Not everyone who has an adjustable rate mortgage bought a house that they could not afford. And I would dare say that most people who have these mortgages knew the interest rate would change, they just didn't expect it to change so drastically.
Good point.
Also, I can't stand the word victim, but there were people out there willing to take the risk just so they could have a home of their own.
Do you blame the snake oil sales man or do you blame the person who bought the snake oil?
I had an ex-girlfriend who thought I would be responsible for my parent's debts when they die...
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Originally Posted by tamor
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Originally Posted by MissBrattified
I had a mental picture of Mich's MIL yelling at her in a petulant voice, "Fine! I"ll just stop paying the bill, and they'll come take the furniture, and THEN what will you SIT ON????!!!!!!!!!! MOON CHAIRS, THAT'S WHAT!!!!!" Imaginary older woman with gray hair stomps out of the house, red-faced, while Michlow looks on with a bit of a smirk.
In unrelated news, every time I say "moon chair" I think of "moon pie."
I think that she is a bit mentally unstable! As there have been threats of lawsuits, and mysterious statments that she has been gathering "evidence" on me for years. I think more than anything she is angry that Matt and I are still friends (AND he passes on to me everything she says), I think she was hoping that because we were splitting up, he would join her on the dark side. (the dark side being the place where people who don't like me dwell )
At any rate, our divorce hearing is on Oct. 31st, so only 36 more days until I can forget she exists.
(BTW, it's slightly ironic that we got married a week before Valentines day and are getting divorced on halloween...it's symbolic of the path our marriage took! )
sometimes people do not know what they are doing...
Sometimes people don't know what they are doing because they believe advertising hype without research or finding someone they trust to do the research.
I have been investing in real estate for a number of years and I have had some great success but also some horrific failures. Right now I have a triplex that I wish to God I had left alone, but it was a good deal at the time and rental rates were high.
I have it rented and it is cashflowing however I need to sell it and cannot do so without taking a $30-40k hit. I just don't have the time or energy to manage it and a management company would break me even...which I suppose wouldnt be bad.
I have to batton down the hatches and stick with it for a few more years and hopefully I can make that amount when I sell it.
...(BTW, it's slightly ironic that we got married a week before Valentines day and are getting divorced on halloween...it's symbolic of the path our marriage took! )
You're funny today.
__________________
"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
I think that she is a bit mentally unstable! As there have been threats of lawsuits, and mysterious statments that she has been gathering "evidence" on me for years. I think more than anything she is angry that Matt and I are still friends (AND he passes on to me everything she says), I think she was hoping that because we were splitting up, he would join her on the dark side. (the dark side being the place where people who don't like me dwell )
At any rate, our divorce hearing is on Oct. 31st, so only 36 more days until I can forget she exists.
(BTW, it's slightly ironic that we got married a week before Valentines day and are getting divorced on halloween...it's symbolic of the path our marriage took! )
I completely agree that banks are responsible as well, they should never have made the loans in the first place... I just object to the term "foreclosure victim". I didn't even want to touch the other issues regarding the lending institutions because I don't understand it enough to talk about. Rest assured that I believe they are a bunch of crooks that prey on people's inexperience... same thing with pawn shops, and those quick cash places, and rental centers. They all prey on poor people and take their money.
I did the whole credit card thing in my late teens as well, and have spent many years fixing the problem that I created for myself... I don't consider myself a victim, I consider that I made a mistake that I have to pay for myself.
A huge chunk of the blame on banks really belongs to congress.
I do realize that some of these banks did some really bad things, but a pretty big chunk of this problem happened with Congress required banks to lend a certain % to high risk borrowers in what they called "underserved communities".
Congress forced regulation of banks to drive loans to poor and minorities that couldnt really afford these loans. They did it by law and now we are reaping the whirlwind.
Now, anyone who took an ARM and took it in the shorts is no victem. But that doesnt change the fact that if we dont find some way to fix this, all the rest of us are going to be in trouble too.
__________________ If I do something stupid blame the Lortab!
Also, I can't stand the word victim, but there were people out there willing to take the risk just so they could have a home of their own.
Do you blame the snake oil sales man or do you blame the person who bought the snake oil?
I don't know a lot about mortgages or real estate, but I know in the insurance business, the onus is on the agent or professionals to make SURE the client understands a policy. For instance, if they are uneducated or elderly, then the government places the responsibility on the person who DOES understand the policy to convey it to the insured--and you don't let them sign the policy UNTIL they understand certain aspects.
It is also required that you use language easily understood by the client, and not big words that only a lawyer could understand.
Anyway...I think that consumers DO need to be proactive and educate themselves, BUT mortgage companies (and other businesses) have deliberately misled consumers in many cases, through advertising, sales, high-pressure, and sometimes just outright lying and subterfuge.
If contracts are so poorly worded that only an attorney can translate them to a client, then the company needs to reword the contracts. It's a shame that ANYone would have to hire a lawyer to read a contract in order to do business--although it is obviously necessary in many cases.
That said: I do get tired of folks wanting the government (e.g., MY tax dollars) to bail them out of every little problem (or big problem) they encounter.
__________________
"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
A huge chunk of the blame on banks really belongs to congress.
I do realize that some of these banks did some really bad things, but a pretty big chunk of this problem happened with Congress required banks to lend a certain % to high risk borrowers in what they called "underserved communities".
Very good point.
Quote:
Congress forced regulation of banks to drive loans to poor and minorities that couldnt really afford these loans. They did it by law and now we are reaping the whirlwind.
Now, anyone who took an ARM and took it in the shorts is no victem. But that doesnt change the fact that if we dont find some way to fix this, all the rest of us are going to be in trouble too.
The most IMPORTANT point.
__________________
"God, send me anywhere, only go with me. Lay any burden on me, only sustain me. And sever any tie in my heart except the tie that binds my heart to Yours."
--David Livingstone
"To see no being, not God’s or any, but you also go thither,
To see no possession but you may possess it—enjoying all without labor or purchase—
abstracting the feast, yet not abstracting one particle of it;…."
--Walt Whitman, Leaves of Grass, Song of the Open Road
Just to be clear, I think the bailout being talked about isnt the right way to fix this.
the government shouldnt be doing this. The government ought to be getting itself out of the way of business.
drop Capitial gains tax to ZERO
cut corporate tax rate to 12%
change the way we force companies to valuate these assets so we get a real picture of what they are acutally worth and not a picture of what other people think they are worth.
repeal Sarbanes Oxley
you do those few things and all the money in the world will flow to the US banking system.
__________________ If I do something stupid blame the Lortab!
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