Because they were told by the Democrats that everyone DESERVES a house. See, their whole idea is that you don't have to work hard to earn money and then earn a house; everyone DESERVES one. So, they loosened up all the regulations and allowed the banking/mortgage industry to run wild.
Moreover, they believed that they deserved a house, too, even if they couldn't pay for it. So, now they are blaming the lenders for "tricking" them into buying a half million dollar house on 40k a year of an Adjustable Rate Mortgage for 3% a year. How you can't figure out that the banks are in business to make money and an Adjustable rate isn't going to adjust downward is hard for me to understand.
My husband and I bought a house and got a mortgage before we were married 7 years ago. The lenders wanted us to use my salary desperately as well as my husband's but we both knew that once a child arrived, I would not be working. We could have been in a 300k-400k house, especially if we knew the government was going to bail us out if we stopped paying the mortgage, but we knew we wouldn't be able to pay for it and so we didn't buy it. We knew that we had to work to earn a home and were not simply entitled to it.
I was a "starting family," but I didn't get any help from the government for my mortgage. I guess I worked too hard for my money to qualify.
Have you noticed that liberals have no real explanation for it but to insult you? Except for the one who believes that the poor are so disenfranchised (a term she learned in school, no doubt) that we should buy them all better homes than we can afford for ourselves.
It's "wall street greed" not lack of personal responsibility! They're all poor victims of Republicans!
· 1 decade ago