Quote:
Originally Posted by firstdown
Who talked these people into these loans? I have never had a mortgage lender call me about switching my loan. Now I have received stuff in the mail but I would have had to pick up the phone and give them the call. These people did not jump into these loans blind they got greedy and are now blaming someone else for their problems. I'm in the insurance business and I saw these people refinance their houses to these low interest loans then took the money they saved and purchase new cars, boats, pools, etc.. and now that the bill has come due they are in a fix. Now if they took advantage of the low rates and took the extra money to pay off loans, pay dowm ther principle, etc.. like what they should have done instead of adding to their dept they would not be in the fix they are in. There was a thing on the national news about a year ago and they went to the homes of some of these people and interviewed them in front of their new home. They interviewed about 4 families and they all where whinning about how their interest rate has jumped up. I noticed a trend in all thes interviews in front of their home. None of them had any cars in their driveways. I guessed that they made them move their cars because who would feel sorry for them if they had 2 new cars parked in their driveway. That was just my guess but I could not think of another reason why none had cars in their driveway.
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To add to what I said. I do believe that the lenders and mortgage brookers do shar some of the blame.