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by LarryA2J from Hazelwood MO

Last Post 1 day, 1 hour Ago


Mortgage crisis
Mar 7, 2008 | 11:46 AM
Category: News
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I just heard on the news where the Government is investigating the mortgage companies because they  loaned more money to minorities for houses than they could afford to pay back thus causing the problem in the housing industry. Yet a few years ago when these same companies refused to lend money because they could not afford to pay it back they were investigated and charged with discrimination.

Folks you can't have it both ways. It's about time for the Government to get out of the way and let these companies do business. If these folks can not afford the house they want then they should either get a better paying or second job, cut back on frills or get a cheaper house.

Because of the lenders loaning more than could be paid back and use of the Adjustable Rate Mortgage (ARM) we are in this mess. The lenders should suck it up and take the loss and stop having the Government bail them out.  It would be a good lesson for them. Of course me personally, I would love to get some free money to pay off my mortgage but no, I was smart and bought a house with a fixed interest rate and payments that I could afford. All the while my house value is dropping because others greedy mistakes.  

America, what a country!!

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Member Comments Total Comments: 5
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bubba-right-wing read my blog view my photos
Mar 7, 2008 | 12:08 PM

Good point but it is still not the only reason for the Real Estate bubble and Burst. Everyone always wants to know the reason why. Make changes and stay positive and move ahead. As a Real Estate Investor, that is just what I will do and I will prosper in time.
sarcasticdragon
Mar 7, 2008 | 1:59 PM

It's weird how one minute some people complaint that the govt is acting like big brother and butting into everyones life and the next those same people are asking that big brother govt to help them.

I bought the smaller house too. I took a whole 5 minutes and saw that an adj rate would be a disaster for me. I looked at what I made and determined what I could afford and that was that.

I acted like a responsible adult and now all these people who acted greedy and selfish are the ones getting all the help.

I guess being responsible just does pay.
mechany144 read my blog view my photos
Mar 7, 2008 | 3:43 PM

Yeah, it does not take a genius to realize that an ARM is no good. Or that living within your means makes sense.
Yeah, I could have bought a half million dollar house, and now I would not have a roof over my head! My house suits me just fine, not to big not to small, a lot big enough for a pool and a good sized garden.
I don't know dragon, at least we still have our houses. Seems to me being sensible paid off for us.
TheShan2007 read my blog
Mar 7, 2008 | 4:16 PM

It's just another example of people living beyond their means by choice, then when it catches up with them they expect Uncle Sam to bail them out.

This is your garden variety liberal Democrat world view and WHY they vote the way they do. So, that they can continue being kept by the government and not have to be responsible for their own choices.
da_opposition read my blog view my photos
Mar 7, 2008 | 5:15 PM

Good point, buying a house is a science, especially for the first time. There are so many things I didn't know before I signed all those papers.

The main thing is didin't know my house payment would increase from 1100 to 1500 after only living in it for 2 years.

Second the first lender I signed with sold the loan the first year I got it. Which made me think maybe it was preditory lending.

Presently I'm asking a new contract with a fixed rate at my original payment, if I don't get it, they can have it.

As for as the government I think they waited too long anyhow, I can imagine nearly a million people have already lost thier homes. Which to me was government ploy to do so, now only a mininum number of us left now they can jump in. I'm not asking for thier help, me and my loan company will either work it out, or they will find another buyer.
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