Quote from Reaver:
The problem with this whole thing is that these people cannot pay their mortgages because they simply cannot afford them anymore because of their massive debt and the fact they got themselves into ridiculous loans they couldn't handle.
The people knew the whole time they wouldn't be able to afford the homes but yet they still lied about their income and bought them. Now that it's time to pay the piper, and the gummint is delaying foreclosures by 30 days...well, in 30 days they still won't be able to afford the monthly payment.
It's not like they're just a little behind and need some more time...no these people are in deep shit over their heads because of their greed...they can't afford their payments at their current level of income period. 30 days, 90 day, 120 days from now, doesn't matter, still can't afford the payments. What a ridiculous idea. Even if a miracle happened for some of them and they got some huge pay raise, they'd just go buy dumb shit and get further in debt. It's true.
Being an idiot with money is a mindset, I spoke with someone Monday who wanted an equity loan to consolidate debt. Guy made $24,000 a month and had just exceeded 30 day delinquencies on his car loans. People will rise to their level of incompetence, regardless of the income level involved. It's not like these are all honest hardworking people in hard times, these are credit maniacs who can't control themselves. Like giving a heroin addict money to go pay some bills. Yeah right. We all know where they're gonna spend the dough.