Quote:
Originally Posted by Antitrust32
in my opinion, if a person is going to buy a house they should be educated enough on what they can spend. Just because lenders are like used car salesmen, they still dont force you to sign on the line.
The family that spent 400k had options. Shoot, renting is a better option than buying a house that is 200k more than you can pay for and you will get forclosed on.
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The system created runaway housing prices thus making many families have to "overspend" to buy adequate housing in many areas. Do you think rents were immune to this run up? Rents were often worse and when you factor in write off and teaser rates, it was a no brainer to buy for many of these people.
I agree with the personal responsibility aspect. I agree that no one "forced" these people to sign and I think the media wants to play up the victim aspect as if all of the people that signed on were pollyanna. At the same time, lets not go the other way and completely disregard the many that were indeed victims of a system corrupt from tip to tail (had to throw in a little racing).