What Foreclosure reall means .... PBS Report

America...the Land of the Free..... to be stupid. However it is a catch 22 as we are also the land of the Free to be creative, entrepreurial and take a risk. So who should determine what is stupid and too risky ....such as the creation of the Wright Bros? Ultimately it is a delicate balance in allowing for failure while giving room to grow and thrive. In the US we don't really trust our government and it seems with very good reason.:(
 
Quote from gammagabber:
Ultimately it is a delicate balance in allowing for failure while giving room to grow and thrive. ( [/B]
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yes, very well said indeed. However giving a 700k mortage to people who earn 300 a week is not allowing for failure but a guarantee for failure.
One the other hand when I founded my business here in Germany and needed a credit my bank told me even if they think my business plan is great they can`t lend because of all these restrictions here so I see both sides believe me.
Maybe a compromise would be needed. As you said, its a delicate balance.
 
not at all disagreeing with you top, only in very recent years could a borrower purchase a home with less than 10-20% down (in some cases 5%) and very strict Loan to Income ratios etc. Obviously the individual is to blame but as Greenspan put it we all thought the banks & mortgage Co's would be conservative and put their own well being and the shareholders trust 1st:eek: :confused: :mad: instead of becoming greedy and stupid.
 
Quote from hoodooman:

Selling bundled loans should be illegal or this will happen again.
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in Germany they think about a law that the mortage lender has to keep a certain percentage of the loan and only can sell parts of it. I think its a good idea.
 
Quote from MarginCalled:

The couple they interviewed looked like single-wide trailer material. Not even a doublewide.
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very well may end up being just that,

after all, what else is left,

and we have Presiden Cheney and VicePresident Bush-II to thank for the last 8 years of completely convoluted events and realities we are dealing with, whether we like that statement or not.....
 
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