Stop Blaming the Homeowners

[Palerider]

There were so many Politicians that knew and seen this coming....what did they do...NOTHING....you can blame the last 8 all you want....there is plenty of blame to go around on both sides of the aisle...for those of you with tunnel vision...lets see.....Barney Frank.....Nancy Pelosi.....should I name more....they all knew it....no one wanted to blow the whistle...all they care about is getting VOTES...

The House and Senate did nothing to stop it......

[bytor2112]

Originally Posted by jadams_4040

It was 8 years of letting big business run this country unbrideled; to me it just seems awfully funny how myself along with millions of others; {
across the world} saw this coming 7 years ago; the little working family in this country could only be robbed so much; then there is no more; this is what happened to our economy; big business, {with bush supporting them} simply do not understand that there big profits come from people working and buying products; not from cheating every last dime out of the downtrodden and little person whom scrapes by in this world; they have the mentality of; "well; if we give more money to big business; then big business hires more workers"." It simply does not work this way! the worker needs the money to be able to support the big business; they take everything from us;... they fail too; I think an awfull lot of them have figured this out as of late; but unfortunately there are still some whom just dont get it and probably never will. Thank God we now have someone in the white house whom has the guts to stop kissing A## and is actually keeping his campaign promises to the average american citizen.

Your comments have no basis in reality. You are a non stop campaign commercial for the Democratic party....seriously, do you even bother to research anything on your own, or do you just enjoy parroting the ignorant non sense from the left????

[bytor2112]

Many Americans bought their homes because they believed in the age old value of homeownership and thought it would make a sound investment.

True, however, a mortgage is actually viewed as a liability, and the so-called homeowners were not homeowners at all....just mortgage holders.

Now the American Dream of homeownership has turned into an American nightmare with over two million people being forced into foreclosure. Ten million are having trouble making their payments. Perhaps another six million homes will face foreclosure by 2012

.

Forced into foreclosure? If you don't pay your power bill are you forced in to not having power?

That is 18 MILLION homeowners, of which the vast majority are mom and dad and two-and-a-half kids.

Not homeowners. The banks owned the home and are now taking them back because of non-payment.

Eighteen million Americans did not try to take advantage of you by recklessly borrowing money for a home. Eighteen million Americans believed their bankers who told them they could afford these mortgage

s.

No, but they did recklessly borrow money and on over priced homes. Foolish indeed. It's not quite as simple as you make it sound, but lenders share a portion of the blame as do the borrowers and especially our government.

[SIZE="3"]

Eighteen million Americans believed their bankers when they told them their loans were safe.

Now this comment is just absurd. Their loans were safe and they could continue to live in there homes as long as they paid their mortgage.

The banks that lied to eighteen million Americans are to blame.

Baloney. Personal responsibility is not something lefties are comfortable with, but in this case......foreclosures are the fault of the borrower.

[hordak]

2 brothers raised in the same house by the same parent. Both brothers have the same size family and about the same income. Both decide to buy a home at about the same time.

Brother 1 looks at all the stuff the banks have to offer, Flex rates/ interest only, arm. etc. and decides to go with a 30 years fixed rate as knowing what the payment will be seems like a smart idea.

Brother 2 looks at all the stuff banks have to offer, flex rates/ interest only, arm. etc
and decided to go with some low at the beginning, jump up in 3 years because he thinks he will have a raise by then (instead his wife quits her job , he has another kid, and never gets the raise) he is on the verge of losing his home.


Who do we blame?

[Palerider]

Originally Posted by hordak

2 brothers raised in the same house by the same parent. Both brothers have the same size family and about the same income. Both decide to buy a home at about the same time.

Brother 1 looks at all the stuff the banks have to offer, Flex rates/ interest only, arm. etc. and decides to go with a 30 years fixed rate as knowing what the payment will be seems like a smart idea.

Brother 2 looks at all the stuff banks have to offer, flex rates/ interest only, arm. etc
and decided to go with some low at the beginning, jump up in 3 years because he thinks he will have a raise by then (instead his wife quits her job , he has another kid, and never gets the raise) he is on the verge of losing his home.


Who do we blame?

according to popular opinion you blame Bush....afterall he caused the hurricane...the 9/11 attacks everything we are going thru today ..

[TheyCallMeMom]

Originally Posted by hordak

Brother 2 looks at all the stuff banks have to offer, flex rates/ interest only, arm. etc
and decided to go with some low at the beginning, jump up in 3 years because he thinks he will have a raise by then (instead his wife quits her job , he has another kid, and never gets the raise) he is on the verge of losing his home.

that sounds a bit like gambling if you ask me.....

[Loudmouth_Mormon]

Yeah, homeowners didn't create any of the crappy unsafe loans. They just went out and got them.

So tell me, it's also possible to go fifty grand into credit card debt. Should we also avoid any blame if we decide to? After all, I can figure out a way to convince myself such insanity is "the best thing for my family, for my children. I want us to live in safer neighborhoods, proven schools, and yes, even a better lifestyle. Lord forbid!"

LM

[Just_A_Guy]

Originally Posted by bytor2112

Not homeowners. The banks owned the home . . .

And at least some people realized this back in 2002. This article seemed a lot funnier then.

[Kawazu]

Even with all the news coverage, lately, understanding recent economic troubles can be a bit daunting. The below video describes key terms and outlines a few basic causes of our economic depression. Additionally, the video clip has been produced with professional quality. Enjoy. (Nonpartisan.) (Total running time: 12 minutes.)


YouTube - The Crisis of Credit Visualized - Part 1
YouTube - The Crisis of Credit Visualized - Part 2

Overall, I learned more from this than I have from watching the news.

Cheers,
Kawazu

[talisyn]

Originally Posted by Just_A_Guy

And at least some people realized this back in 2002. This article seemed a lot funnier then.

Now it's just very very sad. So who's to blame..the banks, the non-bank people, or those who have indoctrinated us into thinking every American should own a home because if you don't you're abnormal?

My family lived in a bus out in the deserts of S. Cali for 10 years. I learned a lot during that time, mostly that it's ok to live without credit of any kind and paying cash is a good thing. I may not be able to buy a car for $30,000..but you can bet I can pay cash for a $9,000 one