now here's a protest

[RWebb]

http://www.cbsnews.com/video/watch/?id=4557262n

[Racerbvd]

Lets see, these people bought homes they couldn't afford, then if they have jobs, take the day off from work to protest that they took loans that most of them couldn't afford in the first place and dump their furniture

Man, things have changed a lot since my Mother was the 1st female mortgage broker in the state of FL. in the 60s and worked with Fanny Mae

[cl8ton]

They should belly up and fulfill their obligations!
The people in that vid isn’t getting a sliver of sympathy from me, although I will be involved in their buyout

[RWebb]

doubt if they know how to work the system well enuff to get a buyout -- it will entail lots of forms to read and fill out

that is how they were trapped in the first place

[Hugh R]

All black. As Obama said, they got "tricked" into buying houses. This country isn't going to last 250 years. The Roman Empire lasted what, about 1,000 years?

[cl8ton]

RWebb, I guess you said it best here, predatory lenders + dumb as **** customers = Fun, Fun, Fun for the rest of us!
I was brought up to honor your financial responsibilities…guess that’s dying bread these days.

[HardDrive]

I checked how much I owe on my Mercedes E350 last week. More than the blue book value. I'm thinking I best just walk away from it. I was preyed upon by those smooth talking car salesmen. I need a bailout.

[cl8ton]

HardDrive...I fart in your general direction

[Racerbvd]

Originally Posted by Hugh R

All black. As Obama said, they got "tricked" into buying houses. This country isn't going to last 250 years. The Roman Empire lasted what, about 1,000 years?

I wasn't going to say that. Even when I was young, predatory car salesmen tried to talk me into buying cars that would take moist of my paycheck, when I was looking at buying a 930 at a young age(I had the cash) a friend pointed out that while I could afford to buy the car, could I afford to fix it??? And my insurance agent, whom I went to college with laughed when I told him what I was thinking of buying. If I was smart enough as a kid not to get in over my head, how did these people do it??

[azasadny]

This is the "entitlement mentality". Everyone is entitled to a house, car, fancy clothes, etc... even if they didn't go to college, trade school, learn a skill and get a good job...

[imcarthur]

Originally Posted by Hugh R

The Roman Empire lasted what, about 1,000 years?

Except after the first ~400 years the republic was killed due to infighting & cronyism amongst the ruling class & a guy called Julius appointed himself dictator. That solved that pesky voting problem.

Ian

[Eric 951]

I really don't get it either. What I don't understand is why people thought they could afford these homes in the first place (not just the folks on the vid., but everyone whining about their adjustable rate mortgages which have since doubled) or folks that bought with interest-only mortgages.

Did they not read what they were signing? Yeah, there were and are predatory lenders out there, but nobody forced these people into signing anything, now they deserve a free pass?!?

I guess as has been mentioned, it is the entitlement thinking and instant gratification that so many people seek---which go hand in hand--"they deserve it".

It seems that since I am paying my mortgage(fixed) and line of credit(adjustable) that I am a sucker. Screw these people, they just piss me off.

[widgeon13]

You think it's bad now, wait until the elections are over. I'll leave it at that, don't want to turn this into a political thread.

[sammyg2]

They should be holding up signs that say "I'm stupid and irresponsible and can't be trusted".

[VincentVega]

This really pisses me off.

I remember my agent telling me I could afford much more house and suggested we look at more expensive homes. Sure it was a nice idea, but I was nervous as hell about the mortgage payment as it was. I spent more than I wanted but it was/is manageable.

If people were cheated and given false documents or lied to they should have their time in court. If they just made a bad decision, it's time to man up.

[Burnin' oil]

Are they dumping their own furniture? What's the deal with protesters always destroying their own stuff/neighborhoods? Obama cannot help these people.

[widgeon13]

I have said this before, rule of thumb used to be your mortgage payment should not exceed 20% of your gross salary. If you couldn't afford that, don't buy the property. Why do I think these people in the protest didn't pay any attention to something like those guidelines. If they didn't have to put any money down then I blame the lending institutions and the buyers should just walk away, otherwise I blame the buyer for grossly overextending themselves.

All this bailout BS and it's impact on the market and how the market and investors have suffered, if we had it to do over, I wouldn't give anyone a freaking penny. Big or small they should all pay the piper and not get a handout funded by our TAX $$$!

[Z-man]

Originally Posted by azasadny

This is the "entitlement mentality". Everyone is entitled to a house, car, fancy clothes, etc... even if they didn't go to college, trade school, learn a skill and get a good job...

Hmm - I was taught that I'm entitled to what I can afford. And live within my means.

That concept entitles me to enjoy my life without over-spending.

Funny thing this notion of "common sense"...

-Z-man.

[widgeon13]

Personal responsibility!! It no longer exists for a good number of people. They just say screw it, let someone else pay for it.

[Nathans_Dad]

I think they should quit protesting and go to work so they can make their friggin house payment.