Predatory Lenders My Ass!

No wonder so many other countries hate us...

I am trying to get a good grasp on this whole housing/economy issue. I am perplexed at the ridiculous pointing of fingers and name calling that we now call freedom of the press. Are we all daft? Here we have the nasty old "predatory lenders" who did nothing more than put in place measures to get people into house (as being pushed by our good ole government):(Mycommentary in red)

Jackson, who declined to be interviewed, will be remembered as a Cabinet
secretary so committed to carrying out President
Bush's (very good and in good faith to the American people) goal of increasing homeownership (to millions of people so very undeserving such a wonderful opportunity) that he encouraged policies that
threatened to exacerbate the mortgage crisis (due to those peoples stupidity), according to interviews with
more
than 30 current and former HUD officials and housing experts, and a
review of
numerous HUD documents and audits.
In speeches, he urged
loosening some rules (to offer so many who would not otherwise qualify for home loans and proved they should not either!)
to spur more home buying and borrowing( to help support our sagging economy and the people of America get into homes!). "I'm convinced
this spring we will see
the market again begin to soar," Jackson said in a
June 2007 speech at the National
Press Club to kick off what HUD dubbed "National Homeownership Month."
He
also told the audience that he had no specific laws to recommend to
prevent a
repeat of the lending abuses that caused the mortgage crisis.http://www.msnbc.msn.com/id/24089758/

So here we see: Bush wanting something done, Jackson actually figuring a way to
get it done, lenders doing what Jackson recommended for what Bush wanted, and then
everyone getting angry that banks loaned their dumb butts money without them
being able to pay the notes- as if they couldn't figure out how much their
payments would be themselves!?!?!?? DUH!!! It doesn't take much of a predator to get people into things a bit over their heads. Do we not have any responsibility in this whole business? Is it not our own RESPONSIBILITY as home buyers to take our budgets into account and decide what we can or cannot afford? ( Just like people having sex without ever thinking they might get pregnant, or having children without wondering first if they can afford children, or having more and more babies when they are starving to death....) Did you not understand that your ARM loan was adjustable???? Truth in lending statements were put into place so that you are absolutely SURE that you understand the terms of your loan. Ask questions!!! Bring your calculator...WAKE UP!!!!!!

Several years ago, state attorneys general and others involved in consumer
protection began to notice a marked increase in a range of predatory lending
practices by mortgage lenders. Some were misrepresenting the terms of loans,
making loans without regard to consumers' ability to repay, making loans with
deceptive "teaser" rates that later ballooned astronomically, packing loans with
undisclosed charges and fees, or even paying illegal kickbacks. These and other
practices, we noticed, were having a devastating effect on home buyers. In
addition, the widespread nature of these practices, if left unchecked,
threatened our financial markets.http://www.globalresearch.ca/index.php?context=va&aid=8330

HELLO? TRUTH IN LENDING STATEMENTS- YOU GOT ONE!

What it looks like to me is a drastic step by our government to put it's people into homes. To give LOTS OF PEOPLE the opportunity to own a home. Then I see people going nuts with low introductory rates- getting too excited- and going WAY TO FAR over their heads on the amount of house they decide to buy. What was a great opportunity for these folkes has become a terrible mistake (MADE BY THEM) and so the pointing of fingers begins... That is the American way. If you fail- then quickly find someone, other than yourself, to blame it on. Side note to all Americans: Let's all definitley point to government as much as possible. Afterall- they are here to babysit us, right? Let's get them as far up our rears as we can. Let's pass more and more laws to prove our collective stupidity and become less and less able to make our own decisions. Let's make it harder for everybody to get a loan in order to protect those of us who do not make good decisions!!! Liberty and freedom be damned! We want a dictatorship to come in and run our lives - because we are too dumbed down to notice anyway! The more laws to protect us the less we need to think for ourselves! YIPPY!

To anyone who is suffering from this economy... lost your job or some other financial issue born of this economy -THIS IS NOT DIRECTED AT YOU. Yes, many will lose their homes under very innocent causes and for that I am sad and sorry. For those who simply got themselves into a bad predicament out of stupidity> SUCK IT UP! We all do dumb things. (Myself certainly included.) I was brought up to own it. Say oops and try again. Yes, this is certainly a big ole oops- but an oops none the less. It is NOT your lenders fault. You signed your name to an agreement- if you did not understand that agreement then you had no business signing it.

We are all riding our bicycles around with the government training wheels on. If we fall off our bicycle we get all hacked off at the government for their crappy training wheels and never even think about riding our bikes without those damn training wheels! It is time for us to grow up and stop being the victims of our laziness and idiocrasy. Pretty soon we will all be faced with HAVING to have training wheels lest we point our fingers at the government every time we fall off our bike!

We are not victims of our world. We are victims of our own actions. As Americans we are privileged with choices. We are granted some credit for having some intelligence and therefore have been bestowed rights and choices. Have we lost the will to make those decisions? Would we prefer to be true victims of communism where our government reins supreme and makes all decisions for us? Shall they step in and decide all our life's happenings so that we may then truly cry and throw fits over our choice less misery? It seems many liberals would have us do exactly that. Never mind freedom... we want government money, aid, and healthcare, and all choices made for us!

We have the freedom to decide which house, which job, which doctor, how many children, and so much more... question is, do we earn those privileges to choice by making good ones that support our lives and our country at large? Or have we become a country who constantly begs our government to give, give, give and fix all of our mistakes so that we can lay around bellyaching. Do we intend to allow those who do make it on their decisions to pay for those who do not through our taxed income (i.e. government aid)?

So... to sum this up. We are hated for being spoiled and coddled idiots. While other countries truly have victims and problems beyond their people controls- we are country full of bratty, over indulged, CRY BABIES! Rather than send out millions to starving Africans perhaps we should use those funds to fix all the problems of our own American Idiots!