The financial meltdown and recession weāve had is primarily due to the silly notion that everyone is cut out to own a home, should, and will own a home. De-regulating the housing/mortgage industries opened up the gates of hell where lenders were giving loans that were absurd to people who could never really afford them. Dumb buyers purchased homes at ultra low ARM mortgages thinking somehow that āadjustableā really meant āpermanent.ā Deadbeats who had previously defaulted on loans and who had lousy credit histories were given big $$$ to buy a home and every Tom, Dick, and Harry went along for the ride. It boiled down to stupidity, pure greed, deregulation with socialist intentions, and finally a mass exodus of people who couldnāt make their payments walking away in foreclosure. Banks couldnāt handle the mass foreclosures and ate it, wouldnāt lend out to small businesses, businesses cut back, profits from the big corporations plummeted, stocks tumbled, people were out of work and it was like dominoes. It all started with the foolish idea that everyone deserves to own a home and the liberal agenda of trying to level a playing field loan-wise for people who have lousy credit histories. I hope weāve learned from the idiocy that took place in the mortgage/banking industries!
I agree with alot of what you are saying, and I think you see alot of my point. Pure greed was the big thing. While I must say to alot of People who never had a chance to have a home were inocent also. They believed what the people told them, especially realtors, why rent buy, of course, they got a sale. And some of these people were good people, and saw it as their last hope of the dream of owning a home. I feel sorry for them.
But its the people who knew, deep iniside and really didnāt care. The loan officer got credit to make that loan, a bonus for him, the realtor got commission. etc. They knew all along these people were going to fail, and could care less. They felt hey, no big deal we sell the same house in 2 years, more commission. Not all of them, there are good ones too, who tried to tell people, don;t get me wrong. But the greedy ones are who I am talking about.
But what they forgot to tell them is what our parents told us, THis is what your payment will be in 5 years, and what if the ecomomy does not pick up. what about taxes, car insurance, gas, elec. cable. There were alot of sitting ducks out there too, who were good people, that just were not real smart. Or beat up so bad in life that really saw a chance to succeed.
While I took a fixed mortgage, because I was used to the bottom to fall out. And look how long var. stayed low. I would have been better off for a number of years to do it.
But my point was and still is we quit caring about eachother, all we thought of was number one, and now we are all paying the price. And will for a long time.
But it us who maybe did not prey on the inocent feel for them, and pray for them have our faith to suffer with them, because we are all paying the price rather we made money or not.
But again my point, we will make it, we have our faith and a clear conscience. But the greed of others made us all suffer.
And I agree with your Kalt many many are inocent. But it goes back to the ones who wanted that money, and got it. Like the Pope said it just isnāt going to work.
Its because we put the Almighty Dollar above the Almighty lord. It wll come back and bite you every time.
