I'm watching Primetime on T.V. - Mercedes-Benz Forum

 
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post #1 of 7 (permalink) Old 12-19-2008, 07:29 PM Thread Starter
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I'm watching Primetime on T.V.

And I don't give a shit about those dumbasses who are loosing their houses. There was one guy who works as a city employee who had a $500,000 house with a $2500 a month payment. And he couldn't pay it. And he blames it on the lender because the lender didn't tell him that he couldn't afford it. Booo Hoooo. I get offers from banks saying I could afford a $750,000 house, but I had sense enough to know that I should stay in my $175,000 house. I have NO sympathy for the STUPID, even though you guys think that I'm that way.
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post #2 of 7 (permalink) Old 12-19-2008, 08:01 PM
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im watching dateline and the 1st segment was about people losing their homes. i do feel sorry for people who were TRULY misled into adjustable rate mortgages but i would have to see the paperwork myself. i mean isnt the rate info on the 1st few pages on all mortgages if not the 1st? who doesn't pay attention to that?

i can understand some 1st time home buyers but not people like the retired principal on date line who says she just trusted the mortgage company. a friggin principle doesn't know what are the basic terms of her mortgage??

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post #3 of 7 (permalink) Old 12-19-2008, 08:09 PM Thread Starter
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im watching dateline and the 1st segment was about people losing their homes. i do feel sorry for people who were TRULY misled into adjustable rate mortgages but i would have to see the paperwork myself. i mean isnt the rate info on the 1st few pages on all mortgages if not the 1st? who doesn't pay attention to that?

i can understand some 1st time home buyers but not people like the retired principal on date line who says she just trusted the mortgage company. a friggin principle doesn't know what are the basic terms of her mortgage??
Well, most people know when they can't afford something. But they WISH they could. And for that, I think they should loose everything.
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post #4 of 7 (permalink) Old 12-20-2008, 07:20 AM
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I get offers from banks saying I could afford a $750,000 house, but I had sense enough to know that I should stay in my $175,000 house. I have NO sympathy for the STUPID, even though you guys think that I'm that way.
Did the Scary Doll wall tell you to say that?

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post #5 of 7 (permalink) Old 12-20-2008, 07:32 AM
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We all have to understand, first and foremost, that we were young and stupid, once. We believed what loan officers and lenders told us. But, then wisdom set in. While I don't necessarily subscribe to the victim thing, I do believe a few were victims of predatory lending. It's the new hook and crook that was used by mortgage brokers fudging on home values to boost their commissions while screwing the home owner. It was, really, a house of cards. You can only hold up inflated/false values for so long and when the wind gusts a little, it all comes crashing down. I pity the fool who bought my last house and '125'd' it. He's probably considering 'jingle mail', right now.

So, I do feel bad for some of these guys. They simply bought into the hype that their house values had no where to go but up and they were shown the data, that since the great depression, home values steadily increased. Many bought to flip them a couple years or so later, beating the five year variable interest rate set. I do not sympathize with those. I sympathize with the people who bought into the hype that they could get a loan on their inflated home value, use the extra money from closing to fix it up and it would be worth double 5 years later. They sunk their life savings and livelyhood into it to walk away with nothing. It's those families I have sympathy for, to a degree. The speculators: I say screw them.

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post #6 of 7 (permalink) Old 12-20-2008, 10:08 AM Thread Starter
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Did the Scary Doll wall tell you to say that?
I am ASShamed to admit it, but yes the scary doll wall made me speak their minds or they would cut my balls of when I was passed out drunk.
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post #7 of 7 (permalink) Old 12-20-2008, 10:16 AM
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I sympathize with the people who bought into the hype that they could get a loan on their inflated home value, use the extra money from closing to fix it up and it would be worth double 5 years later. They sunk their life savings and livelyhood into it to walk away with nothing.
True – many people with respectable incomes and good credit were simply unable to own a home when that same income would have been sufficient just a year or two before. Many lenders believed they were providing an important service to buyers not eligible for 30 year fixed with the sub-primes; besides, with home prices always going up the sub-prime owner would have tons of equity and could refinance before the rate reset.

As we know that didn’t happen.
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