Show your true feel lings.

[superdave1984]

You do understand that you can break that into multiple paragraphs, right? It would give one less of a headache when reading it.

What is this ludicrous idea you are touting of CEOs raping the consumer? Last time I checked, the consumers weren't under duress when they were entering into transactions...

Try reading the line again. What I said was

including CEO's of companies that rape the consumer

The CEO makes a huge bonus based on how many loans or sales or whatever, and the company preys on the people who are ignorant and irresponsible. Do you honestly think that if a person was told up front that they could not afford that house they would have signed the contract? They rely on the ignorance of the consumer to NOT read and understand what they sign. Knowing full well these people cannot possibly complete the payments. Buyer beware? Yep. But irresponsible business practices are just as much to blame.

 

[therealUT]

Try reading the line again. What I said was The CEO makes a huge bonus based on how many loans or sales or whatever, and the company preys on the people who are ignorant and irresponsible. Do you honestly think that if a person was told up front that they could not afford that house they would have signed the contract? They rely on the ignorance of the consumer to NOT read and understand what they sign. Knowing full well these people cannot possibly complete the payments. Buyer beware? Yep. But irresponsible business practices are just as much to blame.

Here is a tip: try not to be ignorant and irresponsible.

If you do not know how to read a contract...DON'T BUY A HOUSE!

If you do not know whether or not you can afford it...DON'T BUY A HOUSE!

 

[superdave1984]

Here is a tip: try not to be ignorant and irresponsible.

If you do not know how to read a contract...DON'T BUY A HOUSE!

If you do not know whether or not you can afford it...DON'T BUY A HOUSE!

I agree 100%. However, many people do NOT and they get talked into making horrible financial decisions because of it. Lending agents are well versed in how to make people think all is going to be rosy when in fact they know that this house will be in default in 3 years or less. The way mortgages have been done is wrong. What happened to having to provide 10%, 20% down? Why in the world is there a 110% loan? No down payment, interest only, aub-prime loans are full of legal jargon 90% of the people do not understand so they rely (stupidly) on what the lender tells them. It comes back to personal responsibility on the part of the consumer, but to give a CEO millions in bonuses because his company twisted or re-created the rules and hundreds (thousands?) of people were bitten by it.....seems criminal to me. Remember Enron?

 

[therealUT]

I agree 100%. However, many people do NOT and they get talked into making horrible financial decisions because of it. Lending agents are well versed in how to make people think all is going to be rosy when in fact they know that this house will be in default in 3 years or less. The way mortgages have been done is wrong. What happened to having to provide 10%, 20% down? Why in the world is there a 110% loan? No down payment, interest only, aub-prime loans are full of legal jargon 90% of the people do not understand so they rely (stupidly) on what the lender tells them. It comes back to personal responsibility on the part of the consumer, but to give a CEO millions in bonuses because his company twisted or re-created the rules and hundreds (thousands?) of people were bitten by it.....seems criminal to me. Remember Enron?

Trying to connect Enron, in any way, to this situation is absolutely ludicrous. There is no connection, not even by stretching every conceivable assumption.

What happened to providing a down payment? Do you want to blame that on the CEOs? I was pretty positive that was pressed by our lovely elected officials in Congress. However, if you want to demonize CEOs for trying to make a buck, go for it.

I, on the other hand, have absolutely no sympathy for someone who has neither the intelligence nor the will power to resist a salesperson. Lending agents are not there for the benefit of the person they are providing a loan for. They are there for the benefit of the company and the shareholders.

If you want to demonize anyone in this situation, then demonize those who passed resolutions demanding housing for low-income, low-credit lessee's and then go ahead and demonize the lessee's themselves for getting into such reckless financial situations.