Will E Worm
Conspiracy...
They fell victim to predatory lenders that lied to them.
Predatory Lending
Watch, Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders it's a good documentary on the subject.
Obama's homeowner rescue unfair
- Thread starter Will E Worm
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They fell victim to predatory lenders that lied to them.
Predatory Lending
Watch, Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders it's a good documentary on the subject.
You're missing Hilden's point. Those people bought those properties only as short term investments. They failed. Now they expect the government to help them get out of the failed investment. Bull shit.
FWIW, using predatory lenders as an excuse for this mess is weak. Yeah, they are evil but people should have been smart enough to see through the crap. When I bought my house last year, I worked with 8 different mortgage agents until I decided who was right for me. Even then I still had my attorney and financial planners review everything with me.
Will E Worm
Conspiracy...
That's not even close. Watch the documentary.
Not everyone was looking to "invest," they just wanted a place to live.
They were lied to and the predators should be stripped of their license and placed in jail.
These people should be allowed to refinance and keep their homes.
I cant agree on that! People that knew that they could not possible afford a expensive house that going in, they purley thought it would go up in value, way beyond normal rates. If you are offered a sham like a interest only ARM or no down payment loan were kidding themselves.
I now the drill and many people fell victim to predatory lending, but you always no what your paycheck can cover.
Will E Worm
Conspiracy...
The price they were quoted was affordable , then their monthly payments ballooned.
Because they were lied to. I'm not going to defend any loan officer or predatory lender.
They should be locked up.
Watch the documentary then comment again.
If those highlighted are true and I know if happen, I agree. If you bought a house to flip, you are on your own, sorry! Invest in the long term within you means is fine, but a gamble, screw them!
No, they were stupid enough to try and buy a house they couldn't afford and they were stupid enough to not understand how loans and lenders actually work.
Yes, there are certain instances where people got side-swiped and honestly had no fault in their foreclosure, but if you are dumb enough to try and buy things with money you don't have, then you deserve to lose the things you can't afford.
Will E Worm
Conspiracy...
They could afford the house at the prices they were quoted.
But, you know, America: blame the victims and protect deceivers and abusers.
Call them victims if you want. I'll call them stupid. You need to know what you are getting into. Like I said, I met with 8 mortgage agents before I decided who to go with before I bought my house and had my attorney review everything (and the mortgage agent knew it).
Will E Worm
Conspiracy...
When you're lied to and told you're payments will not balloon, you can't.
A lawyer can't help you out all the time.
You know sometimes they mess things up too.
No one is perfect. Like you expect them to be.
Completelyinvisible
well that has all changed in a very unfair way. but allot of americans have been living beyond their means, credit wise and counting that their pay will go up every year. That has all changed in a drastic way!
I dont feel sorry for them, but they probably bought a 500K house, thinking it would go up in value way beyond what have happened in the 30 years prior, when a 200K house would have been the smart buy.
I lost over 40K in the stock market in my 401K, I am not looking for a bailout.
I was told it was a good run and be aggressive, I gambled due to many factors, but I have to live with it. Homeowners like me have to deal with it regardless of a recession.
There are many people that did not read the fine print on their mortgage and were told they were safe due to rising home values, it is a shame.
We are all in the same boat now with no paddle! A cliche but very true!
Everyone's business depends in one way or antoher on the people who are almost homeless. Too many people are on the verge of not being able to service their debts. But it's far more useful to try to help someone pay off his debt than to throw him out on the street. When too many people get thrown out on the street, that does no good neither to the banks (who can't sell the houses) nor to the economy in general, because money has been lost instead of being spent on other goods and services.
And again I must say that I agree 100% that most of the credit is just stupid. Taken by ignorant people for foolish purposes. But why weren't such discussions widespread a few years back?
You speak with great intelligence. But i guess the rest of the people in the u.s. was satisfied with the way the country was being hoodwinked for the last eight years. This is really sad.
Come on give the man and his weird out tried out in the past and fail ideas a chance man..what's wrong with you...lol
So, you mean like 99%+ people that have bought a house in the last couple of generations, and almost that many that have bought a car? I can't think of a single person I know that has bought a house without any loan whatsoever. The only people I see being able to do that are old people that have a huge amount stashed away late in life (Of course, they are old and the need for a home the rest of their life is less by that point anyhow.) or the wealthy. Saving up a couple hundred thousand dollars when you need a place to live isn't very practical. Being able to reliably project the fact that your not going to loose your job in the next 30 years or that the economy won't fall of a cliff after a person receives a loan is pretty much impossible also.
Nine years ago when i was looking into purchasing a home i was preapproved for loans ranging from 115,000 to 135,000.Being a "thinking" individual i figured my budget for a home with existing bills and future bills to be no more than 90,000.I bought my house for 83,500 have since been through 3 job changes and am currently laid off and comfortably paying my bills.About 4-5 years ago when the housing prices skyrocketed with the lower interest rates 7 homes on my street sold for 115,000 -125,000 since then values have dropped to about 105,000.In most cases these people just a few years into their purchase have negative equity of about 20 grand this another part of the problem.Most of the people that sold their homes at the inflated prices went and bought homes for 170,000 that a few years prior were 135,000 adding to the negative equity. These issues among others are why we are all getting sodomized.
It's called "research". If these people would have done some research instead of just taken some complete stranger's word for it, they wouldn't be in this mess.
If you walk into a car dealership, looking to buy a 2009 Ford F150 and the salesmen tells you that the truck costs $21,000, are you just going to go "I'LL TAKE IT" without negotiating or doing some price comparing and research? No. You're going to negotiate, do some research and find out if paying $21,000 for a 2009 Ford F150 is a good deal or not. If you don't do that and just pony up the 21 grand without thinking, then you are 100% at fault if you can't afford the truck and they end up repossessing it.
The same goes for houses.
When I bought the house that I'm living in now, I didn't just take the realtor's word for everything. I did some research on my own and found out that this house wasn't worth as much as I was being told. I took proof to the realtor, offered a reasonable, more realistic price and ended up getting the house for almost $26,000 cheaper than what it was offered for.
Nearlyinvisible seems to HAVE alot of money.
I mean, an attorney and financial advisors?? Either your in your 50's and doing well or your a trust fund baby.
Either way, get off your high horse!
I lost my house, my truck, and my credit rating when I lost my job a year and a half ago. Are you gonna tell me its MY fault?
I got screwed and now I work a crappy job making $7.80 an hour. When I WAS making a comfortable $40k a year. My truck wasn't new and my house cost me $125k. I lived well within my means.
Its all gone.
Are you gonna call me stupid now?
I don't know anything about you, but you sure THINK you know alot about others. You seem to have alot of arrogance.
An to the others on this thread... my assinine boss WAS a predatory lender!!
He CONNED 6 million dollars out of people who only made maybe 30 grand a year... at best!
This ass THANKFULLY is now serving time.
I give the article link.
http://www.ohio.com/news/39699352.html
The strip club "Stripped" listed in the article is where I USED to work.
I mean, an attorney and financial advisors?? Either your in your 50's and doing well or your a trust fund baby.
Either way, get off your high horse!
I lost my house, my truck, and my credit rating when I lost my job a year and a half ago. Are you gonna tell me its MY fault?
I got screwed and now I work a crappy job making $7.80 an hour. When I WAS making a comfortable $40k a year. My truck wasn't new and my house cost me $125k. I lived well within my means.
Its all gone.
Are you gonna call me stupid now?
I don't know anything about you, but you sure THINK you know alot about others. You seem to have alot of arrogance.
An to the others on this thread... my assinine boss WAS a predatory lender!!
He CONNED 6 million dollars out of people who only made maybe 30 grand a year... at best!
This ass THANKFULLY is now serving time.
I give the article link.
http://www.ohio.com/news/39699352.html
The strip club "Stripped" listed in the article is where I USED to work.
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