Shaq wants to help Orlando residents save their houses

[abomb]

http://consumerist.com/tag/shaq-mor...ts-to-save-orlando-from-the-mortgage-meltdown

 

[YouJustGotSUNSD]

Heard this the other day. Good for him. The number of forclosures around the nation due to the whole subprime mortgage bullcrap is putting a blackeye on the american dream.

 

[TJ]

You can thank the mortgage companies with their ARMs and Interest Only financing and Home Equity loans for this entire mess. They convinced people who should have never been able to purchase a home that they can afford it.

 

[hafey]

Maybe people should live within their means? No sympathy for these people.

 

[SirStefan32]

Maybe people should live within their means? No sympathy for these people.

Are you suggesting personal responsibility? We can't have any of that! People should not be responsible for their actions and decisions- corporations should.

 

[cobbler]

You can thank the mortgage companies with their ARMs and Interest Only financing and Home Equity loans for this entire mess. They convinced people who should have never been able to purchase a home that they can afford it.

Just because someone convinces you that you can buy the brooklyn bridge, you don't have to be foolish enough to write the check. So now all us hard working people who lived within our means get to bail out the fools. Pathetic!

 

[YouJustGotSUNSD]

You expect these people to govern themselves!? Fools!

 

[MigratingOsprey]

yeah - because absolutely no one bought within their means only to have a change in conditions 5 years later with rapidly devalued property values and no where to turn as they cannot sell for anything other than a loss

but simplification is the awesome

 

[hafey]

An adjustable rate mortgage, is by definition, something that changes. I mean its in the name. It shouldn't surprise anyone that rate would go anywhere but up. Greedy or stupid, I have no sympathy.

 

[MigratingOsprey]

changes happen to more than your mortgage...............................

but it sure is easy to judge and dismiss, isn't it

 

[Mainstreet]

You can thank the mortgage companies with their ARMs and Interest Only financing and Home Equity loans for this entire mess. They convinced people who should have never been able to purchase a home that they can afford it.

I must say the banking/mortgage industry is responsible for making this mess with their variable rate packages. They definitely should not be bailed out because they knew better. Also, the Federal Government should have banned these type loans because they can be sold to gullible people or investors trying to turn a quick buck. I do not think any of these people should be bailed out. However, I think legitimate buyers who got duped (who want to keep their home) should be offered reasonable fixed rate mortgages and a grace period to seek a way to become compliant with their past debt.

 

[TJ]

I must say the banking/mortgage industry is responsible for making this mess with their variable rate packages. They definitely should not be bailed out because they knew better. Also, the Federal Government should have banned these type loans because they can be sold to gullible people or investors trying to turn a quick buck. I do not think any of these people should be bailed out. However, I think legitimate buyers who got duped (who want to keep their home) should be offered reasonable fixed rate mortgages and a grace period to seek a way to become compliant with their past debt.

Totally agree. Buyers arent 100% exempt from responsibility because everybody should uphold a reasonable budget and manage their debt wisely, but when lenders do not fully disclose the fine print on these "specialty" loans, then they should take responsibility as well. And since AZ is a non-recourse state, most of them are losing their ass on foreclosures that sell for under the loan amount and being forced to close up shop.

 

[Andrew]

And many of you wonder why I am such a huge Shaq fan, he is more than an athlete. He seriously helps so many people it isn't funny, he has a huge heart.

 

[passenger]

And many of you wonder why I am such a huge Shaq fan, he is more than an athlete. He seriously helps so many people it isn't funny, he has a huge heart.

i like that he has a huge heart but he has a huge belly and mouth as well

 

[passenger]

All of a sudden it's a finance forum right here

I agree with some posts but some members are pretty hard on those who can't afford.Trust me,so many brokers manipulate,give misinformation and sell huge loans for own benefits to those who can't afford at all.

I've met a Mexican immigrant couple,they work under the sun in a farm whole day,making 25-30k each a year.They were sold 700-800k negative am. mtg,they thought they'll pay the interest all the time but all of a sudden the payment changes and they're asked to pay 5 times more than the previous payments.They told me there wasn't even a translator when there was booking with notary and the broker.

of course there are some idiots who are irresponsible,always expect others/government to take care of their own mess,too.