English is my third language and I still know how to use mortgage calculation tools on lender websites. Not to mention, I can use mathematic formula or spreadsheet or calculator to calculate monthly payment. I also know to ask my parents, uncles, aunts, teachers. and friends too. Still I feel that people project stupidity image on anyone who don’t speak English well.
Thanks everyone! It’s good to know that I am not alone in feeling that this whole thing is not fair. The future of this country would be interesting if government keep rewarding stupid, irresponsible, lazy and greedy behavior. Note that ambition and greed are not the same thing.
For crabby_blindguy3: I am very humble. I am almost surprised there are many other people less smart than I am and signed into a contract in English language which is their native language.
For culpepp11: I agree they’re ignorant rather than innocent, but I have the feeling that the government painted them as innocent so they are eligible to help spending the falling US dollars. My question read: "How can one be innocent…?"
Well, they can be really really stupid.
Some Democrats tried to convince me to bail these people out. They are screaming at me that the government is kicking people out of their homes. Well I don’t have a home, why aren’t they concern that these idiots keep me from owning one, by paying high taxes and over exagerated house prices caused by the irresponsible buying homes before they can afford it.
When I see adjustable, What pops up in my head is that the banks will pump up the interest rate latter on. Tell me what corporation wouldn’t do that. Haven’t they heard of introductory offer before.
I agree, if people have and "adjustable" rate, that means it IS going to adjust!
While I understand the dilemmas related to mortgage problems and bankruptcy and economic downturns, the more the government gets involved with individual bailouts, the more the government controls all of our economies and the more the government gets hamstringed economically bound to programs that mushroom beyond its ability to support creating greater financial hardship on the entire national and global economy.
Do you get the idea that all this bugs me, too!!
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Because it is a lame excuse that; like you indicate, is pure, unadulterated BS.
Edit for "crabby_blindguy3:" I’m confident because I am smart enough to spend 3 hours looking over the documentation before we went to the closure session. I told the Realtor that if I didn’t have an advance copy of the financial agreements, it would be a very long session at the title company.
I blame the mortgage companies for problems with "no documentation" loans and such. However, I blame the idiots who signed an adjustable rate mortgage with a starting rate that they could just barely afford with being victim of their own greed and stupidity.
I’d like to provide you the chance to swindle me with a bad financial deal. However, I don’t have the extra time to waste.
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it’s not innocence, it’s ignorance
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Well, whether you can speak english or not you must agree that only a complete moron could take out a mortgage without understanding the terms.
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that won’t do. if you’re smart, that means you can think and act for yourself. we need people to be dumbed down so that they rely on the government.
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This mortgage bail out is the biggest rip off in American tax payer history. They will be taking tax money from renters and poor people to pay the mortgages of land barons. It’s totally perverse.
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English has nothing to do with any of this. Language is not part of the equation.
It is ridiculous when people go on and on about people not understanding the terms of their mortgage, deriding them, calling them idiots. Regardless of their ignorance, having a massive amount of people lose their homes is not good for anyone, even further, how is it that the average Joe is an idiot, but when huge financial institutions screw up, and they get a bailout, no one cares?
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Well, they can be really really stupid.
Some Democrats tried to convince me to bail these people out. They are screaming at me that the government is kicking people out of their homes. Well I don’t have a home, why aren’t they concern that these idiots keep me from owning one, by paying high taxes and over exagerated house prices caused by the irresponsible buying homes before they can afford it.
When I see adjustable, What pops up in my head is that the banks will pump up the interest rate latter on. Tell me what corporation wouldn’t do that. Haven’t they heard of introductory offer before.
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If you are that cocksure,I guarantee you I’d have no trouble conning you out of your last penny. That’s NOT meant to be insulting–if you are wise, you will learnto not rush to judgement. Any good salesman (honest or dishonest) could sell ou your own hat if you laid it on the counter. Take my advice–learn some humility now–or I guarantee you you will learn it later on the hard way.
Look, people are not stupid. But the scam artists who sold thos emortgages to people don’t tell them the truth–or do so in a way that conceals the risk. Remember, these people very much wanted to buy a home–and I’m sure most of them were nevertheless careful to check things out.
Remember, these companies were billed as reputable–there ws no reason to distrust them on that score. And there are very easy ways to misreperesent the facts. example: "Mr. Jones, I can get you in this house for $1200/month. Now thats an adjustable rate mortgage-butthe introductory rate isguaranteed for 5 years (NOT mentioning that the guarantee is null if even one payment is even one day late). If your rate did go up a couple of points after that,it might add a couple of hundred a month.
Not too bad, right? Andall true–but the real risks aren’t spelled out in a way that shows jsut how big the risks are.
And most people doNOT know how to sort it out themseles. I do–but I’ve a math background besides my main areas of interest. I knowhow to compute the rates on my own (and it is NOTsimple). Nor can the average person understand the legal language of ontracts.
The people who got scammed fell into two groups: innocent victims manipulated by clever crooks–and overconfident people like you who are certain they can’t be fooled. You are the sort that is teh easiest of all to con.
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