It might be getting a little stinky in Zucotti Park, NYC.......

[Gtownoe]

Originally Posted by hnsq

It sure is easier to blame the big guy than realize that actual people are buying homes they can't afford, isn't it?

And did you even read that article? It said that 1/3 of foreclosures had to battle POTENTIALLY wrongful efforts when they wanted to have their mortgages restructured or payments delayed. So now a family buys a home they cannot afford, they want to change the terms of their legally binding contract, the bank doesn't change the terms and that is corruption in terms of the bank?

You have to actually read the article next time. A bank doesn't have a requirement to change the terms of its contracts when a person can no longer pay. When does the homebuyer take an ounce of responsibility for the home they cannot afford? I know you are 100% in favor of blaming banks for everything (and people for nothing), but that is ridiculous.

Did you miss the point about people making their payments and still being foreclosed upon?? Not all of the cases were where people simply could not pay.

How is it BANK ERROR if the borrower fails to pay the loan?



I blame the banks where blame is due.

[hnsq]

Originally Posted by Gtownoe

Did you miss the point about people making their payments and still being foreclosed upon?? Not all of the cases were where people simply could not pay.

How is it BANK ERROR if the borrower fails to pay the loan?



I blame the banks where blame is due.

The bank is to blame for that select person in that one article. The problem is that sample size of one does not make a trend, as much as you want it to be. You can find a scumbag in any industry, that does not mean the entire industry is corrupt.

You still didn't address my point. Why is it a bank's fault when a person takes out a mortgage for more than they can afford to pay? If a person borrows more money than they can afford to pay back, they have no one to blame but themselves.

[michiganmoon]

Originally Posted by Gtownoe

What's your age range? Probably says a lot about your position. I'm guessing your middle aged or a Boomer.

I am in my mid 30s and a teacher at a school that is designated as "least funded" by the state.

It comes down to choices.

Per the NY Times, 49% of the middle class will retire poor or near poor. 75% of people near retirement have less than $30K. This is less the result of evil corporations, but rather middle class people making poor choices and living above their means and in debt.

A single buck a day into the S and P 500 fund over the past 40 years would have yielded over $100K with dividends reinvested. You are telling me the middle class can't even afford that? They don't make choices in this matter?

I know a guy on government assistance, his wife doesn't work and his job isn't full time the entire year, yet still has the money to get a smart phone, satellite TV and NFL Sunday Ticket. He has no savings. His kids wear old outdated clothing and beg for snack foods. He is making a choice is he not? My household makes a lot more than he does...I would LOVE those 3 things that he has, but...I don't have them, because I have a budget and save...save for my kids, save for security, save for retirement. I think it is no coincidence that he complains about how rough he has it and is sympathetic to OWS.

People need to focus on changing the person that has the most influence on their day to day lives - and you can find him in the mirror.

Invest in yourself - get a good degree, read a book, gain a new skill or certificate, exercise more, try to eat better, make a budget, set aside and save, live beneath your means and give time, wisdom and money to others less fortunate.