oneforall's Blog

You're off base here...nobody forced these folks to purchase a bigger home than they can afford. Nobdy held a gun to their head and said sign here. Before you sign any document, you have to know what your signing. If you don't know what you signing, anybody and slip a paper in front of you, have you sign it and before you know it, you have legally given somebody the paid off deed to your home. Nobody's fault but their own. Now, those of us who have been responsible will have to bail these folks out with our tax dollars, our portfolios are down and so our our home values because these folks carelessly bought more than they can afford. You feel bad for them??? How about feeling bad for the folks who are patient,responsible and losing their retirement savings because of these careless borrowers, Granted, not all our our economic woes are the fault of theses homeowners, but they were the first domino. They were not preyed on, they were stupid. Stupid is as stupid does!

I don't believe I am off base. Buy only what you can afford. Don't let the mortgage brokers turn into salesmen just trying to make as much money off anyone who they can. Same with the real estate agents. If they new that these people could not afford the payments once the interest rate reset and did not make the sale we would not have to bail out the whole industry.