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#11 | |
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Follow your heart; it knows things your mind cannot explain. ![]() Join Date: Jan 2010
Location: Southeast corner
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Every time I've gone to the bank for pre-approval on a mortgage, they've approved me for about double the amount that I personally felt comfortable paying and knew I could afford. Is that their responsibility or mine? Maybe what we need is to have more heavily regulated truth in lending, and more education about personal finances and money management in the schools. Just thinking aloud here....not really having an answer. I understand the feeling of "screw this, I'm never going to get even on this mortgage" and the urge to walk away on the part of people who bought at the peak of the market. But what about those (like this house's previous owners) who bought low, refinanced like mad to play, and then walked away? For me, those are two very different scenarios. ETA: Grant, I totally agree with one thing you mentioned and then forgot to include it ![]() In my opinion, the biggest speculators in this real estate disaster were the banks. They made loans that were absolutely ridiculously inflated, and fed the real estate bubble all along. They, of all people, should have known better....and been saner...in both the amounts they loaned on property, and on the types of loans they made.
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![]() ![]() Last edited by JustJo; 10-07-2011 at 12:43 PM. Reason: forgot a key thought |
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