Quote:
Originally Posted by Landshark
i'm not sure how all the selling mortgages to the bank part works, but notice how there is very little mention of people's personal responsibility?
if you can't afford a $200,000 house ...... DON'T BUY ONE!
if you can't afford the monthly payment for a 30-yr fixed loan ...... DON'T GET AN ADJUSTABLE RATE MORTGAGE!
i thank the idiots living larger than they can afford.
we were offered to borrow up to $400,000 when we applied for a mortgage when looking for our next house. guess what? we're not going to mortgage even 1/3 of that. even crazier, i have actually SAVED a lot of money towards a nice down payment. amazing!
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+1 You just hit on the BULK of the current problem, but it still took greedy bankers/money lenders to make it possible. I find it interesting that most of our "below the poverty line" citizens, own cars, have more than one TV, cell phones, I-Pods, nice stereos and just about every other modern toy or convenience that you can think of.
Lee