Ray From Cleveland
Diamond Member
- Aug 16, 2015
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Well we don’t agree on much Dave...but yes...the idiots that took out the loans are to blame and Clinton administration took out the safeguards on the insurance on the loans.
Those who took out the loans bear some blame as do the bankers. They are suppose to be the experts you go to for advice. The bankers did what was best for them, not their client.
The people who took out the loans signed the papers, and didn't know WTF they were signing. If you are going to make the biggest investment most Americans will make in their lives, and don't understand what you're doing, an extra couple hundred bucks for a lawyer or financial assistant isn't going to kill you.
Many did not have an extra couple hundred of bucks. Isn't it kinda sad though the idea of having to hire a lawyer to protect yourself from the bankers?
If they didn't have the extra couple hundred dollars, then they didn't have enough money to own a house to begin with. That was the problem, like I stated before, they got an ARM loan barely making payments from paycheck to paycheck. You can't do that when you own a home. What happens if the sewer lines clog and they need to be replaced? What happens if the roof starts leaking? You can't go into home ownership without plenty of backup money.
Millions have indeed done so. I did.
Agreed. But irresponsible people won't do that. It's why in the past, those people never got home loans before.
Years ago, you had to demonstrate you were responsible enough to borrow money in the past, and able to repay it. You had to show you had enough money to live on, and still be able to save enough money for a down payment on a house.
I always had excellent credit, but when I went to purchase my home, they gave me hell. Yes, it was rental property and a home, but still, even with my credit, they didn't want to give me the loans. It took over three months of going back and forth before it went through.