Originally Posted by
buzzpat
I actually believe that there's plenty of fault all the way around. Freddie and Fannie were/are corrupt, banks knowingly made loans to high risk clients, and the recession put many otherwise responsible homeowners out of work with no way to meet their mortgage obligations. Walking away from a commitment with the ability to still make payments is one thing, losing your job and income and having no way to pay yor mortgage is wholly different. I think we're seeing a combination of both.
Thanks Buzz,
I was just about to jump into the discussion and get on people for oversimplifying the cause of the housing crisis. It's easy to place blame on a group of people. Especially, if you don't identify with them. There is plenty of blame to go around, but is seems that most blame on here is being concentrated on people who walk away from their mortgages.
Didn't one of our own pilots just say they were $240,000 upside down in their house? What if he got furloughed and had to move to take a new job somewhere else to support his family? I wouldn't dare call him a slouch or place the blame for the housing crisis at his feet.
Especially, since when I was younger, if I lost my job, I can't say I wouldn't have had to move away to find another job. If I did have to move away for another job, I can't say it would have been for the amount of money I made before. With that being the case, I can't say I could have afforded to pay for a mortgage and rent in two different places for too long. Hell, I don't think I could do it for too long right now. I guess I suck.
For me, timing and luck is everything. I wish I could be smart like the other guys. But, I would suggest that some of us need to get over ourselves and wake up to see just how lucky we really are.