Comments | yourhappyjen: In response to Nick's post about the mortgage industry

yourhappyjen

In response to Nick's post about the mortgage industry

Dec 08, 2007 20:13

(Nick - I started having so many thoughts about your post that I decided to make my own entry as it wouldn't fit in a comment section ( Read more... )

Comments 3

corinneyland December 9 2007, 16:23:48 UTC

as someone who actually has an ARM HELOC on their house, I think the people who are bitching now need to be slapped. we knew exactly what we were getting into when we signed the papers. yes, the paperwork is very confusing, and the broker or closer or whomever never really fully explains what you're signing, but the one thing that was explained right off the bat was the concept of the ARM, when the company made their offer. we did it because even if the rate goes up 5, 10, 15 points, it is still going to be cheaper than the majority of our credit cards (we did it to consolidate debt). the people who are complaining now are the people who were GREEDY as hell. they're the people who go around buying up houses and flipping them and now they can't sell. or the people who truly can't afford mortgages but some idiot lender gave them the money. both parties knew exactly what they were getting into and should have to pay the price.

pizzaboy December 9 2007, 23:00:54 UTC

Jen, I know what you are saying, and I do feel sad for the people that involved themselves in deals like that, but its really not fair for the gov to interfere and start changing contracts ( ... )

yourhappyjen December 10 2007, 00:54:56 UTC

You know the only reason I'm actually against the federal government getting involved is timing. It has nothing to do with that we're in a free market and all that but what I don't understand is how they can say let's protect the consumer now but those that lost their homes over the past two years....well they are on their own.

"A financially educated population" I wonder if that would ever happen. I don't think it could. We all ready the same articles that we are under-funded for retirement, over our heads in debt, we have no emergency fund and yet we make no changes to our lifestyle. I think we can have all the education in the world since so much is available but we still don't listen.