16 Comments »

realityc said:

What is the sense in taking out a loan you can’t afford to
pay back!
- 4 October 2009 at 4:20 pm
Gojira said:

When so many people obviously bought house they really could not afford and were stupid enough to take an arm mortgage to boot. Screw them, let them enjoy the fruits of their greed. I was smart, bought a house I really could afford, and made a big down on it while refusing anything but a 30 yr fixed.
- 4 October 2009 at 4:44 pm
LeAnne said:

I don’t believe it is so much “convenient” to blame the victims as it is simply a matter of common sense. There’s certainly enough blame to go around for all parties involved and it comes down to to the ol’ adage that if something sounds too good to be true, it probably isn’t. The mortgage companies threw out the bait and a lot of gullible home buyers swallowed it – hook, line and sinker.
- 4 October 2009 at 5:22 pm
OLD DRAGONS GUARDIAN said:

In the words of the great American Forest Gump, “stupid is as stupid does”. In this situation those people that are suffering from the foreclosure crisis showed poor judgment by purchasing homes that they couldn’t afford. It’s as simple as that.
- 4 October 2009 at 5:49 pm
Curious said:

please don’t tell me you think everyone in foreclosure is a victim of government plots to bring us all down. many are victims of misleading mortgage industry practices and shady real estate and mortgage agents, but all these buyers should have taken the trouble to get educated before they took on this type of financial obligation and risk.
some people shouldn’t buy homes, period. some shouldn’t buy thinking that there’s nothing to lose because they didn’t make a down payment. we’re all paying for this mess, not just the ignorant who chose to enter into bad contracts.
- 4 October 2009 at 6:06 pm
catmanin said:

because those are the same people who used to brag at their work place and elsewhere about how low their interest rate was…. they scoffed at my 30 yr rate… now they are jealous, crying babies who think they are victims. They kjnew full well it was an adjustable rate and they knew they were already pushing the envelop for living above their means. Why should those of us who pay attention and live with in our means feel any pitty to the idiot who spent the last 5 yrs living as if they were sooo much better off.
- 4 October 2009 at 6:33 pm
gustooch said:

purchase what you can afford.
- 4 October 2009 at 7:26 pm
jpc8015 said:

Just exactly who are the victims here? The mortgage companies certainly aren’t the victims. They have made these loans kowing that eventually these people wouldn’t be able to pay them back and they could foreclose on them and seize their property. The people who took out the loans aren’t the victims, their about to be bailed out by the federal government. The victims here are the taxpayers who make responsible choices and not get caught in loans they can’t afford to pay.
- 4 October 2009 at 7:37 pm
fsfa said:

They certainly need to share blame if nothing else. Obviously, the scumbag mortgage industry and Wall Street had something to do with it, as did the Fed with artificially low rates, so there’s enough blame to go around, but those that went over their head in hopes of making a killing in real estate deserve plenty of blame as well.
- 4 October 2009 at 7:53 pm
Think for Myself said:

Are you kidding me? These folks signed a CONTRACT which they should have read, and now they want someone to fix it. Because people are stupid, does not mean that government needs to fix it or regulate everything. There is plenty of good information on the Internet, and free legal aid in most cities. I believe they wanted to get a house, and didn’t’ think about anything else. When a company says they aren’t going to verify your income, what would you think?
Still not sure. Why don’t you post the question. “I am buying house with an ARM mortgage. I make $2000 a month and the mortgage payments are going to be $1000 per month for the first 2 years and will go up after that, what should I do?”
- 4 October 2009 at 7:59 pm
Erinyes said:

Who do you consider the victims? The people who ran out an purchased more house than they can afford, or the people who took a chance and loaned them the money? Nothing is as simple as it looks on the surface, but a good starting place is individual responsibility.No was was forced to sign or accept the terms offered.
- 4 October 2009 at 8:42 pm
Chinagir said:

Someone please tell me they aren’t stupid!
Because these people had no business buying to begin with.
1) They knew they wouldn’t qualify under normal circumstances
2) They didn’t bother to look ahead at what they were getting into…this is called reading the fine print and they didn’t bother…stupid!
3) these thousands and thousands of extra buyers inflated an already overheated market…only to make things worse later for everyone
4) yes, the greedy lenders and corporations like Citibank deserved to get kicked out of business because they took advantage, but now are crying…! To F’in bad! No bailouts!
- 4 October 2009 at 8:56 pm
spareo1 said:

It is hard to believe for any intelligent person anyway, that most brokers across the States decided to offer this tempting ARM loan all at the same time.
Also probably two to four years ago many had their regular jobs before they were out-sourced or under-bidded.
Isn’t it apparent yet that there is an overall plan to disrupt the American dream of the middle-class and put us in a situation we NEVER thought we would be in?
Don’t you people who blindly support anything from WA see that it is only going to lead to wide-spread crime, poverty, wild-children, loss of sovereignty and then a one world Govt?
How can anyone praise the ones elected (one way or another) paid to look out for their people and instead have created in this(previously known as a great prosperous HELPFUL nation) an air of despair, engineered & even poisonous products and a dismal looking future.
- 4 October 2009 at 9:44 pm
Earnest T 2.0 said:

‘Victims’ ? Who are the ‘victims’ ?
I see no victims at all . Just mortgage companies who made bad decisions and borrowers who made bad decisions . There are no victims .
- 4 October 2009 at 10:27 pm
Bubba said:

To answer your question, the real victims are the people who have to bail out the people who you say are victims.
The so called victims are victims because they created their own problems. They can’t blame the government for a situation that they got themselves into.
Some of it is just common sense, if you can’t afford something, then don’t purchase it.
When I first purchased my home on a 30 year fixed rate at 5%, some people thought I would not be good for me to do that. Now those same people are the ones saying they should have done the same thing, and they are the ones barely able to make their mortgage payment.
Many people also got second and third mortages on their homes and now they are in trouble.
- 4 October 2009 at 11:16 pm
right you are ken said:

Like most other things in this country, the dirty dealings of the business world are turning round to bite their owners in the butt. It’s very much like our foreign policies in the mid-east for the past five decades.
- 5 October 2009 at 12:04 am

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