Dear American Media...

It took both of them to cause this mess. The banks are obviously more at fault because they knew from the get go and made it possible. But I can't help but think being so ignorant that you gamble away your home and life is inexcusable.

They should have researched the loan. Any intelligent person would have know that you can't buy more house than your income can pay for. They depended on money that didn't exist and they got screwed. It's partly their faults no matter what.

 

They didn't have homes in the first place. It's not like they had their own home then took out these mortgages to upgrade. These were out of desperation. And the banks and mortgage companies snared them in their honey traps.

 

Desperation can lead people to do irrational things. And looking at the situations of some people, they have nothing to lose or to risk from it.

 

Why couldn't they just take out a smaller loan? Just because they were stupid doesn't mean that the average American should suffer. No one (besides the rich of course) has a lot of money these days, so it's not like we could afford it, nor should we be held responsible to help them because of their stupidity.

 

I honestly don't see desperation as an excuse. I know I could do no better, but knowing the facts as best as you can is the most important thing to making a decision. People who take word at face value are going to fail no matter what situation they're in.

 

The point is, as soon as they asked for a mortgage they should have been denied. Banks and mortgage companies run background checks on people who apply for mortgages so they know exactly how able they are to pay it back. If they have bad credit or a dodgy income (i.e. low and/or not very secure) then they shouldn't offer them one.

 

That is true but it still doesn't shift the blame off of anyone. From the top of the ladder to the grass roots everyone screwed up here. It's every involved person's fault. I'm not gonna talk degree but it's not like you can just let anyone off.

 

I don't want any of you to get me wrong here. I'm opposed to the bailout just because I want to see how far this massive **** up can go.

 

You can thank good 'ol Bill Clinton for that. Sure, the banking companies need to take some of the blame, but Clinton needs to take some as well.

 

What is it they say about old dogs?

 

This is why I love you.

 

xDD That's awesome.

 

Lol serious spamzone thread is over.

RIP

 

Yea, it is... Well it had a longer run than I expected. xD

 

Ugh. Don't base your political views on reality television. Nor should you claim that all Alaskans are hicks.

lol Srs spamzone thread ain't over.

The economy has pretty much dug its own early grave with this mortgage situation. People didn't want to say 'no' to people who couldn't afford the mortgage they were taking out. And the rest of the US gets to suffer for people wanting to play the good guy.

I think the US is pretty much ****ed over.

 

Maybe we're ****ed over, maybe not.

All I know is...this **** is making the Gas prices go down to 20 dollars a barrel.(maybecough)

Which is awesome ****.

 

Not to mention Bradford & Bingley being nationalised in the UK, Lloyds TSB taking over HBOS and the global recession.

WHAT?!

And yes I saw the white text. But where did you hear this? O_O

 

Apparently, the prices dropped in response to Ike. People not wanting to drive in areas that were deemed 'unsafe' and thus reducing the demand for gas in those areas affected by Ike.

It's also dropping thanks to the **** poor state of the economy and the high prices we saw earlier in the year.

http://www.reuters.com/article/marketsNews/idUSN2834254120080928

 

Well it's going down a decent bit at least. xD

 

Guys, banks gave these low income Americans loans because they have a certain quota to meet of African Americans, Hispanics, and other minorities to meet. When they're below this quota, they don't want to get sued or shut down, so they give out mortgages to these citizens that they know cannot afford them.

Or at least, that's what my grandfather told me lol.
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