posted on Oct, 3 2008 @ 11:33 PM
reply to post by Realtruth
This 90 year old woman was granted a $45,000 loan for a period of 25 years, in 2004, when she would have been 85 to 86 years of age.
What was her disposable income ?
Did it consist solely of the aged-pension ?
What were the monthly loan repayments ?
What was the total of her fixed-income ?
Who did the math ?
There lies the problem.
There are millions of aged-pensioners who'd love nothing more than to be handed the keys to their own home.
And if Bill Gates or Richard Branson or the government wishes to make those people's dreams come true .. sure, go ahead, provide free housing for the
elderly, no strings attached.
But lenders who grant substantial loans to those who're unable to pay for them are creating problems for all concerned.
Where do the lenders get their money ?
Whose money is that ?
Do those whose money is being loaned out expect a return on their money ? Do you expect to receive interest on your bank savings ? Or are you
prepared to say, ' Gee, an old lady with no money wants to live in that house .. ok, go on, give her my money and I'll work two jobs in order to
accrue more savings ' ?
Nothing is for nothing. The reality is, if Ms. Polk hadn't managed to provide herself with a home for her old age while she was of employment age ..
then she had no right expecting others to pay for that property. And the lenders had no right granting her a loan for that house out of others'