I am tired of listening to all this subprime mortagage news especially with regards to having the government do more to bail out “victims”.   For the past 3-6 months, the news media have  been making the issue that the government is not doing enough to protect middle class citizens.  Presumably the  government is also not doing enough with laws to prevent loan companies from having the ability to provide shady loan contracts.  I am not saying the lenders are not at fault,  I do however believe that the fault is not all theirs.

Subprime loans consist of various types of arrangement – 2 year fix and remaining at adjustable rates, interest only payments, etc (For more go to http://en.wikipedia.org/wiki/Subprime_lending)

With the amount of media focused on how much lenders are “scamming” victims and how little government is protecting the victims, it makes me wonder if “so call victims” have any responsibilities at all.  How do one consciously signs up for a 30 year loan when they only know of the fix rate interest for the first 2 years? what about the next 28 years?…  How could one who claimed they cannot read the contract, can trust themselves in speculating that the interest rate will decrease or maintain the same after the first 2 years?

Whatever happened to the idea of “Living beneath ones means”?   What happen to “Earn a dollar and save a dime”.  I rarely hear about savings anymore, all I hear is credit cards and credit limits.  Do people not understand what the word “Credit” mean?

I have no problems placing blame on businesses (lenders, banks, etc) or the government, but equal blame needs to go to those people who signed up for these loans. The media needs to stop portraying the lenders and government as evil entities and the borrowers as the helpless victims.   People need to have some self responsibilities.   The media rarely mention the borrowers being at fault, probably because that will cause a stir.   Can’t imagine many who want to watch much of the show if the host refers to the viewers as “dumbasses”.  I know I won’t want to watch it….   it’s difficult to handle the truth… it’s easier just to blame someone/something else.

If you can’t tell that I am venting,  “I AM VENTING”.    I should have never watched Lou Dobbs, mind you I did not watch the whole show, I just watched enough to set me off!  If it’s not the freaking fence, it is the subprime mortgage.

2 Responses to “Annoyed by endless Subprime Mortgage News”

  1. Christianon 31 Jul 2008 at 11:12 pm

    People living beneath their means? That’s just crazy talk :)
    Good thing the government is bailing out the banks with my tax money. Otherwise it would be just wasted on better schools or better infrastructure.

  2. Ngairaon 08 Aug 2008 at 6:22 am

    Well, I FINALLY made it back!!! Great to see the pics of the emerging garden, and great to hear that there are decent cars over thar in armericar! Miss you guys – not that you’d pick that up by my overload of emails etc, but I have written and not had an influx of replies, so it’s a two way street – fair doos! Neighbours all well, and apart from the fact that we had this place on the market two months ago, it didn’t sell, so we are staying put. Found a smaller place up the hill, but no-one wanted ours, so here we stay! Managing to get a few plants growing up the fenceline to block out the closeness of the other neighbours, and they who bought your old place have also plasted trees against the fenceline, so we see less of them than initially. John and Fiona are building a new home out in Prebbleton, and move in in about 30days time! They are incredibly excited! Is this too much for a comment? Tough!
    Keith has sold the pharmacy as he is sick of the “P” induced armed hold-ups – 3 in the last year, and they are getting worse! He is the house husband and cooks some great meals!!! Jodie is engaged to a wonderful Fijian she met in Nadi – wedding Nov 2009 – yay!!!
    Await a reply with excitement mounting!!!

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