It's not the homeowner's fault if their house is worth in some cases half of what they paid for it. We paid a reasonable amount for our home in 2004 ($218k), houses are selling for $130k-$160k in our neighborhood. We couldn't refinance if we wanted to.
true......although some of the changes were forced by the government.......so everyone could realize the american dream.Stupid loan companies/banks should of never gave those loans to people who couldn't afford them!
Now I understand if you lost your job and THEN couldn't make your payments...that is different.
Ditto that!!!!I don't think the people that brought more house than they could afford, those who went after the inventive financing, etc., should be bailed out.
True, but people were not forced to "take advantage" of these new loans. I'm sure I could have purchased a bigger more expensive house using an interest only loan. But I didn't.true......although some of the changes were forced by the government.......so everyone could realize the american dream.
Oh I agree.True, but people were not forced to "take advantage" of these new loans. I'm sure I could have purchased a bigger more expensive house using an interest only loan. But I didn't.
That's what spawned this.Did anyone watch his speech today?
I agree.Apparently, personal accountability means nothing today. I bought a house that I could afford and pay my mortgage...and I bet if I missed a payment or two, no one would come to my rescue...
EXACTLY! Irresponsible lenders. Yes, it is up to the homebuyer to research, budget, know what they can afford, but the bottom line is, the LENDERS have to have the final say, and not lend money to people who are borrowing more than their debt ratio deems prudent. JUST SAY NO!.Stupid loan companies/banks should of never gave those loans to people who couldn't afford them!
Now I understand if you lost your job and THEN couldn't make your payments...that is different.