Mad Machinist
Silver Member
- Joined
- Aug 18, 2010
- Messages
- 3,147
- Reaction score
- 4,687
- Golden Thread
- 0
- Location
- Southeast Arizona
- Primary Interest:
- Prospecting
most of the people i know that lost their houses did so because of their own stupidity.....they had a house worth 150k that suddenly shot up to 500k so the first thing they did was get a loan on their overinflated house and buy a bunch of toys...boats..hot rods...atv's....and when they market crashed they had to pay a 500k mortgage on a house that was only worth 100k...so they went bankrupt and stuck the bank with the note...smart people didn't lose their houses in 2008...just the idiots did
And the nail gets hit squarely on the head. I survived the 2008 crash just fine, but then again, I didn't have myself mortgaged to the hilt to keep up with the Smith's and Jones's.
The people who did that dont deserve to be bailed out for their own stupidity, just like the banks didn't deserve to be bailed out for their own stupidity.
ANYONE who takes out an adjustable rate mortgage has no one to blame but themselves for buying a house they couldn't afford in the first place.