Quote:
Originally Posted by VladtheImpaler
Seriously? So, no personal responsibility as a consumer at all? "Can I afford it?" is not a question one should ask oneself?
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While I would agree it is a sensible question, it isn't the fault of a buyer if they choose to think they will get a job before the ballon payment comes up etc etc.
Not only that but for alot of the worst purchasers it was a good decision even if they defaulted, they had nothing to start out with, they got to live in a cheap house for a year or two and now have gone back to nothing, we are the ones that got screwed, not the broke assed schmoes that have defaulted.
If someone offered you several hundred thousand dollars to invest in the stock market that you don't have to pay back if you lose it all wouldn't you take it?
There is no difference between these mortgages and the many here that live paycheck to paycheck with a leased car they don't need and several maxed out Visa's, in the end it is the banks job to watch out for their money.