Is this whole collapse of the banking system just as much the fault of home owners as it is the CEOs?
fortheimperium2003 asked:
It seems that in the last 30 years, people have been increasingly living of plastic. We buy homes that are way out of our price range, buy cars with no money down and make high payments, Fill up the shopping cart at Wal-mart, and whip out the plastic at the checkout counter… this list goes on.
And this is the banking system’s fault? They hang a carrot, and we are either too stupid or too greedy, and go for it.
Sounds to me that we should get what we deserve.
And the banks.
Let the system collapse.
A better one will take it’s place.
Now we will have ‘big brother’ giving us a cavity search every time we want a loan.
This is the CHANGE you are getting!
It seems i am not alone on this. giving the current election, and the way washington is spending OUR money to ‘fix’ the problem, I thought I was.
I remember my dad having trouble securing a loan for EIGHT THOUSAND DOLLARS for a HOUSE and 3 acres. I have had 2 homes foreclosed (not rentals) because of my own stupidity, not the banks. succeeded in buying and paying off a house (that got washed 5 miles out to the middle of the marsh during Hurricane Rita, and now have bought another house that will be paid off in two years. This is because I basically bought property with a dumpy house on it. when we pay it off, we will take the ‘house payment’ money, pretend it isnt there, and save it to put up a decent place.
I think some people just need to be made to suffer, and forget about the silver spoon pie in the sky syndrome, and come back to the real world
It seems that in the last 30 years, people have been increasingly living of plastic. We buy homes that are way out of our price range, buy cars with no money down and make high payments, Fill up the shopping cart at Wal-mart, and whip out the plastic at the checkout counter… this list goes on.
And this is the banking system’s fault? They hang a carrot, and we are either too stupid or too greedy, and go for it.
Sounds to me that we should get what we deserve.
And the banks.
Let the system collapse.
A better one will take it’s place.
Now we will have ‘big brother’ giving us a cavity search every time we want a loan.
This is the CHANGE you are getting!
It seems i am not alone on this. giving the current election, and the way washington is spending OUR money to ‘fix’ the problem, I thought I was.
I remember my dad having trouble securing a loan for EIGHT THOUSAND DOLLARS for a HOUSE and 3 acres. I have had 2 homes foreclosed (not rentals) because of my own stupidity, not the banks. succeeded in buying and paying off a house (that got washed 5 miles out to the middle of the marsh during Hurricane Rita, and now have bought another house that will be paid off in two years. This is because I basically bought property with a dumpy house on it. when we pay it off, we will take the ‘house payment’ money, pretend it isnt there, and save it to put up a decent place.
I think some people just need to be made to suffer, and forget about the silver spoon pie in the sky syndrome, and come back to the real world
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I’d agree with you, but my personal experience in the real estate market leads me to believe that those who tried to be prudent during those times had a harder time with the banks than did those with the mortgages we are seeing collapse.
In 2001, I purchased a house for $45,000 in Charlotte County, Florida. Several banks refused my loan application, not because I didn’t have income or funds to pay, but because I wasn’t asking for enough money, or was asking for too long a time to pay it off. When I got that answer for the umpteenth time, I told my realtor I was having problems. It was he who arranged financing, and fortunately, I left the area to return to New York within 18 months and just got out of the market. Now, I rent, but that doesn’t make me overly secure right now, either.
If my story is more common than I’d like it to be, while I agree with buyer beware, lending institutions are equally responsible, as their own greed is coming back to bite them as well. I do not wish to condone personal irresponsibility, but also, if the banks are willing to be so irresponsible, then they at least share equal blame
Yes,
It’s no good pretending that Americans didn’t know they couldn’t afford this loans, or that they were seduced into believing they could afford them by mendacious mortgage brokers or Wall Street traders.
If they haven’t lusted after bigger house, they would never have met the mortgage brokers in the first place.
The money-lending business didn’t create the American desire for unaffordable housing……… It simply facilitated it.
A:~)
It is the poeples fault.
They have alloweed themsevles to be coned by the bankers and the goverment and have ignored their own Consitution and neglected to understand what it meant and to support it!
GREED is the name of the game.
I don’t know if stupid is the right word, but everyone has their stake in the blame. We have been living on plastic, buying houses we can’t afford, and cars with no money down, but at the same time, we were sold a big, fat, ugly pig with a shiny red bow on it. Everyone made stupid mistakes, but when the Porsche salesman tells a guy making $35k a year that he can buy a $90k car for $300 a month, knowing full well that 2 or 3 years into the 10 year, 38% interest loan the guy will fall behind, and the car will be repossessed, who is truly the bad guy? The guy buying the car made a mistake in not reading the fine print or looking past the to-good-to-be-true deal and fake smile to see what he was really getting into, but the salesman, knowing that guy couldn’t afford the car, sold it to him anyway, with the intent of taking his money, then taking his car and re-selling it. Lenders profit more from people who default on loans, and they have been exploiting this for years.
I AGREE IN A WAY….WHY WOULD SOMEONE CHARGE GROCERIES AND GAS AT 20% INTEREST. BUT THE BANKS PREY ON THESE TYPE OF PEOPLE….MY MOTHER HAS FILED BANKRUPTCY….IS ON SOCIAL SECURITY…..AND CAPITAL ONE APPROVED HER FOR A CREDIT CARD SHE COULDNT AFFORD….SHE WAS LATE ON PAYMENTS AND NOW OWES 1200.00 FOR A 500.00 CREDIT CARD…..WHY DO THE BANKS GIVE A CREDIT CARD TO SOMEONE THAT IS ON A FIXED BUDGET? SHE WAS DUMB FOR GETTING THE CARD, BUT WHEN A COMPANY TELLS YOU YOU CAN AFFORD THE CARD I THINK AMERICANS ARE SO GULLIBLE THEY THINK THEY CAN ACTUALLY AFFORD IT….
SAME WITH HOUSES…..SOMEONE SEES A HOUSE THEY LIKE…..THE BANK APPROVES THEM AT A GOOD MONTHLY RATE.THEY CANT BELIEVE THEY GOT APPROVED FOR THEIR OWN HOME….THAN THE RATE NEARLY DOUBLES WHEN THE BANK WANTS TO RAISE THEIR NON FIXED RATE. THE BANKS KNEW THIS FROM THE BEGINNING AND MAYBE THEY SHOULDNT HAVE RAISED THE RATE ON THESE PEOPLE…THEY PREYED ON THESE PEOPLE BECAUSE THEY ALREADY GOT CLOSING COSTS, DOWN PAYMENT,ETC. THEN THEY ARE HOPING THE PERSON DOESNT PAY THE NOTE SO THEY CAN REPOSSESS THE HOUSE.
BOTTOM LINE IS THAT BANKS DID ALL THIS ON PURPOSE….IT IS OR WAS PART OF THEIR EVERYDAY BUSINESS PRACTICE.
You answered you own question.