Especially at night.

 

but you could run naked down montrose, old school style

 

[QUOTE=trainwreck,Mar 28 2008, 04:20 PM] sad thing is...whether you like it or not, you are paying for the credit crisis caused by bad mortgages.

 

When all of these houses were being bought I couldn't understand who was buying them.

The median incomes of 50K weren't even close to affording house prices @ 500K+.

I was thinking investors were picking them all up or "rich" people were moving to these areas and buying.

Then we find out about crooked loans and stupid buyers, and all of the responsible people having to bail out the lot of them.

Now I do feel bad for people that are losing their homes. I feel bad for their ignorance and their lifestyle. I feel bad for their kids and families that have to suffer with their parents mistakes.

What we need is education so this doesn't happen. Perhaps regulation, but I'd rather see people empowered than more bureaucracy.

For too long we all have been living outside of our means, from our government's deficit to our own personal debt, perhaps this is our wake up call.

 

Like defensive driving - gotta sit through a four hour class, then sign off on a form that you understand the risks of mortgages and whatnot.

Too bad that can't be required for having children too, eh?

 

I am not a big regulation guy, but without it this will never stop. We have become the instant gratification balla society.

It used to be that when people wanted something like a sports car, or boat, or whatever, they saved and waited until they could afford it all in cash or had most of it in hand. Hell now kids buy that crap on credit in high school or college. Get out of college and have the new car lease, the home on an interest only, a couple helocs to buy the plasma tv and the jetskis. Blah blah.

As long as credit companies are allowed to dangle that in the faces of retards (which is about 70% of the US population) we will still have the problem.

 

I saw this the other night too... This woman is an idiot, but she also bought the home while her husband was around. I'd like to think that they purchased together when their combined income was in the 200K gross range. Either way, I suppose if they both signed up for $2500 per month of interest, then they're both idiots. I'm sure the Coach purses don't really help much either...

Yeesh!! Sorry buddy...

You're a good guy for doing what you did. I'm sure it's not easy and you'd probably do it a little differently if there was a chance for the do-over, but your heart's in the right place. But hey, live and learn buddy.

I don't know if ARM's are all bad. I think intentions have a lot to do with it. I purchased a condo in 2004 and planned to get rid of it in 5 years or less. Luckily I put it up for sale and got a little more than my asking price in 2007. Obviously if I held on to it, getting a simple fixed rate would be the better approach, but like I said, I think it depends on one's intentions.

I'm with you on this one. While I'm not surprised by less fortunate (minimal/lack of education & finances) people making poor decisions based on input from people looking to cash in on them, I am very surprised by those making good money being poor with money management. I was one of them for a long time and finally started to curb my spending when Mom forced me to pick up that condo I mentioned above. Now that I'm married, it's even more tied down, and we're in the DINKs group!! (Double Income No Kids)

Tell me about it!! I don't know why we spend more money on everything BUT education in this country. I'd have loved to become a teacher if the salaries were at least somewhat respectable and more than a notch above poverty levels. In India (I'm from there, so I can speak to it a bit...) it's insane how much teachers have been respected over the years. Granted, their teaching style isn't one I agree with, but a person can be a teacher there and live a moderately comfortable life. Here, unless you work for the hottest school district in the hottest part of town, you make squat. There's no incentive here to educate lower income areas from the start of their schooling, so we continue to breed retards.

A little focus on the end game would do a lot for us, our children and this country's future...

[QUOTE=vader1,Mar 31 2008, 03:08 PM]I am not a big regulation guy, but without it this will never stop.

 

My mothers house costs about as much as her yearly income. This lady needs to give up the mansion and move into an apartment.

 

It amazes me to see stupid people like this, but i see them every day. I work for a furniture leasing company and see people come in and pay $4000 for a $2000 LCD. The other day I sold a $400 ps3 for $1300 and the guy was thanked me for my help, yeah sure buddy thank you for making my car payment . I felt bad when I first started this job a few months back but I realize that these people knowingly put themselves in these situations so #### them. Yeah sure I've wanted better things but if I can't get the money together at the time then oh well, I'll just have to wait to upgrade my tv at a later date.

 

yeah rent-a-centers are the biggest ripoff in the world, next to paycheck advances, (and buying a car new)