Wow, I find myself agreeing with the PC guy! Home buyers victims of
the evil banks? Give me a break. Oh wait, that's what the "victims"
want for their own stupidity. Let me see if I get this strait. If I
work at McDonalds and make $11/hr. I can afford a $4k, 5 bedroom home
with a 3 car garage. Ok, that works. Oops, forgot the pool and gazebo.
Banks were such a wonderful thing when they didn't care who they
loaned to. Then they did that stupid thing, start thinking
responsibly. And just when I was thinking about starting to buying and
flipping houses. Well there goes that idea.
Jeff M
On Jan 31, 2009, at 4:45 PM, Jeff Wright wrote:
You keep on and on, again and again, cherry picking and ignoring the
full
picture so you can make more bizarre points.
"You should not buy a house that you cannot afford."
Dear god, you're right, the crazy in that sentence practically
strangles you
as you read it.
When someone goes to buy a house and they go to bank after bank and
every
bank is offering them similar terms they are doing "due diligence."
No. When you read the terms of the contract and calculate how much
of your
income will go to paying for the mortgage every month, and add in
your other
expenses to be sure that you can afford everything, that's due
diligence.
When you whine because your ARM adjusts WAY up or your interest-only
loan
bites you in the ass and you now find yourself in a bind because you
couldn't be bothered to think 5 minutes into the future, there are
number of
other words that apply, none of which are the words "blameless" or
"victim."
The bankers who gave the wrong assessment are guilty of malpractice
at
the front end of the problem. The same bankers are guilty of
malfeasance
for failing to take responsibility for the problem their bad
assessment
created. Finally they are guilty of stupidity for not working out the
mortgages and foreclosing.
I feel like I'm talking to Vizzini in the "The Princess Bride." All
you
keep saying is "inconceivable!"
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