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Sexiest Man Alive | Why aren't we getting mad at those homeowners who knew they couldn't afford a mortgage? |
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RM
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There's a lot more people mad than you would realize. I am one of them that is just furious that the government wants to help these people out that should've never even been looking at buying a house in the first place- let alone actually qualifying for a mortgage!
I bought a house when I was 24. I saved VERY HARD for a long time to do it (it was a dream of mine to own a house since I was in college). I got a 30 year fixed mortgage and put a sizeable downpayment. Why did I, at age 24, know enough to get a fixed mortgage with a down payment, that people in their 30s and 40s didn't know two years ago????
I work for a lender so I understand the way these things work. What is sad is that SO many people are STILL buying houses with only 10% down payments and buying second homes when they already have 50% of their monthly income going to pay bills. It's sad that people feel entitled to a house, like it's a God given right to own a home. It's not! It's a privledge that you should have to work for and EARN!
This crisis was caused by a very self-centered, me-me-me, tangible goods society. I think that 85% of people currently losing their homes should've never owned one in the first place. I do feel bad for those who are victims of circumstances- a job loss, or some other unpredictable trauma. But even with a job loss, people should have rainy day savings for that sort of thing.
My grandparents paid cash for their home back in the day. Can you imagine? That should be the standard now-a-days but sadly, still tons of people with horrible credit and $3 in the bank thinking they have the right to buy a home. |
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♣Mrs PerSepHonE♣
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I dont believe people get the broader scope of the economic crises. I dont think there is anyone alive that would take out a 30 year mortgage that they know they couldnt afford. Its also no coincidence that everyone began to go into foreclosure at the same time. there are other political reasons why the US is in the crisis it is in now but it is easier to blame sub prime lending instead of you know, the 10 billion a month funding for a frivolous war. So lets just stick with the scape goat, the sub-prime lenders.
At the time, these people could afford their mortgage. What happened was, gas sky rocketed. Food prices increased. Then the crash. People lost their jobs. Like I said, if people really think, which I dont think many have been, these foreclosures didnt happen until the beginning/mid summer when the gas prices increased which trigged a domino effect.
Taking out a mortgage knowing you cannot afford is idiotic at best and to say people in foreclosure did this is an insult to thousands of people. If they couldnt afford it, why did it take them years to go into foreclosure? Some of these people that went into foreclosure have been in their homes for 15 20 years!!!! so no, its not that they couldnt afford their mortgage.
I suggest those who havent take an economics class. |
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Alterfemego
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Remember the last time you were really excited and apprehensive about something in your life? Something big? Can you remember the details?
So goes with first time home buyers. Most were just so excited they couldn't think of anything negative happening. They assumed that the information they were provided by the loan officer was correct. And I can bet you a dollar, most didn't hear the words about the adjustable rates and what could happen. Most truly believed they would be fine.
So I blame the loan officers. It's so funny, a Realtor is bound by law to take into account all fiduciary obligations when working with a client, we're required by law to take classes and pass a state exam. An appraiser is required to have 2500+ hours of training and pass a state exam. So explain to me why someone who handles peoples financial future isn't as heavily educated and licensed as we are. There is part of your answer right there. |
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Mom
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You said we aren't?
I am pissed off that a few people are so self centered and feel that they have to be privileged with homes way over their means that they just about brought our entire economy down.
Clintons great plan that everyone would own a home did not take into account that not everyone is willing to work for a home. |
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smartypants909
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I don't think its all their fault. I know people with college educations who had ARMs, adjustable rate mortgages, who had no idea they were supposed to refinance before the rate went up. These people simply got mortgages from shyster lenders, who did not fully explain the ARM to them. |
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Dustin
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They didn't know they couldn't afford it. Most of them are not too savy in the ways of how mortgages work and were misled by lenders.
and how can you get mad at someone who lost their house. It's like they didn't get a bailout, they're broke now. |
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Liang D
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First of all, I believe and it is my opinion that we should not get mad at those home owner who knew they couldn't afford a mortgage, yet they bought house. the problem is that everyone dreams to have a own house instead of renting where they can live with their families and even thought their pockets are tight, they will still take the risk for the sake of having a warm house.
If we get mad a them, it will not improve anything nor compensate the damage it has done to North America. |
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A D
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There were some people who knew better and were greedy, but I think they were in the minority.
You want greed? How about the property owners in states where property values were soaring? They did cash-out refi's and then bought properties in states with lower cost properties that they then rented out. When they found they couldn't get enough rent to cover the costs, many of them let the properties go into foreclosure. The poor tenants - who were paying rent on time - got evicted AND lost their security deposits. How's that for greed...abuse?
Most home buyers were told they could afford to buy. They were naive and believed what they were told. They did NOT know the questions to ask. Since most had never owned homes before, they did not understand the process. A lot of home buyers were steered into the sub-prime loans because the lenders made more money on the sub-primes than on the normal loans. This in spite of the fact that some of them could have qualified for more traditional loan programs.
Home builders joined up with lenders and offered the Zero Down, Zero Closing Costs and marketed them especially to "marginal" buyers. These poor folks didn't know that they owed 103%+ of what the house was worth on the day they signed closing papers.
How about some of those "creative financing" deals? "Stated Income"? No docs? 80/20 w/rolled in closing costs and no PMI. Then they would split the 80 from the 20 and sell them on the secondary market as Mortgage Backed Securities to greedy investors hungry for profits. Some of these investors were other banks (foreign and domestic), mutual funds, foreign companies, foreign nations.
And, let's see, who else? Oh yeah, what about the Federal Reserve? Back in 2002, after the tech bust, the Fed dropped interest rates to 1% to spur the economy. That's what got this whole ball rolling in the first place.
I agree with the poster who noted that real estate agents, appraisers and inspectors (at least in TX) have a fiduciary responsibility to our clients. Lenders do not. Their little slice of the American pie was deregulated by our elected officials and they were beholden only to themselves, none of them actually works for the borrower.
There's a lot of blame to go around for this mess. Just don't lay it all at the feet of some very naive, trusting folks who have lost their homes, had their credit wrecked, lost their investments while the real slime have declared "bankruptcy" and taken their millions in ill-gotten booty into their lairs just waiting for the next opportunity to scam.
Let this be a lesson to all of us to be vigilant - if something looks too good to be true...it probably is. Regulation is not a dirty word. Oversight is necessary. And show some compassion - it could easily have been many more of us in the same situation. |
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Ash
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some people are. but really, we should be mad at the banks for taking those kinds of risks with our money. we know that a good number of people have no idea how mortgages work or even how the whole system of borrowing money works, so the banks should have been more cautious. however, they thought the housing market would keep going up and the houses they were giving people loans for would increase in value.
yet another reason to not trust banks. |
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patrick
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There were no doubt some buyers that were misled by mortgage brokers, and those brokers need to be prosecuted and fined. For those that claim they were misled, but failed to read the loan document, or were confused but signed it anyway, I have no pity. We are treating these people like they were addled juveniles, not responsible adults, that should have known better. |
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Micki
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i believe that many of them were misled when interest rates were low. They had good intentions but were not well informed. Most were just victims of circumstance. |
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Sumpthinspec02
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The banks set the underwriting guidelines not the consumer. The banks should have had guidelines in place to make sure borrowers could afford their payments when the adjustable rate mortgages started to adjust. The banks get a government bailout while many good people with good intentions lose their homes.
Banks make alot of money on mortgages and other types of loans. Loan officers are considered sales people and are paid a commission based on how large a loan they can make. The average person has no idea how a mortgage works and will believe whatever the loan officer says.
Many people were given low interest adjustable rate mortgages and were told all they had to do was refinance when the loan started to adjust. Well most of those people are realizing that now that the rates have adjusted they can not afford the payments and they can't refinance because property values have fallen therefore they have no equity to borrow against. Most of these people are upside down on their mortgage.
I don't see any reason to be mad at the borrower. They were told by the bank that they qualified for the home. The majority of these people did not buy a home with the intention of not paying for it. They believed what the bank/loan officer told them. Most people had no idea how high their payments would go once the ARM started to adjust and no one could have predicted that property values would fall blocking homeowners from refinancing. |
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Linnea T
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cause everyone in this world thinks dumb and cant get it together |
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TheRock
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I am furious at all of them......but leave it our government to reward you for messing up. I don't blame anyone except the people who signed on the dotted line. Come on, you can't tell me you thought you could actually afford a $400,000 home and you were only making $60,000 a year - get real! All I have to say its a good thing its not a crime to be an idiot.
What about the people who play by the rules??? They get nothing. |
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loanmasterone
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I see that a lot of individuals on this forum want to blame everyone except those that signed the loan docs.
If these same individuals were picked up by the police for shooting a gun off at Christmas and placed in jail. They can not go before the judge and say "I just moved to this city and did not know you could not shoot a gun in the air."
The judge would tell them something along these lines, Ignorance is no defense. So if you are ignorant you can still go to jail.
The same applies to those that signed the loan docs. In most all cases they were explained what an adjustable mortgage was and how it worked.
Further they had to have signed loan docs that explained them what an adjustable mortgage was. It further explained when the adjustable was to take place as well as how much if would adjust with the new interest rate and monthly payment.
If you don't understand something you should not sign a document and then claim you did not know what you were signing.
Now there were some that signed the loan docs and were ignorant of what they signed,but they signed it any way.
I am also sure that there were some loan brokers and loan officers that told their clients not to worry, go ahead and sign any way.
Sub-prime, adjustable rate mortgages and 100% mortgages have been around a long time. 100% mortgages have been around since the GI veteran bill allowed veterans to purchase property with no money down for anything to include closing cost.
The 100% mortgages worked so well that conventional lenders decided that it was a good idea for non veterans also.
It appears as if everyone want us to believe that these mortgages just hit the market and was available in the last 4-5 years.
Well these type instruments were here for over 20-25 years now. Long ago loan brokers and loan officers would tell a person getting a sub-prime loan or adjustable rate mortgage is "Pay this lower mortgage payment for the next 2-5 years.
Before the mortgage adjust or the sub-prime adjust we will refinance you into a normal rate mortgage. We will be able to do this because the property would have appreciated and you will have equity so it will not be a problem.
This is what happened in 1985 and 1992 I think those are the years. The properties appreciated in value, the lenders were able to refinance the properties to a fixed mortgage and lower rate. Everyone was happy and thing went well for all.
The big thing that happened in this situation that did not happen in the past situation of the same nature was that houses did not appreciate in value.
There fore since the houses did not increase in value no one those with sub-prime or adjustable rate mortgages were not able to refinance. Now everyone is acting as if these mortgages were never here and surprised that some one so stupid could sign for such mortgages.
They knew they could not afford that house, they knew better than to sign for a house with no money down.
If you don't have the money to put down then you should not be purchasing a house.
When everyone was getting into these houses everyone was happy and things were going great. What happened to that feeling??
Everyone want the American Dream!!! That is to purchase an own their own home.
Had houses appreciated in value we would not be holding this conversation.
We have to figure out the best possible way to get out of this situation
When the stock market went south in the late 20's and early 30's we had a financial crisis. This is nothing new, we have one every now and then that affect everyone. it happen in our time.
Now you will be able to tell your grand kids, "You have not got it bad at all, you should have been in the housing crunch of 08, boy banks crashed, people lost houses left and right and every body blamed ole George W. Bush and what was his vice president's name, Oh yeah Chaney. Boy now you really should have been there this is nothing"
There is enough blame to go around had anyone had a crystal ball to see that properties would not in crease in value.
I hope this been of some use to you, good luck.
"FIGHT ON" |
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beamon5
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I'm right there with you. Everyone wants to blame the banks for taking advantage of consumers, but people are so irresponsible, running up credit card debt and taking mortgages that are beyone their means. Do research before you take a loan, you should know with an adjustable rate mortgage it could go up. Pay attention to the details of the terms of the loan. I feel no sympathy for about 99% of the people getting foreclosed on. |
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