http://www.snopes.com/politics/business/easescredit.asp
Here is the truth...and this is where it started.
About Me
- Couch on Houses
- Central, Ohio, United States
- Full time Real Estate agent/ consultant with HER Realtors in the Central Ohio area. Dedicated to a clients success using the latest real estate tools, honest communication, and available when you call!
Is the sky falling?
Everyday I wonder when the housing crisis is going to be over and another day passes with out answers.
For me , this crisis began taking shape a few years ago. I noticed little things like...it was taking a longer time for the houses I had listed to sell. But, to off set that, Buyers who I swore could never get a house because of their credit scores and past credit problems were getting loans so it seemed to even out.
As time passed, builders started moving into the area and there was a huge building spurt. They went up EVERYWHERE! and Some builders didn't use realtors..mmmm...what was that about?
Then, there were more houses than there were buyers and the people who had homes trying to move up or move on couldn't sell because the market was saturated! What happens when the market place is saturated - lets say...with cabbage patch dolls ? What once you had to wait on and stand in line for was now on every street corner. Supply/Demand. Prices drop. Values plummet! And loan opportunites grew. The word was out. The goverment thought EVERYONE should own a house. Have a pulse? You can get a loan. Want a $700 mortage? Heck, the bank says you can afford $1200 mortgage because in a couple of years your income will get better, won't it? Credit card companies LOVED it. Loan officers were greatful. They could make everyone happy! Realtors, Buyers, Sellers, Builders...and then...something happened.
Builders had so many houses they had to quit building. The people who had all those easy loans didn't get the raises they expected. They wanted to have fun along with paying the mortage and they wanted to buy Play Stations and get a new car. That new house payment took everything they had and there was no play money for them to use. They began to default. Some people lost their jobs. Some people had family issues and couldn't keep the house. They defaulted in bigger numbers. Some people had loans that were adjustable and the mortage adjusted until they adjusted themselves right out of being able to pay.
Isn't home ownership the American Dream? Isn't everyone entitled to the American Dream?
Isn't entitlement what every American thinks they should have? .......Who says?
Did someone entitle our grand parents and great grandparents? Didn't they all have their own homes? ...wait...or did they build their own homes? ...or rent? ...or lease...mmmm
The American Dream is the ability to dream and then go work for it. Not to be handed to you. To work for it. There was no work here. No wait. It was given to us and freely. And we took it. And now we are being asked to pay for their mistake without an apology or a declaration of responsibility. Heck, they are blaming every one but those who are responsible. And guess what! The very entity that told so that we were entitled and told the banks to lend and lend and lend...yes, the very same entity is now going to take all those bad loans and fix our problems.. using our money to pay for it. And what does that mean? They will be the owners of all of our properties until we finish paying for them. So REALLY....Who wins and who loses?
For me , this crisis began taking shape a few years ago. I noticed little things like...it was taking a longer time for the houses I had listed to sell. But, to off set that, Buyers who I swore could never get a house because of their credit scores and past credit problems were getting loans so it seemed to even out.
As time passed, builders started moving into the area and there was a huge building spurt. They went up EVERYWHERE! and Some builders didn't use realtors..mmmm...what was that about?
Then, there were more houses than there were buyers and the people who had homes trying to move up or move on couldn't sell because the market was saturated! What happens when the market place is saturated - lets say...with cabbage patch dolls ? What once you had to wait on and stand in line for was now on every street corner. Supply/Demand. Prices drop. Values plummet! And loan opportunites grew. The word was out. The goverment thought EVERYONE should own a house. Have a pulse? You can get a loan. Want a $700 mortage? Heck, the bank says you can afford $1200 mortgage because in a couple of years your income will get better, won't it? Credit card companies LOVED it. Loan officers were greatful. They could make everyone happy! Realtors, Buyers, Sellers, Builders...and then...something happened.
Builders had so many houses they had to quit building. The people who had all those easy loans didn't get the raises they expected. They wanted to have fun along with paying the mortage and they wanted to buy Play Stations and get a new car. That new house payment took everything they had and there was no play money for them to use. They began to default. Some people lost their jobs. Some people had family issues and couldn't keep the house. They defaulted in bigger numbers. Some people had loans that were adjustable and the mortage adjusted until they adjusted themselves right out of being able to pay.
Isn't home ownership the American Dream? Isn't everyone entitled to the American Dream?
Isn't entitlement what every American thinks they should have? .......Who says?
Did someone entitle our grand parents and great grandparents? Didn't they all have their own homes? ...wait...or did they build their own homes? ...or rent? ...or lease...mmmm
The American Dream is the ability to dream and then go work for it. Not to be handed to you. To work for it. There was no work here. No wait. It was given to us and freely. And we took it. And now we are being asked to pay for their mistake without an apology or a declaration of responsibility. Heck, they are blaming every one but those who are responsible. And guess what! The very entity that told so that we were entitled and told the banks to lend and lend and lend...yes, the very same entity is now going to take all those bad loans and fix our problems.. using our money to pay for it. And what does that mean? They will be the owners of all of our properties until we finish paying for them. So REALLY....Who wins and who loses?
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