“Bailing out people who made ill-advised mortgages makes no more sense that bailing out people who lost their life savings in Las Vegas casinos.”
~ ~ Grouchy ~ ~
Especially when omama is the craps dealer.
Dealing underhanded since 2004, as Senator from Illinois.
For most part I agree. However, there are cases where circumstances created issue. The dream of owning should be encouraged but not when peoples loans are bounced all over the world between sources who do not communicate and work with them. Having worked for a bankruptcy lawyer I saw first hand how buying up paper can ruin what and how owners meet their obligations. Uncontrolled banking/financial institutions created as much stress as did owners over reaching.
True, Liz, that uncontrolled and un-related mortgage “trading” is NOT beneficial to the homeowner. The homeowner, in MANY, if not most, cases, dealt with the lender for moral and ethical reasons on both parts, and expected integrity on the part of the lender. They did not expect their loans to be used as collateral for shady dealings on the part of the lender, NOR for that mortgage to be re-sold to some shyster outfit that would use it as collateral for investments in subprime mortgages.
In all too many cases, integrity in the banking industry is an oxymoron. It ain’t gonna happen.
I have heard about that from a friend who works in that field. She told me it happens all of the time!…not at her company but YES, other corporations do that; and it is hard to track down exactly WHO actually has your mortgage
Sowell’s right as usual. I disagree with “uncontrolled” bankers being the problem. If those seeking mortgages are not smart enough to READ THE CONTRACT first, HIRE someone who IS.
Clyde it is not the original contract I am referring to and yes I agree at the beginning mentoring and advice Should be sought. It’s the constant selling of those loans wirhin the financial markets which owners have no control over and rarely receive any or adequate correspondence from that I am talking about.
Very true, Liz. Thank You for making that point so concisely.
All too often, Clyde, the contract as written is not worth the paper it’s printed on. The Subprime fiasco is a case in point. See my reply to Liz above.
THAT SAID, homeownership is such a “gotta have” that once the loan is made, then the real costs of ownership come into play, that the buyer all too often doesn’t take the time to consider. And that can equal or exceed the costs of the mortgage itself.
Absolutely! Like owning a pet cute, cuddly pup or kitten but let it grow and you suddenly realize how much real commitment is needed.
Since Sowell speaks good sense and is also black, I suppose he is branded an Uncle Tom.
Huh??? Now see thats a case where I don’t even consider skin tone. Yes I do believe he speaks well for and to US citizens All not just a group.
Could be, Capt., But I don’t see where race as such enters into this. Intelligence and common sense, as well as a sense of fiscal responsibility, are the determinate factors, in my opinion. But as Liz notes, he DOES speak well for all races and income levels.
Knowledge, intelligence and Common Sense are NOT race specific. ANY race can, and has, acquired those three attributes, but the applicable catalyst is Self-Responsibility. And THAT is definitely an individual trait.
Touché’, Dr. Sowell!
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