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Thread: Housing Market

  1. #21
    Senior Member Jason Glavich's Avatar
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    I blame the people who could not understand they could not afford their home loan. If you do not understand the loan you shouldn't sign the papers. I know a lot of people fell on hard times and lost homes, but most took loans they never could afford. When I was house shopping I was approved for much more than I could afford, I bought in the range I knew I could afford.

    Local story, a waitress buys a home for 750k for her and her 3 kids. Her business laid her off, she said her mortgage should be reduced to show the new home value and let the rest go away. More investigating showed she never could afford it and never made a payment. Liar loans got us into this mess, the banks and the people are to blame.

    Someday I hope this country returns to a state of personal responsiblity. No one is to blame except youself when you take a loan you cannot afford, or when you refinance to take a loan you cannot afford.
    My Father,My Friend,My teacher,and now My Angel~ 04/21/1956-03/21/2011 You will always be missed. I hope to learn half of the stuff you knew.

    ~Blessed are those who mourn for they shall be comforted~

  2. #22
    Senior Member huntinman's Avatar
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    Quote Originally Posted by menmon View Post
    Opinions are like a<<holes...everyone has one.
    you should know... someone sent me your graduation photo...

    opinion.jpg
    Bill Davis

  3. #23
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    Quote Originally Posted by Jason Glavich View Post
    I blame the people who could not understand they could not afford their home loan. If you do not understand the loan you shouldn't sign the papers. I know a lot of people fell on hard times and lost homes, but most took loans they never could afford. When I was house shopping I was approved for much more than I could afford, I bought in the range I knew I could afford.

    Local story, a waitress buys a home for 750k for her and her 3 kids. Her business laid her off, she said her mortgage should be reduced to show the new home value and let the rest go away. More investigating showed she never could afford it and never made a payment. Liar loans got us into this mess, the banks and the people are to blame.

    Someday I hope this country returns to a state of personal responsiblity. No one is to blame except youself when you take a loan you cannot afford, or when you refinance to take a loan you cannot afford.
    Lots of blame to go around, individuals who took out loans they couldn't afford, banks for giving loans to individuals that knew they couldn't afford it, politicians for bailing out banks when the inevitable happened.

  4. #24
    Senior Member Leslie B's Avatar
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    Quote Originally Posted by BrettG View Post
    It makes me mad when I hear people taking up for individuals that got those bad loans. When I was house shopping the last time I moved (2001) I received numerous offers for those crazy loans. I was encouraged to buy more house than I can afford. I resisted and got a 15 yr loan with a freckle higher interest rate which will be paid off in a little over 2 years. My interest rate is higher than I would like it to be but I'll own my house outright shortly.
    Not everyone is as savy as you were with your home purchase. Often times, people believe the "experts" that tell them they qualify for a mortgage and encourage them to "buy as much as you can". There were a number of sales pitches, used by the financial industry, to push people to buy more home than they should. Why? Because they were PAID to do so. It lined their pockets.

    I never liked them these sales tactics and felt that they were deceptive long before the financial crisis. With one hand the financial industry has promoted itself to be there to "help you reach your financial goals" all the while the decisions they were promoting were really the ones that paid them the most.

    They made used car sales people look like missionaries!!!

  5. #25
    Senior Member menmon's Avatar
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    Quote Originally Posted by Leslie B View Post
    Not everyone is as savy as you were with your home purchase. Often times, people believe the "experts" that tell them they qualify for a mortgage and encourage them to "buy as much as you can". There were a number of sales pitches, used by the financial industry, to push people to buy more home than they should. Why? Because they were PAID to do so. It lined their pockets.

    I never liked them these sales tactics and felt that they were deceptive long before the financial crisis. With one hand the financial industry has promoted itself to be there to "help you reach your financial goals" all the while the decisions they were promoting were really the ones that paid them the most.

    They made used car sales people look like missionaries!!!
    Free market...folks pursuing money will benefit society the most....flawed...there must be rules or people get hurt.

  6. #26
    Senior Member huntinman's Avatar
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    Quote Originally Posted by menmon View Post
    Free market...folks pursuing money will benefit society the most....flawed...there must be rules or people get hurt.
    Risk and reward... no pain no gain... There are no guarantees in life except death, taxes and now Obama phones.
    Bill Davis

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