Home Equity Loans Arizona

yeah but I also blame the lenders. Some people were just unsophisticated, some greedy…the lenders knew full well what was going on

I do too.

I think it was stupid for the Clinton administration to give these people loans in the first place because they can’t afford them.

NO. Blame irresponsible lenders. They had the power to investigate their ability to pay, and ought to have refused. They also have been giving increasingly huge mortgages in terms of multiple of salary.

They share some responsibility. Not as much as the people who offered the money to people who couldn’t pay it back and then acted all surprised and shit when the people couldn’t, you know, pay it back…

Tip#1: People are stupid.
Tip#2: Taking advantage of that stupidity is inherently worse than being taken advantage of, because the person taking the advantage, by definition, knows better.

YES – I blame them, too. Their foreclosures are a broken promise by them to pay for a product. From there, the effects rippled outwards …

You mean and “couldn’t” pay their monthly payments. Do you really think people choose to be homeless? The job market is worse than it has ever been, people who make minimum wage can even buy gas to get to work, they may have been laid off. Do be so judgemental. You need to know individual circumstances to make judgements such as those.

I know for a fact that some of the lenders lied. Covered up rate increases after a certain amount of time. One person I know worked for “Country Wide”. He said when they had customers come in and sign the loans, they were told to lay their pen on the sentence that said there interest rate would go up in 1 year. Some of these lenders were crooked.

Most Americans are one paycheck away from bankruptcy. We live off credit, that is what is wrong with this country. Take care of yourself and teach your children to live within their means.

I do.

Me too!

Their jobs went to India and Philippines. Yes, they made a decision to take a home loan and the mortgage company made an equally bad decision. I blame the mortgage company more because they knew what they were doing. It’s their business and specialty.

50% of home foreclosures are due to enormous medical bills. When America finally gets a national health plan, you’ll see less bankruptcies.

No. They are not financial experts. They were taken by greedy real estate agents, greedy lawyers, greedy appraisers, and greedy mortgage agents and their bosses. I blame unethical practices for this mess we are in.

edit: I’ve been advocating for financial education for all citizens since 1998.

I lost my job 1 year after I bought a nice new house. I could was quailfied for a 650K loan. I got a 350K loan put 20% down but now I can’t make more than 10 bucks an hour if I’m lucky. I was making an average of 130K the last 5 years before I lost my job. Now all my equity is gone and my 350K house is worth about 210K. I could rent the same place for 1200 a month but I’m stuck in a payment of 2,200. The bank should work with people like me, I played by the rules I put 20% down. Then my company closes down. I guess I deserve to live in a tent.

no, i blame 3/4 of the american people for being dumb and stupid for the last 80-100 years. they are the people responsible for our country being like this. keep voting idiots into office who keep taking ur freedoms away and scaring you into believing there’s a boogie man in ur back yard. we are getting exactly what we deserve.

ME

I blame mortgage brokers who were shoving pieces of paper under peoples’ noses, not fully explaining the terms and that after a certain time, the rates on an ARM go up, not down. I blame a lot of them for not doing income checks to see if individuals could actually make the payments.

I also blame those people who thought, if I buy a house today, I can sell it for double tomorrow, because bubbles never burst.

I blame people who think that the way to live is on credit and purchase utterly useless items like big screen tvs and gas guzzling cars. They never think that the day will come and the house of cards will collapse.

I blame those who refuse to live within their means, who feel this compulsion to keep up with everyone else, who feel their lives are not complete if they do not have the hottest video system or vacations to expensive resorts. And then they complain when a job or lost or suddenly bankcruptcy is on the horizon.

I blame what America has become – too focused on the material, while forgetting what really counts and that it can’t be bought or sold.

Anyone can ask for a loan., but the bank should not lend to people who can’t pay. This has ALWAYS been the case.

It is the banks’ fault

I lay the blame three ways:

1/3 – govt for passing the stupid community reinvestment act in 1999 laying the groundwork for this.

1/3 – lenders who made the dumb loans

1/3 – borrowers who should have known better

The lenders made a bad investment. They are being bailed out.
The borrowers have lost their homes to foreclosure. They’re out not only their home, but the money they’ve already paid on the mortgage.
The lender now owns a home that’s worth less than they loaned for it. Bad investment. Big deal. No different than if I buy stock and the value takes a dive, or if I buy real estate for speculation and the market falls.
The government wouldn’t be offering me a handout to replace my losses. Same rules should apply to the wall street bailout.

Yes, you should be intelligent enough to know how much mortgage you can afford and not for a bank to tell you. So for me, having a mortgage and able to make my monthly payments in-turn have to bail-out those that got in over their head? That doesn’t seem fair. Granted there are extenuated circumstances for some (i.e. job termination, death, etc) but for those that over-extend themselves I don’t think the taxpayers should pay for it. The borrower and the bank are ones responsible not a third party (the taxpayer).

I really have never walked in their shoes so I can not judge them…If I was poor & worked my whole love & dreamed of owning my own home but never could & prayed for some opportunity to come along & someone at work said to me “guess what, we are not getting that 17 cent raise they promised we would get since last year” & then somone else said “well, I have been waiting for that raise so I could buy a house cause my landlord keeps raising my rent & won’t fix the heater, I am tired of catching colds are winter. I am going to do what my cousin did. He bought a house & he is renting out the basement to help pay for it. We can all own our own house & when we feel better we can leave this jobs where no one appreicates us……this kind of scene takes place all the time but much worst…so they get in & their car breaks down & they don’t get the better job they just borrow to buy a new car cause the repairs are costing the same as a payment & it is hard to live with a car in the shop…so they get in debt. & eventually they are really stressed…they never intended to hurt anyone. Just get a yard their kids could play in instead of a street with drive by shootings……..be thankful you don’t understand cause when you blame people like this it means you have never walked this hard path to walk….Lincoln was called a republican but the names have changed around since then so he would be a (D) today.