Originally Posted by Useless Warrior

Drama queen.

Originally Posted by Pleasurepays

anyone care to list all the government programs that require shitty loans to be made? of course not... that wouldn't really help your argument much now would it? afterall, its about corporate greed right?

Originally Posted by Pleasurepays

there is a substantial oversight process included in the bill and a committee to oversee the process.

Originally Posted by Sausage

Funny that my grandparents and my parents lived through it here too, and it was just as bad if not worse than in the US. If you think the US situation doesn't affect us just as much then you really have your head in the sand, and are probably one of those Americans who think Australia is also part of Europe ... right ? ;)

Just because many of us aren't from the US doesn't mean we don't take a keen interest in what the world's largest economy is doing. It hits us directly, and unlike you we actually take an interest in the rest of the world, especially a country in which we have so much invested.

Originally Posted by pornguy

If I go into the bank, and ask to be pre qualified for a home loan, I have to turn in the same amount of docs as if I were ready to sign. They then do the numbers and tell me I can afford X amount for a home. That gives me the market to start looking in.

Originally Posted by chodadog

See, that's the problem. And it's happening here in Australia, too. You've got people earning $40k/year getting $400,000 home loans. They've been talking about doing 50 year home loans. It's absolutely insane. Yes, banks are being irresponsible by making these high risk loans. But at the end of the day, it's up to the individual whether or not they take out that loan.

You need to look at your own finances and decide for yourself what you can afford.