Posted on 10/23/2007 11:56:00 AM PDT by LouAvul
Save me from myself.
Who’ll rescue the people who bet their nest eggs in Vegas?
Maybe people should have to take classes on the elements of financing before purchasing a home. The onus is on the homebuyer to be familiar with what it is they’re getting themselves into.
Virtually 100% of sub-prime (read, poor credit) borrowers knew they had 2 years to clean up their credit, make all payments on time, and position themselves to refinance to a conventional mortgage.
Unfortunately they continued the practices that got them bad credit in the first place and didn't take advantage of the opportunity they had.
>What a mess<
It was a mess going in and it’s a mess coming out. Anyone who signed onto an adjustable rate mortgage way over their heads in these roller coaster times should have their heads examined, not their butts saved!
ping
Heard this morning the Countrywide will be refinancing some of the ARM loans.
Ditto
Economy/Credit/Housing Issues Ping List
If you want on or off this list let me know.
Ummmm... How about NOBODY.
You made your bed, now you lie in it.
I knew this kind of article was coming the moment I heard about problems in the housing market.
If you bet on rising valuations and signed an adjustable rate mortgage, you gambled. No one should bail you out. It was a bet and you lost. Next time, don’t play fast and loose with your money.
When we purchased our home three years ago we were approached by a bunch of lenders promising all sorts of interesting schemes to finance us. We asked ourselves if we could afford what they were offering, what would happen in a crunch, and upkeep on the home. We didn’t spend outside our means. We saved money. We painted the walls last summer.
“Rescuing” people from their bad judgment only creates more bad judgment. Bankruptcy from poor decision making isn’t the end of the world - in fact, it could be the lesson needed to take better care of your money.
Of course, I’m a heartless bastard, apparently. Let the welfare begin.
Caveat emptor, baby!
Protect me from you! I need no protection from myself!
MV
Why should the mortgage industry do anything. /rhetorical If they ease the interest rates, then they forestall the problem. If they don’t tinker with the rates, the problem gets big and the gubermint steps in with OPM. It happens over and over again.
Good idea because otherwise they are going to be sitting on a pile of overpriced property.
Rescue is for those in mortal danger. If foolish mortgage holders go bankrupt and their foolish lenders take a bath, they certainly aren't going to die because of it. They'll endure some discomfort, inconvenience and embarrassment. Not rescue-worth stuff.
Bad decisions have bad consequences. More people need to have that fact reemphasized. Sometimes, harshly-punished mistakes lead to long-remembered understanding.
Those two back to back sentences epitomize modern journalism. Say what you as the reporter feel (editorialize) and then see what you can do to justify it in the guise of a news article.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.