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whatever happened to personal responsibility? I have 2 of these "trouble" loans. One i refinanced. The other I have not been able to since that home is now a rental. I knew fully going into it that i may not be able to afford the loan once the rate jumped and i was paying principal and interest. These people default NOT because a mortgage banker gave them the wrong loan, they default because they wanted something they couldn't afford and took the easy way into it. The people defaulting knew fully going into it what would happen at the end of the term. It's their own lack of planning and poor financial judgment that put them where they are today. Are we going to start legislating how many pairs of shoes or venti lattes people can buy in a month? Budgeting and planning is not the American way. Maybe we should legislate common sense!

posted 5 years, 3 months ago
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