So I'm watching CNN while working away on the laptop yesterday afternoon, some nobody desk jockey who obviously isn't sleeping their way to the top and therefor couldn't get the 4 day long weekend off like the headliners was interviewing someone about the mortgage 'crisis' when I overheard the words ...."yes but what is the government going to do for these poor people who have been tricked into... [more]
So I'm watching CNN while working away on the laptop yesterday afternoon, some nobody desk jockey who obviously isn't sleeping their way to the top and therefor couldn't get the 4 day long weekend off like the headliners was interviewing someone about the mortgage 'crisis' when I overheard the words
...."yes but what is the government going to do for these poor people who have been tricked into committing to mortgages they cant afford"...."they are now going to lose their homes".
hmmm where do I get started apart from....unless the docs were forged you committed to those repayments. The USA has had less than a 2% rise from the very low point - how could they not budget for more less than a 2% rise?
and...well it's not your homes...until you pay for it - until then it belongs to the bank.
I just don't get why/how people think that lying through their teeth to overstate their income and assets in the hope that capital growth was going to make them rich (uhm it doesn't unless you are buying more than 1 - it's just going to make your next purchase more expensive).
The amount that people are paying for their housing in NY (and in Sydney) as a percentage of their disposable income is higher than ever.
I wish people would realise that every few thousand you 'outbid' the person standing next to you is a holiday you cant afford (you are working to experience life right...not just working to get through life right?)
And every .25% percentage increase is a new wardrobe of clothing you now dont get to buy each year.
Let you in on a secret people
...You dont need to live right next to your office - commuting is good for your wallet.
...You dont need that 3rd bathroom
...and those of you addicted to outdoing your next door macmansion - they have no taste either.
Cheers,
Dean
http://deancollinsblog.blogspot.com/2007/11/mortgage-trickery.html[less]
Response by uptowngal
over 18 years ago
Posts: 631
Member since: Sep 2006
Dean, read today's WSJ on how Citigroup's mortgate servicing unit is handling custmers affected by the subprime mess. Many got their mortgages through brokers who are not as regulated as banks so there was little oversight. These buyers bit off more than they could chew, either because they didn't understand the terms, the brokers didn't explain, or these folks didn't budget well. Bottom line, there is no one easy fix.
As for NYC, coop boards - as overbearing as they can be - prevent buyers from purchasing more than they could afford (or what the coop board says they could afford). One reason why Manhattan hasn't been hit as hard.
Dean, read today's WSJ on how Citigroup's mortgate servicing unit is handling custmers affected by the subprime mess. Many got their mortgages through brokers who are not as regulated as banks so there was little oversight. These buyers bit off more than they could chew, either because they didn't understand the terms, the brokers didn't explain, or these folks didn't budget well. Bottom line, there is no one easy fix.
As for NYC, coop boards - as overbearing as they can be - prevent buyers from purchasing more than they could afford (or what the coop board says they could afford). One reason why Manhattan hasn't been hit as hard.