Comments on: How the Heck Did This Woman Get a Mortgage? http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 21 Nov 2009 13:00:57 -0800 http://wordpress.org/?v=abc hourly 1 By: get a mortgage with terrible credit http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-332039 get a mortgage with terrible credit Fri, 11 Jul 2008 21:53:54 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-332039 [...] ... Yes, the bank should be punished for allowing such a terrible mortgage to be written, ...http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/A Terrible Bust Is Born New York TimesYes, a bear market is upon us. But not everyone is suffering [...] [...] … Yes, the bank should be punished for allowing such a terrible mortgage to be written, …http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/A Terrible Bust Is Born New York TimesYes, a bear market is upon us. But not everyone is suffering [...]

]]> By: money news blog » Weekly Blog Roundup, Holiday Shopping Edition http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-185228 money news blog » Weekly Blog Roundup, Holiday Shopping Edition Fri, 07 Dec 2007 02:20:11 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-185228 [...] How the Heck Did This Woman Get a Mortgage? [...] [...] How the Heck Did This Woman Get a Mortgage? [...]

]]> By: kylere http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-184607 kylere Wed, 05 Dec 2007 19:56:45 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-184607 This makes me sick for three reasons; 1 She was taken advantage of 2 Because she was dumb enough to do it 3 Because those of us who picked reasonable homes with mortgages not designed for idiots will keep ours and we will also have to pay for all these idiots in one way or another This makes me sick for three reasons;

1 She was taken advantage of
2 Because she was dumb enough to do it
3 Because those of us who picked reasonable homes with mortgages not designed for idiots will keep ours and we will also have to pay for all these idiots in one way or another

]]> By: Joe http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-184588 Joe Wed, 05 Dec 2007 18:51:32 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-184588 I'm sorry, but this is ultimately the buyer's responsibility. Good grief do the second grade math and anyone should realize they could not afford that house. This is part of the "entitlement" society we live in. What happened to living within your means? And now the gov't is going to bail these idiots out with taxpayer dollars... I’m sorry, but this is ultimately the buyer’s responsibility. Good grief do the second grade math and anyone should realize they could not afford that house.

This is part of the “entitlement” society we live in. What happened to living within your means?

And now the gov’t is going to bail these idiots out with taxpayer dollars…

]]> By: Incensed http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-184564 Incensed Wed, 05 Dec 2007 17:28:04 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-184564 I am so tired of hearing about predatory lenders, as though they're the only part of the problem. Yes, I believe it is irresponsible to say that you can afford $---- simply based on income, but if this woman was not smart enough to do the math on her own, then she does not deserve to buy a house. She needed to be responsible enough to look at the big picture and realize that she does not live "on paper", that there are bills to pay, groceries to buy, taxes and insurance, doctor's bills, etc. How do you simply not account for that? And now we're going to be left footing the bill, through government (read: tax payer supported) bails outs and the like? So, because I'm a responsible consumer, I don't get a clean slate? Where is the justice? I am so tired of hearing about predatory lenders, as though they’re the only part of the problem. Yes, I believe it is irresponsible to say that you can afford $—- simply based on income, but if this woman was not smart enough to do the math on her own, then she does not deserve to buy a house. She needed to be responsible enough to look at the big picture and realize that she does not live “on paper”, that there are bills to pay, groceries to buy, taxes and insurance, doctor’s bills, etc. How do you simply not account for that? And now we’re going to be left footing the bill, through government (read: tax payer supported) bails outs and the like? So, because I’m a responsible consumer, I don’t get a clean slate? Where is the justice?

]]> By: vile http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-184557 vile Wed, 05 Dec 2007 17:00:44 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-184557 I want to go to Vegas, gamble $385,000 and if I lose it all, I want the casino to give it back. Sound crazy? It's no different from what this stupid single mom is asking for. I want to go to Vegas, gamble $385,000 and if I lose it all, I want the casino to give it back.

Sound crazy? It’s no different from what this stupid single mom is asking for.

]]> By: Brian http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-183536 Brian Mon, 03 Dec 2007 06:28:04 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-183536 This is unbelievable. When I bought my first home just a few months ago, I checked with several lenders. The first was at my credit union. He seemed the most conservative. On the other end of the spectrum was a guy that reminded me of a used car salesman. He said he could get me the largest loan. I actually went with someone that was in between. Why would you want to do business with someone that is unprofessional? This is unbelievable. When I bought my first home just a few months ago, I checked with several lenders. The first was at my credit union. He seemed the most conservative. On the other end of the spectrum was a guy that reminded me of a used car salesman. He said he could get me the largest loan. I actually went with someone that was in between. Why would you want to do business with someone that is unprofessional?

]]> By: » Weekly Blog Roundup, Holiday Shopping Edition on Consumerism Commentary: A Personal Finance Blog http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-183155 » Weekly Blog Roundup, Holiday Shopping Edition on Consumerism Commentary: A Personal Finance Blog Sun, 02 Dec 2007 17:58:47 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-183155 [...] How the Heck Did This Woman Get a Mortgage? [...] [...] How the Heck Did This Woman Get a Mortgage? [...]

]]> By: Kitty http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-182696 Kitty Sat, 01 Dec 2007 19:17:20 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-182696 This is just so funny, even if I am not sure if the entertainment value of it is worth all the money I lost last week in the stock market (on paper though). I think the woman is largely to blame. It was her responsibility to ask how much she'll have to pay after the introductory rate. So what if it was her dream. My dream is to own an apartment on Central Park West. In addition to my home in Westchester, of course, not that matters. So I earn a little over 100K a year and have no way of affording even a closet there. Rephrasing slightly the article referenced by Dr Housing Bubble, it is my god-given right to own a multi-million dollars apartment. I wonder if I could've gotten a mortgage for it. After all, the apartment could've doubled and I could've sold it in a year and became an instant multi-millionaire. Hm.. maybe I missed an opportunity, I am such a chicken. I heard a very good explanation why banks gave this type of loans: secondary mortgage market. They couldn't have cared less if you could afford it. They were planning to package the mortgage with a bunch of others in similar risk category and resell it in a few years, long before there are any problems with repayment. Besides, they probably thought that the real estate can only go up and they can always get their money back. And that the trees grow to the sky. "By the way, how long before plaintiff’s lawyers start suing lenders for loans that have put people in terrible situations (see above) that should never have been made." Now I feel really bad for not buying a Central Park West apartment. This is just so funny, even if I am not sure if the entertainment value of it is worth all the money I lost last week in the stock market (on paper though).

I think the woman is largely to blame. It was her responsibility to ask how much she’ll have to pay after the introductory rate. So what if it was her dream. My dream is to own an apartment on Central Park West. In addition to my home in Westchester, of course, not that matters. So I earn a little over 100K a year and have no way of affording even a closet there. Rephrasing slightly the article referenced by Dr Housing Bubble, it is my god-given right to own a multi-million dollars apartment. I wonder if I could’ve gotten a mortgage for it. After all, the apartment could’ve doubled and I could’ve sold it in a year and became an instant multi-millionaire. Hm.. maybe I missed an opportunity, I am such a chicken.

I heard a very good explanation why banks gave this type of loans: secondary mortgage market. They couldn’t have cared less if you could afford it. They were planning to package the mortgage with a bunch of others in similar risk category and resell it in a few years, long before there are any problems with repayment. Besides, they probably thought that the real estate can only go up and they can always get their money back. And that the trees grow to the sky.

“By the way, how long before plaintiff’s lawyers start suing lenders for loans that have put people in terrible situations (see above) that should never have been made.”
Now I feel really bad for not buying a Central Park West apartment.

]]> By: newbie RE investor http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/comment-page-1/#comment-182337 newbie RE investor Fri, 30 Nov 2007 20:21:34 +0000 http://allfinancialmatters.com/2007/11/27/how-the-heck-did-this-woman-get-a-mortgage/#comment-182337 This is silly. How can you all discuss this situation in any meaningful way without the context and the details? Like most newspaper articles, the writer goes for the emotional "gotcha" here, and leaves out the essential information which would be so educational to us all. If the writer had made a visit to the courthouse, he could have discovered the exact terms of the loans. Anything we say about it is, well, so much hogwash without the facts. This is silly. How can you all discuss this situation in any meaningful way without the context and the details? Like most newspaper articles, the writer goes for the emotional “gotcha” here, and leaves out the essential information which would be so educational to us all. If the writer had made a visit to the courthouse, he could have discovered the exact terms of the loans. Anything we say about it is, well, so much hogwash without the facts.

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