ubertroll
So always to tyrants.
- Joined
- Jul 5, 2003
- Posts
- 11,822
We're told that all the billions of dollars of fraud and theft going on--banks 'foreclosing' on homes for which they cannot provide proof they actually have the right to do so, because the underlying mortgage has been shredded, repacked, and resold dozens of times in a manner not legal the relevant state laws--is forgivable, because dirty, dirty, evil consumers bought more house than they could afford.
Well, Life Partner and I are trying to buy a place--we can easily afford a 20% down payment, qualify for VA loans, and our monthly payments would be less than a quarter of household income--and our bank is telling us that they won't give us the mortgage unless we buy a certain minimum amount of house. Not maximum. Minimum.
So yeah, any time someone says that consumers deserve this 'pain' because they over bought, remember that not only was the financial professional at the table--the loan officer--telling them they could afford it, but they very likely had someone telling them that X amount of house was the MINIMUM that they would be approved for.
Well, Life Partner and I are trying to buy a place--we can easily afford a 20% down payment, qualify for VA loans, and our monthly payments would be less than a quarter of household income--and our bank is telling us that they won't give us the mortgage unless we buy a certain minimum amount of house. Not maximum. Minimum.
So yeah, any time someone says that consumers deserve this 'pain' because they over bought, remember that not only was the financial professional at the table--the loan officer--telling them they could afford it, but they very likely had someone telling them that X amount of house was the MINIMUM that they would be approved for.
