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Thread: Mortgage Crisis....

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    #1

    Mortgage Crisis....

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    Do you think that the banking industry is to blame, or is it a matter of individual people not being fiscally responsible?

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    #2
    I think it's a little of both from what I have read about. I dont pay much attention to the housing stuff, we arent in the market for a house and wont be for awhile.
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    #3
    i think combo, they were lending to unqualified people that is a recipe for disaster. Also people never stop and think what if the economy goes in the toilet clearly they were living solely in the now. with no thought to the future. Yes you can afford a 500K house now, but what if xxx happens. better to live below your means then over and be screwed later.


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    #4
    Quote Originally Posted by Ellen View Post
    Do you think that the banking industry is to blame, or is it a matter of individual people not being fiscally responsible?
    both.

    i think banks shouldn't have taken on such huge risk loans.
    and of course people are to blame for not paying bills!

    (I say this as I just wrote a thread on being approved for our first home loan )

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    #5
    Quote Originally Posted by rosebud* View Post
    i think combo, they were lending to unqualified people that is a recipe for disaster. Also people never stop and think what if the economy goes in the toilet clearly they were living solely in the now. with no thought to the future. Yes you can afford a 500K house now, but what if xxx happens. better to live below your means then over and be screwed later.
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    #6
    Both! The banks need to stop lending money to people who can't afford it, and people need to stop living above their means. I don't think a lot of people know what goes into buying a house. You need more than a loan to buy it. You need money for repairs, insurance, etc.
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    #7
    It's definitely a combination of unethical lending practices on top of consumer ignorance. I feel that people should be more educated when it comes to their own finances (meaning: if you're signing loan documents and you don't understand them... ASK... or DON'T SIGN SOMETHING YOU DON'T THINK YOU CAN AFFORD)
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    #8
    Individuals. Just because the bank will finance your ridiculously expensive loan does not mean that you can pay it off, and it is YOUR JOB as someone BORROWING MONEY to be sure that you can and DO pay it off.
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    #9
    Quote Originally Posted by MIKOSWIFEY View Post
    Individuals. Just because the bank will finance your ridiculously expensive loan does not mean that you can pay it off, and it is YOUR JOB as someone BORROWING MONEY to be sure that you can and DO pay it off.
    Just because you qualify for a 500,000 home doesn't mean that you can afford the payments. I think the credit given was to easy but people are responsible for their own purchases.

    Before my DH and I purchase a home, we want to make sure that we are getting what we need more then the want. Also, that if the interest rates go up or things start collapsing, we are prepared as much as possible.

    The current home buying generation had everything handed to them to much...that caused the problems also.
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    #10
    Quote Originally Posted by MIKOSWIFEY View Post
    Individuals. Just because the bank will finance your ridiculously expensive loan does not mean that you can pay it off, and it is YOUR JOB as someone BORROWING MONEY to be sure that you can and DO pay it off.
    I TOTALLY agree. Just because someone says they will loan you 500K does not mean you can afford 500K. Individuals are responsible for making sure they get a loan within their means not buy the most expensive thing because you can, because in the end you generally can't afford it.
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