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teeewalk asked in Politics & GovernmentPolitics · 1 decade ago

Who here approved their own home loan?

Answer: NO ONE

You folks that blame home buyers are complete idiots!

Ever since credit began there have been credit checks.

It is the lenders responsibility to make sound loans - NOT THE BUYER!!

People have always tried to buy the most they can with credit.

And they used to be turned down when it was shown they couldn't afford it.

So what REALLY changed?

Update:

bmoc - you think that banks and lenders have no responsibility?

You are selling out your fellow citizens with right wing talking points.

Update 2:

macmomma - the lenders have the ultimate responsibility - not the buyers. Get it right.

Update 3:

right?!? - You are way WRONG!

Bush has a speech in 2003 pushing for everyone to be a homeowner and should be. Look it up.

Update 4:

mrteabag - like your brainwashed bretheren you are totally overlooking any responsibilities of lenders. Do banks pay you to think the way you do?

Update 5:

ralph w - I agree, people should do research. But whatever type of research a buyer does the lender still has the final say. Sorry - that is where the buck stops!

11 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Overheating and crashing the banks is an OLD Republican scam - runs back in to the 1800's. The S&L crash was the last one of note - Reagan put that together almost immediately upon getting into the White House - the S&L's crashed by 1982 - then the usual bailout - and thus the Keating 5 Scandal.

    This Depression we're in now was engineered by Li'l Bush in 2003 with his "Ownership Society" scam - it was permission to the banks to loan to anybody - crashes the banks - and always at that point the republicans ask for a "bailout" from the taxpayers.

    This last "bailout" to Li'l Bush was the largest theft in human history. But Li'l Bush is a complete moron, so he missed the dates on all this.

    The banks were SUPPOSED to crash after McCain was elected.... Opps - the republican screwed that one up a little.

    And it's a testament to the stupidity of the American people that we always seemed to be fooled by this particular scam.

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  • 1 decade ago

    The socialist Dems forced banks into giving unsecured loans to people whom were obviously not qualified for said loans. All in the name of "equality", and the lenders that tried to stop this practice were immediately labeled as racist organizations trying to oppress minorities (read: ACORN's main function).

    Where in the constitution does it say EVERYONE is entitled to be a homeowner?

    What's wrong with working for it, and paying for it yourself, WHEN you can afford it? Save up until you're qualified to get a loan. Why would anyone (minority or not) sign a freaking mortgage contract knowing you couldn't even afford to pay the interest on the loan, much less any monies towards the principal? Why would a government force this on it's own people if they really cared about the economy?

    Greed had alot to do with this all the way around: Congress, lenders, purchasers, all are partially guilty, but the ultimate buyer is the most responsible...unless of course you think like a socialist lib whom thinks minorities are too stupid to make decisions of this importance.

    Source(s): Come on teeewalk, you really think the lenders are the guilty part here? I mean really, you think minorities are just too stupid to think for themselves, or are they too greedy to make the rational decision? Which one is it? Just curious... P.S. Yeah, I'm way wrong...lol you know you can't read. EVERYONE should be a home owner, WHEN they can afford it! Teewalk, really, the end purchaser has the final say. I have NEVER been able to force someone to sign a contract to buy something, ever. They ultimately have to agree to the terms offered and then sign. Can a lender set forth stipulations, sure, but they can NOT force a consumer to sign the contract, it's their CHOICE. Wow, what planet are you from??? BTW- I'm still waiting your reply as to whether you think they're just too damned stupid, or they lack control of their emotional side of their brains. please enlighten me. Really?
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  • 4 years ago

    Don't do anything until you have the place inspected OR until the FHA appraiser gives you the list of needed repairs. Here's the glitch...IF you don't have the $ to do the repairs to get the home up to FHA standards....then you lose the money you have spent on inspections & appraiser fees. What the bank fails to tell people is this: ~There is a difference between what the FHA appraisal is all about (its a VISUAL INSPECTION), & the actual home inspection (a HANDS-ON testing of all systems in the home). ~Then there's the extra fee & whammy of the TERMITE INSPECTION....which can put the skids on an FHA LOAN OR add thousands to the move-in price of the property. IN OTHER WORDS>>>>IF YOU DON'T KNOW HOW TO SPOT A BAD HOUSE OVER A GOOD HOUSE (structurally & otherwise),...you will end up depressed, angry & broke. Work with a reputable & experienced agent/friend BEFORE you start paying all those fees for the other party to keep & leave you penniless & without a home. FHA IS TRICKY & PRECISE IN THEIR GUIDELINES & THEY WILL NOT WAIVER. It's their money & they call the shots. *Edit: We were given a closing date of Dec 15 & we are still awaiting the final date. This whole thing was a crap shoot & we know it will turn out to be good...yet, it's not anything I'd ever care to repeat in the same manner on a 2nd time around with FHA.

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  • 1 decade ago

    You are right the buyer who knows he cannot afford something and buys it anyway has no culpability in any of this.

    Personal responsibility something that eludes the left.

    Sure the lenders own some of this but the buyer owns just as much.

    EDIT: SEE BOTTOM LINE! I am not selling out anyone, you with your political view of a non-political problem have sold yourself out. Sell economic warfare somewhere else.

    Your political ideology against banks and lenders is pathetic. Your saying the person spending the money has no responsibility to ensure he can afford it is the mentality that put us in this economic crunch.

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  • Anonymous
    1 decade ago

    The lenders were enablers to irresponsible home buyers who knew they could not afford an ARM in 3-4 years. They told them 'oh, you can refinance!'. But the decision to buy that house was ultimately left up to the buyer. It's called taking responsiblity for your actions and it has completely been removed from this country's morality- Why blame myself when I can BLAME SOMEONE ELSE.

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  • 1 decade ago

    no take personal responsibility for your actions. when i went to get my first house was in the middle of the housing boom and i just thought they were like car sales man. they tried to sell me a house that was 100k over what i knew i could afford. but i wasn't dumb because i did my research and calculated my house payment. with your thinking we might as well not think for ourselves and let other people make up our mind because i guess people cant.

    Source(s): so your telling me that your so dumb that you would buy a house that you couldnt afford because the lender would let you. you have to be joking with this question trying to piss people off . your saying people have no responsibilities. wow if everyone thought like you we would be doomed in this country.
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  • Anonymous
    1 decade ago

    The level of greed with the banks.

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  • Anonymous
    1 decade ago

    people should do their research it is not just the lenders responsibility

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  • 1 decade ago

    people and government need to live within their means

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  • Anonymous
    1 decade ago

    EXACTLY! I was approved for much more but bought well beneath.

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