Thursday, May 17, 2007

“Nobody forced them to sign a loan they couldn't afford in the first place.”

Orange County, CA
A poll taken by ocregister's Lansner on Real Estate blog : "No government aid for foreclosures, poll says" the results from 870 votes cast online.

"9.2 percent: Yes"
"90.8 percent: No"

A sample of the comments below:

"Nobody forced them to sign a loan they couldn't afford in the first place."

"What the government should have done though, is controlled the lending standards over the past years."

"Either clean and flush the system of this irresponsible mess now and start over with more responsible standards, or just let everyone drift in a slow bleed downward in a deflationary spiral."

"If they really wanted to address this problem: (1) Make negative amortization loans illegal. (2) Make pre-payment penalties illegal. (3) Make lying on a loan application a felony."

The writer also states the poll is an "unscientific sample of public sentiment ", 90.8 % is enough science for me.

The original article can be read here.



Anonymous said...

Thanks for running this site.

I appreciate the info available here.

Keep it up! I like checking in every few days for the latest update.

Seems like Countrywide will hit 10,000 REOS within a few months here.

Anonymous said...

in less than 2 month.

the number od REO sales decline and rate of adding new one increases.

Anonymous said...

While I'm not familiar with the OCRegister blog, I suspect that the readers of that blog do not represent a cross-section of the American public. That being said, I'm nevertheless not in favor of a government bailout.

However, I do think the government should bear some responsibility and start to educate tax payers on making sound fiscal decisions.

Anonymous said...

"...educate tax payers on making sound fiscal decisions."

Well, maybe they should educate (enforce) the mortgage industry first and make this type of lending unacceptable. Then, you wouldn't have to worry about educating the masses.