From OWS to O anything.

[merrylander]

Originally Posted by Rex E.

What kind of tricks do the drug dealers use?

I guess that if you are the kinda person out there looking for ways for the banks or Wall street to make you rich then you might fall into this. I for one am not nor have I ever been.

If you are out looking for such things then I think you deserve what you get. Anyone in the market or playing banking games deserves what they get. Invest in your community. Make the long term investment and sit back and wait instead of expecting huge returns every quarter.

Well whoopee shit. We did not go to the banks, they came to us with their crazy ideas, I guess because like you our credit number is over 800.

Picture a young couple who have been saving to buy their first house. But watching real estate rising faster than their saving rate. Prime targets for the brokers and bankers.

It is good being smart enough to avoid these traps, but there is being smart and being a smartass.

I sometimes wonder about the truthfullness of Standard & Poor's housing index. All I see around here is farmland disappearing under McMansions everywhere I look.

[Rex E.]

Originally Posted by merrylander

Well whoopee shit. We did not go to the banks, they came to us with their crazy ideas, I guess because like you our credit number is over 800.

Picture a young couple who have been saving to buy their first house. But watching real estate rising faster than their saving rate. Prime targets for the brokers and bankers.

It is good being smart enough to avoid these traps, but there is being smart and being a smartass.

I sometimes wonder about the truthfullness of Standard & Poor's housing index. All I see around here is farmland disappearing under McMansions everywhere I look.

My wife and I were such a couple about ten or so years ago. in our mid to late 20's and sick of renting. Still knew how much money we made and what we had to spend. This was when housing was going up and fast.

We could have taken much more money than the $70K we took ($100K home with 30% down) but again, I knew exactly what we brought in each month, or other bills and what the house payment would be just like any other person or couple going to buy a house. The lender makes you spell it all out for them so there is no claim of ignorance that is viable here.

Simply put, it's folks knowing exactly where they are at financially (you have to just to apply for the loan) then deciding to gamble their lives on that extra couple of sq ft or that extra $10K to go on a vacation or buy a car or........

[merrylander]

Originally Posted by Rex E.

My wife and I were such a couple about ten or so years ago. in our mid to late 20's and sick of renting. Still knew how much money we made and what we had to spend. This was when housing was going up and fast.

We could have taken much more money than the $70K we took ($100K home with 30% down) but again, I knew exactly what we brought in each month, or other bills and what the house payment would be just like any other person or couple going to buy a house. The lender makes you spell it all out for them so there is no claim of ignorance that is viable here.

Simply put, it's folks knowing exactly where they are at financially (you have to just to apply for the loan) then deciding to gamble their lives on that extra couple of sq ft or that extra $10K to go on a vacation or buy a car or........

Then this is the part that you have missed, it was the brokers and the lenders that falsified the borrowers financial capabilities. I forget the exact terminology, but it was a case of no verify or no data. That is why I excoriate the brokers and lenders. Sure the honest ones go over your income with a fine tooth comb, these jokers did not.