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It's good to see lenders getting away from 100% financing and requiring some down payment. A seller should have some investment in a home they lose if they decide to walk.
100% agreed. Additionally, the process of securitization has anonymized the mortgage. Jim Bob who teaches little league didn't and owns the corner bank doesn't own the loan. Some Chinese investor who bought the mortgage backed security does. Why does someone feel a sense of honor to pay back some foreign investor they've never met and will never meet?
Because you received a better interest rate from your lender in exchange for agreeing to allow them to securitize your loan.
Why not. Our congress wants to bail them out anyway-why should they have any responsibility?
I mean they all bought up way above what they can afford. The rest of us bought what we could afford and why should we not have to pay our mortgage and bail them out too? Whether congress votes to bail them out or they walk away from the mortgage-either way the people who do things right end up paying for it.
Just because you qualify for a mortgage of X does not mean you had to take it. But then again- they have to not only keep up with but out do the Joneses.
Whe we purchased our condo in October-we qualified for $100,000 MORE than the condo price. We never could have afforded it. I would have loved a big house with a big back yard but chose to be responsible. Now I need to bail these people out? Now they are going to walk away and negatively effect the economy because they chose to be irresponsible?
A lot of people have lost a bundle in the stock market, because financial institutions and mutual funds failed to disclose their exposure to CDOs and subprime loans. The returns didn't justify anywhere near that kind of risk. So if the government is going to bail out the homeowners who knowingly took on those foolish risks, they should certainly extend the same bailout to unsuspecting investors who lost money because of them. Or they should do the equitable thing and bail out no one. It's painful, but you move on. You shouldn't be allowed to move on and do it all over again, on someone else's dime.
People can't just walk away from bad investments. We sell the stocks and eat the loss. Why should the homeowner be any different?
A lot of people have lost a bundle in the stock market, because financial institutions and mutual funds failed to disclose their exposure to CDOs and subprime loans. The returns didn't justify anywhere near that kind of risk. So if the government is going to bail out the homeowners who knowingly took on those foolish risks, they should certainly extend the same bailout to unsuspecting investors who lost money because of them. Or they should do the equitable thing and bail out no one. It's painful, but you move on. You shouldn't be allowed to move on and do it all over again, on someone else's dime.
People can't just walk away from bad investments. We sell the stocks and eat the loss. Why should the homeowner be any different?
However, you can walk away from a call option. The contract on owning a home is similar to a call option, with your credit score being the only premium placed on the contract.
100% agreed. Additionally, the process of securitization has anonymized the mortgage. Jim Bob who teaches little league didn't and owns the corner bank doesn't own the loan. Some Chinese investor who bought the mortgage backed security does. Why does someone feel a sense of honor to pay back some foreign investor they've never met and will never meet?
BECAUSE THEY PROVIDED YOU W/ THE MONEY AND THE OPPORTUNITY. SOUNDS LIKE THE VIEW IS FROM SOMEWHERE ELSE THEN THE PEAK. What does being foreign have to do w/ it????????????????????????????????????
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