Yesterday, Christopher Dodd, senator from Connecticut, had the following to say regarding the mortgage crisis:
“We may have as many as 1 million to 3 million people who could lose their homes, not because they lost their jobs, not because the economy collapsed, but because they got bad deals on mortgages,” said Senator Christopher Dodd, a Connecticut Democrat who is chairman of the Senate Banking, Housing and Urban Affairs Committee.
Now I know there are unscrupulous and predatory lenders out there who have defrauded some people but typically, it’s been the greedy, cash out for goodies (SUV’s, credit cards full of platinum tv’s, etc), my house is an ATM crowd that are in trouble. We see people all the time with 2 SUV payments and brother, you better believe they paid those on time so they can present the proper image with their vehicle, but when the mortgage is due, let it go to 30 days late and torpedo your credit.
Saying people got bad deals on mortgages as a blanket statement is spin at its best. No one forced people to sign those refinance papers. In fact, refinances require a 3 day right of recission so borrowers can be SURE they want to go through with the loan.
Too many people are complaining about ‘I didn’t know it would adjust’ and so on and so forth. READ THE DOCUMENTS. Take responsibility - fiscally responsible taxpayers do not want to bail out the live for today crowd. Call and write your representatives and tell them you are against any bailouts.
3 Comments
September 9, 2007 at 5:38 pm
I have just published a California Home Foreclosure Market Statistics report that details the availability of foreclosure/distressed properties, home price movements, and housing inventory statistics by the different areas of California. For those who are interested to seed out these properties, this should give you some hints of where to find these properties.
- Henry
California Real Estate Blog
September 10, 2007 at 2:51 pm
Bah. Reading contracts is for loosers. Entrepreneurs like Casey get details guys to do that sort of work for them.
March 10, 2008 at 3:45 pm
I find it sad that people are okay with the constant corporate bailouts, but god forbid our goverment give a hand-up(bailout) to an American Homeowner.
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