So you're saying that a person who knowingly signed a mortgage for $2100 a month when they only make $1600 a month has no blame?
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- Thread starter Brandonf
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So you're saying that a person who knowingly signed a mortgage for $2100 a month when they only make $1600 a month has no blame?
?
That would be largely FNM and FRE which were mandating by Congress and fueled by the Community Reinvestment Act to expand home ownership to those who had no business owning a home, all in the name of social progress.
Quote from Clubber Lang:
So you're saying that a person who knowingly signed a mortgage for $2100 a month when they only make $1600 a month has no blame?
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Has anyone actually seen for themselves even one case where the mortgage payment at the time of closing exceeded the person's income?
No, of course not.
I would not say that he is a loser. It's just a different philosophy.
One philosophy is based on personal responsibility and personal freedom and the other based on institutional responsibility and institutional freedom.
In general my observations are:
Those that can prefer personal freedom and are willing accept the responsibility that goes along with it.
Those that can't prefer institutional responsibility and do not object to institutional freedom.
What really concerns me is that the USA is rapidly leaning toward institutional responsibility and the reduced personal freedoms that come attached.
Obviously, you didn't watch the show.
If you did you'd know that the OP left out a few key facts.
She was going to cover the gap by having her sister move in and help pay the mortgage and after a year re-fi.
Now, who the fuck put the whole idea of the re-fi in her head?
Typical populist, shoot, then aim...
This is going to lead to a place that no one here wants to be a part of.
That's why I didn't watch the special tonite.
That's why I think these people are a bunch of idiots, and anyone who supports them is an enabler of idiots.
Ultimately, I just really happy that I don't think like that. :eek:
They obviously deserve a huge part of the blame. But come on, if you make $1600 per month how in the world do you expect to pay for a $2100 per month mortgage. Simple math!
Just to make sure I was not missing something I asked my five year old, who's not very good at math...I said "Little B, if you have $16 would you be able to spend $21?" He looked at me like Id finally lost my mind! So, if a first grader who is not very good at math can understand the concept, I think an adult can as well.
