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<blockquote data-quote="The Other Side" data-source="post: 909490" data-attributes="member: 17969"><p>TRP,</p><p></p><p>Surprisingly we agree. It should have been about personal responsibility, but it was too easy. In the video I posted, BUSH, near the end of the video says "one more barrier to home ownership is bad credit, and we need to remove that barrier and allow people with bad credit to buy a home cause people with bad credit should have as nice a home as you do!"</p><p></p><p>When the president of the United States makes such a statement, people dont use personal responsibility in their thought process.</p><p></p><p>I too could have taken out a loan for a home here when they were built, as my wife pushed me to look at them. 4800 square feet, 879K and 5 bedrooms. She wanted a bigger home and with a ten year interest only loan, we could have afforded this home at 3679.00 a month. Her goal was to stay in the home for 5 years, flip, take the profit and buy a similiar home in another area with enough cash to put 50% down.</p><p></p><p>I knew things were not going to be rosy down the road and we did not buy the house. Today, that track of homes if 60% vacant! The prices are down to 485K and nobody wants them. Foreclosure signs are on every other garage.</p><p></p><p>It was all about mindset and personal responsibility. You are correct.</p><p></p><p>In addition, the next biggest factor to the housing collapse was the intense promotion of equity line loans. From 2003 through 2007, solicitations for these loans were in the mailbox everyday. Television was flooded with ads for equity lines. People foolishly took out these loans to buy extravagant things like motorhomes, motorcycles, cars, boats, jet skis and such.</p><p></p><p>Here, there are people who walked away from million dollar homes and are now living in their motorhomes. The local walmart supercenter allows these motorhomes to park there overnight and right around 10PM it looks like a trailer park.</p><p></p><p>In my parts, it was about greed and foolish thoughts. When the system made it too easy to buy, default and walk away, we were all doomed.</p><p></p><p>Thanks for the debate.</p><p></p><p>Peace.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 909490, member: 17969"] TRP, Surprisingly we agree. It should have been about personal responsibility, but it was too easy. In the video I posted, BUSH, near the end of the video says "one more barrier to home ownership is bad credit, and we need to remove that barrier and allow people with bad credit to buy a home cause people with bad credit should have as nice a home as you do!" When the president of the United States makes such a statement, people dont use personal responsibility in their thought process. I too could have taken out a loan for a home here when they were built, as my wife pushed me to look at them. 4800 square feet, 879K and 5 bedrooms. She wanted a bigger home and with a ten year interest only loan, we could have afforded this home at 3679.00 a month. Her goal was to stay in the home for 5 years, flip, take the profit and buy a similiar home in another area with enough cash to put 50% down. I knew things were not going to be rosy down the road and we did not buy the house. Today, that track of homes if 60% vacant! The prices are down to 485K and nobody wants them. Foreclosure signs are on every other garage. It was all about mindset and personal responsibility. You are correct. In addition, the next biggest factor to the housing collapse was the intense promotion of equity line loans. From 2003 through 2007, solicitations for these loans were in the mailbox everyday. Television was flooded with ads for equity lines. People foolishly took out these loans to buy extravagant things like motorhomes, motorcycles, cars, boats, jet skis and such. Here, there are people who walked away from million dollar homes and are now living in their motorhomes. The local walmart supercenter allows these motorhomes to park there overnight and right around 10PM it looks like a trailer park. In my parts, it was about greed and foolish thoughts. When the system made it too easy to buy, default and walk away, we were all doomed. Thanks for the debate. Peace. [/QUOTE]
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