[StBernard] Is it Dems or GOPs?

[Westley Annis]

John,

   Here is where I disagree, atleast with the attitude it's not my fault
attitude. Thanks to Katrian I had to buy 2 houses in 5 years. I had realtors
try and sell me houses that were just outside my price range. Showed me how
if I had an adjustable mortgage, I could buy more house, etc. While I
managed in the house in St. Bernard,I struggled hard. The secod time I
learned. WHen I looked for a house, I was the strong arm. I insisted on a
house where I could make payments if I lost a couple of weeks of work due to
sickness, which allowed me to save some money. I took something smaller, but
more affordable. Are you telling me you never had a client or ealtor kind of
hint that they needed the value a little higher so they could make numbers
work? 
   I also don't think that not so great credit necesserily means people
won't pay their bills. I tend to believe that home ownership is better than
the altenative, which is apartment living. It goes to the broken window
syndrome. If you have nothing invested then you have no loss when something
goes horribly wrong and their is no care to something that isn't yours. You
do have that ONE article, however, on CNN there have been numerous stories
of people who were not given all of the facts during there closings. I know
when we were signing our papers, the realtors tried to "summarize" each page
as I tried to read each one because it would take too much time to read all
of this "stuff". Being allows you to stand in a place of knowledge, others
may not have understood. 
   The adjustable rates have screwed the entire financial market, and while
you blame the CRA, blame the greed and creative thinking of Wall Street. The
CRA may have been passed by dems, but it was exploited by Wall Street.

Wendy

-----------------------------------------------------
Wendy,

Let me address or disect comments you made: and keep in mind since I'm an
appraiser I know this industry.

"...Had the banks been smart and not so greedy, these people could afford
homes"....Wendy, banks and lenders DO NOT set the market price of a home,
the owner/seller or contractor/builder does.  Thus, the so called banks
greed does not even come into play here.  If anything, blame "greedy"
sellers for asking too much for their property.

"...When the financial crunch began, they should have made ocncessions to
people having trouble, but their thoughts were to foreclose than
resell."....NO ONE, and I repeat NO ONE put a gun to a homebuyer's or
borrower's head.  Each person signing the dotted line "knew exactly" what
he/she were agreeing to and getting into.  I think it embarrassing to all of
a sudden claim stupidity as an excuse.  Also, go ask ANY lender and they
will tell you the numbers year after year show they lose money when
properties are foreclosed on.  Any property then can make their money back
with any small profit from a foreclosure pales in comparison to the profit
they would have made had the mortgagor (borrower) continued to make payments
over the term of the loan.  Bottom line, lenders do NOT want to see a
borrower go belly up - it's foolish and naive to believe otherwise.

"...instead of variable rates, they should have made stable rates. These
people were fine in their houses and making payments before interest rates
rose."....Again, exactly when and who was it that held a gun to borrower's
heads forcing them to sign on the dotted line???

"...And let's not forget that these people pushed paperwork through that
shouldn't have gone there."....First, any bank or mortgage company employee
is only doing their job as spelled out by the government law, thus secondly
(and HERE COMES THE BOMB) this whole entire mess was created by the U.S.
Congress when it passed the "Community Reinvestment Act" of 1977 (authored
and passed by a liberal Democratic party controlled Congress and signed into
law by Jimmy Carter) then again strengthen by Bill Clinton and Dems again in
1993.  Please read the article link (titled "The Government Did It") I
attached in my previous email.

Wendy, once again, your comments or sentiments reek of "but it's not my
fault I screwed up" and look to blame someone else for the individual's poor
judgement.  Banks and lenders didn't creat this problem - the government
did! And this time the Republicans CANNOT be blamed for it - they didn't
pass the CRA.  Please read the article, as it points out, the CRA's goal was
not to create sound lending practices, but to put people into homes who had
horrible credit and should never have been given a loan to begin with. Oh,
and the economist who wrote the artilce for Forbes magazine is a Democrat,
not Republican.

John Scurich


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