Can't pay your bills? It's rich peoples fault.

[Mr No Name]

the housing boom of the 90s would have never happened without predatory lending.  the houses were artificially inflated to 3 or 4 times their actual value.... then someone thought of a way to make it 'affordable'.  i bought my house directly from the owners who decided to retire in florida and paid only 60,000 when the other houses of similar construction and property size are selling for around 280,000.

I put 27K down from the sale of some land i had and I will be mortgage free in 6 years.

[indy007]

yup put the blame on the people who are the true americans,but lets not blame the big companies that have ruined our country, and force people to live the way they want us too,

I would like a picture of the gentlemen from Coca-Cola forcing you to drink his beverages. Obviously, you have no choice in the matter. The evil companies decide which car you're going to drive, where you live, how you live, what you eat, what you think, what you do for a living...

[lazs2]

you guys realize that a large part of those poor downtrodden comrades that are in forclosures are..  speculators?  they would be considered part of the evil rich by the likes of Ink.

Another large part is people who took a huge chance to get into a $300-500K home.. they took interest only loans.. adjustable loans... etc.  all counting on the market going higher and higher and higher.. they were doing it to make a killing... they got caught.

Others.. had their homes in a manageable situation.. instead of just enjoying the low payment.. they went out and made equity loans based on what EVERYONE knew were inflated home values... values that everyone knew could not last.   They used that money to put in granite counter tops and 40k kitchens and add on rooms and buy a new pickup..

The other biggie is...  divorce... they bought houses based on two incomes even tho the divorce rate is nearing 60%   Just the divorce rate will mean that more than half the homes bought using both incomes will end up in forclosure.

No... I am not for a socialist paradise like Ink.. I don't want to take the money from the wealthy and spread it around to the stupid who will produce nothing with it but a shorter life and more idiot children.

lazs

[MsBhaven]

it is like that in our town we have a house that just got forclosed on right up from us and since the economy is going down the toliet everyone is trying to sell their house. We took a drive last night and saw about 150 house for sale and that was just 1/2 of our town. Not to mention that a pretty big company in town is laying off 730 people in june and packing up to move to mexico. Our town is going to be nothing but houses for sale with no people to buy them since no one has a job or will be able to find one. 

[MORAY37]

Do you realise that 1 in 500 home owners in America should have bought something they could afford, but didn't?

thats pretty friggin serious!!!

Do you realize they are being punished then... "buying something they cannot afford"..that their government does every day.  The system is broken and it's not the people's fault.  Foreclose on a guy who's now 200,000 in debt... yet the national deficit is... wait.. I'll go get it...

The Outstanding Public Debt as of 24 Apr 2008 at 06:20:07 PM GMT is:
 
$9,344,183,411,830.41

The estimated population of the United States is 303,868,232
so each citizen's share of this debt is $30,750.77.

The National Debt has continued to increase an average of
$1.46 billion per day since September 29, 2006!
Concerned?

[SkyRock]

Exactly right!!! The only people to blame for the current housing crunch are the idiots that thought an intrest only loan was a great thing.

Hey I only make $45K a year but I can afford to buy this $250K home because I only have to pay the interest for the first five years and my payment is only $600 a month. WOW!!!! That's great, where do I sign?? Now five years later that payment jumps to $2000 a month and people are defaulting on their loans.

Why should I feel sorry for them?? They were stupid. I bought a house I could afford, did a traditional 30 year loan and my payment pretty much stays the same. What pisses me off is because all these idiots screwed up the housing market, my property value is going down.

Once again the people that do the right thing and plan ahead are having to pay for the idiots who can't think ten minutes into the future.

It is as much the lenders fault as it is the borrowers.  They OK'd those loans knowing they were high risk.  Greed is a beast!

[SFRT - Frenchy]

All I see is that the irresponsible buyer still "leaves in his house", and  the government will help him to keep it. Myself, I still have to pay rent because I couldn't afford what I wanted, and said "What if the sweet variable rate triples next week?". A society where the responsible is penalized and the dumy cathered ... it's socialisum ... and socialisum leads to spineless clones ... that leads to despotisum

[WilldCrd]

I'm currently looking to buy a house. I'm amazed at how many homes are in pre-forclosure. Also known as a "short sale" Aint nothing short about it...pain in the ARSE!!!
Its a great time to buy right now. I currently have a bid on a house that is selling for 118,000 the comps in the area are in the 140's range so IF I get it ill be walking into about 15-17k of equity. The sellers simply cant pay the mortage since it was a variable rat sub-prime loan.
The sub-prime loans and the banks that offered them were as bad a scam as the savings and loan thing in the 80's.
No the banks and the credit card companies are changing how they rate you personally as well. They are actually changing ppls credit limit on a whole different system.
I dont want to get to far off topic but this happend to a freind. and others I know
example: you have 5k credit limit, you have a balance of 2k, the credit card nazis for whatever reason change your limit to 3k...NOW when someone pulls your credit report  its hows you over 50% on your card which WILL knock down your credit rating quit a bit.
I check my 3 cards regularly for that reason AND to make sure someone isnt fraudulently charging me

[texasmom]

Do you realize they are being punished then... "buying something they cannot afford"..that their government does every day.  The system is broken and it's not the people's fault.  Foreclose on a guy who's now 200,000 in debt... yet the national deficit is... wait.. I'll go get it...
The Outstanding Public Debt as of 24 Apr 2008 at 06:20:07 PM GMT is:
$9,344,183,411,830.41
The estimated population of the United States is 303,868,232
so each citizen's share of this debt is $30,750.77.
The National Debt has continued to increase an average of
$1.46 billion per day since September 29, 2006!
Concerned?

Do you mean to say here that because our government leads by example and spends irresponsibility, that we, as individuals are now held blameless if we do the same, because "Hey...we're only doing what the government does!?!?!?!?"  That's a crock of responsibility dodging crap.

[WilldCrd]

oh and FYI my loan is a "fixed" rate of 4% from Rodney Anderson of CTX mortage co.
If your in the DFW are and are looking to buy I HIGHLY recommend these guys. If you cant afford a certain house they WILL tell you and wont pencil whip the numbers so that you can get a loan.
I can easily afford a 180k loan however I have to buy all new furniture and have other things going on so I didnt want to get a loan at the limit of what i make.
Thats where most people mess up, they get the max of what they can afford then they loose a job, have a accident and their short term disability or other event happens and they get behind and cant ever catch up.
To many people live check to check. I keep enough in a seperate CD acct and savings acct to make 6mo's of loan payments plus basic bills. Thats not counting my reg savings and 401k, short and long term disability's AND I pay a lil more for insurance just in case I cant make payments on my car, credit cards and home loan.

[indy007]

<snip>

What Texasmom said. Two wrongs don't make a right... and at least I get something out of government. It's the worst return on investment, ever... but there's infrastructure that allows me to go about my business successfully.

So if you go out and lease a Porsche, when you really should've bought a used Civic... is it the Dealership's fault? Is it Porsche's fault for advertising fast cars? No. It's your fault for signing the papers.

[SFRT - Frenchy]

They are actually changing ppls credit limit on a whole different system.
I dont want to get to far off topic but this happend to a freind. and others I know
example: you have 5k credit limit, you have a balance of 2k, the credit card nazis for whatever reason change your limit to 3k...NOW when someone pulls your credit report  its hows you over 50% on your card which WILL knock down your credit rating quit a bit.
I check my 3 cards regularly for that reason AND to make sure someone isnt fraudulently charging me

That happened to me 1.5 year ago. When I moved to SLC I maxed out my Bank of America CC of $5,000. Did the min payments till 4 months later where I generated money again, and paid $2,000 at once. Next statement my credit limit has been lowered to $3,000!!! I call BOA to bring it back up, they said my credit score is too low. I check my credit with Truecredit (Transunion) it went from 705 to 599 in ONE MONTH!? I call Truecredit that transfers me to Transunion, and the gal said :" you must have done something, because it's all computed by the mega computer, and computers are never wrong". I asked who checks the computer ... who can analyse my case and give me a logical answer. She answered "nobody, the computer does it all".  

[ink]

i am totally not surprised by most of these responses,

i don't think we should take from the rich and give to the poor,

i think people are more important than money, and in this society it doesn't matter what, or who you are, its all about whats in your pockets what can you do for me, mentality well whatever, most of you don't believe in God, well you do its called "the almighty dollar"!

Yahaveh will compensate every one for his deeds, and if i were most of you, i would get off the ride this country is going down because its not gonna be a fun one!!! or a short one, eternity away from God, away from LOVE, that is what hell is gonna be like,

sounds fun huh? 

 

[SFRT - Frenchy]

Sounds more like you don't have much money.

[MsBhaven]

this is my own personal opinion and i dont want to get flammed for it either but i have to say it. I think that people should only be going out and buying things they can afford. If you cant afford it save your pennies and money and then when you can go out and buy it.