Interesting… most gnews stories seem to miss this bit of mortgage and loan history.
This mess is a result of Americas addiction to instant gratification and social pressures from ‘pleading’ heart liberals in an attempt to gain votes by looking out for the little guy, the disenfranchised, the down trodden, the misfortunate.
I resemble those remarks I have worked at a large midwestern bank the last 8 years - our department was outsourced 60 days ago …anybody out there need someone to guard the clock ? LOL
I saw all this coming in 2001, it was our escalating delinquency rate month after month which reflected families inability to pay their mortgages. But you know the idea of the ‘American Dream’ only being realized by those who can and are willing to work hard to afford the payments and keep the payments up to date is … well, not fair to those who wont, dont, cant or refuse to work hard or at all. Every body with the ‘American Dream’ should be given a house that everybody else pays for at least once. Hangin’ in the wind to twist is a good anology.
The fact that no ‘Reach Around Clause’ was mentioned in the contract should have been the first clue but the debtors were ripe to fall and loan officers were there to harvest, I saw loans you all would not believe.
That might sound harsh if any foreclosure vics are here - sorry but I want a Nighthawk Custom in .45 but I cant afford it so I have to do without. It hurts but I am not going to run up $3500.00 on a credit card to have one knowing damn well I cannot repay it.
Look what the Congress really did to voters by making potentially sky high A.R.M mortgages available to all whether they could repay it or not and the Dems are so devious they say ‘change’ and its no wonder their faithful came running. What they probably meant was ‘spare change’ ! Sad but true.
IMHO
Michael