Understanding Sub Prime Mortgages

Norway was the first country in the world to eradicate poverty, and as a result there's not one single soul that lives in that country that doesn't have what is necessary to exist as a decent human being. Europe in general is much more people -oriented than the US. Europeans pay a little bit more taxes but nobody needs to worry about not having medical insurance or the hardship that comes with one losing his job. I read somewhere that 90% of americans are only two weeks away from being bankrupt if anything bad happens, like getting sick, or the company going under,or anything that would translate into not getting that paycheck for more than a couple of weeks.
Here everybody wants the comfort of their own home(even though it becomes yours after 15 or 30 years, and after the payments you've made represent four times the amount you actually bought the house for), and that's how the concept of Suburbia came into play. It's like saying,I don't want to know my neighbours, and I don't want my kids to do anything else but go to school and sit in front of the computer all day. Americans have this hard to understand mentality of isolating themselves, the "castle syndrome",this ridiculous sense of property that actually erects walls between people. Not a lot of people own their apartment in Europe. A house, unless inherited , is out of reach for probably 90% of the population. The european countries don't have the land to build 7,000 square feet mansions with a four car garage for two old farts to live in it. It is a disgrace anyways. Anybody with a little bit of common sense knows that this lavish lifestyle is nothing but a form of living in oblivion. I've met people hiding behind ; It's my money and I can do whatever I want. It's a free country! It's all bullcrap and everybody with a brain and a sense of humility would agree with me. It's called living beyond ones means while suffering of the imortality syndrome. After all we're all on a planet that spins through space...

I agree. :thumbsup:
 
i do my best to keep my opinions to myself most of the time but i am sick and fed up with my money going to pay the mortgages and rent, raise the children, buy the medicine, etc. of all the greedy, low-life, lazy azz POS that live in this wonderful country...i made the right decisions (most of my life) and should be able to benefit from it...those that made poor decisions should suffer and pay the price

i could have bought a home for 5X the amount i did (was approved) but didn't need it and don't have anyone in this world i need to impress...i paid it off in 3 1/2 years (no extras during that time) and even waited until i was done with that and raised the cash to buy my Busa...i make sure to live well below my means and am continuing to set myself up for the future

i do not begrudge those that want it all and want it now and am happy for them if it works out...however, if they fall flat on their faces, don't look to me to pick them up...why should the fruits of my labor go to bailing them out? let the housing market crash and i'll be able to scoop up a nicer home since i can pay cash and then rent out my small home to someone else who lost theirs

i feel for those that are caught in the middle of a bad situation like Charlesbusa but really don't see why my taxes should go up to pay off some banker that made risky investments just to keep his portfolio performing up to par...let them crash too

while we're at it and i'm on a roll, i also think anyone who have two or more children they can't afford should be sterilized so they can't produce an even greater strain on the economy...i know anyone can have an accident but if they continue their irresponsible behavior, they should pay the price...why should i have to pay to help raise other people's kids?

prisoners? make the criminals earn their own keep...i have to out here in the free world so why should they get to lay around and watch cable because they got caught breaking the law?

sorry for the long rant, i'm just tired of feeling like i'm trying to make my way through life while most other people stand around waiting for a handout...that's why i like the people on this board, most of you are responsible, good people and i am proud to call you my friends

amen brother. The "crisis" has now impacted me. I own a lot in St. Louis. Paid cash. Looking to get a construction loan to put up a duplex. Last year I could have closed the mortgage with a phone call. Now, they want the lot + a wheel barrel full of cash to close the loan. So the lot will sit empty, my money will be tied up for a while, and 2 families will not have new homes to move into. I have a spotless 20 year history as a home owner, a spotless 10 year history in investment real estate, and great credit, but now I'm too much of a risk because other people didn't repay their loans. Charles has a point about this knee jerk reaction and the banks being short sighted now.
 
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