Well you keep that condescending attitude when your 401k goes in the crapper, we have 10% unemployment and milk is 6 bucks a gallon. We let the “market” work itself out in 1930 with Herbert Hoover. How’d that whole depression thing workout? You John Birch Society types are all puffed up with your brilliance thinking like the hardcore lefties that you’re the smartest guy in the room. Same myopic thinking as the “Nuke Iran” morons. Most folks who pontificate on mortgages know dick about them. With sinking property values who knew that ARMS couldn’t be refi’d back in 2004.
For people in the real world with real bills and real expenses like 500 per month health insurance, a 10% down mortgage on a 300k home was all we could afford. Sure could we live in some 100k home in BFE , but some like me had sick parents and had to stay local. Hate to break it to some of you, between sending my kids to a crappy school in the 100k neighborhoods and taking the risk with an ARM, the decision was a no brainer. Think McFly before you speak. I’m not saying the government should bail out lenders but letting the market work itself out as you dumbly pointed out would be a worse disaster. There is no WORKING out if you know about who buys mortgages and the way the whole money wheel cycle works.
My point still stands. Why in the hell should I pay for your irresponsible decisions. You took a loan out that you couldn’t repay. You should default. Then you get a place you can afford if you didn’t destroy your credit with such a stupid decision. You should live within your means. Its not the taxpayer’s responsibility to take care of you since you made a very poor decision - purchasing a home you couldn’t afford. You sound like a socialist to me. You want Big Daddy Government to save you.
I had the same options when i bought a home. I could have taken an adjustable rate to get a lower payment. I decided not to because i knew i wouldn’t be able to afford a more expensive home just because i had a lower initial rate. Simple mathematics that has nothing to do with John Birch or the “Nuke Iran” crowd. What the hell does that have to do with anything anyway. What a sophomoric argument.
You were given an option and a chance to read the contract. So did everyone else. You had, by law, a chance to review the terms of your loan. You had a moral responsibility as a responsible citizen to make a logical decision for you and your family. You took a risk. You made a mistake. I don’t want to pay for it.
When you took an adjustable rate, did you read the contract? Did you know that your payment could go up substantially? You took a gamble and lost. You didn’t have to buy. You could have rented. You want the government to bail you out. That is BS and not the American way.
Its socialist types like you who keep me working harder to pay for your screw ups. Neither should lending companies be bailed out. In your words, “think McFly!!!”. Wtf does John Birch have to do with this or the “nuke iran” crowd? ITS CALLED PERSONAL RESPONSIBILITY MCFLY!!!!!
To blame Hoover’s “leave it be” approach to the financial problems in the 30s, is simply ludicrous. Speculation, The Federal Reserves monkeying, and the switch involving the Gold Standard was what was responsible for the Great Depression.
IF I AM CONDESCENDING BECAUSE I EXPECT PEOPLE TO TAKE RESPONSIBILITY FOR THEIR OWN ACTIONS. THEN YOU ARE ABSOLUTELY RIGHT. I AM THE MOST CONDESCENDING PERSON YOU EVER MET.
Next time you reply to me, don’t look for pity because you made a stupid decision.