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pstall

Rick Santelli 2012

42 posts in this topic

When I bought my house, they tried to sell me a couple of different loans. I kept saying VA loan, I want a VA loan. Took a while, but the message eventually got through and I got a VA loan. Fixed rate at 5% for 30 years.

Some of the mortgage brokers will certainly try to steer you towards a mortgage that is more for their benefit than yours. Thats why the customer needs to do a bit of research and not be afraid to ask questions.

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davidson deac II is trying to justify his opinion with anecdotal evidence?

I AM SHOCKED

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Who is more corrupt. The mortgage broker who sells a loan to someone he knows can't afford it or the Customer who pads his own numbers to make the mortgage broker think he can afford it.

I'm not saying either is more or less corrupt/at fault than the other. But, try to put yourself in the shoes of average Joe low income if you can, and an LO provides a scenario where they can "live the dream" and own a home. I'm not saying Joe shouldn't have done his due diligence, but the fact is most of them obviously didn't and jumped at the chance. I would imagine, given that situation, a person would be hopelessly optimistic and think that things would work out somehow.

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Joe Neighbor should have never tried to buy a house he knew he couldn't afford.

Agreed. But when a scenario is provided saying that they "CAN" afford the home...

Two wrongs don't make a right, except when votes are at stake.

I can hardly agree with that. The economic situation is dire to the point where I think "votes" is hardly the basis for action.

The mortgage companies should be getting nailed for this, but they are getting bailouts and "help". Rewards, two wrongs actually making a right in this case.

They are getting nailed. Lest it's gone unnoticed, mortgage shops are and have been closing their doors left and right. It's the big banks/lenders that are getting bailed out because they are so integral to our economic stability. BofA, Wells Fargo, WAMU... all of these lenders are now on a 60-90 day delay on refinancing a mortgage today because they've had to lay off so many people that they can't work at proper pace. That's ridiculous- anything beyond a 30 day wait is unheard of.

Just trying to add some informed perspective.

There are just too many people that are uninformed that are so quick to throw stones.

Not saying you're one of them, brother Kurb, just saying...

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I know man, and I understand people need homes.

Maybe not the home they never should have purchased, but MEHHH to the whole damn thing.

I just hate MY money being wasted time and time again.

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people don't need homes. they need shelter. shelter!=homes

even though i place blames on the lenders themselves, it doesn't mean that cheap land, abundant resources, a ridiculous american "vision", and a government willing to destroy other countries in pursuit of said vision haven't led to america pursuing a completely unsustainable lifestyle

if this economic collapse leads to the death of pointless suburbs, then i welcome it.

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I do too, but let's face it - spread out communities are not the best use of resources.

Like Europe, I see more people living in tighter communities, with our countries great amount of space letting us not have to congregate in big cities, but with high speed public transit or computer controlled highways getting people from living to working places. You can see the start of places like this in Charlotte, as well as what happens when growth does not go hand in hand with large scale planning (i.e. 485 in the Ballantyne area).

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I don't. I enjoy life in the suburbs.

just wait until the hydrocarbon economy collapses and you can't drive your car and there's no public transportation or way for them to transport food to you bahahahahaha WELCOME TO THE REFUGEE CAMPS

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just wait until the hydrocarbon economy collapses and you can't drive your car and there's no public transportation or way for them to transport food to you bahahahahaha WELCOME TO THE REFUGEE CAMPS

I live a block away from where I work, and you tell me what's closer to farms- downtown or suburbs?

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