have known they couldnt afford the houses
2007-08-31 13:57:04 · 9 answers · asked by REAGAN REPUBLICAN 2 in Politics & Government ➔ Civic Participation
i dont know about that,if a bank told you that you could afford a house you should get a second opinion and its pretty much common sense to figure out how much house you can afford
2007-08-31 14:17:53 · update #1
i probably will cut them some slack if they have their way and so will you our tax dollars,.i if i **** up im not looking for a hand out. but i dont have to worry abuot that i live within my means
2007-08-31 14:55:08 · update #2
Cut them some slack. They took a shot, and lost. The guy who bought early- and got out about 2002, made big money. Sooo, others tried. But, they were too late, and got wiped out. If the boom had lasted 5 more years, those you call idiots would have made big money too.
2007-08-31 14:49:14 · answer #1 · answered by Anonymous · 0⤊ 1⤋
A number of these people were investing with the hope of flipping those houses & making money. They were greedy & wanted to make a buck. They got caught when the housing market took a plunge! I don't think the government is really trying to bail them out so much as they are trying to stop the decline of the market & not wanting to see so many out of a home, Social Services can only do so much & we have far more on Welfare now than most states & the federal government can afford to help. Some are going to be able to refinance through the government programs, ones that have been in use for some time, to help a small number keep their homes.
2007-08-31 14:26:29 · answer #2 · answered by geegee 6 · 0⤊ 0⤋
you are being duped. The government could care less about the small home owner who can't pay his loan. What they are concerned about is the banks who might go under and the effect that will have on the economy over all. So many different industries are now in banking that if they have to take the full hit it could trigger a depression. Keynesian economics says that if the government can stop then it should.
2007-08-31 17:13:27 · answer #3 · answered by Future Citizen of Forvik 7 · 0⤊ 0⤋
They never had the terms of the loans fully explained to them. Mostly predatory lending, and when homes get foreclosed on, the property values in the area will also go down. Some of the names of the loan, interest only loan, Smart Arm. No one ever called the loan " You idiot, what we are going to do is get you to take out a loan that you cannot afford, see you default on it in a few years, than take your house from you and sell it for a small profit."
2007-08-31 14:17:13 · answer #4 · answered by Anonymous · 1⤊ 0⤋
because of the fact they'll flow away. they'll flow into different factors with their funds and that they'll convey that down additionally. maximum rich people purchase issues to fail. so they could write their disasters off. So enable's merely shop a watch on those scoundrels in a single place. you notice in the event that they only settle for a decrease return and supply the folk with bitter credit loans to purchase properties. this could nonetheless shop the marketplace going and the clientele could desire to locate the funds for to pay their mortgages. yet oh nooooooo they want 14% from a spotty credit guy or woman. It makes extra sense to value them much less, so they could pay. not extra! If maximum will pay hire. it is risk-free to declare that they could pay a real looking low paying pastime value additionally. however the investors are grasping grasping grasping! in the event that they made it no longer a tax shelter with losses as a deduction. they had end! this is call a tax injury. known people are not getting this style of tax injury. We merely get Broke!
2016-12-12 14:54:43 · answer #5 · answered by ? 4 · 0⤊ 0⤋
The banks are just as much at fault for giving loans to those who they knew couldn't afford these homes in the long run. The blame lies on both sides and it should be the banks helping them not US tax dollars.
2007-08-31 14:13:40 · answer #6 · answered by apple juice 6 · 1⤊ 0⤋
google for the video "Money as Debt" and watch. it is a real eye opener about our loans and banks. We need an over haul to our money system and then this question would not even upset you! You would be happy with money in pocket and so would everyone else. Watch it...best 45 minutes of simple put truth....
2007-09-01 15:59:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The thinking that everything is someone else's fault. No one takes personal responsibility anymore. We live in the age of political correctness, no one wants to place the blame where it belongs. PT Barnum......'there's a sucker born every minute' still is true today.
2007-09-01 01:54:25 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Caveat emptor. They had a responsibility to know what they were getting into and to bear the burden of their mistake.
2007-08-31 17:04:11 · answer #9 · answered by gunplumber_462 7 · 0⤊ 1⤋