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Oh the ramifications...

  • Dec 13, 2008
  • by
Rating:
-3
Speaking from the point of a view of a 20 something gal who just graduated from college and has yet work at a full time job in California yet....this mortgage crisis is only one of about 5 things in the economy that is not on my side whatsoever.

I'm not saying that I wish I had graduated earlier and been able to buy a house already because I wouldn't want to be in the position of possibly having my house foreclosed.. but I feel at the same time I wouldn't have gone into purchasing a house without being sure I could afford the monthly payments...(I say this...but if banks were giving me little/no down payment options.. I would probably take advantage too...)

With that being said, it really sucks for the families who were SMART with borrowing money - did have a decent job, decent credit, good budgeting and could put down some money for a down payment... but are now SOL because they've lost their jobs due to the downturn of the economy.

I guess this whole thing is a blessing in disguise maybe... now I'll really be sure (or even if I'm not banks will be sure by rejecting me) that I can afford a house before getting into that big of a commitment! Unfortunately... this means I'll have to wait it out and save more money before even considering this as banks may start to be way overprotective of who they loan money out to.

I guess it's "fortunate" for families that are well off and can legitimately afford to purchase a house since there are so many foreclosed and prices have plummeted drastically..but as for me... this is just another bump in the road that will be harder for folks like us to overcome.  America is learning their lesson at least... both the greedy freaking banks and consumers...no more maxing out credit cards and purchasing things we don't even need when we don't have the means of paying it off.... pay off all those credit card debts and don't get into the same trouble again!

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December 24, 2008
A nice summary of what is going on in the country. You write extremely well! However, in my estimation many people want too much too fast. I did not get married until I was 36 and my wife and I had to rent for nearly 5 years before we could afford our own very modest Cape. I think people have very unrealistic expectations nowadays. I think you will find that in the final analysis the responsible always wind up bailing out the irresponsible whether it is in your own family, your neighborhood or the country in general. It is extremely frustrating as you indicate but that's just the way it us.
 
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More Mortgage Crisis of 2008 reviews
review by . December 17, 2008
I feel that the mortgage crisis is a cruel, unnecessary, and stressful event for many people in the United States. Innocent people, suffering from job losses and other circumstances beyond their control, are being punished with the loss of their houses due to the inability to pay the mortgage. These circumstances tend to not be their fault, yet they suffer the consequences anyway. It is so unfair, and it makes me sick to think that it just keeps getting worse. If the mortgage crisis is to be solved, …
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Wiki

The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.

Many USA mortgages issued in recent years are subprime, meaning that little or no downpayment was made, and that they were issued to households with low incomes and assets, and with troubled credit histories. When USA house prices began to decline in 2006-07, mortgage delinquencies soared, and securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and USA government sponsored enterprises, tightening credit around the world.

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