By Admin on Jul 30, 2008 in Politics
Glen B asked:
With 65,000 and still counting, how many more will lose their jobs to the mortgage crisis?
With 65,000 and still counting, how many more will lose their jobs to the mortgage crisis?
2 of the 13 largest lending companies have already filed for bankruptcy.
Who should be held accountable? Should it be the mortgage companies fault or should the accountability lie with the customer?
Macaroni; a job is a job regardless if it’s deemed a “career” by your standards or not.
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BOTH. it’s so distressing cause I bought my house a year and a half ago and now the market dropped and it’s worth 30 thousand less (all the money i saved to put into a down payment is gone) but when I signed my contract, i KNEW what it meant. i KNOW i have a 7/1 year ARM, i KNOW that after 7 years my payment will more than likely go UP UP UP. I know what I can afford, and i figured i’d be out of here in seven years (now im scared, haha) but those that had a 2/1 or a 3/1 arm at an insanely low interest rate, what were you thinking? i blame the lenders for probably telling people what they want to hear, but i also blame consumers for not being smart enough to grasp what the hell was going to happen…
VerdeOjos | Jul 30, 2008 | Reply
I really think this is identical to the S&L scam of the 80′s. No lessons have been learned and the tax payers will eat a bunch of it as the companies file BK under shell corporations designed to hide the officers assets.
What should happen is really quite simple though – lower the interest rates further to spurr some refinancing to quality debt and it will at least soften the blow on the tax payers.
PS…yeah I’m talking 3.9% mortgages….not for 6 months but for 15 and 30 years.
netjr | Aug 2, 2008 | Reply
It’s no different than about 10 yrs. ago…in about 3 more years it will level off and the feeding frenzy will once again begin..and again it will bloat and spew forth more buying and selling…it’ happens every 10yrs or so.
I got lucky I was able to sell 2 yrs ago 2 1/2 times what I paid for 2yrs prior.Cha-ching.
mad as hell | Aug 3, 2008 | Reply
Those numbers are inflated. You are assuming that people actually had real careers. Many of them went into this business because of the boom. In my county alone we went from 300 real estate agents to over 1500 practically overnight. Same thing with mortgage brokers (even more so, since they didn’t need a license). Many builders got into it because they saw an opportunity and took advantage of it. ALL these people knew that they were riding a temporary wave of success. I suspect there will be more, but it’s not as if they didn’t know that there are good days and then there are very lean days in that business.
macaroni | Aug 5, 2008 | Reply