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alisonggg
Cutie
Member since 3/06 4749 total posts
Name:
a
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Re: Foreclosures up 93%
Posted by Hi-Fi55
I don't think the finger should be pointed only at the borrower. Do you really think every borrower is smart enough to know what type of home they can afford or smart enough to get help from a financial planner or accountant before they buy? 
I completely agree with this.... to me predatory lending is a huge issue in the whole mortgage meltdown
Message edited 8/21/2007 10:47:24 PM.
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Posted 8/21/07 10:36 PM  |
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Re: Foreclosures up 93%
Posted by alisonggg
Posted by Hi-Fi55
I don't think the finger should be pointed only at the borrower. Do you really think every borrower is smart enough to know what type of home they can afford or smart enough to get help from a financial planner or accountant before they buy?
I completely agree with this.... to me predatory lending is a huge issue in the whole mortgage meltdown
I agree. There are borrowers and lenders who are at fault. Many lenders soliticit a specific demographic in hopes that the borrowers are not sophisticated enough to understand the terms.
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| Posted 8/21/07 11:34 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Foreclosures up 93%
These new stats come as no surprise to me. we talked about this happening several times last year on this board, many said it could/would never happen.
feb 06
April 06
may 06
Beth you sound like me now
brokers are salesmen- not finacial planners and so are real estate agents
I've been saying that for years even though many people "in the industry" were offended.
I'm in agreement that when any person signs into a contract of any kind, that person is ultimately responsible, however it is now public knowledge that under educated, very low income people were particularly targeted by predatory lenders & that is more of a sin than a crime. I hope each & every rolex wearing, A/X sporting, beemer driving broker that knowingly wrote these loans to these people rots in hell.
It is a disgusting thing to make your living on the backs of unknowing victims.
The solution is to find & convict all of the people that sold, wrote & approved these loans & make them pay restitution to help relieve this crisis, and make it so they can't work in the field anymore.
A few articles to highlight how much of an intentional thing this was.
low income
a letter written on behalf of victims
baltimore
Message edited 8/22/2007 8:34:57 AM.
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| Posted 8/22/07 8:32 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Foreclosures up 93%
Notice how NY isnt very high on the foreclosure list....I find that interesting.
While some lenders can be considered predatory, unless someone was putting a gun to the buyers head, they should educate themselves on what theyare doing and what can they afford. there are FREE programs (LIHP!!!) that exist for this reason.
There is a great show on A&E called "Big Spender". This guy does counseling for people who spend. There was a couple on the show who had a baby, were married, she drove a lexus SUV, and were in massive debt. They earned $4K a month and were spending $6K. Eating out was $700 a month. If they also owned a house (on an I/O loan probably!) I am not going to feel sorry for them when they get foreclosed on!
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| Posted 8/22/07 8:40 AM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: Foreclosures up 93%
Posted by Beth1210
brokers are salesmen- not finacial planners and so are real estate agents
personal responisbility is something lost in American these days- it's always some elses fault - you should know how much house you can afford - and if you don't you should talk to a finacial planner- not a mortgage broker or real estate agent
People thought the market would keep going up- look at posts from a year ago- people thought this was never going to end
I totally agree!! Why get a mortgage you KNOW you won't be able to afford
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| Posted 8/22/07 8:47 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Foreclosures up 93%
I think alot of the steams for the commericals I still see on TV from Ditech.com and the now out of business Ameriquest
telling people to use their home equity to pay off CC bills, take a vacation etc
I don't know the numbers- but I bet most of the people losing their homes were not purchasers- but re-fis
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| Posted 8/22/07 11:04 AM |
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