All the people that got ARM mortgages, why didn’t they consider the chance of rate hikes?
Why didn’t they get fixed rate mortgage? They screwed up, I do not see why the government should bail them out. Unless of course I get to go buy a car I cannot afford and they pay it off for me.
Tags: chance, consider, didn't, Government, hikes, Mortgages, People, Rate, They
lenders probably made it sound like it wouldn’t be a big deal, just to get the mortgage sold and earn their commission
Myopia.
Well it probably isn’t all their fault. I’m sure there was alot of big promises made to sound to good to be true, and for folks that had never owned a home and never thought they could, fell for it hook, line and sinker. What they didn’t pay attention to was all the legalize that showed the adjustment. Probably didn’t even hear the loan officer tell them what the final payment after adjustment would be.! Alot of the folks that have defaulted probably never should have been approved to begin with.
Someone asked the other day who’s fault is this? Well it is all our faults. It was greed by all of us. Now we’ll have to live with the fallout for years to come. And unfortunately some will never own a home again. Sad, sad, sad.
I’m not going to go into any long winded explanation on why people did what they did. (if you really want to know what I think on the issue, look up some of my past answers. I tend to rant)
I will sum up the whole problem with two words:
GREED and SHORT-SIGHTEDNESS
Problem: I have to have this $400,000 home even though I only make $32,000 a year and have no money to put down.
Solution: I know. I’ll lie about my income, take an adjustable rate mortgage and just see what happens in two-years. If it goes bad I will just do what I have done my whole life and blame someone else for my actions.
Yeah…. That worked!
PS. The Government is bailing out the banks – They don’t give a sh!^t who looses their homes.
They are special and entitled to live in a social class they do not belong to.
Their kids are special and entitled to the schools that others pay through the teeth for.
They are entitled to a hand out because this is America and everyone should have a HUGE house”.
It is no wonder that we look like a bunch of self centered greedy pigs to much of the world.