Comments on: Fat Cats or Stupid Borrowers

By: Beaye

Beaye — Sun, 06 Dec 2009 21:12:45 +0000

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By: Darrell -- Chesapeake

Darrell -- Chesapeake — Sat, 27 Sep 2008 01:06:30 +0000

The houses are bigger because government wanted to limit services/infrastructure while charging more for it. Go back and read councils statements on zoning approvals for some of these developments. Big lots and big expensive houses were councils mantra throughout the region.

By: Joel McDonald

Joel McDonald — Fri, 26 Sep 2008 19:50:48 +0000

Yeah, the borrowers do share some blame. I couldn’t imagine getting a mortgage without a fixed rate. I know that I need to know what I will be paying before taking out a loan. Period.

However, the financial establishment played on the goal of most people to own their own home. The easy financing that occurred led to the building of larger homes than should have been through prudent. Take a look around Virginia Beach, do you see any new developments sporting modest housing for new home buyers? It’s a shame.

By: FrenchytheSailor

FrenchytheSailor — Fri, 26 Sep 2008 16:13:06 +0000

BSW,

I agree with you to a certain degree. I also recently bought a house. I put down 20% and got a fixed rate 30 year loan because I wanted a morgage payment I could afford. The house was also a fixer upper (cheap) and I’ve been doing all the work myself in my spare time. And I plan on keeping the house for quite some time.

At the same time, there were a lot of banks practising predatory lending. They knew that those O% down, ARP loans were going to overwhelm a lot of customers when their morgage rates jumped from 6% to 25%.

I doubt many loan officers told these first home buyers that their morgage payments were going to triple all at once.

I agree with you that there were a lot of stupid people who bought homes they really couldn’t afford, but I don’t think we should leave it at that and then pony up a lot of tax payer money to bail out banks that were just as much to blame.

As far as this bailout plan from the Gov, I think they should take a serious look at the banks they’re going to give money to. Any banks that were handing out predatory loans shouldn’t get a red cent and should be allowed to fail.

That could end up being most of them, but tough sh*t.

By: Fat Cats or bStupid/b Borrowers

Fat Cats or bStupid/b Borrowers — Fri, 26 Sep 2008 16:09:23 +0000

[...] Brian The Squeaky Wheel wrote an interesting post today onHere’s a quick excerptSo many people are against the $700 Billion ‘Bail Out’ because they do not want to help Wall Street ‘Fat Cats’ who they said caused this. Is this outrage well placed? This crisis is because of bad loans, deflated home values and b…/b [...]