Our economy, banking and lending system will never heal up in the US if we don’t start practicing real fairness and common sense. As it is with the latest series of bailouts for the auto industry and bankers, bad business is rewarded and incompetence gets the prize. According to this President and this congress, the greedier, more naïve and failure in business you are, the more money you should have of Tarp funds. Did I say Tarp funds? I meant to say Shark funds.
AIG and other investment institutions gave out idiot, 100% and even 130% loans for years whether a client had good credit or bad. The classic rules used for decades to buy a home, like decent credit, being on a job for a certain amount of time, putting money down and hark……actually being able to afford a mortgage when compared to your other debts, had all been thrown to the winds.
EVERYONE deserved to own a home according to Bill Clinton who reversed the much needed Glass-Steagall Act. Now, with that ugly act out of the way, banks could be pressured if not threatened into giving everyone a loan regardless as to whether they met any real standards to own one.
That sprint to mortgage ruin was back in the days of Bill Clinton and pushed like a freight train eventually dropped in our laps in 2009. Then they called it all kinds of juicy things, like The National Home ownership Strategy: Partners in the American Dream Act. Doesn’t that sound precious, warm and cuddly, at least until it has all but bankrupted the country.
It’s practically hate speech and a crime to suggest you shouldn’t or can’t own a home right now. Have we learned anything since our investment and mortgage collapse this year? Apparently not, according to the verbiage on this ad in my local paper I found last week. Check it out. You have to wonder is this kind of bull rot and pack of lies being pushed all across the country. It said:
We have to Approve 40 Renters For New Homes By Memorial Day!!
Just Divorced?
Recent Bankruptcy?
Self-Employed?
No Savings??
Disability income??
First Time Homebuyer??
WE DO NOT CARE!!
100% Financing Available, $8,000 Tax Credit!!
Celebrate July 4th in your own backyard
$850 RENT X 12 months = $10,200 In Lost $$$
Pay Your Own Mortgage, Not Your Landlord’s!!!
Government Loans Have Millions in Unused Funds That Must Be Spent By July 2009
THESE ARE YOUR TAX DOLLARS, CLAIM YOUR SHARE!!!
Isn’t it wonderful that our Government has so much money and MUST spend its extra millions? It’s our right and our share you know!
Am I so heartless?
I’m certainly all for lending institutions being fair, decent and really trying to help a person get into a home, but it is insane, judging from the nightmare financial melt down over the last decade, to ignore kindergarten common sense in business!
Simple questions
Why would you give a loan to anyone who has shown massive late payments on bills? Of course I want to do business with a bank that looks fairly and at the uniqueness of each situation i.e. a vicious divorce that ruined someone’s credit, BUT, they have a great job and verified good credit before the divorce, perhaps a small down payment.
Having a heart though is different then turning all business transactions into a co-dependent Disney land whose rides crash.
In our culture, we worship irresponsibility and demonize the achievers who actually pay their bills on time. I have seen this from personal experience. My husband and I have a stressful amount of debt we are trying to pay off since my near fatal motorcycle accident 3 years ago. Thankfully, we have managed to keep our credit good and payments current on our credit cards. Here is the bottom line though. Our interest rates continue to go up even though we have always been faithful and timely in payments. If you actually achieve and pay your bills you are to be punished even though you could actually use a real break.
Our country must get back to honoring faithfulness, talent and responsibility in business again. Stop rewarding failure and idiots!
Dr. Laurie Roth Just Who is this Annie Oakley of the airwaves?
Laurie Roth has a Ph.D. in counseling and a black belt in Tae Kwon Do, is happily married and currently resides in Washington State. She is a singer/songwriter with five CD albums to her credit.
