Quote of the Day
Deadbeats are deadbeats, and I have no sympathy at all for people who borrowed money they could not reasonably expect to afford to repay — especially because they are largely responsible for driving up MY housing costs the last few years as the end of the housing bubble coincided with me reaching a point in…
Deadbeats are deadbeats, and I have no sympathy at all for people who borrowed money they could not reasonably expect to afford to repay — especially because they are largely responsible for driving up MY housing costs the last few years as the end of the housing bubble coincided with me reaching a point in my life when I was tired of living in a crappy rent stabilized apartment. In fact, my gut feeling is just to let all of these places get foreclosed as it will drive down property values so that when I eventually do buy a place it will be even cheaper yet. But I feel more and more like this is a case where my neighbors have built a poorly designed dam upriver from me, and while I may think they are irresponsible, selfish, and stupid, it doesn’t change the fact that the bursting of the dam will drown me too, so it has become in my best interest to see their problems fixed.
— by northsloperenter in Citigroup Puts the Kibosh on Foreclosures
people over extend themselves everyday in everyway. but i find it hard to believe the failure of banks is due to average homeowners and not developers who are over extended on luxury properties that are not occupied and owe the banks millions and billions of dollars. Do you think Toll Brothers are up to date on their mortgage payments or a building that is 30% sold? those mortgages have a much larger impact than small loans. it’s also so called educated buyers that took out large home equities that now is worth more than their homes. i just think the blame is being shifted to the wrong individuals.
do you realize how many home equity loans are putting people in foreclosure and out of their homes. banks were giving away helocs like water and folks were drinking – 250k, 300k, 500k above what they already owed!
bkny –
I understand how many jobs have been lost. I also know what it’s like to be broke, in debt, jobless, and staring at the possibility of bankruptcy. It sucks. That’s why I specifically pointed out at the end of my message that there are plenty of foreclosures that didn’t occur due to people borrowing too much or taking crazy interest-only loans or whatever.
I’m not that bitter – I have a good life that I’m largely quite happy with. I’m just frustrated that real estate prices in an area I really love have been driven beyond my means in large part by people who were trying to flip houses for profit. The people being affected by the housing crisis in Brownstone Brooklyn are not, by and large, the same as the “innocent and well-intentioned folks” in places like Syracuse that are being hurt by it (which includes several members of my family).
bkny-
I don’t find the op’s comments bitter.
On the whole, though there exists a multitude of reasons why we got into the mortgage mess, at the end of the day its the fault of the home buyer. I wouldn’t buy something I couldn’t afford no matter what kind of snake oil was being thrown at me. I wouldn’t get into an interest only or an ARM if you had a gun to my head. Again, I agree that there are many reasons it got to this place but the bottom line is with the buyer.
am I the only person appauled by this comment? there are too many scenarios to name in this economy why there have been foreclosures. why has no one mentioned all of these luxury buildings like the Oro or Forte, which aren’t selling, do we really think those owners are paying billion dollar mortgages when units aren’t selling? what about the renters that lost their jobs & the owners who are stuck trying to get rid of them & cover their mortgage. what about the banks that took advantage of a lot of innocent well intentioned folks to make a profit??? not explaining interest only or adjustable loans. no i guess it’s all the people who knew they couldn’t afford their home and just knew and wanted to go into foreclosure.
do you really understand how many jobs have been lost or are you in that much of a bubble b/c your credit is finally good enough to own???
i am glad i own – b/c you really do sound bitter….
Well said
I have been a lurker for some time as I find Brownstoner a great site for those looking for input or advise on home ownership, etc.
I personally don’t know anyway who has purchased and could not afford or at least no one fessing up to it as their homes are not being forclosed but this is the price that we are all having to pay for irresponsible lending. I may not agree with a lot of things going back in forth on the forum but I do agree that this issue affects us all and to play the blame games doesn’t help anyone.
Just wanted to finally post that I appreciate logging on to read the positive/negative posting from a bunch of folks that make this forum/site great.
Nicely said northslope…everything needs to come back down to reality. Unfortunately, on the way down, it’s hitting alot of us.
Amen to that!
“this is a case where my neighbors have built a poorly designed dam upriver from me”
I’m SnarkSlope and I approve this metaphor.
Wow, sorry for the novel above. Didn’t realize how much I was typing. 😛