Joined
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29 Posts
The cause of this my concerns for our country's future came in a different way. After I moved to Florida I got a craptastic job renting cars, while I was there I stopped paying attention to what was going on in the world because I was more concerned about finding a new job, and honestly it was mindless, mind numbing work so I got lazy. Once I got my new job as a mortgage banker they made a point to get us to pay attention to the news. Being uninformed for a year to current events had me lost at first, but it was refreshing to be knowledgeable about national and world events for the first time since college.
As I learned more about new mortgage programs it made me come to the conclusion that we are setting the table for another economic collapse. I am sure you all remember in 2008 when home values sky rocketed up with rates from the terrible programs and loans being sold. Then like a light switch being turned off no one could afford the crap mortgages they were put in and *poof* economic collapse. I know I am not saying anything you all don't already know, but here's the issue... It's happening again.
I am happy to say that a lot of the crap programs I don't agree with, the company I work for doesn't support however a lot of banks do. I've seen programs that allow people with crap credit put no money down on a house and show bare minimum paperwork (Poor credit history + No money = House??). Given right now this isn't a huge portion of the market, this is one of many examples of programs that should not be in existence. I agree everyone should have the right to own a home, but not everyone is prepared for it. As programs like this one (and many other similar programs) become more popular I've noticed the housing market is going up and rates are going up, and very quickly.
Now I am happy to see the housing market improving, however, as the restrictions on home ownership loosen up it seems to be the beginning steps of what lead to the 2008 crash. I don't believe our country is disciplined enough to handle something like this for a very long time. With how terrible the general population is with money and overall common sense I think this would end in disaster. What do you all think?
As I learned more about new mortgage programs it made me come to the conclusion that we are setting the table for another economic collapse. I am sure you all remember in 2008 when home values sky rocketed up with rates from the terrible programs and loans being sold. Then like a light switch being turned off no one could afford the crap mortgages they were put in and *poof* economic collapse. I know I am not saying anything you all don't already know, but here's the issue... It's happening again.
I am happy to say that a lot of the crap programs I don't agree with, the company I work for doesn't support however a lot of banks do. I've seen programs that allow people with crap credit put no money down on a house and show bare minimum paperwork (Poor credit history + No money = House??). Given right now this isn't a huge portion of the market, this is one of many examples of programs that should not be in existence. I agree everyone should have the right to own a home, but not everyone is prepared for it. As programs like this one (and many other similar programs) become more popular I've noticed the housing market is going up and rates are going up, and very quickly.
Now I am happy to see the housing market improving, however, as the restrictions on home ownership loosen up it seems to be the beginning steps of what lead to the 2008 crash. I don't believe our country is disciplined enough to handle something like this for a very long time. With how terrible the general population is with money and overall common sense I think this would end in disaster. What do you all think?