posted on Oct, 30 2012 @ 01:19 PM
Originally posted by tallcool1
Originally posted by ecoparity
I'm really shocked at some people's lack of empathy for the millions of Americans facing this same situation.
The banks jacked up the interest rate and payment amounts on all the ARM's they insisted on writing due to the bank crisis that was caused by the
poor financial practices in finance.
Then, the taxpayers give the financial companies billions of dollars to keep them from going under.
Meanwhile, they continue to foreclose on millions of Americans.
Am I the only one who sees the irony/ hypocrisy of this???
Back in the depression the banks didn't have platoons of riot cops / swat teams ready to help put families out on the street. Local Sheriffs refused
to serve notices as it was extremely common for anyone approaching a family home with papers from a bank to be met by gunfire.
Things got so bad and the public so pissed off that the Government had to bring in the "New Deal" to create jobs, a safety blanket of social
welfare, etc to prevent a revolution.
Big money / big govt sure learned their lessons from that time and even though things are 100 times worse now they actually get normal people standing
up to defend their agenda. Amazing....
First off I think you would be hard pressed to find anyone here who supported the bank bailouts. If I had any say in the matter I would have let the
banks fail, not give them a taxpayer handout. I would also make ARM loans illegal, but again us citizens had no say. And no one here is "standing up
to defend their agenda" - we're stating that people should have some personal responsibility and not sign loans for things that they can't
There is no irony or hypocrisy in taking back something that is not being paid for. If I sold you my car and agreed to let you make payments, should I
just let you keep it because you don't want to pay any more? Even if you lost your job or something, how is it fair that you just get to keep
something you haven't paid for? Why is it up to everyone else to let you have stuff without paying for it? Whether the contract was fair or not - you
signed it! If the mortgage is unfair, dont sign it! Find another lender.
Normal people standing up to defend irresponsibility and taking whatever you want and not paying. Amazing...
edit on 30-10-2012 by tallcool1
Everything you say is true but I would like to offer another perspective. Personally we am not into material goods so we bought the lowest priced
place we could and still have a decent home and low fixed rate.
BUT my youngest sister is not really very up on money matters and while there was the big housing boom, she was contacted by hundreds of loan
Now they had an average job only one in the household working first time buyers, not great credit, but the loan company that offered the "greatest
sounding" deal to them kept pushing them to get a BIGGER BIGGER loan, convincing them there was no reason to not get that wonderful upper class home
Yes they said there is a balloon payment but that is years away, by then with your payment record, the interest will very likely be lower and we can
get you refinanced, If there is a problem...but you can easily save the money between now and then!
They were literally talked into buy more getting a bigger loan that clearly their income could not afford...no down payment it sounded like a
They lost their home after years of paying and working on the place.
Yes it was their own stupidity, but in the old days when there seemed to be less greed, the loan officer would simply have told them the safe amount
they should look for in a payment for their income and not wanted to talk them in over their heads.