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epitaph
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2013 Jan 11, 4:45am
The banksters and Wall St. cry foul too, so it's not just consumers. I'm not sure when, or even how, but the precedent has been set. Irresponsibility, finger pointing and greed are now the virtues of our new American society.
Tenpoundbass
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2013 Jan 11, 4:50am
Consumer protection groups are complaining that banks can loan more money then people can reasonably be expected to pay back, and the bank are protected by lawsuits for loaning too much. What ever happened to personal responsibility? Sure the bank would be stupid to loan you more money than you can afford to pay back, but shouldn't you as the consumer be responsible enough to determine if you can afford the mortgage?
The consumer is already protected all they have to do is just get foreclosed on. They can bounce back and buy another house with in 3 years. That's 4 years quicker than someone who defaulted on a gym membership.
C Boy
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2013 Jan 13, 10:25pm
As I long as the banks can continue to forge documents and signatures with no threat of jaill. housing loans will eventually force another bailout.
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http://money.cnn.com/2013/01/10/real_estate/mortgage-rules/index.html?iid=HP_LN
Consumer protection groups are complaining that banks can loan more money then people can reasonably be expected to pay back, and the bank are protected by lawsuits for loaning too much. What ever happened to personal responsibility? Sure the bank would be stupid to loan you more money than you can afford to pay back, but shouldn't you as the consumer be responsible enough to determine if you can afford the mortgage? Hasn't the housing bubble taught us anything? Just because the bank loans you the money doesn't mean they have determined you can afford to pay it back. Hell they might assume your going to give up your entertainment and eating out budget for the next 30 years, living off noodles and canned kidney beans. You on the other hand might have other ideas.
Just makes me sick that even consumer groups are crying foul. If you can't do the math, you shouldn't be applying for a mortgage in the first place.
#housing