Thread: War On the Middle Class?
View Single Post
Old 02-07-2008, 03:04 PM   #14 (permalink)
garysher
Partisan
Premium Member
 
garysher's Avatar
Join Date: Feb 2007
Location: Los Angeles
Gender: Male
Posts: 10,595
Country:
Points: 33,978, Level: 100
Points: 33,978, Level: 100 Points: 33,978, Level: 100 Points: 33,978, Level: 100
Level up: 0%, 0 Points needed
Level up: 0% Level up: 0% Level up: 0%
Activity: 100%
Activity: 100% Activity: 100% Activity: 100%
garysher is offline 		Reply With Quote
 
Quote:
Originally Posted by waitingtables View Post
No, a mortgage lender knows whether an applicant will be able to afford a home or not. And by letting people get mortgages that are going to balloon their monthly payments, without completely educating the applicant on the risks, is indefensible. They are predators. And people need to stop believing the pie in the sky promises that this society shoves down their throats. You get nothing for nothing, and nothing is that easy.
I think the fault lies on both sides, irresponsible borrowers and predatory lenders.

But I agree the banks get too greedy when they try to jack up the rates far ahead of current market rates.

Many of them are now renegotiating down to a more realistic interest rate, better to have a borrower paying something reasonable than have an empty house on their hands.

I never followed the logic of the banks, if your credit rating falls they charge you more, which makes it more likely you'll have to default!
[IMG][/IMG]