Is it true that the media is blaming the holmless for the wreckage?

Question

that the banks are inflicting on houses in escrow?first they take your house then they wreck em and make you pay before theycan sell em?sounds like a racket to me.wonder if they had this planned all along.

Answer 1

Not entirely.

It's both the bank and the consumers fault.

First and foremost... before this epidemic started... banks were lending out way more than their salary could accommodate... most were offered very low rates, and like the majority of people in the problem, they thought they could just refinance at a lower rate when their low fix APR was up in like 3-5 years...

The banks should not have given out loans for like 3 times more than the average family could have payed. But because they interest rates and economy were so good they did it anyway..

Now the consumer should have rejected a loan for such a high amount... or chosen a smaller home, because they should always think ahead about the "what ifs"

They basically dangled a pice of cake in front of a PMSing woman on a diet... you know she's taking the cake and saying s***w it... I will work harder tomorrow...

Americans want the best things in life and if we are offered them.. the majority of us will take them...

A lot of husband's lost their jobs, and didn't make what they were making before... in the case of my mom , her husband went into a downward spiral, and got addicted to gambling and drinking to keep his mind off life...

I'm sure he's  not the only one

it's both parties fault, although now I think the bankers need to be put on the spot for over stating income..

there's a lot to go on about...but  i'm done..

Answer 2

I don't know which media you are referring to but the market has big dreams when it comes to the pockets  where money has become the food . A distortion of what is really the truth. Money is not food people. But the economy has no brains for knowing the difference between a stone and a loaf of bread. The economy will eat anything and send you the bill for it's indigestion.