Quote:
Originally Posted by Karl F
"stupid people that borrowed more than they could pay back"...well yes Joe...but...dammit...STUPID lenders that lent it to them as well, just as guilty, in my book...whatever happened to banks that actually looked at the property, verified peoples income and debts, and based the desicion to lend on that!!....the greed of getting the "commsion on the loan"...the interest flowing....crippled the people that borrowed..and ultimitly the sham institutions that wrote the notes...and the high limit high interest credit cards..the EZ money, spend it mentality...dug us the huge hole, and it will take a long time to dig out of it...prolly longer than i have left on this planet....
gonna get worse, before it starts to get better, i think....
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Right on Big K, I think De-Regulation began this whole mess, those who passed that bill and allowed it to happen are the culprits, all they saw was dollar signs for themselves = GREED!
It makes me sick.
There was verification and scrutinization back in December of 1988 when I bought my house, they looked at 2 years income, I had to show my savings of how I came up with the down payment(which was from hard work ,sacrificing and the tailend of a good economy) I didn't buy a house I couldn't afford,most people are responsible like that, but the past years some allow others to sway them and they end up with a mortgage they can't pay. I didn't trade up to some house I would have liked, I'd rather live within my means than be in debt. I'll probably live in this house all my life now. There was no first time homebuyer programs when I bought, but soon after there were plenty.
De-regulation was a huge mistake, it's time to fix the mess not form big government to spend more and more money we don't have. I thought the bailout was supposed to be for the housing crisis
why are the polititions tacking on all sorts of programs to how the money is doled out? This country is whacked! We elect these nitwits and they get away without accountability. Maybe I'll move to Canada
