Originally Posted by hoog62
Realise that he is calling out both the Republicans and Democrats there. Neither the right or the left can claim the high ground in this mess. The problem has never been really between the right and left, it has always been about the rich vs. the poor.
actually you have part of that correct, the rich and poor thing has had little to do with it with it though, except for the what 20% of the loan program failures.
and we can thank the left for the current crisis with so many bad mortgage programs, heck the last forced mortgage programs were hammered in stone with Clinton in '94, who has said he knew then it was going to cause problems, BTW when was it the banking industry was first told they had to loosen their requirements for less fortunate to be able to buy homes? the late 70's wasn't it?
It was the banking industry that knew the 20 /28 40 rule was a good scenario for a home buyer.
20% of the purchase price down, leaving a nice equity buffer in the house should the buyer fail, allowing the banks have a better chance of not loosing so much money.
A mortgage payment not to exceed 28% of their monthly income, leaving the home owner with a nice amount of left over cash to buy groceries, do home repairs, car repairs, pay for medical bills ect.ect.
not to exceed 40% total debt of their monthly income to qualify for the mortgage including all bills
fact was, at one time it was less than that,
and I had been told not to purchase a home at a cost of more than two years of your Gross salary (which we have still not done to this day),
thing is greed took over, or keeping up with the Jones, even with middle income bracket or the rich as the left want those that make under 42k a year to think,
then the dang blasted financing options that took the public with lightning speed, coupled with people who,
a) just wanted a bigger house to show off, (hey we make 100k a year, look how we can afford that 350-500k dollar home)
b) the people that never took even 10 minutes of their own time to do some research and learn about home purchases in the 1st place
c) uneducated poor being taken advantage of buy some realtors
d)the people that had some expendable income and thought they could make it rich in 6 moth's in the real estate market and financed their homes at 125 % of the value with 3, 5 year arm's or interest only loans banking they could sell that house at a high profit
I particularly love all the blame it on the banks and lenders, when in reality many of these banks are forced to provide mortgage money to those who can not afford to purchase a home in the first place.
what happened to the people being responsible for their own actions???????
Oh yea, the left..... not to worry you dumb people we will bail you out! and this will prove to you you need MORE government control!
and this time they even got what 40% of the right to agree?
Our Gov at work for you!
(some humor intended)