I guess this is a rant more than anything, but
By dragon54u
@dragon54u (31636)
United States
September 19, 2008 6:56am CST
sometimes the past is better than the present.
It used to be, when a couple wanted to buy a house they would work and save up a down payment and a comfortable financial cushion--THEN buy their house, one that they could afford no matter how big or small it was. They'd usually start out small and buy a bigger one as their family grew. Now, they borrow enough to cover the down payment and buy mini-mansions even when they have no children. They get loans that have adjustable rates instead of fixed and figure they can handle it somehow in the future.
I just wonder what it's going to take to make people rein in their spending. Why does everyone think they have to own a house, anyway? Single people and young marrieds used to rent apartments till they could afford a house. This is just insane and I used to think it's the media's fault but I'm becoming convinced that most of the country is mentally ill when it comes to money. 
Why does everyone want to own a house, even when they have no resources and no money saved for a down payment? I just had to get this off my chest--we wouldn't be in the mortgage mess we are if people would be sensible and wait till they could afford a house. What do you think?
Why does everyone want to own a house, even when they have no resources and no money saved for a down payment? I just had to get this off my chest--we wouldn't be in the mortgage mess we are if people would be sensible and wait till they could afford a house. What do you think?1 person likes this
3 responses
@Thoroughrob (11742)
• United States
23 Sep 08
I know when I was looking for a house, they preapproved us for an amount that was alot higher than we could afford. They kept pushing us to find a more expensive house, which I am glad that I did not. I think banks were to easy to lend money.
1 person likes this
@dragon54u (31636)
• United States
23 Sep 08
They sure weren't thinking about what was good for those they loaned money to. Greed is a terrible thing, everyone suffers.
@SangsTurks (1444)
• India
19 Sep 08
This is just a hype created by the marketing people, they simply create a need for everything under the sun. It does not matter wether you have the money or not, they make it look so simple to pay the loan off but in actuality one spends their entire life paying the loan off!! And this is how they benifit from the people who dont think before jumping into buying a house and such other things.
1 person likes this
@dragon54u (31636)
• United States
19 Sep 08
And people are so stupid that they fall for that. I feel kind of sorry for them but God gave them brains and if they don't use them it's their own fault.
@thebeaddoodler (4262)
• Lubbock, Texas
19 Sep 08
What it's going to take to make people rein in their spending are lenders who aren't willing to let them borrow more than their income indicates they can pay! It's as much the mortgage companies greed as it is the people's irresponsibility that has let to the crisis! They figure they can sell this home and when the people can't pay for it, they get to sell it again. Or the government will bail them out. Either way the mortgage companies gain.
1 person likes this
@dragon54u (31636)
• United States
19 Sep 08
I read somewhere that a mortgage company will spend thousands selling a foreclosed house and then most likely sell it for less than the money owed. They're taking big hits, too.
You're right about the lenders, I don't know how in the world they got away with that but I sure don't like bailing them out with OUR money after their greed got them in that mess.
