here's where their logic falls apart. their story goes like this. "my mortgage went up $200 dollars a month and now i can't afford it. well, that has to be because of predatory lending. they didn't fully explain to me what was going on when i signed my mortgage"
my response-- you signed a contract. it's not the responsibility of the bank or the mortgage lender to explain it to you. i know i'm being radical with this because people will complain that mortgage loans are hard to understand and full of technical jargon. WRONG! there is this wonderful thing called a dictionary in which you can look up the meanings of words. mortgage lenders provide you with a lending schedule showing you how much you'll have to pay per month. for instance- i know that for the next 15 years, i will have to pay close to $2000 per month on student loans (assuming current interest rates and my current lending budget. also- this is assuming i don't consolidate and refi to 30 years or something)...
my point is this. people who had no business buying homes in the first place were doing so and not reading the terms of their loans. and now they're upset that they are getting foreclosed on. i'm not seeing why i should feel sorry for them or why we should be forced (to the tune of $275B) to pay these things off for people.
hey- maybe in three years i'll get money to pay off my loans. i'll just claim that sallie mae didn't explain it to me well enough. never mind the fact that as a grad student i should know how to read.
i don't know if you read michelle malkin or not...but there's a piece on her website today about ACORN breaking into a foreclosed house and claiming "it's our house now." this could get ugly. i may break into the apple store for a new computer and claim "it's my computer now."
sigh. what is this country coming to?
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