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War On the Middle Class?

Budget and Taxes Do you feel that raising taxes will help solve the debt of the United States? Are you a fan of Reaganomics?

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Old 02-07-2008, 02:54 PM   #11 (permalink)
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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.
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Old 02-07-2008, 02:54 PM   #12 (permalink)
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Oh, bullshit.
Enlightening post there Knot. Well done.
Old 02-07-2008, 02:58 PM   #13 (permalink)
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Enlightening post there Knot. Well done.
Just catering to the audience, there, FX.
Old 02-07-2008, 03:04 PM   #14 (permalink)
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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!
Old 02-07-2008, 03:09 PM   #15 (permalink)
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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!
I used to do collections. And that was something that puzzled me as well. You charge people with bad credit higher interest rates AND late fees. WTF.
Old 02-07-2008, 03:10 PM   #16 (permalink)
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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!
Well, we agree on something else, gary.

When my husband and I bought our house, we got a notice from our Discover card that since we had more debt, they were going to raise our interest rate.

We closed that account immediately.
Old 02-07-2008, 03:13 PM   #17 (permalink)
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Well, we agree on something else, gary.

When my husband and I bought our house, we got a notice from our Discover card that since we had more debt, they were going to raise our interest rate.

We closed that account immediately.
Discover is a waste of a credit card.
Old 02-07-2008, 03:19 PM   #18 (permalink)
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Well, we agree on something else, gary.

When my husband and I bought our house, we got a notice from our Discover card that since we had more debt, they were going to raise our interest rate.

We closed that account immediately.
The credit scoring industry is like voodoo, it runs on a complex labyrinth of unwritten rules which are never disclosed!

Basically the banks entice us into their web and then squeeze us any way they choose.

I read a book called by "Stealing Your Life" by Frank Abagnale, the guy whose life story was the basis for the film "Catch me if you can".

It's pretty scary how the credit scoring agencies can rule your life even in the Land of the Free.
Old 02-07-2008, 03:22 PM   #19 (permalink)
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I bet you couldn't afford to buy that home at $25k if you were shopping for it today though.
Maybe, but I grew up in the house I live in. Every now and then I get letters from real estate agents saying they sold a house down the street for X amount of dollars.
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Old 02-07-2008, 03:23 PM   #20 (permalink)
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Maybe, but I grew up in the house I live in. Every now and then I get letters from real estate agents saying they sold a house down the street for X amount of dollars.
Over 80% of Californians cannot afford to buy the house they live in.
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