Originally posted by dryhumpI'm assuming you've read every word of everything you've ever signed? Not many have.
I am not naive enough to assume it. Neither should the people accepting the loan have accepted it if they didn't understand all the implications. Imagine if you were standing on a street corner and some strange dude asked you to get in his van that has no windows. If you got in the van you would be responsible for whatever happens to you. It is true that ...[text shortened]... before the papers are signed. After that, the only place to look for blame is in the mirror.
I'm not saying people shouldn't be responsible for their decisions, but it is the mortgage broker presenting the information and presenting themselves as the authority that people are going to.
The people taking these loans didn't take them on knowing that they'd default. Most probably had every belief they could and would.
Many took a chance and shoudl have known better. Many were deceived and the brokers and banks share the blame even in the result of them signing whatever documents.
I'm not too concerned about the governments forcing banks to allow customers to get a set rate to avoid foreclosures. It's not as if the banks will lose money - in fact they may make even more than if they foreclosed!
The problem is people don't even call their banks before they are in foreclosure already. It's in the banks best interest that you don't go into foreclosure - they make more money if you don't!
Originally posted by dryhumpIF Canadians even knew about it! They are not reporting on it, they are not even including members of parliement! They have made no official declaration of the SPP in the House of Commons, they only have a confusing and uninformative website.
Thanks for getting us back on topic. It is inevitable that this is going to happen. I don't think it will be all the USA's way though. I doubt Canadiens would give up their socialized health care. I hate the idea personally. I don't think the US should be so quick to give up her sovereignty.
I'm sorry but the governments of the world are under totalitarian influence via the world bank and IMF, its a scam! its a sham!
Really, we could go back to the practice of public borrowing and completely eliminate national debts. Its been done before, and it can be done again.
"If the people ever understood the way money was created, there'd be a revolution by morning"
Originally posted by dryhumpI want those people to lose their homes so MY FAMILY CAN BUY A HOUSE!
The banks have to take the blame for the effect on the national and world economy that this has had. The people who entered into these loans, however, are solely responsible for the fact that they couldn't pay them back. I heard on the NPR that the government is now trying to get the banks to restructure the loans to avoid foreclosures. How are people eve ...[text shortened]... ger gets taken to jail for drunk driving, do you go the bail, or let him sit in jail all night?