Does no one accept responsibility any more?

[stmatthew]

Originally Posted by Grasshopper

Did you know there’s such a disdain for the victim mentality that real victims are derided in today’s culture? I know folks who took real estate in school and have a hard time understanding the ins and outs of some of these contracts. I don’t expect everyone to understand the degree of risk they are opening themselves up to. No one used to…that’s why these lending/investment schemes used to be heavily regulated.

I have no education at all in the real estate industry, and I know that ANY adjustable rate has the potential of increasing. If I can learn it, anyone can. As the saying goes, "there is no one as blind as the one who will not see". If someone is not willing to search out and educate themselves, then they have not acted in a responsible manner

A second job for another 15-30 years while rates adjust even worse as time goes by isn’t feasible. People are more than work horses earning a living in this social Darwinist society. These are fathers and mothers. Most are already both working…one of them taking on a second job will eliminate a father or a mother from the family equation to earn the almighty dollar. If they didn’t qualify for a fixed rate…the system should have never set them up with a variable rate to begin with. The only reason these companies did this is because they deregulated the industry and they were allowed to sell these mortgages to overseas investors. I imagine you’d have no issue with everyone working on a global corporate plantation for their living? That’s where we’re headed bro. It will be a privatized communism where the corporation owns all…including the government.

Wait, they didn't have a problem presuming that the interest rate would not go up when they got the loan. Why should they not now presume that the interest rate can drop?

IF I go out and get a part time job at $7.00 (MCD's pays this) I can make an additional $140 a week/ $560 month, before taxes of course. Possibly $400 after taxes

I can see ditching the cell phones and cable….but the savings wouldn’t be significant enough to help most of them.

-Cable and internet costs my mom about $150 month.
-A cell phone will cost about $50 a month.

That is approx $200 month

While I agree they should ditch these things again the savings wouldn’t be significant enough to make a difference.

-1 pack of cigarettes is about $3 day/$90 month
-Beer is what $4 a 6 pack per week/ $16 month
-Eating out....I easily spend $50 - $100 wk eating breakfast dayly, and a Sunday meal out

We can even it out at $200 month

We agree that this is reasonable.



For most the credit crunch crushed their being able to qualify. The lender made it sound like refinancing would be a synch…no one told them the bottom could fall out of the market and they’d be stuck.

Just getting rid of the above, and getting the part time job at McD's, I would have an additional $800 a month with which to add to a payment. I have not even begun to cut the budget though, as I know very few that spend frugally.

[Rico]

Originally Posted by rgcraig

Surely, you jest. Our president was just asked to leave because sales numbers weren't were they wanted them to be.

He'll probably end up with a multi million dollar severance package.

[DividedThigh]

still gonna pray for you grass, dt

[Ron]

Originally Posted by Grasshopper

Don't bother. I already know what you utra-right wing types think of me and others who politically disagree with you. Your prayers arent' welcome here. I know too many peope hurting while people "pray" for them. You're faith and your prayers are a joke if you don't stand for a society that cares for it's own. If you stand to allow business to get breaks for moving jobs we need to Mexico or China. If you don't care that premiums are too high to insure our kids. If you don't care that a young couple got taken in a lending scheme that shouldn't have been legal to begin with.

America is nothing but a huge social Darwinist state where most only care for themselves. Nobody cares for their neighbors anymore. I know a person who has cancer and might face a layoff and loose her insurance. She's not going to be able to get insurance that she can afford due to her "pre-existing" illness. If they lay her off....they essentially sign her death warrant.

You are right, people do use and abuse thier neighbour.
Society in North America while far from perfect, is a pretty good place to live.
There is greed on every side.
Jesus said it will be so.

Mat 26:11 For ye have the poor always with you; but me ye have not always.

This speaks to me that while we have the poor always with us, there will never be true Social Equality until Christ comes back.

Woa unto that Man, Woman, or business who just lives for himself!

[Baron1710]

Originally Posted by stmatthew

I have no education at all in the real estate industry, and I know that ANY adjustable rate has the potential of increasing. If I can learn it, anyone can. As the saying goes, "there is no one as blind as the one who will not see". If someone is not willing to search out and educate themselves, then they have not acted in a responsible manner





Wait, they didn't have a problem presuming that the interest rate would not go up when they got the loan. Why should they not now presume that the interest rate can drop?

IF I go out and get a part time job at $7.00 (MCD's pays this) I can make an additional $140 a week/ $560 month, before taxes of course. Possibly $400 after taxes





-Cable and internet costs my mom about $150 month.
-A cell phone will cost about $50 a month.

That is approx $200 month





-1 pack of cigarettes is about $3 day/$90 month
-Beer is what $4 a 6 pack per week/ $16 month-Eating out....I easily spend $50 - $100 wk eating breakfast dayly, and a Sunday meal out

We can even it out at $200 month





Just getting rid of the above, and getting the part time job at McD's, I would have an additional $800 a month with which to add to a payment. I have not even begun to cut the budget though, as I know very few that spend frugally.

Where you getting that cheap beer and tobacco?

And here’s the funny thing…if we had a national health insurance program sure your taxes would rise somewhat…but your current exuberantly expensive premiums would disappear and you’d pay the lower negotiated premium. Combine that with the tax increase and most would actually save nearly $300 a month. But most people are too paranoid to do what’s right for everyone.

My prediction is…we’ll eventually have a market driven national health insurance system. There will be adjustments that are needed but it will be better than the current system we have now. We’ll look back at it as a significant achievement of America society and most Christians would never dream of just allowing people to die because they didn’t have insurance. They will look back at most of the Social Darwinist neo-conservatives and wonder where their hearts were….just as we look back at ministers who advocated other social evils like racism and slavery.

I could be wrong…but that’s my prediction.

[rgcraig]

Originally Posted by Rico

He'll probably end up with a multi million dollar severance package.

He already had that.......

[stmatthew]

Originally Posted by Rico

Again, I agree that people need to take some of the responsibility for this housing crisis we are in. However, you can not place the blame solely on the consumer. These loans were not presented to potential homebuyers as being risky. Have you ever tried reading one of these loan documents? I have, because I worked for a company that provided customer service for a bank's HELOC department, and they are extremely confusing, Matt.

There is a certain amount of trust involved with these types of transactions. It's kind of like when someone buys insurance from me. They put their trust in me as a professional. My job is to decipher the policy language and explain to them what the insurance company will pay for and what it won't pay for. The people who were selling these loans to consumers did not adequately present the risk involved to consumers. They saw these loans as an easy way to make money, pushed them on people without really explaining how they worked, made a bunch of money, and now consumers are left holding the bag.

I doubt that they did not explain that these loans were able to go up.

I was a detail person in the construction industry as I did finish work. When I go into a house, I can see all the flaws, and could point them out. But when a home buyer goes into that same home, all they see is shiny paint, and shiny fixtures. They do not see the baseboard that runs on the floor, showing the uneven drywall. They do not see the outlet that is crooked in the bedroom. This is what I believe has happened to many in this issue. ALL they saw was a chance to own a house. They did not hear the broker tell them there was risk. ALL they heard was YES.


Again, did some NOT adequately present the risk involved to consumers. I am sure there was. But I believe it an exception, and not the norm.

[stmatthew]

Originally Posted by Grasshopper

Don't bother. I already know what you utra-right wing types think of me and others who politically disagree with you. Your prayers arent' welcome here. I know too many peope hurting while people "pray" for them. You're faith and your prayers are a joke if you don't stand for a society that cares for it's own. If you stand to allow business to get breaks for moving jobs we need to Mexico or China. If you don't care that premiums are too high to insure our kids. If you don't care that a young couple got taken in a lending scheme that shouldn't have been legal to begin with.

America is nothing but a huge social Darwinist state where most only care for themselves. Nobody cares for their neighbors anymore. I know a person who has cancer and might face a layoff and loose her insurance. She's not going to be able to get insurance that she can afford due to her "pre-existing" illness. If they lay her off....they essentially sign her death warrant.

This here just ain't even Christian, and I am going to report it.

[DividedThigh]

Originally Posted by stmatthew

This here just ain't even Christian, and I am going to report it.

so true, bro matt, dt