ROTFLMAO!!! This from the libtard who sees deadbeats as victims... you even said their situation is analogous to entrapment... not to mention all the wrong info about first grade math you tried to pass off in support of your delusions. You sound bitter... are you a victim of the evil system?
So she claims... if you've ever bought a house you'd know from the closing process that this is nobody's fault but hers.
Clearly you have a problem reading and comprehending. I am on record in this blog placing some blame on the lady but ultimately I see this as a case of abuse by the mortgage lender. 1. the borrower is not exactly an A-Student. She came in with a plan that she thought would work and a lender convinced her she could do it. she was near homeless for a reason. 2. Having gone through mortgage process and all the paperwork involved, I can see her easily getting duped. The fact that you can't see that is too bad. Not everybody is astute with numbers and documents and it appears this lady was plain naive. Now moron, why not explain why the lender holds no responsibility here. why didn't they validate anything?
Was playing golf with a top guy from the Northern Trust, which, by the way, is in pretty good shape, who had a great response when asked why they seem to be holding up so well. His off the cuff remark was "good bankers don't make loans that they think aren't going to be paid back". Pretty simple. Of course bankers who originated, packaged, sold, and insured these loans are to blame for their current miseries. Why wouldn't they be? If you make a loan and it doesn't perform, you did poorly at your job. As far as the people who took the loans out, they are to blame for their personal financial woes as well. Like it or not, when you are an adult, your decisions have consequences. It is your responsibility to educate yourself about the products you buy and the investments you make. Why should it be any other way? Of course, when you have the government, loan oficers, and they mainstream media going on and on how Real Estate con only go up, maybe your lack of education serves you poorly in making a good decision. The real question is, how are we ever going to come back? Back to the past, two year car loans, 20 percent down on a mortgage held by your local bank. We better get used to no to slow growth for quite a long time. Oh, and 50 years is not a "long time". FJMcC
Trader 666 is an idiot anyone with an I.Q. higher than 12 can see that. You (trader 666) want to blame the entire credit crisis on the borrower. Just like Rick Santelli and his now famous RANT. She was just part of the problem in that she wanted to own a home and was told by these âmortgage broker professionalsâ she could afford one. Poor lady was fooled into believing by these âprofessionalâsâ she could. Similar to when someone is told by a doctor, lawyer, accountant, or financial advisor (aka Mr. Madoff) that this is the correct action and poor lady put her trust into these people. Someone the regulators should have been there to notice no way poor lady could afford house. Poor lady is NOW paying a price: her credit score # is dinged due to this event and with credit standards being tighten poor lady will not be buying a house for a long while.
LOL!!! Poor lady this, poor lady that... you have no idea how stupid and unprincipled you appear to anyone with an ounce pf personal responsibility. If anything, this woman is a victim of her own greed and sense of entitlement to live beyond her means. Grow up assclown.
In the real world that lady would of been crazy NOT to take that loan. If, by some miracle, she somehow doubled her income and managed to pay the loan, she is building real wealth. If not, there is no downside other than bad credit. I was a loan officer for a while too and we were basically paid to lie....I only lasted a few months as that is not me. We had "good" appraisers.....who added about 25% to the value of a property to make the deal work.