|
06-05-2011, 03:55 PM | #1 | |
Crotch Rocket Curmudgeon
Join Date: Nov 2008
Location: Here to integrity
Moto: Li'l red baby Ninja
Posts: 7,482
|
Quote:
__________________
Insert free thought here. |
|
06-06-2011, 12:51 AM | #2 | |
WSB Champion
Join Date: Nov 2008
Location: Anaheim, CA
Moto: 2009 Kawi ZX6R
Posts: 5,570
|
Quote:
You wouldn't borrow 100k to your friend if you knew he couldn't pay...why would banks UNLESS they have had nothing to loose. The largest of greed came from the top.
__________________
Train Hard Ron Paul - 2012 Mark of Excellence GM Last edited by 101lifts2; 06-06-2011 at 12:58 AM.. |
|
06-06-2011, 01:17 AM | #3 | ||
Let's do another U-turn
Join Date: Feb 2008
Location: Indiana
Moto: 2009 V-Strom
Posts: 3,816
|
Quote:
Why don't you fill in the blank on goof's step #2. You know, the one with all the question marks. Do you want to know WHY the wealthy are wealthy and why the poor are poor? Habit, thought and action. The poor make poor choices. They buy more than they can truly afford. They don't pay attention to their money. They rely on credit because they want what the wealthy have, regardless of what they can truly afford. They live beyond their means. Sure, sometimes circumstances come around like a lost job, or huge medical bills, but in the end, the poor have simply made poor choices. If people had not been living beyond they're means, this financial crisis would not be anywhere near what it is today. People fell into the trap of "ooh, look, I can buy a brand new house with granite countertops, a huge backyard with a pool and a deck and a waterfall, etc., etc., etc." Nobody stopped to think about HOW they were paying for that. Then, after buying that house, they NEEDED patio furniture and a new bed and an entire new living room, not to mention the boat, motorcycle and $45k SUV. Why? Because they want to live like the wealthy people live and they're willing to borrow as much as anyone will lend to them, without thoughts of the consequences. I'm not saying that all wealthy people got wealthy because they were completely honest, but many of them became wealthy because they worked hard, saved, and followed basic financial principals. They didn't become wealthy because they own banks and set up some elaborate scheme to foreclose on houses. Quote:
|
||
06-06-2011, 01:39 AM | #4 | |
WSB Champion
Join Date: Nov 2008
Location: Anaheim, CA
Moto: 2009 Kawi ZX6R
Posts: 5,570
|
Quote:
This was thought out way before the housing bubble. The greediest usually reside at the top.
__________________
Train Hard Ron Paul - 2012 Mark of Excellence GM |
|
06-06-2011, 08:57 AM | #5 | |
token jewboy
Join Date: Nov 2008
Moto: CBR 900, KLR ugly ass duckling, Gas Man
Posts: 10,799
|
Quote:
you just described me. my loan guy sold me on the adjustable rate, even though I was pre approved for almost 50k more than I paid. His argument was that it was cheaper for me on a monthly basis especially since most likely I would sell the house withing 5 years and make a profit. At the time it sounded right because it was at the time a rarity for people to loose money on a property. Since then my mortgage has been sold 5 times, and I cant get a conventional loan because the house is worth half what it was when I bought it the month before the housing market went kaput.
__________________
|
|
06-06-2011, 01:57 PM | #6 | |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
|
Quote:
Consider you have closing costs, commission, property tax, repairs, maintenance, utilities, cutting the lawn, HOA dues, and all the other bullshit costs of home ownership. Not to mention the time you waste. Last edited by Homeslice; 06-06-2011 at 03:19 PM.. |
|
06-06-2011, 02:07 PM | #7 | |
Crotch Rocket Curmudgeon
Join Date: Nov 2008
Location: Here to integrity
Moto: Li'l red baby Ninja
Posts: 7,482
|
Quote:
__________________
Insert free thought here. |
|
06-06-2011, 03:31 PM | #8 | |
WSB Champion
Join Date: Nov 2008
Location: Anaheim, CA
Moto: 2009 Kawi ZX6R
Posts: 5,570
|
Quote:
__________________
Train Hard Ron Paul - 2012 Mark of Excellence GM |
|
06-05-2011, 02:35 PM | #9 |
Custom User Title
Join Date: Nov 2008
Location: Central NY
Moto: 2003 SV650S
Posts: 14,959
|
It should have been like it used to be: the banks looked at your ability to repay what they loaned. They see too much risk, they don't give out the money. Foreclosure was the very last result because it causes more problems than it sloves.
This whole "everyone should own a house" and giving out money like fucking water AND consumers thinking they could charge everything and never have to pay it back contributed to the downfall. I've been saving for a house for almost a decade and am finally in a place where I'm ready to move - if I can't get a fucking loan because of greed on both sides I'm gonna be PISSED. |
06-05-2011, 02:37 PM | #10 | |
Moto GP Star
Join Date: Nov 2008
Posts: 11,022
|
Quote:
I think most banks are back to being super cautios in giving out mortgages again. |
|
Bookmarks |
|
|