'Mother' Branch facing possible eviction
Original post made on Jul 19, 2007
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on Jul 19, 2007 at 6:39 pm
I want to see every sub-prime lending abuser put IN JAIL. It's outrageous that this sort of thiing is permitted to go on.
on Jul 19, 2007 at 10:54 pm
It disgusts me that this is allowed to happen. How can we give people a voice, when money always speaks louder??
on Jul 20, 2007 at 6:46 am
Ummmm...sub-prime loans put many people into homes who would not have been able to buy at any other rate. The vast majority have been able to stay, ( At least 85% of sub-prime loans have NOT defaulted, which means all those people own their own homes who would not have otherwise done so) and realize a great increase in their equity.
So, the problem was not with the sub-prime loans, but with the few people who took them and then did not plan for the increase rate that they KNEW was coming.
You can't legislate individual resonsibility.
And I certainly don't think it is good to take away the chance of those with a bad credit history, in other words HIGH RISK folks, to redeem themselves and get a loan for HIGH RISK FOLKS. High risk loans are, by definition, going to have a higher default rate, and thus have higher payment rates to make up for the higher risk the lending institution is taking.
I prefer to give this choice to everyone, and let the ones who can make it, do so. 85% of high risk people have made it so far. That is millions of people in homes who would not otherwise be. They are grateful they got in before the lending market came under pressure.
In the meantime, those who are losing their homes now, though sad, at least had the chance to own their own home, and may even have the built up equity in the home. This is not a bad thing. This is certainly better than not being able to pay rent and getting kicked out with no built up equity. And, if there is no equity, then that is just part of the risk taken by the person who bought.
Where is the outrage over people taking apts where the rent is too high and they go through their savings, then have to be evicted?
We don't need anybody else to make all of our decisions for us, because some people make poor decisions.