Larry King and Larry Winget discuss the "Mortgage Mess"
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If you can't pay for it, LEAVE IT THE &%#$ ALONE. Too simple? Too bad, 'cause that's all I got. It's a game I call "How Stupid Can I BE?"
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Word Larry! Word!
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I have to say both are right in their assessments.
The Banks should have never approved of loans that can't be paid back.
And those that signed those loans should have known better and never had made such a long term financial commitment. It's hard to feel sorry for those people and not place any blame on them.
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You can't take personal responsibility unless you're personally empowered with correct information. Alan Greenspan has been pushing for financial literacy in the school system for years. So, until people are personally empowered, they can't take personal responsibility. Ignorant people can't be responsible for what the don't know.
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wow that sucks to those people that lived in the Extreme Makeover House
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@BSCI70 WIth all due respect, that's bullshit. Ignorance is no excuse for not being responsible for one's finances. If someone lacks the knowledge on such matters, then it's THEIR responsibility to get themselves up to speed. There is plenty of information and help available to anyone who needs it. If someone is too lazy or too stupid to take action and get the necessary help, then that's no one's fault but their own. Period, end of story.
lighthouse44 2 years ago 4
why would they take out a mortgage against a home that is paid for? I'll tell you why...easy money. I did the same thing believing that my property would continue to increase in value. I was stupid! So were they! I'm afraid that just being ignorant is not an excuse...it's a mistake.
rraymond2007 2 years ago 2