Forum Post: people defaulting on their payments is what caused the collapse
Posted 13 years ago on Oct. 25, 2011, 11:19 p.m. EST by figero
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house flippers & housing speculators - please - there is enough greed to go around. If people made their payments we would have no crisis.
they are supposed to be able to make their payments
with crisis comes seizure of property
How about giving loans to people who couldn't afford? It is the banks fault too. Now iv lost half the value of my house because of both sides being greedy. It isn't my fault I can't go knockin on everyone's door because they made one mistake I'm going to the guy who made thousands and got a bailout for it.
do you not know what you can afford in a mortgage pmnt? you sign a contract. greed is on both sides of the deal. do your homework.
What did I just fuckin say. It is greed on both sides. I pay my fuckin payments. Should I go house to house and collect the value I lost in my house or should I go to the banks that made repeated bad business deals and loans. I see it that one idiot making one mistake isn't the big problem. The really big problem is the ass who made millions of bad loans on purpose. Then the bank gets a bail out. Im the victim where is my bail out??? I lose 45000 dollars in value on my house by doing nothing but making my payments
Housing is part of the crisis. At 40% of our GDP, it goes without saying. But people cannot make payments because money is not flowing. You're so simplistic and naive that it's crazy. Housing fueled the bubble we're in, using equity for more and more consumption. To reverse this, we would have to start building more houses, using more equity. To pay for housing using money that comes from manufacturing is not practical, especially since practically no one buys our goods. The US economy is far too unsound to survive at this point.
how is this simplistic? if people made their payments there would be no crisis
Did you not fucking read my comment? Where in the hell is all the money supposed to come from? Do you really think that people want to lose their homes? A lot of people did walk away, since their home is worth less than their mortgage, and that's a damn shame, I will concede that point to you, but the rest of your post is so mind-numbingly simplistic that I can't even believe I responded to it.
so what are you saying - I'll sign this contract - but in the event I lose my job - all bets are off - I now longer owe you the principal. and oh - by the way - I want to continue living here . hahaha ! really ? what planet are you living on where this makes sense?
buyer beware. you sign a contract - what's the point if you are saying it doesn't matter?
Right, and you're also saying the same for education, which is forced down our throats by our outdated system. Our financial system is so crazy for instance, that our government lets free trade ruin our country and then tells us that we'd better just make up for it by being better educated and then forgets to tell us that no jobs will be there since all of it is outsourced. Government needs to change our trade agreements, reclaim a degree of sovereignty, and allow all house payments to be reduced, reducing the requirement on the economy to have useless jobs just to pay for the housing. Everyone should be able to have a house. We have enough room. At this point, we should just hire super committees of people to build houses en masse to house people without the side effects of bubbles popping and regurgitating people on the streets. Housing should not be tied with manufacturing, period.
What about bankruptcy don't u understand?
so - file for bankruptcy - if that's what you think is best
Were not talking about me dumbo.
Obviously they didn't have the money dip shit what about being broke don't u understand?
they signed a contract - they are obligated to pay. thats what they signed up for
allow me to nix your simple idea for a structural view for just one second.
http://www.econlib.org/library/Enc/PhillipsCurve.html