Special mortgage deals

@gangus2 (373)
United States
June 22, 2008 11:47am CST
In the news we hear that certain Senators recieved special treatment and mortgage deals from Countrywide and Fannie Mae. Most of the mortgage agreements were too difficult for consumers to understand, and the same applies to these Senators; They now claim they had no knowledge of the special treatment and did not ask for it. It's a scary thought that these same people, who are claiming they too, did not understand their mortgage deal, are the same people who are running our country. Maybe its time to put some educated people up in office. Those consumer's who got caught up in these troubled mortgages, should not feel quilty about having to walk away, nor should they have to penalized for bad credit. Let the game start over; Fannie mae and Countrywide have made enough money from ripping the consumers' off, let them take the hit for the unfair, corrupt loans they placed on innocent consumers'.
1 response
• United States
22 Jun 08
well said. i think its crazy thats its easier to buy a house then a car. my hubby and i want to buy a home but we can't. we've had 3 banks turn us down. and we have 2 bad things on our credit. i work at home, i get a w-2 every year,etc. and the banks said b/c i dont have an "actual" place of employment we don't qualify. so we gave up and we'll try and save up at least 20% of housing prices.
@gangus2 (373)
• United States
22 Jun 08
Thank you for responding, sorry to hear that, specially since these mortgage companies created designer mortgages for consumers' who should of never qualified, yet, they couldn't help you. I realize that it doesn't seem fair that those consumers' who got loans so easily and you can't get one for such a lame excuse. I personally think that those that bought a home were set-up to fail, and in the end there will be no winners. Count your blessings though, most of those consumers' are paying rediculous mortgage payments, and walking away from them will only make matters worse on a personal financial level. The other good thing for you is this: Soon home prices will be at a more affordable level, you might be able to get what you want enstead of looking at what you can afford. Thanks again, Karen