Thursday, April 26, 2007
Feckless or Conned?
Poor Americans hit out at mortgage claims
Who should get the protection - banks or customers?
Posted by nearly30 @ 11:10 AM (3144 views)
5 thoughts on “Feckless or Conned?”
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Darren says:
What is this supposed to mean ??
“They are hoping their house will be revalued and they will get a better deal. By doing so, their repayments should fall to more acceptable levels.”
revalued ?? is this monopoly money or what ?? so the whole thing about high house prices being justified by the amount people are prepared to pay is all complete b****it !!
This exposes the whole business for what it is a scam. We are all just being milked for as much money as possible. May as well just give up. Exasperated !
Shipbuilder says:
What a sad and sorry mess. People with too much trust in the system and financially naiive are taken to the cleaners. The arguement about providing a bail-out as a signal that stupid borrowing is safe is a non-starter. The simple fact is that these loans should never have been offered in the first place. These people were loan sharks and cowboys pure and simple who are to blame for the collapse of the US market and possibly the economy. They should have been stopped years ago.
The whole frustrating thing is that if traditional lending criteria had been applied, low interest rates would have been a great opportunity for home owners to save a bit of money – no bubble, everyones a winner. Instead greed took over and banks waffled about ‘affordability’, relaxing criteria and now here we are. It’s pretty simple – if no-one can borrow the money, the price won’t go up….
doomwatch says:
“…they also found out their $476,000 house had been overvalued, was carrying several building violations and that someone involved in the process had overstated Douglas Brown’s income on the mortgage forms at $50,000.”
How quickly people have forgotten the Whistleblower programme last year that exposed Foxtons and “mortgage broker” staff for the same thing.
Rimmer says:
I would love to sound sorry but they are obviously stupid, how did they think they were going to replay anything like the sums mentioned when the husband earns $23000 a year, sorry but a lot of these people cant do even simple maths.
dugmug says:
They were expecting payments to be around $2,000, per month (so $24,000 per year), when he earns only $23,000 per year??!?!?!?!? Even if they hadn’t been scammed, they’re still muppets!!!!!!!!!!!!!!!!!!!!!!!!!!!!!