It takes two to tango. Yes there are greedy bankers and financiers who packaged risky mortgages. But there are also the greedy buyers (of all races, creeds and demographics) who whipped the house prices into a frenzy by flipping property at absurd profits. Once that price train stopped, these greedy people who had to have their status expensive home with 110% mortgage on a price (not value), are now crying that they can't afford it. Well, if you are stupid enough to buy a house where the payments are a huge chunk of your income, then you get to reap the rewards of your greed. It didn't have to be that way. When we bought our home, we bought with common sense toward our budgeting of payments. We declined to spend what the mortgage companies said we "qualified for" and bought a house that cost HALF of that! We improved our home a little every year as we could afford it and refinanced from a 30 to a 10 year mortgage. The long term result is that we will own our home in less then 5 years from now. We were not greedy, didn't care about a status address and bought in a quiet inner suburban city, where city goverment runs in the black and keeps property taxes low and services high (without corruption). I have no sympathy for selfish greedy short-sighted people who didn't use any common sense. Who now want to blame everyone else but themselves for trapping themselves into an over valued house they CHOSE to buy and knew they couldn't afford if they couldn't keep flipping it. No one made them make bad stupid choices! Oh yeah, I like the way the republicans (before W left office) gave their banker buddies billions of our money (with no strings attached, unlike the auto industry assistance)to pay themselves millions in salary(plus bonuses) and finance more bank mergers/buy-outs of each other. I don't see any of this money helping their customers or the economy!
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Stupid people need to finally take responsibility!!!
Date: 2009-02-22 07:35 am (UTC)It didn't have to be that way. When we bought our home, we bought with common sense toward our budgeting of payments. We declined to spend what the mortgage companies said we "qualified for" and bought a house that cost HALF of that! We improved our home a little every year as we could afford it and refinanced from a 30 to a 10 year mortgage. The long term result is that we will own our home in less then 5 years from now. We were not greedy, didn't care about a status address and bought in a quiet inner suburban city, where city goverment runs in the black and keeps property taxes low and services high (without corruption).
I have no sympathy for selfish greedy short-sighted people who didn't use any common sense. Who now want to blame everyone else but themselves for trapping themselves into an over valued house they CHOSE to buy and knew they couldn't afford if they couldn't keep flipping it. No one made them make bad stupid choices!
Oh yeah, I like the way the republicans (before W left office) gave their banker buddies billions of our money (with no strings attached, unlike the auto industry assistance)to pay themselves millions in salary(plus bonuses) and finance more bank mergers/buy-outs of each other. I don't see any of this money helping their customers or the economy!