"Kev" <kevcat@[EMAIL PROTECTED]
> wrote in message
news:47b99cd7$0$13959$afc38c87@[EMAIL PROTECTED]
> how any first time home buyer is allowed to borrow $300000 for a house
> with 30% of their income on repayments at the rate 2 years ago is
criminal
> and banks who approved such loans should be held partially responsible
> when they **** hits the fan
I disagree.
Not that I'm a fan of the banks and their money grabbing methods in any
way,
but the responsibilty for such things rests entirely with the borrower. As
you said, those soon to be facing morgagee auctions will be doing so
because
of their own stupidity, and I fail to see how that can be the problem of
the
lender in any way.
The terms and conditions are clearly spelled out in any loan agreement,
and
you have the op****tunity to read them (or have them explained to you by
someone who can understand them if you can't) *before* you agree to them
and
commit yourself by signing the agreement. If you're stupid enough to enter
into an agreement on the fringe of what you can afford when interest rates
are at an all time low then you deserve to suffer the consequences for
being
an idiot in my opinion.
In a similar fa****on, people who complain about being ripped off with car
purchases make me laugh.
You often see stories on ACA or TT about people who have bought cars and
they've turned out to be lemons, and when they ***** they usually mention
that they "paid this when the car was only worth that". The funny part to
me
is that they *knew* what they were paying when they made the purchase, and
if the car wasn't worth what they were handing over then that's *their*
****ing fault for not doing their homework.
> what I think is very rude is the Flats up the road, on the beachfront
> which in 1975 was a place of absolute squalor with the cheapest rent in
> town, now has, with **** all improvement, one of the highest rents for a
> unit in town.
Try living in my area.
In 1980 my old man was doing some work for a builder in this area who
built
6 2 bedroom ground floor flats over two house blocks and offered one to
the
old man off the plan for 18 grand. One just sold a month ago for 628
grand.
--
Regards,
Noddy.
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