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.