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that is not the point we were debating. no one is arguing that the lenders did a 'fair' job, they were greedy and gave loans to borrowers who were under qualified. there were predatory lending practices and governemnt should have stepped in way earlier - but again we all know that didn't happen.
the point is borrowers should have understood their responsibility and borrowed only what they could afford. i understand your argument that borrowers were not 'financially savvy'. but comeon - if someone borrows money and is supposed to pay X amount every month for 30 years, they should at least have the ability to judge if they can make the minimum payment. a person with 6th grade math skills (addition & subtraction) can do this calculation. if they can not understand that calculation they should not have borrowed and bought.
anyway, people fail and they always end up pointing fingers to others for their own mistakes.
Very well said. I guess I'm one of a several that waited to we both had jobs for years and bought below our means. I dislike the idiot buyers and the idiot banks. So now someone that has conserved and lived BELOW there means have to pay until we die for the idiot bankers and borrowers. What ever happened to economices 101.
Let them both fail and see where the chips land.
Very well said. I guess I'm one of a several that waited to we both had jobs for years and bought below our means. I dislike the idiot buyers and the idiot banks. So now someone that has conserved and lived BELOW there means have to pay until we die for the idiot bankers and borrowers. What ever happened to economices 101.
Let them both fail and see where the chips land.
then don't complain when you can't sell your house or retire.
then don't complain when you can't sell your house or retire.
Tahiti, I could have retired years ago. My point being OUR children and grandchildren will have to pay for someone elses mistakes and they had nothing to do with it. That being the greedy bankers and the people that over extended themselves to buy a overpriced home.
Tahiti, I could have retired years ago. My point being OUR children and grandchildren will have to pay for someone elses mistakes and they had nothing to do with it. That being the greedy bankers and the people that over extended themselves to buy a overpriced home.
that's right! our children and grandchildren will be paying for your retirement and they had nothing to do with it!!!!
No, you certainly can't blame the lender. It is on the burden of the applicant to perform 'due diligence' instead of blaming the lending agency. Anyone who has a high school degree can read the terms and conditions of the agreement. Time to stop blaming someone else, and take a look in the mirror.
However, just like becoming a parent, becoming a homeowner has no degree or certificate or training required.
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