http://tinyurl.com/2cqv7t

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs squarely
on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what could/would
happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".

On Wed, 30 Jan 2008 08:49:05 -0500, D.Duck wrote:

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

True, but I'm a little more sympathetic to the homeowners as they aren't
the professionals in the relationship. I also have no sympathy for the
professionals if there was fraud involved.

http://news.bbc.co.uk/2/hi/business/7216602.stm

Greed does funny things. In this case, it could take down the world's
economy.



In their quest to get into a home they failed to analyze what
could/would happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".

"D.Duck" wrote in message
...

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what could/would
happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".



A female companion of mine wanted buy a house together a few years back. She
kept looking at houses in a ridiculously high price range. I pointed out
that if either of us lost our job, we'd be in trouble almost instantly with
the price range she was focused on. She said "Oh come on. How likely is
that?" Two weeks later, she lost her job. Gamblers shouldn't buy houses.

"JimH" wrote in message
...

"D.Duck" wrote in message
...

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what could/would
happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".


At what point of the deal did the lenders put a gun to the buyers head and
force them to sign?

That's my point, the home buyers must share a lot of the blame for their
decisions. The lenders played on the consumers ignorance.

wrote in message
...
On Wed, 30 Jan 2008 08:49:05 -0500, D.Duck wrote:

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

True, but I'm a little more sympathetic to the homeowners as they aren't
the professionals in the relationship. I also have no sympathy for the
professionals if there was fraud involved.

http://news.bbc.co.uk/2/hi/business/7216602.stm

Greed does funny things. In this case, it could take down the world's
economy.



In their quest to get into a home they failed to analyze what
could/would happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".



There are only about 100,000 of these on the internet(s):
http://www.betterbudgeting.com/budgetformsfree.htm

JoeSpareBedroom wrote:
"D.Duck" wrote in message
...
"HK" wrote in message
...
http://tinyurl.com/2cqv7t
In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what could/would
happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".



A female companion of mine wanted buy a house together a few years back. She
kept looking at houses in a ridiculously high price range. I pointed out
that if either of us lost our job, we'd be in trouble almost instantly with
the price range she was focused on. She said "Oh come on. How likely is
that?" Two weeks later, she lost her job. Gamblers shouldn't buy houses.



There are problems rampant in all sectors of the home mortgage business,
and most of them predate the current crisis. Some of them have to do
with the tax laws.


--
George W. Bush - Worst President Ever, to the very last minute of the
very last day of his term.

"D.Duck" wrote in message
...

"JimH" wrote in message
...

"D.Duck" wrote in message
...

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what
could/would happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".


At what point of the deal did the lenders put a gun to the buyers head
and force them to sign?

That's my point, the home buyers must share a lot of the blame for their
decisions. The lenders played on the consumers ignorance.



I was annoyed when my mortgage broker pulled out a budget worksheet to
prequalify me. I told her I'd worked out the number a dozen times. I'd
brought the worksheets with me. She said "I know, but I'm not comfortable
without spending a few minutes on this." Her method came up with results
that matched mine, give or take fifty bucks, as far as the mortgage payment
I could afford. She said "You'd be surprised how few borrowers bother to do
this."

"JimH" wrote in message
...

"D.Duck" wrote in message
...

"JimH" wrote in message
...

"D.Duck" wrote in message
...

"HK" wrote in message
...
http://tinyurl.com/2cqv7t

In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what
could/would happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".


At what point of the deal did the lenders put a gun to the buyers head
and force them to sign?

That's my point, the home buyers must share a lot of the blame for their
decisions.

I realize that.

The lenders played on the consumers ignorance.


Perhaps, but perhaps not.

But if someone is signing for a 6 figure loan without knowing the type of
loan or if the payments fit into their budget I have no sympathy for them.

The Cleveland Plain Dealer ran a series of stories about a couple of these
poor *victims*. In one case a lady was given $500,000 as an out of court
settlement for the death (drowning) of her son at a church's pool. She
buys a house (cash), a Lexus and then promptly blows the rest of the money
in a short time.

Not having money left she tries to get a loan off the equity in her house
and signs for a loan she could not afford. She loses her house. Poor
lady.

Another example is a guy earning $75,000/year signing into an ARM with
payments at around $800/month on his $130,000 house. Over a short time
the rates went up and his payments jumped to $1,300/month which he said he
could not afford. He eventually lost his house to the lender.

He promptly blamed the lender as he said he did not know what an ARM was.
Doh!

BTW: He also spends $1,200/month on the lottery.

You just keep reinforcing my argument.

JimH wrote:
"D.Duck" wrote in message
...
"HK" wrote in message
...
http://tinyurl.com/2cqv7t
In my mind a lot of the blame for the home mortgage crisis belongs
squarely on the shoulders of those that received the loans.

In their quest to get into a home they failed to analyze what could/would
happen when the inevitable rate changes came along.

That doesn't excuse the lenders. "There's a sucker born every minute".


At what point of the deal did the lenders put a gun to the buyers head and
force them to sign?

Minors and idiots should not be allowed to enter into contracts. I put
most of the blame for this on Congress and the lenders.