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Another aspect of the mortgage crisis. by Peace_man2008-07-29 09:47:29
  The laws changed recently by subbywan2008-07-29 09:51:05
    That makes sense. by Peace_man2008-07-29 09:54:32
      It's a two-way street. Yes the banks "overlent", by merlin 2008-07-29 09:56:20
but the customers also over-bought. The whole reason a lot of them went for the "creative financing" option is because they knew they couldn't afford the house otherwise. I won't get into overvalued housing markets.

So, the buyer signed a contract for a loan they knew they most likely couldn't afford. Why should the be bailed out?
[ Reply ]
        Yup. I was pushed to make a larger loan by subbywan2008-07-29 09:57:53
          When I ran all my paperwork, my mortgage broker by merlin2008-07-29 10:00:39
            Yup. I go with 25-30%, max. (n/t) by subbywan2008-07-29 10:02:21
            We were pre-qualified for $300 000 by MatthewDBA2008-07-29 10:03:53
            Don't buy in Vancouver! by Illiad2008-07-29 10:07:10
              I bought 2,600 sq. ft. (4BR,2.5BA) for < $160k (n/t) by merlin2008-07-29 10:11:52
                $160K by Illiad2008-07-29 10:25:40
                  *snerk* That made me LOL. by merlin2008-07-29 10:27:32
              That is the size of my first apt that I paid about by Classic_Jon2008-07-29 11:07:50
              Okay, here's one for you. by kelli2172008-07-29 13:00:54
                Oh, sorry, that one's $300k. Wrong link. by kelli2172008-07-29 13:05:54

 

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