Anyone else as ticked off about this as I?
Latest US Housing "Foreclosure Prevention" Plan
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oldhouseman
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- Dec 17, 2007
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I haven't heard
the details of the plan. We had a tornado go through Sparta last night. One neighbor killed. My house had "minor" damage -several original (1790's)windows destroyed. At least it was the ones I had not yet got around to restoring. Everything is a real mess -just like the economy!
I think it took more than a few years to create this situation with the economy and will take more than a few to fix it. I saw people getting mortgages that knew they couldn't afford the house. Credit cards out the wazoo to furnish the place. That's going to be the next big melt down.
All things considered I'm glad I got my place dirt cheap even if it did need a ton of restoration. At least I could do the work myself.
The local newspaper has more pages for foreclosure notices than actual news. Sad. Really Sad state of affairs.
the details of the plan. We had a tornado go through Sparta last night. One neighbor killed. My house had "minor" damage -several original (1790's)windows destroyed. At least it was the ones I had not yet got around to restoring. Everything is a real mess -just like the economy!
I think it took more than a few years to create this situation with the economy and will take more than a few to fix it. I saw people getting mortgages that knew they couldn't afford the house. Credit cards out the wazoo to furnish the place. That's going to be the next big melt down.
All things considered I'm glad I got my place dirt cheap even if it did need a ton of restoration. At least I could do the work myself.
The local newspaper has more pages for foreclosure notices than actual news. Sad. Really Sad state of affairs.
iheartmaytag
Well-known member
Though it is easy to blame the borrower
And it is true they are to blame for a lot of the problems. We also have to blame the mortgage companies that are in cahoots with the realestate agents that decieve the borrower/buyers into thinking they can afford the house.
The companies that through pure greed don't even hold the mortgage lone enough for the new buyer to move in before it is sold again and again. Then let's talk about the insurance companies that see you have just had a recent increase in debts so your credit score drops then they double your homeowner's premiums hence increasing your escrow requirement and forcing the people to pony up up to 75% of their income.
There is an old saying in lending (I used to be a loan officer and collector) "If you aren't helping someone, you are hurting them. It is the lender's responsibility to steer the buyer into the best product for them. If they can't afford it, deny the loan.
And it is true they are to blame for a lot of the problems. We also have to blame the mortgage companies that are in cahoots with the realestate agents that decieve the borrower/buyers into thinking they can afford the house.
The companies that through pure greed don't even hold the mortgage lone enough for the new buyer to move in before it is sold again and again. Then let's talk about the insurance companies that see you have just had a recent increase in debts so your credit score drops then they double your homeowner's premiums hence increasing your escrow requirement and forcing the people to pony up up to 75% of their income.
There is an old saying in lending (I used to be a loan officer and collector) "If you aren't helping someone, you are hurting them. It is the lender's responsibility to steer the buyer into the best product for them. If they can't afford it, deny the loan.
