Does no one accept responsibility any more?

Originally Posted by stmatthew

And this is the disagreement.

Let me be plain. If someone is too stupid to do their homework before making a major purchase like a home, they have no one to blame but themselves for getting into a loan by presuming upon the future. I am not without compassion for someone losing their home, but the victim mentality IS an issue with me.

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.

*DID they work a second job to attempt to save the home?

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.

*DID they continue to pay for things such as Cell phones, Cable tv, and internet instead of taking the money for these NON-ESSENTIALS and applying it to the loan?

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

*DID they continue to smoke, drink, or go out to eat, instead of taking care of their responsibilities?

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

* DID they work to improve their credit during the time they had the home by paying their payments ON TIME every month?

We agree that this is reasonable.

*And DID they seek out other means to get the mortgage changed to a fixed rate, or at least contact their current mortgage company and ask for options?

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.