It was the old math what done it!

[LarryG]

I had just turned 27, was married 3 yrs, had one kid, and another on the way. We had a nice apartment, just moved to indiana from chicago, and seen this new sub division, and a model home, it was everything we wanted and then some.Sowe made a bid and a loan application. Was on the new job almost a year little more. Had very little savings, but had my service over with. Guess what? We got turned down, the guy was very nice about tit at the bank, said maybe we were over stepping just a bit. But he said that maybe a savings and loan would float a mortgage, but the bank said we were a little risky.Said that if even a minor misfortune over took us, we'd be hard pressed to make the payments.He said down size a little, and later get your dream home.A few months later, the realator called us and asked if we'd be interested at looking at an older home.We did, it was pretty nice, not our dream home, and close to the bus stop, so if the car broke down, just a half block and bingo, a bus right to work.Lived there 30 yrs. The school was just a block away, parochial, thehigh school a mile, church one block, super market wal;king distance, later we realized what a good thing hadf happened to us. We got the loan from the same guy who turned us down, and he said it was a better investment, because there would be no new taxes to contend with.
New math, same home year 2004. Gee hardly any savings, and you are looking for a job? Hmmm 6 yrs left on the car loan for your SUV, two credit cards, heavy, but not maxed. Heck yeah, sure you can get your dream home, there may be a small escalating mortgage, but you should be able to handle it, just sign here. And we wonder how indy mack went into bankrupcy.

[DJD]

Now look at Freddie Mac and Fannie Mae both need the Gov. to bail them out.
The Banking and Mortgage Industry sure can give you the jitters when it comnes to your money! The whole country was warned years ago about the cavalier attitude of getting into homes with little to no down payment and interest only loans now it's time to pay the piper.

[Moose1am]

You summed it up pretty good.

Now the bank has your money and you don't have a home anymore. The world is not getting any kinder.

It's time for a change!

[LarryG]

What the government is doing is supporting the unethical, immoral behavior of some money lenders. Anyone with even a high school diploma could look at some peoples loan apps, and the fact sheet about income and debt, and not borrow these folks money. But the loan brokers know its not thier money at stake.They dont care what happens to that poor soul, they just think of thier commision.Isn't greed one of the seven deadlys? so in effect we condone this behavior.A senator caused all this the bankers said.Did the senator give a dead beat a loan?And last of all, how much of this financial aid to the bankers will come from forign governments?