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Many who buy homes are not well educated and have to take the word of the company representative who sells them their home loan. It would be great if everyone had the ability to scrutinise contracts...but the truth is many do not and are easy prey for unscrupulous companies and sales teams.
What do you define as not well educated? Do you have to be a realtor or a mortgage broker to understand the language? Shouldn't it be their responsibility to ask questions or seek help from others before signing any loan? I wasn't educated about these matters. I did what any other person did. I asked questions and took my time. I did searches on-line. I didn't make a hasty decision.
You are also ignoring my point about people who were informed but signed these loans as a risk. I think you would be less than honest if you claim you didn't know people who took out bad loans to purchase a home they couldn't afford. Many people took loans on homes they couldn't afford. They assumed the value of the home would increase each year as it had done in the past. Their plan was to sell their home prior to the adjusted interest rates and make a profit to which they would buy another home and repeat the same thing. This is greed not a lack of education. People were living above their means and it's their responsibility to live within their means. Personal responsibility has to be accounted for in this. I know it's fashionable in America to point the finger at someone else but the truth is our own greed helped cause this financial mess.
It was amazing to watch Sean Hannity fumbling for answers when he tried to interrogate Michael Moore.
Some examples are....................
At one point Hannity tried to say how he was a devout Catholic who went to Church EVERY Sunday. Moore asked him if he had gone to Church last Sunday and Hannity said yes. Moore asked him what the sermon had been about and Hannity looked like a rabbit in the headlights and said "you". Moore said "you didn't go to church Sunday" and how could Hannity forget as it was only two days ago.
Another Hannity "gaff" was when he told Moore that people should not buy Houses if they can't afford them. Moore told him that many had been "conned" into signing bad agrements. Hannity said HE checked every contract he signed and read everything in the contract and these people should too. Moore asked if he knew what was in his Fox health plan and Hannity said he wasn't bothered about that and he didn't know.
He also told Hannity that the FBI finance experts have said that the sub prime crisis had a very small part in the financial meltdown...Hannity claims the sub prime problem was responsible for the crash in the economy.
Moore showed he had more knowledge of many topics that Hannity tries to slant to his views.
Well Done Michael Moore for putting Hannity in his place
Moore is a thug and a true far left liberal! It was a fine interview and
went well. Moore did dodge most questions and lied about his charities.
I give Moore credit for going on FOX.
What do you define as not well educated? Do you have to be a realtor or a mortgage broker to understand the language? Shouldn't it be their responsibility to ask questions or seek help from others before signing any loan? I wasn't educated about these matters. I did what any other person did. I asked questions and took my time. I did searches on-line. I didn't make a hasty decision.
You are also ignoring my point about people who were informed but signed these loans as a risk. I think you would be less than honest if you claim you didn't know people who took out bad loans to purchase a home they couldn't afford. Many people took loans on homes they couldn't afford. They assumed the value of the home would increase each year as it had done in the past. Their plan was to sell their home prior to the adjusted interest rates and make a profit to which they would buy another home and repeat the same thing. This is greed not a lack of education. People were living above their means and it's their responsibility to live within their means. Personal responsibility has to be accounted for in this. I know it's fashionable in America to point the finger at someone else but the truth is our own greed helped cause this financial mess.
No one is denying that there are some who buy houses and know the risk even though they can't afford it. There are also some who buy property for investment then find they can't afford the second home and also have problems. there are also some who are doing well and buy a home...lose their job then cannot afford their homes. There are people who become sick and lose their homes to pay for their treatment. To assume that most of the people who lost their homes did not read their contract or were just stupid and greedy is a huge assumption. Hannity made a big point about people who had loans that over extended them and that thy should not do that. Tell that to many, many small business owners who over extend themselves and run their businesses on credit. You are a Doctor and i am sure there are many patients who come to you and don't ask questions that they should about their illnesses. Patients who don't read labels on drugs etc. To sit back and say what people should do is lovely in a ideal world...but this isn't a ideal world and people are manipulated every day. Peole sign health insurance contracts only to find they are excluded from things that they didn't realise or read in the small print.
You have a good education and have the ability to understand jargon, there are many out there who don't and we cannot blame them if thy are manipulated by extremely clever sales teams. i'm sure we or members of our family at some time or the other have been hoodwinked by unscrupulous sales people. The whole point of this is Hannity can be a big shot on TV and blame the finacial crash on the sub prime market collapde and people not reading their agreements etc. but it is far from true and Michael Moore put him in his place about it.
It is obvious to why the lender's were so generous. Sub-Prime loans, but the customers
agree to the loan. I have no clue to how this folks bought into this system????
You have to be a complete idiot
Moore is a thug and a true far left liberal! It was a fine interview and
went well. Moore did dodge most questions and lied about his charities.
I give Moore credit for going on FOX.
Wierd how in America if someone uncovers wrong doing in high places or exposes a bad system they are a "thug". I saw Hannity floundering a lot in the Interview. Moore was not inyimidated and it showed. He kept his head and Hannity found his "bully boy" tactics failed on Moore.
It is obvious to why the lender's were so generous. Sub-Prime loans, but the customers
agree to the loan. I have no clue to how this folks bought into this system????
You have to be a complete idiot
A idiot is someone who thinks that only idiots fall foul to hard sell or manipulation.
Having heard both it really depends on your politics and not facts.
What has "fat" got to do with anything?
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