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Lenders created a culture of delinquency

By golfplan18   Follow   Tue, 4 Sep 2012, 7:11am   392 views   3 comments
In Irvine CA 92620   Watch (0)   Share   Quote   Permalink   Like (1)   Dislike  

http://ochousingnews.com/news/lenders-created-a-culture-of-delinquency

When I grew up, I watched my parents work hard and pay their bills. Their house payment was the largest of of their bills, but they sacrificed to pay down their mortgage to eventually become payment free. This was the experience of most Americans, a collective lesson we learned about responsibility and deferred gratification. Lenders destroyed that and replaced it with a culture of Ponzi borrowing and a series of poisonous beliefs that turned responsible homeowners into reckless and irresponsible loanowners.

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1. Oil Can Follow Befriend 21 threads 128 comments Oil Can's website

   1   7:21am Tue 4 Sep 2012   Share   Quote   Permalink   Like   Dislike   You are talking a foreign language. Debt is wealth :)

2. zzyzzx Follow Befriend (9) 416 threads 4,138 comments Baltimore, MD

   2   9:56am Tue 4 Sep 2012   Share   Quote   Permalink   Like   Dislike   golfplan18 says Lenders destroyed that and replaced it with a culture of Ponzi borrowing and a series of poisonous beliefs that turned responsible homeowners into reckless and irresponsible loanowners. While lenders did allow this to happen, they didn't stick a gun to anyone head and make them do a cash out refinance. It's stupid people that made this possible. That, and having worked fro a bank, IMO, the people in charge of deciding who gets the loans should have experience in the Collections Dept first.

3. BobMSN Follow Befriend 3 threads 98 comments

   3   11:50am Fri 7 Sep 2012   Share   Quote   Permalink   Like   Dislike   golfplan18 says It's stupid people that made this possible. Stupid? Not at all. In todays dictionary: Stupid = hard working, saving, investing, pay tax. Smart = hardly working, borrowing, squatting, maximizing welfare.