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Old December 1st, 2007, 09:10 AM   #10
zjkid
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Quote:
Originally Posted by DuffMan View Post
It is a little frustrating.

I remember "back in the day" when getting a mortgage was a fairly big deal: having to "meet the ratios", prove (in writing) that you had the down payment - cash - in hand and that it wasn't borrowed (i.e. a series of bank statements over time), etc...

Then I see one day, over-the-phone mortgages where "credit history doesn't matter". Interest-only loans, ARMs during times of record low interest rates, etc...

I too feel bad for folks truly caught by the economy. However, I have no tolerance for financially overextended 25 year-olds who tried to swing a $350K mortgage they had no business getting and (in a rational world) never would've qualified for who expect me (the taxpayer) to bail them out and keep them whole.
Also the people who bought multiple houses to "flip" them when they had no money should not get any sympathy.
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