Comments on: Auditor reveals how risky mortgages were allowed to go through

By: resident

resident — Tue, 29 Jul 2008 13:36:45 +0000

I don’t think the government should bail them out – they obviously were spending beyond their means.

By: resident

resident — Tue, 29 Jul 2008 13:22:22 +0000

When my husband and I built our current home (and mortgaged any home) we always based our decisions upon his income and only his income. That way we knew we would be able to afford our mortgage. We also didn’t include any of his over-time (because over-time can’t be counted on) – the way we figured it was that even if he lost his job I could work almost any where and we could make the mortgage. I think that is why you are hearing about so many embezzlement cases today … people are worried about providing for their families. Then again my husband and I have had the attitude “whatever it takes – we will provide for our families in a legal and honorable way (even if it means flipping hamburgers or working at a chain store).

By: Colleen Kulikowski

Colleen Kulikowski — Tue, 29 Jul 2008 13:03:23 +0000

Great article… I saw people being approved for amounts that were beyond reasonable, now they are claiming that they cannot afford it and need to be bailed out.

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Sat, 28 Jun 2008 14:36:00 +0000

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By: Barbara

Barbara — Sun, 01 Jun 2008 18:00:50 +0000

It is sad to see this happening in America. Unfortunately I believe this to all be true no matter who tries to deny it. I think many of the peple who are now being forclosed on should have never been approved for the loan they received. Especially people who were purchasing more than one home at a time to try and flip them for a profit. No bank out there should have approved any loan for someone owning more property than they could afford.

Now I do know that a few people are having trouble with homeowners insurance causing their big problem. I was lucky enough to get my previous home sold. We went from a mortgage payment of about 1,200.00 a month to over 2,000.00 in less than 3 years. That was insane. There was no cost of living increase that could help that out.

All in all I hope the banks have learned their lesson and will think twice before approving any questionanle loans. I’m sure it will get worse befor it gets better.