when will the media start talking about the real victims? I am not talking about investors, but the people that just want a place for their family, a place to call home...but wait! I guess those people are poor, I guess they can wait (since they don't have a voice)...too bad, no one cares
2007-11-16 23:44:09 · 8 answers · asked by UFO 2 in Business & Finance ➔ Renting & Real Estate
Mortgages are very complicated and I think a lot of families were mislead into mortgages they could not afford. The loan officers were the villains in those cases. When people get their mortgage loans over the Internet I think it helps the crooked loan officers because they don't have to ever see their victims face to face.
I think you should have to apply for mortgage loans in person to combat this, and I think borrowers should have to take a class to help them understand the loan they are getting.
2007-11-17 02:36:31 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
Why is it that we only focus on the negative. Most of the people that took subprime loans are doing fine. They got an oppotunity to purchase a home and are making the most of it. Without subprime loans, none of these people could ever have owned.
Also, most of these people refinanced into these loans and took out amounts of cash that they could never have earned. They enjoyed a few years of great lifestyle instead of saving for the future.
All we talk about is how many of them are forclosing now and it will ruin thier credit. They already had bad credit, or they would not be in a subprime loan.
2007-11-17 14:36:53 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
wanting a home and be able to afford a place are two different things. Many people got caught with greed. They made choices to sign. Now there are a crapboat load of unscrupulous slimeball mortgage people out there.
Ultimately it came about because of greed and stupidity on all sides.
I would like my own place agian -lost due to divorce- but will wait until I can afford it. Not getting caught up in a greedfest.
I am transitioning to the mortgage industry and dfinancial services..I wont sell anything to someone who cant afford or give someone a bad deal.
The operative word is personal responsibility and greed on all side of the problem
2007-11-17 07:55:20 · answer #3 · answered by Bob D 6 · 2⤊ 0⤋
Sorry to burst your bubble, but the lenders are not in this alone. They had willing signers for the loans they offered. Were it not for this 'subprime fiasco', those folks would never been given a chance to own in the first place.
This is a combination of poor investment decision on the part of the lenders, along with poor choices on the part of the buyers involved.
2007-11-17 10:33:42 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
the lenders have some blame to bear for sure, but people should have read those contracts before signing and had someone go over the numbers with them in detail. it was not a secret that the rates were going to go up-it is all written down in the contracts that they signed and agreed to pay
2007-11-17 10:20:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The blame lies with many: both the lenders that carelessly made loans and borrowers who should have known better than to borrow more than they can afford.
2007-11-17 09:14:24 · answer #6 · answered by npk 7 · 0⤊ 0⤋
Capitalism at its best?
2007-11-17 10:55:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
agree
2007-11-17 08:18:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋