Quote:
Originally Posted by myjah
Every single person who bought a house they couldn't afford, did not lie on the application.
Think normal?? If the bank can't review applications better than that, to determine that ALL of these people were lying, then I would be worried about their approval process.
But that isn't the case. Lenders were giving out mortgages to anyone, with Interest Only ARM's that allowed the applicants to initially afford the payments.
The banks are at fault for approving people to purchase homes they couldn't afford.
Home owners are at fault for getting in over their heads.
But it's so much bigger than that....
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Peoples fault no different when people get in over their head with a credit card, once again the bank gave the 25k limit based on score and also employment claims and annu. income.
They make you sign that you are telling the truth, in addition in housing many appraisers and mortgage brokers used false documents so they can get to closing and collect their 20k or whatever.
Last night they announced they will scrap the whole CC forgiveness program, and that?s a step in the right direction, people need to take responsibility on their stupidity.
What about the huge amount of car repos? Is that also the banks fault?
People need to learn their fucking lesson, its ok to live with mom if you cant afford to live alone, its ok to drive a cheaper car, its ok to rent.