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I just read this at National Mortgage News Online: The Neighborhood Assistance Corporation of America is planning to conduct protests and mock foreclosures at the homes of Wall Street and mortgage company executives -- demanding loan modifications for subprime borrowers who are facing foreclosure… What is wrong with these people?
If someone signs a Mortgage Note and they can’t pay then they’re the ones to blame… not the Lender that offered the loan. Personal accountability is going out the window and being replaced with an attitude of, “Hey I can’t make my payments but I’m not at fault.” That type of non-accountable attitude is the same as the woman used for her Million Dollar McDonalds coffee spill lawsuit. As a society of logical people, when are we going to stop accepting these types of attitude as excuses? As to blaming sub-prime conduit Lenders, I don’t see them at fault. I believe some sub-prime Lenders made a business mistake by loaning money too freely but those were internal business decisions. A Borrower’s decision to borrower money at historically low interest rates was just that, their decision to make! If you offer a service or product, whether it be a mortgage, a new television, or an automobile, the consumer must be the decision maker. It is the responsibility of the consumer to evaluate if they can afford something and pay according to the agreement. I don’t feel that these Lenders should modify the terms of the loans just because borrowers that won’t follow through with their obligations are complaining. These borrowers any not entitled to any recompense whatsoever and shouldn’t be protesting. Sound harsh to you? I guess my attitude comes from days of long ago… When your word was your bond and a hand shake was your contract.
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Posts: 2
Reply #2 on : Mon July 21, 2008, 16:13:12
Posts: 2
Reply #1 on : Thu June 26, 2008, 17:25:39