Mortgage bill advances in Senate

[Bubba]

Originally Posted by Army_of_One

...By the way..feel free to grab one of those teets ANY day and start sucking...we are hiring.

I can't, you don't accept old, fat men.

[Army_of_One]

Originally Posted by Bubba

I can't, you don't accept old, fat men.

hell..I'm still there...lol

[Made in the USA]

Originally Posted by Bubba

I can't, you don't accept old, fat men.

Originally Posted by Army_of_One

hell..I'm still there...lol

I went up there yesterday to sign up Bubba, and AOO was off goofing around in Texas. Personally, I think he is trying to sneak down to San Antonio for the Final Four! Anyway, the other two recruiters said it sure was "nice and quiet" with him gone!

[wordsmythe]

Originally Posted by Army_of_One

Do you not feel that people should recognize that they can't afford a house or not Wordy? I understand that the loan companies have some responsibility but don't you think the people have a little also?

as I've said before, there is enough blame to go around on this one you just seem to keep pointing to the borrowers as the problem and forgetting the companies.

Thier greed led them to prey on people who might be easily persuaded to make bad choices.

The figgured they could get these people to take these loans and then when the rates adjusted up if they couldn't make the payment the bank would take the house, flip it again and make more profit.

They didn't count on the Bush recession that would keep people from buying houses and they are stuck with houses that aren't bringing in any money.

The regulation woul dhave kept them from making these loans in the first place but the mortgage lobbyists made sure it was killed.

[Detector]

I agree wordsmythe.

It takes 2 to tango and the lenders should be held just as accountable as the borrowers.

Stupid lenders

[Tee]

Well then on the same premise...

All Money Lenders, Check in to Cash, Colortyme, all pawn shops should be shut down by the government, because they too take advantage of people that cannot control themselves.

It's the buyers(or borrowers) sole responsibility to beware, not the millionaires selling beachland in Nebraska.

Due diligence. Caveat Emptor. YOU are the only one looking out for YOU. Do your homework and practice restraint. And most importantly, whatever you do...Don't turn to the goverment to save you if you make a bad decision..

[Detector]

What about laws such as the Lemon Law?

We know there are crooked car dealers who take advantage of people who don't know what they are getting themselves into. Sure the advice is to take the car to a mechanic to have it checked, but not everyone can afford this. These are the people the Lemon Law is meant to protect.

I just think the same should be true for home loans as well. Some kind of protection for those who don't know the ins and outs/goods and bads of home loans. It's easy to say you should watch out for yourself, but there are, apparently, lots of people who don't know what to watch out for. Kind of like those who don't know what to look for to keep from buying a Lemon.

[Highwayman]

Originally Posted by wordsmythe

...Bush recession....

Try using you alleged intelligence and looking up the definition of recession. This claiming of a recession by Democrats amounts to fear mongering that can have negative effects that promote further downturns in the economy. It can in fact help create that recession that Democrats would like to see. It’s sad that your party is so desperate for power that it would screw up the lives of thousands of Americans in order to achieve it.

[Tee]

Originally Posted by Detector

What about laws such as the Lemon Law?

We know there are crooked car dealers who take advantage of people who don't know what they are getting themselves into. Sure the advice is to take the car to a mechanic to have it checked, but not everyone can afford this. These are the people the Lemon Law is meant to protect.

I just think the same should be true for home loans as well. Some kind of protection for those who don't know the ins and outs/goods and bads of home loans. It's easy to say you should watch out for yourself, but there are, apparently, lots of people who don't know what to watch out for.

The only difference is, you are signing a document that outlines the terms of the deal. Lemon laws are to protect a buyer from a car dealer that turns back a speedometer or puts oatmeal in the crankcase- something that's virtually impossible to detect and is done to purposely deceive.

When buying a home, if you do not understand the wording in the documents, you turn to your agent to answer any questions about the deal, and you have the right to take the documents and have a lawyer or trusty friend look them over prior to signing.

So many people sign without reading, fueled by their deep desire to "do the deal" without understanding what they are doing.

I think many pepole fall into this trap, thinking it's the best deal they can get. Their past financial history limits their options. Then, they want to cry "foul" when a lender takes advantage of that.

We have to take responsibility for our actions, present and past.

[Highwayman]

I know some Realtors that have been trying to help folks facing foreclosure with counseling on how to salvage their credit and get into an affordable home. They became frustrated because so many aren’t interested in helping themselves. Many live in a house without making any payments for up to a year and just walk away with several months of “free rent” in their pocket.