Another example of the lack of personal responsibility. When all my friends and clients here were moving up and buying houses they KNEW they couldn’t afford, they had no problem snaking these mortgages knowing full well that the time would come to pay the piper. They figured that the market would continue to climb and they’d make a fortune. They decided they’d “cross that bridge when the time came”. Well, guess what ?? The time is here and the market has suffered a reversal. It was just a matter of time, the market here couldn’t continue the way it was going and all the time, forecasters were warning about this very thing. People let greed overtake their fear and I don’t think the taxpayers should pay for that. I didn’t bite off more than I could chew and while I feel bad for those who did, don’t kid yourself, most of them knew the risks.;
Well put Deb. I agree completely. The only difference is that I have no sympathy for people who are so delusional, stupid, or irresponsible to think they can buy something they know good and well they can’t afford. It’s that instant gratification mentality of people that’s the problem. “I want”, “I deserve” therefore “I must get”. Let them live with their decisions. That’s how you teach personal responsibility.
I agree with Dread. I have no sympathy whatsoever for either the buyers or lenders in these situations. They both knew what they were doing & now don’t want to pay for their actions. Tough luck!!
since Big Brother is going to help out with this problem, the next one to attack is the amount of credit card debt that is offered.
then the next step is allowing poor people to buy lottery tickets, cigs, and beer.
then – – – – – – ?
I have a different perspective. I say regulate the heck out of the mortgage industry. Credit, already scarce, will become IMPOSSIBLE to get, home prices will FINALLY drop to their appropriate rent-to-price ratio and the economy will get back on track that much faster. Regulate, regulate, regulate. The more and the faster the better.
In the good old days in Cali, loan processors at the lenders or the brokers would make certain a loan package was fully documented to show all (as in ALL) the proposed borrower’s assets and liabilities and then make loans ONLY to qualified borrowers. And, oh yea, you needed 20% cash down to buy a house
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What is the Gov doing to help people get their homes back? What about the people that were affected?
Another example of the lack of personal responsibility. When all my friends and clients here were moving up and buying houses they KNEW they couldn’t afford, they had no problem snaking these mortgages knowing full well that the time would come to pay the piper. They figured that the market would continue to climb and they’d make a fortune. They decided they’d “cross that bridge when the time came”. Well, guess what ?? The time is here and the market has suffered a reversal. It was just a matter of time, the market here couldn’t continue the way it was going and all the time, forecasters were warning about this very thing. People let greed overtake their fear and I don’t think the taxpayers should pay for that. I didn’t bite off more than I could chew and while I feel bad for those who did, don’t kid yourself, most of them knew the risks.;
Well put Deb. I agree completely. The only difference is that I have no sympathy for people who are so delusional, stupid, or irresponsible to think they can buy something they know good and well they can’t afford. It’s that instant gratification mentality of people that’s the problem. “I want”, “I deserve” therefore “I must get”. Let them live with their decisions. That’s how you teach personal responsibility.
I agree with Dread. I have no sympathy whatsoever for either the buyers or lenders in these situations. They both knew what they were doing & now don’t want to pay for their actions. Tough luck!!
since Big Brother is going to help out with this problem, the next one to attack is the amount of credit card debt that is offered.
then the next step is allowing poor people to buy lottery tickets, cigs, and beer.
then – – – – – – ?
I have a different perspective. I say regulate the heck out of the mortgage industry. Credit, already scarce, will become IMPOSSIBLE to get, home prices will FINALLY drop to their appropriate rent-to-price ratio and the economy will get back on track that much faster. Regulate, regulate, regulate. The more and the faster the better.
In the good old days in Cali, loan processors at the lenders or the brokers would make certain a loan package was fully documented to show all (as in ALL) the proposed borrower’s assets and liabilities and then make loans ONLY to qualified borrowers. And, oh yea, you needed 20% cash down to buy a house