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Old 11-05-2009, 08:14 AM
 
3,854 posts, read 3,973,531 times
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Quote:
Originally Posted by floridasandy View Post
there is enough blame to go all around.
people CHOSE to buy more home than they could afford, while responsible people did not. there is no excuse for signing a contract that you do not understand when you have options. there are people who can afford the homes they live in, as well as people who have paid their homes off. they should NOT be punished for their frugality.

i agree 100% that there was NO EXCUSE to bail out the banks that gambled on these sham loans. the bad banks would have failed and the responsible banks would have taken over. our government did the wrong thing bailing those bad banks out and it is doing the wrong thing now by refusing to reform the system, setting us up for yet another failure!
Ever heard of "no doc" loans, Sandy?

There was absolutely NO EXCUSE for greedy, unethical, (in some cases lenders with criminal records - remember the big expose in the Miami Herald) to give loans to people who could not afford the homes.

Check out what "no doc" loans are, Sandy. They provided a wide open door for corruption and crooks to use the system.
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Old 11-05-2009, 08:20 AM
 
26,957 posts, read 43,128,002 times
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Quote:
Originally Posted by janelle144 View Post
So what is wrong with people who are foreclosed on because they can't pay the mortgage rent for awhile until they saved up the money to buy a small house like they should have in he first place?

They want to live in McMansions when the average person can't do that. Lots and lots of people did not buy into the no down payment and a small payment each month mortgage crap. They walked away even when they were told it would all work out and be ok.

Now we have to pay for our neighbors' mortgage. Is that right?
Most people who are foreclosed on have not paid a dime for months if not for over a year or even longer as I have seen happen.

These people don't want to pay rent, they think they are entitled to get a bailout on every front, encouraged by this administration.

Some of them might veen have gotten a cash for clunker..and find a tricky way to stay as long as they can for free while not taking care of the yard and being a nuisance for the neighborhood (value down) and than find a way to obtain a tax credit and buy a new home again ....just look on the public records, most of the people who are financial trouble have been in the same trouble like 10 yrs ago and didn't learn their lesson...and now with this government bailouts they won't learn anything again, and this will keep happening until we just let them recover by them self and move into a small apartment like we did when we didn't have much money and start saving and move up...it is also called "tuff love"
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Old 11-05-2009, 08:45 AM
 
1,223 posts, read 1,210,735 times
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"No doc" loans? Does that mean that the borrowers were both "greedy and stupid"? People who buy more than they can pay for are just as stupid as the lenders who sold them blue sky,....and greedy enough to ignore the FACT that they couldn't make the monthly nut. That's like a unemployable homeless person buying a Mercedes.......
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Old 11-05-2009, 09:13 AM
 
3,854 posts, read 3,973,531 times
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Quote:
Originally Posted by cdne View Post
"No doc" loans? Does that mean that the borrowers were both "greedy and stupid"? People who buy more than they can pay for are just as stupid as the lenders who sold them blue sky,....and greedy enough to ignore the FACT that they couldn't make the monthly nut. That's like a unemployable homeless person buying a Mercedes.......

No document loans means that the lenders do not check out ANY INFORMATION provided on loan applications....no proof required to verify the information given......THEREFORE, an open door for crooks and theives to get loans, and the lenders still make their money! So what it means is that a LOT of the borrowers were indeed CROOKS trying to make a fast buck in the real estate market, but instead got caught when the bubble burst. Yes, that's right. CROOKS. Not just those people who were naive enough to believe that they too could own a home for real. I'm talking CROOKS.......like the kinds of people you put in jail. People USING the system, by LYING ON THEIR LOAN APPLICATIONS, so they could buy big, expensive houses, then hopefully sell really fast and make a lot of money.

Whatever happened to those good ole regulations which required at least some due diligence of the lenders?

Someone has to MAKE THE LOAN before there can be a default or foreclosure. If those nasty old mortgage lenders had been ethical and had at least done a tiny bit of due diligence, then those "stupid, irresponsible" borrowers could never have gotten loans in the first place.
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Old 11-05-2009, 09:28 AM
 
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.........for the borrowers,...there is an old saying,..."if it looks like it's too good to be true,...."

It appears that the many (like yourself) paint a one-way street regarding foreclosures, and totally absolve the borrower of ANY responsibility when the homes were purchased. Personally, I find this a flawed analysis. EVERYONE knows their income/ability to pay for WHATEVER they buy,...and should not have taken on more than they could possibly afford.

Foreclosures are a two-way street,...laced with stupid/greedy consumers and some crooked lenders,...coupled with the federal government's insistence to make home ownership a "right" for everyone. That's a formula for disaster in anyones book.
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Old 11-05-2009, 09:56 AM
 
Location: San Diego North County
4,800 posts, read 8,247,082 times
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Do people understand that while the mortgage crisis was happening, many parts of the country were experiencing unprecedented rates of unemployment?

There are numerous instances of banks raising people's monthly payments from affordable to ridiculous as these same people were being laid off.

While there are certainly a significant number of examples in which homeowners were completely culpable in the foreclosure of their homes, the foreclosure rates alone should tell anyone familiar with how the economy works that just as often, the lending institutions were to blame.
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Old 11-05-2009, 10:00 AM
 
Location: Sierra Vista, AZ
17,461 posts, read 22,790,945 times
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Quote:
Originally Posted by Kele View Post
Do people understand that while the mortgage crisis was happening, many parts of the country were experiencing unprecedented rates of unemployment?

There are numerous instances of banks raising people's monthly payments from affordable to ridiculous as these same people were being laid off.

While there are certainly a significant number of examples in which homeowners were completely culpable in the foreclosure of their homes, the foreclosure rates alone should tell anyone familiar with how the economy works that just as often, the lending institutions were to blame.
That was my point, If the banks have been paid twice for these properties already, the government should be the owner. They should keep these families in their homes as long as they are unemployed. Some minimal payment that would cover taxes and insurance for several years.
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Old 11-05-2009, 10:05 AM
 
1,223 posts, read 1,210,735 times
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Quote:
Originally Posted by Boompa View Post
That was my point, If the banks have been paid twice for these properties already, the government should be the owner. They should keep these families in their homes as long as they are unemployed. Some minimal payment that would cover taxes and insurance for several years.
........well,...since the federal government owns the majority of GM, just go down to your local GM dealership and get you a new car. After all, the taxpayers have already paid for it.....
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Old 11-05-2009, 10:29 AM
 
3,854 posts, read 3,973,531 times
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Quote:
Originally Posted by cdne View Post
.........for the borrowers,...there is an old saying,..."if it looks like it's too good to be true,...."

It appears that the many (like yourself) paint a one-way street regarding foreclosures, and totally absolve the borrower of ANY responsibility when the homes were purchased. Personally, I find this a flawed analysis. EVERYONE knows their income/ability to pay for WHATEVER they buy,...and should not have taken on more than they could possibly afford.

Foreclosures are a two-way street,...laced with stupid/greedy consumers and some crooked lenders,...coupled with the federal government's insistence to make home ownership a "right" for everyone. That's a formula for disaster in anyones book.
Please re-read my posts. I did not say ALL BORROWERS were crooks. I said LOTS OF BORROWERS were, indeed, crooks, and not just ordinary folks trying to buy a nice home.

Of course everyone knew their income, however, those "crooks" I'm talking about just LIED on their loan applications because they knew that the information would not be verified. They wanted to BUY, then sell and make a big profit.......what's that called?

Sorry if this information contradicts your belief and strong attachment to your belief that minorities and other "ordinary" folks were so greedy that THEY caused ALL the problems in this fiasco.
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Old 11-05-2009, 10:30 AM
 
3,854 posts, read 3,973,531 times
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Quote:
Originally Posted by cdne View Post
........well,...since the federal government owns the majority of GM, just go down to your local GM dealership and get you a new car. After all, the taxpayers have already paid for it.....
Ahhhh, more simplistic reasoning. Ya think I could go over to the nearest military base and claim a "Hummer"?
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