Quote:
Originally Posted by tony404
People that are smart forget and assume everyone knows about reading all the documents before signing and the difference between fixed and adjustable and the pros and cons. They preyed on these people, I had to tell my mortgage broker 5 times if its not fixed we arent doing business. People believe what they are told by a suit. I dont think the government should bail everyone out but they should tell the banks you created this fucking mess fix it,make deals with these people. What can you pay ? Ok then we will extent your mortgage out 50 yrs and when things get better we can revisit. This prevents blocks of abandoned houses, keeps house prices from going in to the toilet and it doesnt cost the tax payer.
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I agree. the banks got themselves into a lot of this trouble by lending to anyone that can walk and chew gum at he same time. you would think it would be in their best interest to rework the contracts with these people and keep them in the house instead of going to the cost and trouble fo foreclosing, selling, possibly then sueing for the difference owed and trying to resell the house.