|
Quote: |
|
 |
|
|
I thought I might stir the pot here a little.
First off I do agree that you should read a contract, and yes you should certainly employ common sense when obtaining a loan for any amount of money BUT....
Don't you find it interesting that these lenders actually thought they would lend money to underfunded, uninformed, ill advised people and thought that because the going was great and the housing bull would carry on forever that they would win out big with their bait and switch style teaser rates?
Perhaps I'm laying it on too thick but I say "boo hoo!" You want to take a gamble at the upper end of a housing bubble/boom and then when the market closes in on itself and THAT SAME sub prime market YOU HAVE BEEN EXPLOITING collapses you want to complain?
We all know about risk/reward, supply/demand, fear/greed manias and depressions in stock and futures markets, how is this different than someone with more money than intelligence over-leveraging themselves at the top of a huge bull market?
Now I should note that I do not think that people were "victimized" or that they should be taken pity upon. My point is that in the context of lenders, that if you play with fire you run the risk of burning yourself...
 |
|
|
|
|
I totally agree.
Lenders sure wouldn't have been crying if the market hadn't collapsed and people were eventually paying 13-14% on their mortgages...
They took a risk, and unbelieveably foolish one at that, and it blew up in their face.
Ya gotta pay the piper sometimes.
If I were to open a restaurant and do stupid business practices and I went under, then hey too bad...nodody's gonna help me out, I get to go back to working for someone else...as is the supposed nature of capitalism....but for some reason when these predatory lenders start to suffer for their misdeeds...they call on the government like they were some philanthropic group that fell on bad times....
Maybe it has something to do with the ungodly amount of money they funnel to the government in lobbying and campaign contributions each year....
This whole thing is just a mess...everyone involved should just own up to their responsibilities and move forward.