In article <47ba0eaf$0$28880$c30e37c6@[EMAIL PROTECTED]
>,
me@[EMAIL PROTECTED]
says...
>
> "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.
>
Housing (bricks and mortar..yawn) is flogged as the prime way of creating
wealth and many get in on the act by borrowing heavily through their own
stupidity or lack of knowledge (one and the same perhaps) or because of
carefully thought out marketing and 'first home buyer grants' all cosy
until the interest rates go up. Mind you they have usually made some
capital gain but in flogging of their home become either homeless or
renters. It's when prices fall which may be the case here too, that the
**** really hits the fan but hurts mostly the poor overcommited
borrower and the USA is dropping interest rates, whereas here the the
prices seem stable for the time being (with banks increasing interest
rates to 'slow demand' or some such crock) and perhaps increasing but
with more homes on the market we may see something similar to the USA
situation but from different causes.
I feel a recession looms.
Al
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