Quote:
Originally Posted by Porsche-O-Phile
I'm sorry, but I'm standing by "idiots". Unless there's BLATANT fraud or misrepresentation involved (which probably isn't the case in 99% of the situations out there), I find few legitimate excuses.
I agree the amount of information is overwhelming, but there is no excuse for reading the text of your documents and disclosures - every word. If you don't understand something, research it. Or ask. Or hire an attorney. The "I didn't know what I was signing" thing is simply B.S. and it holds no water with me.
What's the excuse for not reading the disclosures? Too busy? Turn off the American Idol for a few nights and spend it researching the biggest financial decision of your life. Make the time. Idiots. Didn't understand the legal mumbo-jumbo? Hire a lawyer, his fee is far less than the value of the purchase/risk you're assuming. Idiots. Thought you could re-fi your way out of the ARM before it blew up? That's called "risk". You assumed it and played the game. Deal with the loss. Idiots. Gambled on endless appreciation without researching historical performance? Idiots. Bought into the "this time's different" hype. Idiots.
Life is (and should be) hard on stupid people. Maybe if a bunch of 'em start learning via the University of Hard Knocks, they'll wake up and start valuing (and instilling those values on their kids) education, research, independence, accountability and thinking before acting.
Or I could just be an idealistic dreamer to think that would ever happen in a society gone S.O.S. (Stuck On Stupid). Most likely.
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I don't think you addressed the question at all. Stop hi-jacking man, yes we are aware that there were quite a few stupid idiots who for a variety of reasons threw reason out the window and got into loans they had no business being in. Those people should most certainly receive the assistance of our bankruptcy courts and loose what they are entitled to loose through their ignorance. Hopefully they will learn a lesson.
You seem to feel that discounting all of the evidence there there really was predatory lending is okay and I do not share that opinion. I've heard too many reports that include testimony from people doing the lending and processing the paperwork where they encouraged idiots to be dishonest and lied about the mortgages they were selling.
They encouraged people who would not normally consider themselves in a position to own a home to get into loans they could not afford. I find it interesting that you fault these people entirely 100%. Should not the banks be protecting themselves by not offering folks who present a high risk of failure to repay loans with such favorable terms? In my opinion the banks are and lenders are also liable for their risky behavior.
In the end it is the folks who did not do something stupid who will likely end up paying...