Posted: 9/30/2008 8:03:16 AM EDT
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So here I sit, working away. Taking calls from people that need financial help. Yes, I work for a large mortgage company. We bought up a TON of subprime loans. Its either the banks fault, the brokers fault or anyone elses fault but their own. Last call lady was neary crying about the $700 Billion bailout and we cant help her with one of her 4 properties. (3 investment) She has these loans as she is a woman and was taken. Folks. Personal Responsibility is DEAD. We as a nation are not going to get better until people think that they do not NEED. Today is the day that I oficially tell people that maybe you have too much house and need to foreclose and go back to renting. I have had it. |
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investing involves losses as well as gains. certainly there is a human side to it all, and it's probably hard hearing about their situations. however, if she wasn't prepared (both financially and emotionally) to accept those losses, then she shouldn't have gotten involved. |
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I'm with you. No sympathy. When we bought our first house 8 years ago they tried to get us to buy into payments that were over 40% of our income. We looked at them like they were nuts. We bought a house at 12% of our income and it is now 0% of our income, except taxes. Screw 'em. |