Upcoming Foreclosures

Do you blame the people for the housing foreclosing, or do you blame the banks for the house foreclosures?

i've heard many people say it is the fault of the people for signing with this banks and thinking that the economy would always be good, and that there morgage would be good enough for it to be paid in time. i think a lot of these crooked banks lead the people to believe that they could afford homes they couldn't, and with adjustable morgages a lot of people got screwed over. i also feel like the government has been ripping american people off for years with not paying us enough money to catch up as far as paying bills, loans, etc. well way in your side of the story. i also think this is the worst economic crisis since the great depression, and the bailouts won't work in enough time. yes yes all good responses but. if the government paid us more money there would be no real issue for us not being able to afford homes, cars, bills, etc. the salaries these days don't pay anyone near their worth, and in order to get a good salary you need some college degree, and even still unless it is business or healthcare most jobs and college degrees don't show much promise or worth in dollars. you'd have to be blind/deaf for us to think this recession is going to be fixed with bailouts- not really. the government has ripped us off for years without paying us our worth in dollars. everyone has a government job, everything is regulated by the government, and everyone pays bills/taxes. you sound ignorant. the government can pay us more if they wanted they printed out those stimulus rebate checks. they can pay more if they wanted to, and distribute the wealth better if they wanted to, but they haven't so. this is a result of the lack of people being not only honest, modest, and true. but the lack of money being distributed fairly- brace yourself the barack stimulus checks won't work. no bailout from bush to barack will be benefical.

Public Comments

1. Banks they were the ones greedy enough to loan some people money who they fully knew that some of them would not be able to pay it back
2. The banks made bad loans yes, but even an average 10th grader knows that APR can inflate.. so id say its a mix greedy banks and greedy people wanting to live well beyond their ability to adjust to an APR. Its the adjustable part of the APR that should have scared anyone going to sign on the dotted line.
3. I think it is both the people's fault and the banks. The people should be reading the fine print and know what they are getting into. The banks on the other hand are at fault as well by leading people to buy houses they could not afford. It works both ways.
4. Both are equally at fault. When I was looking for a house, I paid attention to the details so I wouldn't get in over my head in a loan I couldn't continue to pay. The banks that are failing should be left to fail. Another bank will come along and pick up the slack. People who allowed themselves (they signed! no gun present) to get into hard-to-pay mortgages should eat it up and start over. Now, without getting into alot of details, if they can provide adequate reason they can't pay their mortgages, and yet they had been up to a certain point (loss of job), then the banks have an obligation (i believe) to work with those homeowners to see if they can agree on a payment plan they can keep up with. The gov't can't "pay" us more money, they don't have money of their own....the gov't gets its money from us! We'd be able to afford cost of living if we weren't TAXED TO DEATH to pay for people who DON'T contribute. But that's part of life, to learn to live within each of our means. And the people that got in over their heads mortgage-ly bought too much house. There are houses that are affordable, mine will be selling for $60k, which means payments will be around $500/month. People have to make decisions based on what they earn, not what they want. That is greed.
5. The people for buying houses that they could not afford. If you make 30k a yr you can't afford a $200,000+home especially if it comes with no down payment and and adjustable mortgage. Many of these people even took out 2nd mortgages or equity loan while stilling paying the first because the appraised value of the house went up. The bailout plan is a joke. Obama's projected budget is a terrible plan and equates to 34000 per person in government spending when the per capita income is only 50000, thats like 68 cents per dollar income in federal taxes to pay for this monstrosity. BTW it is not the governments job to pay you money to pay your bills, loans etc. unless you actually have a government job.
6. ...accuse the the governments failure to monitor the loose transactions that was occurring right under their noses... ...sadly even with their concurrence of the practice... ...to much easy money...
7. ALL parties involved were greedy & impatient!
8. this was the home owner's fault