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  • March 28, 2010 at 7:13 PM #17280
    ctr70
    Participant

    new
    (RANT) I’m really sickened &
    Submitted by ctr70 on March 28, 2010 – 7:06pm.
    (RANT) I’m really sickened & disgusted by the principle reductions. The personal responsibility for your own finances is gone in this country.

    I also know a lot of people who ran up their credit cards and are now are negotiating to settle with the credit card company for pennies on the dollar. These people I know could easily get 2nd jobs, 3rd jobs, reduce other expenses and cowboy up to pay off this debt the old fashioned way. What happened to paying back what you owe?????

    It’s like Americans are all now little children who can’t make rational, responsible financial decisions so the parent the Government pays it off for them.

    I also know a lot of people who were conservative with their money and didn’t sign up for the $5,000/mo payments in 2005. They asked themselves, “can I afford this paymnet and still pay all my other bills and save money?”. “Could I still afford this if I as without income for a while?”

    What pisses me off the most is this shift in American society towards the citizens having no repsonsibility for anything. It’s all blame others…blame the banks, blame the economy, it’s never my own fault…the Government will bail me out and take care of me. YOU signed those loan documents. Grow a friggen brain and start watching out for your own personal finances.

    I understand there are people so underwater they will never get out, I think there should be 2 solutions for people who can’t make payments:
    1. Foreclosure
    2. Short sales (and this should be the banks decision w/out Gov intervention)

    I mean for crying out loud, there is no friggen’ inventory in California right now for those with good credit and who were not dumb enough to buy at the peak in 2005. There is NOTHING WRONG with foreclosing on these people. There is NOTHING wrong with these people renting again! There are plenty of great rentals. I don’t buy this whiney crap about being kicked out of their home. JUST GO RENT THEN!!! That is whay RENTING is for.

    The Government using tax payer money and their power to force banks to do loan mods and principle reductions is some of the most scary anti-free market stuff I have ever seen.

    I’m only half kidding (OK 3/4’s kidding:) ) when I say we should bring back debtors prisons and putting debtors in laughing stocks in the middle of the village square. Then maybe it would make an inprint into their brains to save money and take personal responsiblity for their OWN finances!

    (end rant)

    March 28, 2010 at 8:09 PM #532709
    waiting hawk
    Participant

    Could not have said it better myself. Totally agree.

    March 28, 2010 at 8:09 PM #533644
    waiting hawk
    Participant

    Could not have said it better myself. Totally agree.

    March 28, 2010 at 8:09 PM #533385
    waiting hawk
    Participant

    Could not have said it better myself. Totally agree.

    March 28, 2010 at 8:09 PM #533287
    waiting hawk
    Participant

    Could not have said it better myself. Totally agree.

    March 28, 2010 at 8:09 PM #532837
    waiting hawk
    Participant

    Could not have said it better myself. Totally agree.

    March 28, 2010 at 8:25 PM #532847
    scaredyclassic
    Participant

    On the other hand all this spending might on balance make us all wealthier

    March 28, 2010 at 8:25 PM #533395
    scaredyclassic
    Participant

    On the other hand all this spending might on balance make us all wealthier

    March 28, 2010 at 8:25 PM #533654
    scaredyclassic
    Participant

    On the other hand all this spending might on balance make us all wealthier

    March 28, 2010 at 8:25 PM #532718
    scaredyclassic
    Participant

    On the other hand all this spending might on balance make us all wealthier

    March 28, 2010 at 8:25 PM #533297
    scaredyclassic
    Participant

    On the other hand all this spending might on balance make us all wealthier

    March 28, 2010 at 8:27 PM #532852
    Anonymous
    Guest

    Your rant is ridiculous.

    Borrowers have two options when it comes to mortgages:
    (1) make the payments or
    (2) give the house back to the bank

    Option (2) is perfectly legal and every idiot mortgage lender knows that borrowers can stop making payments and then the mortgage lender has recourse by selling the house (collateral) in a foreclosure auction. Mortgage lenders are totally at fault here because they didn’t require borrowers to put enough down. If they borrowers had been forced to make reasonable down payments, then the bank could make a full recovery in the foreclosure auction.

    Credit cards are unsecured debt and, again, lenders know that there is no collateral backing up the loans. If a person declares bankruptcy, then credit card lenders get in line with all the other unsecured creditors, which means they will usually get nothing.

    Borrowers are the unsophisticated party in the transaction and lenders are the sophisticated party. Do you know of any borrowers who write their own contracts?

    If lenders aren’t getting paid back, it is entirely their own fault as lenders write the contracts and set the underwriting standards.

    March 28, 2010 at 8:27 PM #533400
    Anonymous
    Guest

    Your rant is ridiculous.

    Borrowers have two options when it comes to mortgages:
    (1) make the payments or
    (2) give the house back to the bank

    Option (2) is perfectly legal and every idiot mortgage lender knows that borrowers can stop making payments and then the mortgage lender has recourse by selling the house (collateral) in a foreclosure auction. Mortgage lenders are totally at fault here because they didn’t require borrowers to put enough down. If they borrowers had been forced to make reasonable down payments, then the bank could make a full recovery in the foreclosure auction.

    Credit cards are unsecured debt and, again, lenders know that there is no collateral backing up the loans. If a person declares bankruptcy, then credit card lenders get in line with all the other unsecured creditors, which means they will usually get nothing.

    Borrowers are the unsophisticated party in the transaction and lenders are the sophisticated party. Do you know of any borrowers who write their own contracts?

    If lenders aren’t getting paid back, it is entirely their own fault as lenders write the contracts and set the underwriting standards.

    March 28, 2010 at 8:27 PM #533659
    Anonymous
    Guest

    Your rant is ridiculous.

    Borrowers have two options when it comes to mortgages:
    (1) make the payments or
    (2) give the house back to the bank

    Option (2) is perfectly legal and every idiot mortgage lender knows that borrowers can stop making payments and then the mortgage lender has recourse by selling the house (collateral) in a foreclosure auction. Mortgage lenders are totally at fault here because they didn’t require borrowers to put enough down. If they borrowers had been forced to make reasonable down payments, then the bank could make a full recovery in the foreclosure auction.

    Credit cards are unsecured debt and, again, lenders know that there is no collateral backing up the loans. If a person declares bankruptcy, then credit card lenders get in line with all the other unsecured creditors, which means they will usually get nothing.

    Borrowers are the unsophisticated party in the transaction and lenders are the sophisticated party. Do you know of any borrowers who write their own contracts?

    If lenders aren’t getting paid back, it is entirely their own fault as lenders write the contracts and set the underwriting standards.

    March 28, 2010 at 8:27 PM #533302
    Anonymous
    Guest

    Your rant is ridiculous.

    Borrowers have two options when it comes to mortgages:
    (1) make the payments or
    (2) give the house back to the bank

    Option (2) is perfectly legal and every idiot mortgage lender knows that borrowers can stop making payments and then the mortgage lender has recourse by selling the house (collateral) in a foreclosure auction. Mortgage lenders are totally at fault here because they didn’t require borrowers to put enough down. If they borrowers had been forced to make reasonable down payments, then the bank could make a full recovery in the foreclosure auction.

    Credit cards are unsecured debt and, again, lenders know that there is no collateral backing up the loans. If a person declares bankruptcy, then credit card lenders get in line with all the other unsecured creditors, which means they will usually get nothing.

    Borrowers are the unsophisticated party in the transaction and lenders are the sophisticated party. Do you know of any borrowers who write their own contracts?

    If lenders aren’t getting paid back, it is entirely their own fault as lenders write the contracts and set the underwriting standards.

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