Mortgage Crisis

http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html

Problem one. Who would give a 90 year old lady a 30 year loan? People blame this person or part on the issues. But this is more common than one might think.

[stealthycat II]

they give the loan because they can then sell the loan to other mortgage brokers who then sell it ..... you get the idea.

also, I wonder if they know that older citizens when they die might have life insurance or something that gaurantee's payoff of loans ?

[falcon]

Problem one. Who would give a 90 year old lady a 30 year loan? People blame this person or part on the issues. But this is more common than one might think

.

+1

Some of the scummy mortgage brokersgave kickbacks to borrowers who signed on homes. Many brokers forgot to tell folks that they were signing an adjustable rate mortgage.

[Chuck7]

Someone whose money is their God..

1 Timothy 6:10 For the love of money is the root of all evil

I know of several folks in manufacturing at my company who was given loans that I could tell them they will not be able to afford.

I bought a house for 150K in 1999. It was all I was comfortable with. They told me they would loan me up to 500K for a house. 500freakinK. What sad is I know several fellow engineers who bought 500, 600 and even 700K houses. These guys are so house poor, they can't afford a happy meal. They live in these monstrerous houses, that they can't heat.

People can say its the democrats fault, or the conservatives fault, but bottom line, is we shouldnt have bailed them out. And if we have too to save the country, get every freakin federal lawyer and start arresting people by the hundreds.

[falcon]

but bottom line, is we shouldnt have bailed them out. And if we have too to save the country, get every freakin federal lawyer and start arresting people by the hundreds.

+1

[Chuck7]

I agree Mark...We could have easily of played the game but learned the Bible principle of being content..Our credit rating is about as high as one would like but we live simple and save..I have one expensive item in which I cut grass on the side for ...a 2600.00 Martin guitar..The rest of my stuff is very practical and simple...yet of quality workmanship like Garcia, Remington , Leupold etc..We've been saving our money for retirement...My hunting stuff still harvest game and my 10 foot jon still catches plenty of fish..All vehicles and homeare paid for..

Here's my simple 10 foot jon..Cost me 100.00 in 1981 used..It's a heavy duty Polar Kraft..I slowly updated through birthday present money..
I built the trailor..the tongue is made from galvanized water pipe..2 " [8D]..We buy our vehicles from D I C K S autosales..goodole oldtimers...been around for 50 years.

Looks good Chuck. I got a 14jon myself. You gotta love a jon. I use it mainly for crabbing and duck hunting.

My wife and I's biggest priority these days is to get our house paid for. I think debt can hold you back Spiritually and mentally.

[Chuck7]

Amen ..it's great being out of debt..