And isn't Bush responsible for this in some way like he is for everything else that goes wrong in this country?
2007-03-14 04:45:45 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This is a very good approach. Someone gets a mortgage for more than they can afford, and Bush is responsible for it. I am not actually Bush's fan, however, if one buys a house and gets an exotic mortgage product that bites him in the ***, it is not administration's problem.
Most of the people who will lose their houses will be the people who brought it on themselves. These are people who took cash outs and spent on cars, vacations and other junk.
People complain about ARM mortgages? I know a lot of people who had ARM mortgage and still happy about it. Because, they new that they had say a 3/1 ARM, and they new that their mortgage payment was much less than it would be with a 30 Year fixed loan, so they used these past three years to build equity in their houses with money saved on interest. Now even after their interest adjusts, they will be fine since they owe much less than three years ago. Now, unfortunately, many actually spent last 3-5 years cashing out and spending their equity, and now when the time came to start paying it's someone Else's fault.
The problem is not with mortgage market, it is still pretty favorable by the way, the problem is not taking responsibility for one's actions.
2007-03-14 05:01:49 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
Thousands will and no Bush is not responsible at all. In fact the homeowner is for taking mortgages they could not afford and having no savings to see them through rough spots in the road. The think that actual causes most foreclosures is the brand new car that they have to be seen in. I see it every day in the mortgage industry $600 -$1000 car notes and they will pay that before they pay the house note!
2007-03-14 04:52:09 · answer #2 · answered by golferwhoworks 7 · 1⤊ 0⤋
I am not a bush supporter, but you cannot blame him for this mess. All he and the gov are responsible for is lowering rates. That's a good thing, its the banks who lent the money to people who couldn't actually qualify. How can you put that on bush? If you have a problem with it call the banking commissioner.
2007-03-14 12:29:29 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
there's a central authority company that would help. I observed it introduced on the information the different night yet i did no longer take down the documents. I lease so what become the element for me. i be attentive to this is accessible. only fall for those pretend companies that's been on the information as duping human beings into giving them money to maintain your abode and then, the bypass out alongside with your money and you nonetheless lose you abode. carry your chin up. this is happening at an alarming fee all over the country.
2016-11-25 19:39:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
enough to bring the prices down to "normal" levels.
Bush is not responsible for this, but he is responsible for my burger being overcooked at lunch.
2007-03-14 06:31:08 · answer #5 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋