Maine Real Estate Sales in January - Not a pretty picture - (ME) - Page 5 - City-Data Forum

maine4.us · 03-01-2008, 09:35 AM

Yes, and the rest of us will feel the effects of all these mortgage brokers and so called bankers who acted like drunken irishmen (I'm Irish) when they did the mortgage. The mess is so large now, that a federal bailout is almost critically necessary to keep every industry associated with home building afloat. I agree with you, this summer is when the pigeons come home to roost. They are if you can believe it, offering loans with no checks here in Florida. In fact Countrywide had a major ad on TV last night.

McMar · 03-01-2008, 09:07 PM

Countrywide is in hot water for their sub-prime lending practices, and they are trying whatever they can to survive. I'm not sure they'll make it. I see more Countrywide foreclosures where I am than any other single lender. Countrywide requires the buyers of their foreclosed homes to get a loan from them. I suppose that's one way they are trying to make up for some major losses.

ADSLubec · 03-02-2008, 04:49 AM

It was all about greed!

Real estate brokers and agents saw dollar signs flashing in front of their faces. Bankers and other lenders saw the same thing. Finally those that really and practically could not afford the homes and other items they were buying saw that they could buy things for little or no money down and everyone was a "winner".

I've pointed this out for years to my wife that people that should not have been buying homes or not have bought such large and grandiose homes were getting in over their heads. She'd complain that so and so had this large house and if they could afford it so could we. I pointed out we could but we didn't need it and to do so might mean future sacrifices that I was unwilling to make.

It's greed. Greedy banks and lenders. Greedy real estate brokers and salespeople. Greedy people in general.

Live within your means. Life is not about more and more, bigger and better.

maine4.us · 03-02-2008, 06:17 AM

ADS: Excellent post. It's almost like you read my mind. It's greed and the lack of core moral values. Those bankers/brokers literally sold their souls to make those loans, and now everybody is paying the price.

dramamama6685 · 03-02-2008, 06:32 AM

Quote:

Originally Posted by ADSLubec

It was all about greed!

Real estate brokers and agents saw dollar signs flashing in front of their faces. Bankers and other lenders saw the same thing. Finally those that really and practically could not afford the homes and other items they were buying saw that they could buy things for little or no money down and everyone was a "winner".

I've pointed this out for years to my wife that people that should not have been buying homes or not have bought such large and grandiose homes were getting in over their heads. She'd complain that so and so had this large house and if they could afford it so could we. I pointed out we could but we didn't need it and to do so might mean future sacrifices that I was unwilling to make.

It's greed. Greedy banks and lenders. Greedy real estate brokers and salespeople. Greedy people in general.

Live within your means. Life is not about more and more, bigger and better.

Not everyone has to have a bigger McMansion than the next guy. My husband is in the construction trade and though they do mostly industrial, whenever he goes to one of those new subdivisions, well, he just shakes his head. I couldn't agree more leave within or below your means just in case.

Submariner · 03-02-2008, 06:47 AM

Quote:

Originally Posted by ADSLubec

It was all about greed!

I agree.

I have also found that when you list professions as being partly responsible for acting on this greed; those folks get upset. [reading the after-math in threads when I have listed those professions, will plainly show this]

There is plenty of 'blame' to share, plenty of folks who are motivated by their greed.

The love of money.

Not everyone everywhere are greedy. But enough are, as to muck up the playing field.