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Well that's certainly an easy and quick way to eliminate most of this woman's responsibility for what she did and her losing her house. I like the way liberals instantly look for someone to blame but it's never the person who actually caused the problem.
Back, come on. Are you even trying to get where I'm coming from. This lady was foolish. She shouldn't have borrowed against her house. I said that. I meant that. Smart people didn't. However, if you don't know that there was an aggressive campaign from Wall Street bankers to get Americans to borrow money (nevermind if they could pay it back), you're ignorant. There are a number of sources you can read to get educated on on this. It's no secret that this is what happened. I suggest reading Michael Lewis' "The Big Short" for a quick rundown on what happened.
Again, this problem is very much like a drug problem. Are the individual users to blame? Of course they are. They are responsible for their own lives. Let's not let the drug pushers off the hook though.
Refinance for a lower interest rate is one thing ... refinance to take out equity is another ... and obviously the owner didn't pay the mortgage after they pulled the money so the owner scammed the system.
I blame our government more than anyone in the housing market scandal and the global financial collapse. The government changed the rules to allow this to happen and they did nothing to stop it. The government encouraged the sub-prime market. Everyone else just took advantage of what the government set-up.
The government does have some culpuability here, but the problem originated with the bankers. They figured out a way to make money by loaning money to people they knew couldn't pay. They bundled the debt into a "complex financial instrument" and sold it to suckers.
My question is what did they buy with all that money they got year after year after year ?
That's a pretty good question, maybe a new car or 3. Maybe bad investments? Plastic surgery? They clearly weren't putting any of it back into the mortgage payments, that's why the home was foreclosed on.
Was this lady foolish? Yep. You can't discount the fact that there was an aggressive campaign from Wall Street bankers to get people to borrow money, however. Every homeowner in 2000-2006 got hundreds of junk mail ads and phone calls begging them to refinance. Wall Street needed new debt to create derivatives to ...
Back, come on. Are you even trying to get where I'm coming from. This lady was foolish. She shouldn't have borrowed against her house. I said that. I meant that. Smart people didn't. However, if you don't know that there was an aggressive campaign from Wall Street bankers to get Americans to borrow money (nevermind if they could pay it back), you're ignorant. There are a number of sources you can read to get educated on on this. It's no secret that this is what happened. I suggest reading Michael Lewis' "The Big Short" for a quick rundown on what happened.
Again, this problem is very much like a drug problem. Are the individual users to blame? Of course they are. They are responsible for their own lives. Let's not let the drug pushers off the hook though.
I get what you're saying but you're looking at it as if this lady couldn't control her refinancing. I don't think that's the case, I don't think this woman had any intention of ever paying off this money, she took the cash and walked knowing good and well what she was going to do the whole time.
Smart people did. Just because someone inssists you should try some crack is no reason to do it. However, as a citizen, I want crack pushers out of the neighborhood. I know the world is full of people who can't resist temptation.
I don't see what's wrong with this. We have the inalienable right to keep our homes under any administration or banking system. And we're not asking politely; we are demanding.
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Do we have the right to keep our homes if we stop making payments on them?
I get what you're saying but you're looking at it as if this lady couldn't control her refinancing. I don't think that's the case, I don't think this woman had any intention of ever paying off this money, she took the cash and walked knowing good and well what she was going to do the whole time.
Who knows what this lady's intentions were or are? My guess is though that she was stupid to believe that the value of her house would increase forever and ever and she could continually roll over the debt. Why do I think she believed this? Because the idiot bankers believed this. LOL! They really did. That's one of the reasons why they kept loaning money. If Wall Street bankers believe something so stupid, you can't get too mad at regular homeowners for believing it too.
Smart people did. Just because someone inssists you should try some crack is no reason to do it. However, as a citizen, I want crack pushers out of the neighborhood. I know the world is full of people who can't resist temptation.
And they face the consequences.
[don't make your lack of responsibility my responsibility]
The government does have some culpuability here, but the problem originated with the bankers. They figured out a way to make money by loaning money to people they knew couldn't pay. They bundled the debt into a "complex financial instrument" and sold it to suckers.
Yep, and the government allowed derivatives to go unregulated. You can thank Bill Clinton, Alan Greenspan, Robert Rubin, Larry Summers and Tim Geithner for that debacle.
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and sold it to suckers.
