This sums it up pretty well

So people that sought the American dream of owning their own home were greedy but the bastards who told them they qualified and filled their applications with lies the people never told them are just trying to make a living.

Do you have any idea how many people in the next generation will fear buying a house because of the devastation of watching a family memeber get their Home taken away?
 
Desh said:
So people that sought the American dream of owning their own home were greedy but the bastards who told them they qualified and filled their applications with lies the people never told them are just trying to make a living.
Click to expand...
Yes. Because the people who filled their application with "lies" had the money to buy a home, and were just doing their job. These borrowers weren't just trying to seek the American dream, they were trying to seek the American dream without working to get it.

Do you have any idea how many people in the next generation will fear buying a house because of the devastation of watching a family memeber get their Home taken away?
Click to expand...
Do you know how many people in the next generation will not fear buying a house because their parents were retards and were able to keep the home?
 
Desh said:
So people that sought the American dream of owning their own home were greedy but the bastards who told them they qualified and filled their applications with lies the people never told them are just trying to make a living.

Do you have any idea how many people in the next generation will fear buying a house because of the devastation of watching a family memeber get their Home taken away?
Click to expand...
People who bought more home than they could afford, even while knowing it was a risk, were greedy.

The vast majority of people know that. I believe in the intelligence of people to be able to understand that concept without need of a higher education. I gaurantee I knew to only purchase what I could afford by about 12.

A person who worries about the cost of shirts at Walmart would focus on the cost of staying in the house.
 
gonzojournals said:
Yes. Because the people who filled their application with "lies" had the money to buy a home, and were just doing their job. These borrowers weren't just trying to seek the American dream, they were trying to seek the American dream without working to get it.


Do you know how many people in the next generation will not fear buying a house because their parents were retards and were able to keep the home?
Click to expand...


how mnany homes have you purchased?
 
Desh said:
So people that sought the American dream of owning their own home were greedy but the bastards who told them they qualified and filled their applications with lies the people never told them are just trying to make a living.

Do you have any idea how many people in the next generation will fear buying a house because of the devastation of watching a family member get their Home taken away?
Click to expand...

My "image" on this runs more toward the middle class white folks trying to live large with fancy cars, McMansions, etc than it does toward disadvantaged black folks trying to get a first home. Is there empirical evidence that the baby boomers parents resisted buying a home because of the previous generation's foreclosures during the Depression?

Is there anyone left like me? I was raised to buy something only when you can afford it. Afford it meaning when you could pay cash for it AND that you had the wherewithal to support it moving forward. A mortgage on a home was an exception provided you had a BIG down payment and the monthly payment was about 1/4 of your take-home. What ever happened to sense, to the old school rules?
 
Last edited:
gonzojournals said:
One (and I could afford it).
Click to expand...

Gonzo many of the people who were talked into these loans were told that they could just refinance or sell at a profit before the loans switched. Thsy had heard of people actually doing this and it working. Many did make money this way. The problem was they were not aware of how to time the market. They still sold these loans to people knowing they would not have a market that would allow them to accomplish the sell and or refy.

Yes the people were uneducated to what the market was about to do.

So what you are saying is only people who can tell that they are being lied to by the lender should buy a house. Here is the problem with that one. People will be affraid to by a house out of fear of what lies they lenders will tell next to make money off them. A popluace which is affraid of being ripped off by the seller is a buyer who does not buy. Is that the economy you want?

Think it through.

When the consumer trusts the market they buy. When they see the market as a dangerous place they dont buy.
 
as what's his name said. There is a sucker born every minute (his estimate is low for today though). Businesses and politicians count on this fact.
 
Desh said:
Gonzo many of the people who were talked into these loans were told that they could just refinance or sell at a profit before the loans switched. Thsy had heard of people actually doing this and it working. Many did make money this way. The problem was they were not aware of how to time the market. They still sold these loans to people knowing they would not have a market that would allow them to accomplish the sell and or refy.
Click to expand...
So in other words, they were greedy and now don't want to accept the consequences.

Yes the people were uneducated to what the market was about to do.
Click to expand...
Don't forget, greedy.

So what you are saying is only people who can tell that they are being lied to by the lender should buy a house. Here is the problem with that one. People will be affraid to by a house out of fear of what lies they lenders will tell next to make money off them. A popluace which is affraid of being ripped off by the seller is a buyer who does not buy. Is that the economy you want?
Click to expand...
What I'm saying is that you should buy a house looking for a home, not a profit, and that you should purchase said house in a price range that you can afford.

[
 
Desh said:
Gonzo many of the people who were talked into these loans were told that they could just refinance or sell at a profit before the loans switched. Thsy had heard of people actually doing this and it working. Many did make money this way. The problem was they were not aware of how to time the market. They still sold these loans to people knowing they would not have a market that would allow them to accomplish the sell and or refy.

Yes the people were uneducated to what the market was about to do.

So what you are saying is only people who can tell that they are being lied to by the lender should buy a house. Here is the problem with that one. People will be affraid to by a house out of fear of what lies they lenders will tell next to make money off them. A popluace which is affraid of being ripped off by the seller is a buyer who does not buy. Is that the economy you want?

Think it through.

When the consumer trusts the market they buy. When they see the market as a dangerous place they dont buy.
Click to expand...
LOL. Oversimplification is amazing fun.

However, most people understand "I can afford this much, but the payment is more than that and will get even higher if interest rates rise." Even people without a higher education understand this. The attempt to excuse people who do foolish things and never allow them to face consequences for their actions is part of the problem.

Most of these people probably believed that "The government would never allow so many banks to go down, so I'll be safe because when the stuff hits the fan the government will do something to make sure I don't suffer."

They take advantage of people who, again, want to believe that they were all innocent.

While there would be a small percentage that were fooled, and that is sad, the vast majority of these people are old enough and smart enough to feel the full consequences of poor fiscal decisions.
 
Damo you are reading into the situation. You are assuming the people were just wanting something for nothing which is not true. Families saw a home getting completetly out of their reach forever. Then this new idea somes along. They can buy a house and then in a year sell it pay back the loan and hav money left over for a downpayment on another house and get a regular loan and have their own house at a price they could pay. They were looking for a way in not a free meal.

They were looking for a way to BUY a house. Buying is not getting a free ride.

They were told the market was going to keep going. Yes they were naive to believe the people who told them that. They and anyone who knows them will never trust a lender again. Their kids wont trust lenders. What effect do you think that will have on the market of the big ticket iteams that people have to finance to buy?
 
Desh said:
Damo you are reading into the situation. You are assuming the people were just wanting something for nothing which is not true. Families saw a home getting completetly out of their reach forever. Then this new idea somes along. They can buy a house and then in a year sell it pay back the loan and hav money left over for a downpayment on another house and get a regular loan and have their own house at a price they could pay. They were looking for a way in not a free meal.

They were looking for a way to BUY a house. Buying is not getting a free ride.

They were told the market was going to keep going. Yes they were naive to believe the people who told them that. They and anyone who knows them will never trust a lender again. Their kids wont trust lenders. What effect do you think that will have on the market of the big ticket iteams that people have to finance to buy?
Click to expand...
They were looking for a way to take advantage of the market and they new it was a risk.

Again, people are smarter than you give them credit for, and should face the consequences of risk they decide to take on.

Even if they were "told" that the market would keep running people know that markets rise and fall and that they took a risk. I believe that they took the risk believing that people like you would insist on bailing them out of their poor decisions.
 
We now have a market where a home lender has as much credability as a used car sellsman.

That does not bode well for the market.
 
You must log in or register to reply here.
Back
Top