Reply to thread

Message

<blockquote data-quote="SteveSkal" data-source="post: 3601691" data-attributes="member: 581270">This is a very sore topic for me. I have been in the Mortgage Industry for almost 10 years now and I saw this coming, nothing I could do to stop it, it was greed all around, greed of the Mortgage Broker&#039;s wanting to fill their pockets, greed by the lenders who saw business coming in like never before and just said yes to everything, greed of the borrowers who&#039;s eyes were bigger than their stomach.... when you have a smooth talking broker telling you &quot;Hey, I can put you in a much larger house for the SAME payment&quot; people just light up and say OK, and don&#039;t even ask anymore questions, its sad! So it snowballed from there, housing prices stared to soar, more and more exotic loan programs were designed to accomodate. The bubble had to burst sooner or later and here we are.Now as far as the government bailing this out, I am on a fence here too, I have the same sentiment as far as &quot;you may your bed, now you have to lie in it&quot;, Sure I think all these greedy bastards should lose their homes, why should they get help when I was responsible and got a 30 year fixed mortgage on a smaller home that I knew I could afford today, tomorrow, and 10 years from now. HOWEVER, if government doesn&#039;t step in and do something it could lead to a recession so they really are doing what needs to be done.</blockquote>

[QUOTE="SteveSkal, post: 3601691, member: 581270"] This is a very sore topic for me. I have been in the Mortgage Industry for almost 10 years now and I saw this coming, nothing I could do to stop it, it was greed all around, greed of the Mortgage Broker's wanting to fill their pockets, greed by the lenders who saw business coming in like never before and just said yes to everything, greed of the borrowers who's eyes were bigger than their stomach.... when you have a smooth talking broker telling you "Hey, I can put you in a much larger house for the SAME payment" people just light up and say OK, and don't even ask anymore questions, its sad! So it snowballed from there, housing prices stared to soar, more and more exotic loan programs were designed to accomodate. The bubble had to burst sooner or later and here we are. Now as far as the government bailing this out, I am on a fence here too, I have the same sentiment as far as "you may your bed, now you have to lie in it", Sure I think all these greedy bastards should lose their homes, why should they get help when I was responsible and got a 30 year fixed mortgage on a smaller home that I knew I could afford today, tomorrow, and 10 years from now. HOWEVER, if government doesn't step in and do something it could lead to a recession so they really are doing what needs to be done. [/QUOTE]

Verification