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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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<blockquote data-quote="Richard L" data-source="post: 963035" data-attributes="member: 52972"><p>Steve M.</p><p></p><p>I certainly cannot disagree with your last statement...since that is the primary cause of many of the forclosures and bankrupcies over the past 3-4 years. I do not have any sympathy for those who lied about their income on their loan applications, and I have no sympathy for the mortgage companies that failed to do incomve verifications and credit checks.</p><p></p><p></p><p></p><p>I also think that some of the real estate and mortgage brokers can share in the blame in inticing people to buy bigger, more expensive homes that at that time, they could afford, but it cut into their financial safety net. Nobody with any brains would buy a house or new car if they even suspected that they may lose their job or that the company was about to downsize.</p><p></p><p></p><p></p><p>I know my daughter and her husband bought a new house a few years ago and were constantly told by the real state salesman that they could afford a larger (more expensive) home and that they would easliy be approved for a loan that was nearly double what they asked for. </p><p></p><p></p><p></p><p>Luckily my daughter (an Accountant) had the smarts to purchase the smaller home. About a year after they purchasd the home, they got divorced and her ex-husband walked away from the house. That pretty much cut her family income in half. Keeping the house put a strain on my daughter's finances, my daughter has managed to keep the house for well over a year now and appears to have survived the worst of the crisis and things are now stabilizing for her.</p><p></p><p></p><p></p><p>If you consider that many of the people who were forclosed on were put into financial difficulty by loosing their jobs due to the poor economy and business downsizing, I would venture to say that most people could not keep their homes for very long if they lost their jobs or even had to take a significant pay cut or loss of income.</p><p></p><p></p><p></p><p>I agree that a lot of people fall into the group you described, but there are many others who had the rug pulled out from under them through no fault of their own.</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 963035, member: 52972"] Steve M. I certainly cannot disagree with your last statement...since that is the primary cause of many of the forclosures and bankrupcies over the past 3-4 years. I do not have any sympathy for those who lied about their income on their loan applications, and I have no sympathy for the mortgage companies that failed to do incomve verifications and credit checks. I also think that some of the real estate and mortgage brokers can share in the blame in inticing people to buy bigger, more expensive homes that at that time, they could afford, but it cut into their financial safety net. Nobody with any brains would buy a house or new car if they even suspected that they may lose their job or that the company was about to downsize. I know my daughter and her husband bought a new house a few years ago and were constantly told by the real state salesman that they could afford a larger (more expensive) home and that they would easliy be approved for a loan that was nearly double what they asked for. Luckily my daughter (an Accountant) had the smarts to purchase the smaller home. About a year after they purchasd the home, they got divorced and her ex-husband walked away from the house. That pretty much cut her family income in half. Keeping the house put a strain on my daughter's finances, my daughter has managed to keep the house for well over a year now and appears to have survived the worst of the crisis and things are now stabilizing for her. If you consider that many of the people who were forclosed on were put into financial difficulty by loosing their jobs due to the poor economy and business downsizing, I would venture to say that most people could not keep their homes for very long if they lost their jobs or even had to take a significant pay cut or loss of income. I agree that a lot of people fall into the group you described, but there are many others who had the rug pulled out from under them through no fault of their own. ...Rich [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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