALLY in dire straights right now. Stupid them for trusting people who had an ethical obligation to fully disclose the risks associated with their products
. If I went to a doctor because I had a stomach ache and he says you need your appendix out, and I go to another doctor and he says the same thing am I supposed to then be expected to somehow have the knowledge to prove these doctors right or wrong? At the end of the day I can do research on the internet all day long but I expect them to provide me accurate information/treatments/diagnoses because that is their profession. Again, do I think homeowners are 100% blameless...no, but I also don't believe they are 100% in the wrong either and I would actually say many of them are behaving or did behave much less unethically than the lenders.
