Subprimes were who's fault?

[merrylander]

The story these people were handed I have experienced first hand. We were told that we should re-morgage our home and then we would have all the money to do whatever we wanted. So how were we going to re-pay, oh not to worry, the way the housing market is going our home would double its value in three years and we could simply keep on re-financing it. There are ladies reading these threads so I won't tell you what I told him.

[Bigerik]

Originally Posted by merrylander

The story these people were handed I have experienced first hand. We were told that we should re-morgage our home and then we would have all the money to do whatever we wanted. So how were we going to re-pay, oh not to worry, the way the housing market is going our home would double its value in three years and we could simply keep on re-financing it. There are ladies reading these threads so I won't tell you what I told him.

I was still pretty new to the country when they started offering me loans. Used to the Canadian system, I just couldn't make sense of it. So I just ended up not taking a mortgage. Something about it just didn't feel right. But I gotta say it was persuasive as hell. Everywhere you went, someone was offering you credit. The pitch was incredible, and it being America, the richest country in the world, why couldn't it work the way they said?

[barbara]

Without a doubt, the lenders were wrong to sell a too good to be true package to folks who placed their trust in the less than ethical qualifying process.....having said that... I am always suspect of those too good to be true deals. Even the most financially unsophisticated person should have at least paused to consider what they were getting themselves into when they signed those papers.

[Rex E.]

Originally Posted by barbara

Without a doubt, the lenders were wrong to sell a too good to be true package to folks who placed their trust in the less than ethical qualifying process.....having said that... I am always suspect of those too good to be true deals. Even the most financially unsophisticated person should have at least paused to consider what they were getting themselves into when they signed those papers.

Thank you Barbara. It seems many here have heard the pitches first hand and did the right thing but they cannot seem to grasp the simple thing that you stated (and I have so many times) above. The greed of the banks is bad and the greed of the people that took the money is equally bad.

[ebacon]

Originally Posted by Rex E.

Thank you Barbara. It seems many here have heard the pitches first hand and did the right thing but they cannot seem to grasp the simple thing that you stated (and I have so many times) above. The greed of the banks is bad and the greed of the people that took the money is equally bad.

Everybody wants to live like a big rock star.

http://www.youtube.com/watch?v=zeR34_Mr5AE

[Rex E.]

Originally Posted by ebacon

Everybody wants to live like a big rock star.

http://www.youtube.com/watch?v=zeR34_Mr5AE

If we're gonna link to fake bands I much prefer to hear these "rockstars"

http://www.youtube.com/watch?v=53FoBNj5ucQ

[merrylander]

The one thing that can be said about the mortgage system here is that it is a shining example of a "moral haxard", beside being full of bloody expensive middlemen.

[bobabode]

You kids crack me up. Here's some real rock stars for ya.

http://www.youtube.com/watch?v=sOi45FFfjG0
Enjoy!

[bobabode]

Originally Posted by Rex E.

Thank you Barbara. It seems many here have heard the pitches first hand and did the right thing but they cannot seem to grasp the simple thing that you stated (and I have so many times) above. The greed of the banks is bad and the greed of the people that took the money is equally bad.

Except for professional ethics.

[ebacon]

Originally Posted by Rex E.

If we're gonna link to fake bands I much prefer to hear these "rockstars"

http://www.youtube.com/watch?v=53FoBNj5ucQ

Thanks. Now I have an urge to bust out my old Tiffany cassette.