Who to blame when the bank take your home? / myLot

Malaysia

December 8, 2015 11:48am CST

I just recently watched this movie 99 Homes. It's about a real estate developer who had to evict people from their homes. I've read some views about this movie. Some believe that the home owners are to blame for not paying back their mortgage. Others blame the banks for giving out loans to people who are obviously not qualified. What do you think? Who is to blame?

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4 responses

shelly

@shellyjaneo (1076)

• United Kingdom

10 Dec 15

I think it is both, you shouldn't take out a loan if you can't afford it and the banks shouldn't give them. The banks should also be more willing to be flexible when people are going through hard times x

1 person likes this

UmiNoor

@UmiNoor (4521)

• Malaysia

11 Dec 15

In my country, if you cannot service your mortgage, you can always renegotiate the loan with the banks especially if you've just lost your job. That is why I think it's prudent that home owners buy home insurance that can cover lost of job.

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shelly

@shellyjaneo (1076)

• United Kingdom

11 Dec 15

@UmiNoor Yes that is a good idea to get the insurance and also good that the banks will negotiate with you they don't seem very willing to do that here x

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shelly

@shellyjaneo (1076)

• United Kingdom

12 Dec 15

@UmiNoor I think due to the current financial situation in the UK and the fact the the government have helped the banks out with tax payers money they are getting a little bit better but still not great x

Sherry

@norcal (4889)

• Franklinton, North Carolina

8 Dec 15

Banks certainly lent to people who were at high risk for not being able to pay, and they are still doing it. It's really not a risk for the banks though, they make money either way. Sometimes people have a good job, and think they will be able to pay, then things change, and they can't pay. Other times, it's just wishful thinking. Maybe they should know better, but when they are offered the American dream of home ownership, they go for it.

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Sherry

@norcal (4889)

• Franklinton, North Carolina

9 Dec 15

@UmiNoor So, you place all of the blame on the home owner?

UmiNoor

@UmiNoor (4521)

• Malaysia

9 Dec 15

@norcal I think both parties should bear a portion of the blame. The home owner being too eager to live the American dream and the banks too eager to give money to people that they know will default on payment.

scheng1

@scheng1 (24649)

• Singapore

9 Dec 15

The homeowners are definitely the stupid ones. They should know that they will get kick out of the house if they cannot pay the mortgage. Even if the banks are willing to lend money, they should think about their ability to pay, and their risk of losing their jobs.

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UmiNoor

@UmiNoor (4521)

• Malaysia

11 Dec 15

That is true but in America, everyone wants to live the American Dream and part of that dream is to own a home. I think the period that was depicted in the movie was the time when it was easy to get a loan from the bank and the banks were so eager to give out loans that people do not think that they might not be able to service the mortgage.

ingrid

@ridingbet (66854)

• Philippines

10 Dec 15

here in our country, anybody who wants to loan for a house must have collateral to present to the bank. there should also be a structure constructed on the site before money is shelled out.

1 person likes this

UmiNoor

@UmiNoor (4521)

• Malaysia

11 Dec 15

When you apply for a housing loan, the house is the collateral. That is why when you can't service the loan, the bank will take away the house. In my country, there are different types of housing loan. There are those that can be applied even before the house goes into construction.

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