I agree and the banks need to be tough on loan applicants again. It's when they tried to be "fair" with everyone that we got in trouble. Many of those people bought beyond their means with no intention of keeping their contract. We are a victim of a lack of dignity today.Robert A. Langager said:I think it is a crock. Those who got rich, stay rich. Those who got screwed, stay screwed. Those of us in the middle (tax payers), foot the bill.
Ohh no we are not! Just listen to other folks on here! They'll tell you otherwise!hunter9494 said:we are tittering on the edge here (as our leaders play politics) and the government is trying to preserve confidence and avoid panic.....
I don't think you understand what either of us are saying. We may be on the edge. If people don't run around like a bunch of frightened grade school girls we will be safe. If everyone falls for the panic you were trying to instill last week (just like the Washington liberals) then we could be in trouble. Example: preserve confidence and avoid panic.R y a n said:Ohh no we are not! Just listen to other folks on here! They'll tell you otherwise!hunter9494 said:we are tittering on the edge here (as our leaders play politics) and the government is trying to preserve confidence and avoid panic.....
I was told just that about a week ago... hmmm... has a familiar ring to it.
he had a clip of Robert Reich (Clinton secretary of labor) and he slipped and told the truth. He said it was the democrats and Clinton that demanded of the lending companies that to be "fair" they had to make loans easier so poorer people could have better homes. He admitted that it was the beginning of the problems we see today.
H94 that is rather simplistic. Where do you live? I'd like to look up the housing statistics where your point of reference is coming from.hunter9494 said:i agree with most of what you said....BUT, even you were not tempted to "roll the dice" with the neighbors.......hell, you would have to be stupid to risk your house on the ruse that prices would soar and never collapse!
sure this gig was encouraged, but if you make 100K and think you can live in a 500K home, you should go back to econ 101.....the responsibility laid with borrower and lender both.......
To be clear I agree with you Plainsman. However you also have to look at market realities. Homes out here don't exist for $250,000. Given that, you either save more and put down a bigger downpayment, you apply for first time home buyer to help bring the payments into range or you sit in an apartment biding your time.Plainsman said:It doesn't make any difference if it is someone making 100K buying a home for 500k or if it's someone making 250k buying a home for 2 million. The thing is they are buying beyond their means. What makes people just starting out think they deserve the same thing as someone who has worked 40 years? Maybe they should save for ten years then look for a home, or buy a cheaper home and upgrade in a few years. It's like when I retired some of these college kids came to work expecting the same pay as someone who was at the end of their career. They need to get real.
They also need to stick with a contract when they sign on the dotted line, not expect everyone else to pick up the tab for their stupidity.