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Pure nonsense. Whose fault is it that those homeowners bought more house than they could afford? Whose fault is it that they obtained ARM or interest only loans? The tax payers? The president? NO! It is their fault for being stupid!
Hey tanlang:
Just a thought.
Would it be fair to say that anyone that has to borrow money for a home is buying more house than he can afford?
No. I don't think it would. I can afford to pay my next three months house payments out of one paycheck without it keeping me from paying my other bills. I also have a savings account and no credit card debt even though I have cards with $25,000 limits. Also, I could have bought more house and been ok. I just figured that 1200 square feet was enough for a single man.
I am glad for you that you did not get ripped off.
If you are paid weekly you are doing very well.
My house was $35 K but then I refinanced to $95 K to settle up with the IRS.
Never had a credit card.
I struck out young into the workforce and did pretty well for a while until the rules caught up with me.
It would be valid for you to ask why I am a liberal when it was the government that took me down.
Such is life.
As IanFraigun noted below ...
The lenders are to blame because the lenders fraudulently loaned money to someone they knew would never be able to pay. Had those people not purchased what they could not afford, but the lender said they could afford, maybe now they might have had a legitimate chance at a standard loan.