I Hate The News...

[stevis78]

Especially that on BBC America.  They're just like ABC, CBS, NBC, and CNN.  They ran a segment called Foreclosure: Credit Victims.  Credit Victims?  Well, I thought this was a company kidnapping people in extreme low-income neighborhoods and forcing them at gunpoint to buy a house.  Or, I was thinking that some company breached the terms of the

Comments

[1smart1]

Don't forget the fact that this woman probably pays for top of the line phone service, has a large flat-screen TV, purchased a car well beyond her means and pays for premium satellite channels.

Yeah, it's our fault that she's so damned irresponsible.

[stevis78]

People seem to think that 100% of their income should be disposable. All the things like shelter, health insurance, *dependable* transportation, food, electricity, and water should be provided by the government.

If some people want to live like that, go to Cuba where you get food rations, free health care, almost enough electricity to run a toaster, brown water (that you have to boil), just enough gas to boil your water, and can spend your remaining 90 cents per month to dance the night away and screw off.

I used to be irresponsible, too, but at some point you have to learn that's not the way to go.

[1smart1]

I used to be irresponsible, too, but at some point you have to learn that's not the way to go.

I wish more Americans had had that epiphany.

[nighthawkal]

She's definitely someone who should have done her homework. I thought everyone knew that 3 or 4 times your income rule. If the bank changed the terms on her or did shady things, I could understand complaining, but she shouldn't have bought a house worth 12 times what she makes. Of course, why did the bank give her the loan? Aren't they supposed to make sure the person can afford the loan before they give it? Any research they would've done would've probably shown that she couldn't afford the house

[stevis78]

I thought everyone knew that too.

These lenders I think were a little irresponsible themselves, but the thing to remember is that they're in business to make loans. Just like Circuit City, for example, is in business to sell electronics, many of which I can't afford, but are still on display anyway. It's up to me to determine, $1,200 for a TV, no way. Just like it should have set off bells in that woman's head, "Hey, $485,000 house, I make $39,000 a year. How can I afford this? I can't."

12% is a pretty scary statistic. But not totally surprising, as it takes effort to learn that stuff. More effort than most people are willing to make.

[nighthawkal]

Its true that banks are in a business to make loans but they're supposed to examine these people first before they give away loans like candy. YOu want to give loans to responsible people who will pay back not people who have no business receiving these loans

[stevis78]

"Its true that banks are in a business to make loans but they're supposed to examine these people first before they give away loans like candy. YOu want to give loans to responsible people who will pay back not people who have no business receiving these loans."

Absolutely. My point is that both parties have to take preventative measures, and neither did so. The mortgage company didn't screw her, they screwed themselves because they made a deal that would have (and did) screwed them had it gone south. The chances were just too great, and, well here we are. It is in the bank's best interest to not make these deals, I agree.

" I think that the fact that only 12% of the population can read a contract means that there is something wrong with the education system. Its not teaching things that are relevant to peoples' lives. I'm not surprised that only 12% of the population can read contracts. I think when I see a lot of people sign contracts for a cell phone or whatever, most of them don't even read the thing, they just sign it

[stevis78]

"We are learning a valuable lesson about living within our means, on a smaller scale and I welcome it."

Indeed we are. That's exactly what it is. Living within your means.