Sub-Prime

Okay, I try not to get into politics but…. I am in the mortgage game now as I look for a house.  I was very disappointed to learn that a VA Loan is no longer 100% financing but now is 97%.  What makes this more frustrating is to hear politicians proposing that the government guarantee all of these delinquent loans.  On one hand, dealing with the mortgage people I am certain that a percentage of people were buffaloed into bad loans but I also think that the majority of these delinquent loans are inexcusable.  The other concern is that if the government does enact these proposed "saving" steps it will just continue the initial problem which is over pricing real estate.  I am sorry but to see these greedy people who buy a house and then sell it for a ludicrous price is the major problem.
 
Sorry for ranting…..
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One thought on “Sub-Prime

  1. People knowing that the ‘deal was too good to be true’,  banks and mortgage companies knowing that people could not afford the payments – greed on all sides.  If the deal sounds too good to be true it probably is.  I am not in favor of bailing a lot of these people out because they had to realize that they could  not afford a 200,000 house on a 60,000 salary.  I also blame these mortgage brokers who led people down a golden path convincing them to go deep in debt knowing they would never be able to afford it – just so they could make a commission

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