Sorry D, but I don't understand what the woman in this video is complaining about.
She said "I don't feel like I did anything irresponsible", but she's paying a mortgage that's 15.75%!!! Holy shit!!! She signed up for a mortgage that got up to 15.75% I got a news flash for ya, lady! That's REALLY irresponsible!!!
When we got our condo, we got an ARM and there was a cap as to how high the interest rate could potentially get. I think we got something like a starting rate of 3.75% or so. I talked to a friend in the mortgage industry, had him and my own lawyers check our documents, and double and triple check everything. It was verified that the WORST our rate could ever get would be 9.75%, which would've sucked but we still could have manage that.
If somebody tried to sign me up for a mortgage that could have potentially ballooned up to 15.75%, I would've told them to go screw themselves.
She mentions when "things started to get out of hand" as if this rate was just magically thrust upon her. But that's kind of bullshit. She and her husband should've known what they were getting into. Buying a house is the single largest financial investment a person will make in their lifetime. If she was so responsible, she would've done her homework.
You probably think I'm a total asshole, but I think McCain's sort of right about that. I've always felt this housing crisis is the fault of both predatory lenders AND people who don't recognize that old belief that if something seems too good to be true, you should probably steer clear of it.
Again, we personally had potential lenders who would say things like "What? That's all you want to be approved for? We've done the math and you could buy a LOT more house than that." They ALL tried to talk us into buying homes that would've cost about 50% more than the ones we did. I think one even tried to approve us for $1,000,000.
Ya, right.
Anyhow, we had done enough research on the subject and done the math enough to know that, no, that was crap. We knew about how much we could buy and still be able to afford our lifestyle and have some wiggle room in case something came up, like a child, a new car, or a medical emergency.
Hopefully we'll stay afloat, but we just tried to exercise some fiscal caution, I guess.
Again, I'm not just blaming the buyers, because they're being told by these lenders (and "predatory" is the perfect word for it), who are basically glorified scam artists, that everything is fine and they can afford this and that. The buyers think "well, this person is an expert. They do this for a living. They must be right." and then ask "Where do I sign?!!"
That being said, nobody needs six houses. If the point is just that the old man is out of touch with the average American, well of course! :-) But that woman's story isn't tugging at my heart strings.
No, I totally agree. I wasn't saying this woman should get your sympathy. Lots and lots of people bit off more than they could chew in buying a house, and it led them to foreclosure. But changes in the law also allowed predatory lenders to offer people deals that were too good to be true (miss ONE payment and your rate jumps through the roof). And people didn't do their homework.
My point with this video was only that McCain pretends to be the "everyman" and calls Obama an "elitist" and a "celebrity" to show that he's out of touch with the common person. McCain wouldn't know the common person if they kicked him in the nuts. How he can call Obama an elitist is beyond me, especially when he doesn't even know how many houses he has. And $520 Ferragamo loafers? Seriously???
If he was only appealing to rich people, I'd have no beef. But that won't win him the election, so he's trying to appeal to the poor and the middle class. Of whom he knows nothing.
Well, I'm really the old codger in this group, so I will say that I agree with everything you both said. But, seriously, John McCain IS invisible to me. I don't even waste my time listening to anything he has to say, since I have made the firm decision never, ever to vote for another Republican again. In the past, I have tried to remain free of party considerations and just vote for the most worthy candidate, but I have been dreadfully, dreadfully wrong, usually when I voted for a Republican. This takes a lot of the angst out of it. Also, I have to say that I don't see how Obama is keeping his cool and remaining as unperturbed and collected as he is, in the face of all the idiocy being spewn at him and attributed to him. He is one cool guy. Go Bama!!
4 comments:
Sorry D, but I don't understand what the woman in this video is complaining about.
She said "I don't feel like I did anything irresponsible", but she's paying a mortgage that's 15.75%!!! Holy shit!!! She signed up for a mortgage that got up to 15.75% I got a news flash for ya, lady! That's REALLY irresponsible!!!
When we got our condo, we got an ARM and there was a cap as to how high the interest rate could potentially get. I think we got something like a starting rate of 3.75% or so. I talked to a friend in the mortgage industry, had him and my own lawyers check our documents, and double and triple check everything. It was verified that the WORST our rate could ever get would be 9.75%, which would've sucked but we still could have manage that.
If somebody tried to sign me up for a mortgage that could have potentially ballooned up to 15.75%, I would've told them to go screw themselves.
She mentions when "things started to get out of hand" as if this rate was just magically thrust upon her. But that's kind of bullshit. She and her husband should've known what they were getting into. Buying a house is the single largest financial investment a person will make in their lifetime. If she was so responsible, she would've done her homework.
You probably think I'm a total asshole, but I think McCain's sort of right about that. I've always felt this housing crisis is the fault of both predatory lenders AND people who don't recognize that old belief that if something seems too good to be true, you should probably steer clear of it.
Again, we personally had potential lenders who would say things like "What? That's all you want to be approved for? We've done the math and you could buy a LOT more house than that." They ALL tried to talk us into buying homes that would've cost about 50% more than the ones we did. I think one even tried to approve us for $1,000,000.
Ya, right.
Anyhow, we had done enough research on the subject and done the math enough to know that, no, that was crap. We knew about how much we could buy and still be able to afford our lifestyle and have some wiggle room in case something came up, like a child, a new car, or a medical emergency.
Hopefully we'll stay afloat, but we just tried to exercise some fiscal caution, I guess.
Again, I'm not just blaming the buyers, because they're being told by these lenders (and "predatory" is the perfect word for it), who are basically glorified scam artists, that everything is fine and they can afford this and that. The buyers think "well, this person is an expert. They do this for a living. They must be right." and then ask "Where do I sign?!!"
That being said, nobody needs six houses. If the point is just that the old man is out of touch with the average American, well of course! :-) But that woman's story isn't tugging at my heart strings.
Signed,
The Old Codger
No, I totally agree. I wasn't saying this woman should get your sympathy. Lots and lots of people bit off more than they could chew in buying a house, and it led them to foreclosure. But changes in the law also allowed predatory lenders to offer people deals that were too good to be true (miss ONE payment and your rate jumps through the roof). And people didn't do their homework.
My point with this video was only that McCain pretends to be the "everyman" and calls Obama an "elitist" and a "celebrity" to show that he's out of touch with the common person. McCain wouldn't know the common person if they kicked him in the nuts. How he can call Obama an elitist is beyond me, especially when he doesn't even know how many houses he has. And $520 Ferragamo loafers? Seriously???
If he was only appealing to rich people, I'd have no beef. But that won't win him the election, so he's trying to appeal to the poor and the middle class. Of whom he knows nothing.
But did you know that those shoes grant the wearer the power of invisibility?
Doesn't seem so crazy now, DOES IT?!
Sorry, I'm reading too much D&D lately...
Well, I'm really the old codger in this group, so I will say that I agree with everything you both said. But, seriously, John McCain IS invisible to me. I don't even waste my time listening to anything he has to say, since I have made the firm decision never, ever to vote for another Republican again. In the past, I have tried to remain free of party considerations and just vote for the most worthy candidate, but I have been dreadfully, dreadfully wrong, usually when I voted for a Republican.
This takes a lot of the angst out of it. Also, I have to say that I don't see how Obama is keeping his cool and remaining as unperturbed and collected as he is, in the face of all the idiocy being spewn at him and attributed to him. He is one cool guy. Go Bama!!
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