Note before Rant: Paramount this is not directed at you, only a general rant.
It’s called due diligence. If I went car shopping and found a car I loved and didn’t get it inspected by a mechanic and it had serious issues under the surface and it cost me an extra few hundred dollars a month in repairs because I bought a lemon it would be my fault for not doing my homework. Any of us could have purchased a home in the past few years, all you needed was a pulse and a crooked loan officer (were there any that were not crooked?). I knew a few people during the bubble who purchased several properties simultaneously (All owner occupied so the bank would give them a better rate and they wouldn’t need to include the payment in their debt ratio ratio.) basically doubling/tripling down and they lost big time. I personally don’t believe anyone deserves a bail out especially anyone who committed fraud (however I understand without a bail out we may see a total collapse of the dollar and maybe our great nation). If I went into Symbolic Motors in La Jolla and said I was a lawyer or a doctor and produced a down payment and some fraudulent documents I am sure I would find a sale man who would sell me a Ferrari and collect a commission (hell he might even help me with the fraudulent documents for his commission). A few months later when the repo man comes I would be crying because it was my Ferrari and I was entitled to it (even tho I lied to get it and couldn’t really afford it). I did my homework and realized I couldn’t afford either a Ferrari or a house in Southern California during the bubble so I have rented and waited for things to come back to reality. I still think we have a long way to go, but I don’t think anyone who bought should complain for making a decision without doing their homework or thinking about the future.
