Aerovette

More of a rant than a question

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LOL! So true! My guess is that quote is uttered less than once a decade. Everyone is neck deep in this stuff now. The floodgates have opened!

And the expectation mentality is growing. Nardelli (Chrsyler CEO) just stated in the past 24 hours that either the taxpayers will bailout the automaker now or they'll be forced to do it later...that takes some guts.

""Chrysler is not even a public company. It is 80% owned by private equity firm Cerberus. Do billionaires now have a taxpayer guarantee that they are insulated from the marketplace?"

An interesting perspective:

http://www.internetautoguide.com/auto-news/25-int/39509/index.html

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...They are meant for those that wanted more house than they should have been shopping for and don't have sense enough to know it.

I think this should be directed to the predatory lenders as well!! I have to say I have "sense" in a lot of areas, but years ago I was a total novice on what really goes into owning a home. Had I then decided to purchase I would have expected that the person behind the desk would tell me the ins and outs of the whole thing. Some of these lenders were more interested in getting a loan and not the fact that the people in front of them really weren't educated. Now if you sit in the bank and they try to explain it to you in detail and you say "Yes I understand and I want it anyway" then you have a problem. But if I walk up to my son and say "Hey do you want this Ferrari? We are going to work it out so you can afford it, Just sign on the dotted line" My son knows full well his allowance is $20 bucks a week, but “I’m gonna work it out so he can afford it”. You think he isn't going to take it.

It would be nice to think that everyone does their resource, but that isn't true and taking advantage of someone with "no sense" as you stated shouldn't be accepted.

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I think this should be directed to the predatory lenders as well!! I have to say I have "sense" in a lot of areas, but years ago I was a total novice on what really goes into owning a home. Had I then decided to purchase I would have expected that the person behind the desk would tell me the ins and outs of the whole thing. Some of these lenders were more interested in getting a loan and not the fact that the people in front of them really weren't educated. Now if you sit in the bank and they try to explain it to you in detail and you say "Yes I understand and I want it anyway" then you have a problem. But if I walk up to my son and say "Hey do you want this Ferrari? We are going to work it out so you can afford it, Just sign on the dotted line" My son knows full well his allowance is $20 bucks a week, but “I’m gonna work it out so he can afford it”. You think he isn't going to take it.

It would be nice to think that everyone does their resource, but that isn't true and taking advantage of someone with "no sense" as you stated shouldn't be accepted.

With regard to predatory lenders, I can only say "let the buyer beware". The 16 year old KNOWS he cannot afford the car. It is his responsibilty to walk away. If you are not mature or learned enough to know what you can and cannot afford, then you are not prepared to own a home, or perhaps even live on your own. Is it the carnival barker's fault that you don't win the ring toss? He is there to draw you in and take your money, not be your financial advisor or baby sitter, or surrogate parent. Err on the side of caution when in doubt.

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Well I didn't have anyone to teach me about these things. My mother did the best she could as a single mother with 3 children so for me debt was just a part of life. You deal with how to pay it back later. I don't fault her, she didn't have anyone sit down and teach her these things either. Luckily I didn't go out and get a home (just a ton of credit cards) in my earlier days.

My comment wasn't to excuse anyones negligence, but to say that everyone doesn't have the luxury of learning the lessons that lead to your responsible behavior. If you tell someone who doesn't have a clue what a gun is to pick it up, point it at someone, and shot..do you then call the police on them and walk away free of any consequence??

I guess I'm naively looking at it from a moral standpoint :|

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Well I didn't have anyone to teach me about these things. My mother did the best she could as a single mother with 3 children so for me debt was just a part of life. You deal with how to pay it back later. I don't fault her, she didn't have anyone sit down and teach her these things either. Luckily I didn't go out and get a home (just a ton of credit cards) in my earlier days.

My comment wasn't to excuse anyones negligence, but to say that everyone doesn't have the luxury of learning the lessons that lead to your responsible behavior. If you tell someone who doesn't have a clue what a gun is to pick it up, point it at someone, and shot..do you then call the police on them and walk away free of any consequence??

I guess I'm naively looking at it from a moral standpoint :|

I guess I see where you are coming from although I tend to be harder on people. Sometimes I am amazed when talking to people I know about the economy or the housing crisis. Some people don't really get online that much so they don't keep up with things as much as some of us do. People just don't know. I'm kind of an inquisitive, anal, "likes to know everything" annoying type of person, so I thrive on knowing things, (incase ya haven't noticed :lol:) I guess I sometimes have to remember that not everybody is like me or has access to the things that I have access to. I'm sure some of these people just walked into a brokers office and were told they would be approved up to a certain amount and were told to start looking for a home. The people were probably excited and just assumed they were being taken care of when they were being put into bad loans.

I was fortunate to have a father and grandmother that guided me very well and always made it their business to know what I was doing. I know alot of people though that did not have that or had horrible examples growing up. And those people have struggled more than I have so I can see your point there as well.

I know I sound crazy here but I really really wish they would make personal finance a required course in high school. I think alot of kids grow up just not having a clue about finance in general. It could cover credit/investing/budgeting/saving/mortages/auto loans/etc...... I wish really wish they would implement something like this.

**excuse the spelling**

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I guess I see where you are coming from although I tend to be harder on people. Sometimes I am amazed when talking to people I know about the economy or the housing crisis.

I know I sound crazy here but I really really wish they would make personal finance a required course in high school. I think alot of kids grow up just not having a clue about finance in general. It could cover credit/investing/budgeting/saving/mortages/auto loans/etc...... I wish really wish they would implement something like this.

I agree 100%. People are not walking victims. They need to become aware. Generally, this country is financially illiterate due to apathy. A required finance basics course should be required- as should acourse devoted on the Constitution. The basics involving finance and government are lacking and are both crucial.

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I guess I see where you are coming from although I tend to be harder on people. Sometimes I am amazed when talking to people I know about the economy or the housing crisis. Some people don't really get online that much so they don't keep up with things as much as some of us do. People just don't know. I'm kind of an inquisitive, anal, "likes to know everything" annoying type of person, so I thrive on knowing things, (incase ya haven't noticed :lol:) I guess I sometimes have to remember that not everybody is like me or has access to the things that I have access to. I'm sure some of these people just walked into a brokers office and were told they would be approved up to a certain amount and were told to start looking for a home. The people were probably excited and just assumed they were being taken care of when they were being put into bad loans.

I was fortunate to have a father and grandmother that guided me very well and always made it their business to know what I was doing. I know alot of people though that did not have that or had horrible examples growing up. And those people have struggled more than I have so I can see your point there as well.

I know I sound crazy here but I really really wish they would make personal finance a required course in high school. I think alot of kids grow up just not having a clue about finance in general. It could cover credit/investing/budgeting/saving/mortages/auto loans/etc...... I wish really wish they would implement something like this.

**excuse the spelling**

You understand my point perfectly! I also don't think you sound crazy about that financial class for children. I am MAKING SURE my sons know exactly what they need to know to make wise financial decisions. Every penny they get from me now gets a certain amount taken out for "Taxes" and Savings (Suggested by someone on this great forum) Taxes they get back at the end of the year to buy something for themselves and Savings goes into an ING Direct Savings that goes in their name after College Graduation.

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I agree 100%. People are not walking victims. They need to become aware. Generally, this country is financially illiterate due to apathy. A required finance basics course should be required- as should acourse devoted on the Constitution. The basics involving finance and government are lacking and are both crucial.

You are totally right. I aced my two government courses in college and still could not tell you the first thing about government. Not really my cup of tea but I still wish I had more of a basic knowledge of how our country works.

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You understand my point perfectly! I also don't think you sound crazy about that financial class for children. I am MAKING SURE my sons know exactly what they need to know to make wise financial decisions. Every penny they get from me now gets a certain amount taken out for "Taxes" and Savings (Suggested by someone on this great forum) Taxes they get back at the end of the year to buy something for themselves and Savings goes into an ING Direct Savings that goes in their name after College Graduation.

Sounds like your sons will be ready when they are out on their own! :)

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I just wanna say that I feel that I'm being punished by mortgage lenders for buying something I know I can afford. I've been trying to get a mortgage loan on a condo for six months. I've worked the same company for over ten years and make decent money. I have ten percent down and closing costs. I am now suffering for all the mistakes Americans made by buying a house they could not afford. I'm trying to buy a condo for $55K and having a HELL of a time doing it.

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If I remember correctly, the condo that you want to buy is what is called a non warrantable, in that less than 50% of the condos are owned by occupants instead of investors.

Loans on those type properties are very risky, in that non-owner occupied properties are typically not as well maintained. This means that if a borrower should default on their loan, the lender/investor will have a more difficult time to sell the property.

So, your interest rate will be higher typically, and the loan will have higher costs to close. And yes, Loan Officers basically work on commission, based on making 1% of the loan. It is the same amount of work to do a loan for 50K or a 300K.

This being said, I personally don't think that you should put up with a rude person. I would suggest that you go now to the bank president and explain the situation. Hopefully you will be turned over to someone that is not rude. Plus you will be doing the bank a great favor, and the others that possibly come in contact with this LO

Charles

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I'm giving her until Friday. If I don't hear anything back or if i do and shes still rude I'll personally go into the bank and request to speak to the CEO.

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