Ken, Ken, Ken…this is not how you really think. Let’s look at the first thing said in this cartoon. “Gee, I’d like to buy a house but I haven’t saved any money for a down payment and I don’t think I can afford the monthly payments. Can you help?” First off this person is searching out someone to do this deal. Second, why is this person in this guy’s office in the first place trying to get this loan? Third, maybe because our government was pushing lenders to make these loans? http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html, this is a pretty good article.
So let’s look at this. No money, probably cannot afford the loan, should probably still rent until they save a little money. Borrowers fault, lenders fault, or governments fault? I’ll let you be the judge. My opinion, this is no one’s fault but the borrowers fault for letting the government tease them with HUD and ACRON programs. How many people are in debit to credit card companies because they send those checks with no interest for 6 months? How about when Best Buy runs a special on TV’s and has no payment for 12 months and someone cannot make a payment after the 12 months? We cannot continuously blame someone else for our lack lust decisions. Hell I used an interest only loan for 3 years, but I also knew I had to refinance it. I waited until rates went way down on 30 year fixed rates and got a fantastic loan. It was a great move. During my interest only period I was able to chuck a ton of money at our principle which will help us in the long term. People need to keep in check, and only spend what they can truly afford. This is the responsibility of the American people not the government. I guess people who get their butts handed to them in Vegas should make the casinos pay them back their losses, because we all know casinos take advantage of poor people who are incapable of making a good decision for their well being.
The root of our problem in this country is our government getting too involved in our day to day lives. Let people prosper for their good decision making abilities and let others fail due to their bad decision making abilities. Until people take their lives in their own hands this problem will never go away. Sorry for my rant Ken, but I’m over poor pitiful me attitudes.
Easy now...I know blame resides on ALL sides-especially folks who couldn't think further than, "Wow, I'm gonna own my house!...with no money down and interest only loans".
This little cartoon expanded on my previous post where I identified self-responsibility. Factor one.
This one was an ULTRA simplified look at the other side of the coin. One which I (myself) and most likely 98% of Americans know practically NOTHING about how shit goes down.
Government pushing was only part of it. I don't even know ANYONE that got HUD or ACRON loans...folks I have seen fail were solid middle class, thinking a little too big for their wallets (myself included).
I am glad you had the financial means to push tons of cash at your principle, no-one I know of out here can do that (or has done that). Of course our homes were 4X the cost out there--no excuse--we shouldn't have purchased in the first place.
This whole thing stinks from ALL sides. As a tax-payer, I just want to know a little more about what my $700 Billion (actually Jake’s and Jake’s kids) is gonna buy or how it is going to help ME. It all seems VERY rushed, very un-thought out and very wrong on so many levels.
No pity-party for myself or other folks in a bad situation. More like what the hell is in it for me? Why would or should I support this?...
2 comments:
Ken, Ken, Ken…this is not how you really think. Let’s look at the first thing said in this cartoon. “Gee, I’d like to buy a house but I haven’t saved any money for a down payment and I don’t think I can afford the monthly payments. Can you help?” First off this person is searching out someone to do this deal. Second, why is this person in this guy’s office in the first place trying to get this loan? Third, maybe because our government was pushing lenders to make these loans? http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html, this is a pretty good article.
So let’s look at this. No money, probably cannot afford the loan, should probably still rent until they save a little money. Borrowers fault, lenders fault, or governments fault? I’ll let you be the judge. My opinion, this is no one’s fault but the borrowers fault for letting the government tease them with HUD and ACRON programs. How many people are in debit to credit card companies because they send those checks with no interest for 6 months? How about when Best Buy runs a special on TV’s and has no payment for 12 months and someone cannot make a payment after the 12 months? We cannot continuously blame someone else for our lack lust decisions. Hell I used an interest only loan for 3 years, but I also knew I had to refinance it. I waited until rates went way down on 30 year fixed rates and got a fantastic loan. It was a great move. During my interest only period I was able to chuck a ton of money at our principle which will help us in the long term. People need to keep in check, and only spend what they can truly afford. This is the responsibility of the American people not the government. I guess people who get their butts handed to them in Vegas should make the casinos pay them back their losses, because we all know casinos take advantage of poor people who are incapable of making a good decision for their well being.
The root of our problem in this country is our government getting too involved in our day to day lives. Let people prosper for their good decision making abilities and let others fail due to their bad decision making abilities. Until people take their lives in their own hands this problem will never go away. Sorry for my rant Ken, but I’m over poor pitiful me attitudes.
Easy now...I know blame resides on ALL sides-especially folks who couldn't think further than, "Wow, I'm gonna own my house!...with no money down and interest only loans".
This little cartoon expanded on my previous post where I identified self-responsibility. Factor one.
This one was an ULTRA simplified look at the other side of the coin. One which I (myself) and most likely 98% of Americans know practically NOTHING about how shit goes down.
Government pushing was only part of it. I don't even know ANYONE that got HUD or ACRON loans...folks I have seen fail were solid middle class, thinking a little too big for their wallets (myself included).
I am glad you had the financial means to push tons of cash at your principle, no-one I know of out here can do that (or has done that). Of course our homes were 4X the cost out there--no excuse--we shouldn't have purchased in the first place.
This whole thing stinks from ALL sides. As a tax-payer, I just want to know a little more about what my $700 Billion (actually Jake’s and Jake’s kids) is gonna buy or how it is going to help ME. It all seems VERY rushed, very un-thought out and very wrong on so many levels.
No pity-party for myself or other folks in a bad situation. More like what the hell is in it for me? Why would or should I support this?...
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