I live in a house with out a flush toilet.

The last mortgage I was involved in I was the Mortgagor.

My debtor is a really nice person who never missed a payment and I let him pay  the balance off without a penalty.

This was pretty much a handshake deal between two honest gentlemen.

A couple years ago I attempted to report a drug dealer(whose father was a cop) to the state swine and found myself in jail where I was forced to default on credit card debt with a bank who is in bed with Countrywide.

I let these greedy bankers stick it where the sun doesn't shine and ended up with a new SUV.

There is a song about the depression era bank robber Pretty Boy Floyd which goes "Rob you with a sixgun or a FOUNTAIN PEN."

Don't shoot one of these syphylytic bas<<rds for you might get their blood on you and end up with aids.

IT IS NEVER YOUR HOUSE UNTIL YOU HAVE PAYED OFF THE MORTGAGE, IF YOU DON'T MAKE THE PAYMENTS YOU DON'T GET THE HOUSE,YOU ARE JUST LUCKY THE MORTGAGE COMPAMY CAN'T SUE YOU FOR ALL THE PAYMENTS YOU DID NOT MAKE.

YEAH!  WHAT CHRIS SAID!

2 clicks to get to the story which told me absolutely nothing.

  What was in the e-mail? What did the e-mail say? What was in the original e-mail that was responded to? When did it say that the writer was still drunk? This is the internet, why censor expletives? Who wrote the original e-mail?

Why is the internet filled with useless stories that say nothing?

Where are the editors that should filter out all the poorly written garbage stories?

Who the hell would be willing to pay a person to write such a worthless nonsense story?

Where was the U.S. Congress BEFORE so many people got robbed?

When has the U.S. Congress actually done its' job in the past half century?

Why do we silly morons in the U.S. populace still vote for these glorified mafioso extortionist pigs? If the mafia does it, they call it extortion, if the government does it, they call it taxes.  Ther are no leaders left in government, just whiney, complaining, argumentative fools who have forgotten or never really knew the job description.  They ask oil execs how much money they make, while glossing over how much of that money the government TAKES. Sick, it really is sick.

I was approached with such a loan a few years ago, and I said, "NO WAY!  I want a fixed rate mortgage, or I don't want one at all."  Never assume that interest rates will not go up, especially if they are really low when you get the loan.  I feel sorry for people who are losing their homes, but I agree with the rest who say that people should check into these things before they let someone talk them into something they eventually won't be able to afford.

I agree with what everyone here is saying, but in the end we can blame the lender we can blame the borrowers......does it really matter? The housing industry is in a world of hurt and it's a little to late to see who's fault it is. The fact of the matter is people got caught up in the "American Dream" of owning a home and lenders saw $$$$$!

To bad neither asked "WHAT IF?"            

So basically people put no money down, and paid only interest for two years and are now being "thrown out" of there homes.  THEY ARE RENTERS!!!!!!!!!!!

I don't own my home the BANK DOES!!!!  I don't have an ARM or interest only.  I put 20% down and again I AM A RENTER!!!!  You people and this entailment mentality are killing this country.  Take some personal accountability for one time in your life

If the borrowers can't pay the bills, it's not the company's fault.  The borrower bought too much house.  Period.  

THAT is the problem.  Everyone decided they needed the biggest house and the most toys that they could get with the money they had and now it's blowing up.  My wife and I only make about $55,000 (St. Louis).  I have a house that's worth $210,000, only owe $175,000.  Own 11 acres of land, about to purchase more (completely paid off).  Guess what?  I can manage to pay my bills on time.  

I have an 5/1 ARM, it matures next summer, I know this.  I'll also be able to re-fi because I didn't blow my load on toys like most people.

I'll agree that most people have no idea how mortgages work, but when you're dealing with that kind of money, it pays to have at least a little bit of a clue.  That stack of papers that takes a half hour to sign is more than just a bill of sale, it's a very complex contract that will come back to haunt you if you can't handle it's contained provisions.

I can say that my mortgage agency definitely over valued my home just to insure they made the sale. This directly affects the future value to equity ratio. How many other people were over appraised to insure the loan went through. That right there instantly causes a depreciation. I am lucky enough to have been only willing to sign a fixed low interest rate, not a ARM, insuring that if I am upside down on value, I can still make my payment.

The most interesting thing here is the part FICO played in all this. If FICO worked and businesses respected it, then how could people ever get into this situation. I guess this just says that a whole lot of people with good money skills decided to toss their scores and logic out the window. Or perhaps it means that a whole lot of companies decided to give loans out to people that didn't have good money skills.

Or in reality, we have to admit that FICO doesn't work, not for the consumer and not for businesses. If a company has the ability to put you in financial hardship, then FICO didn't work for the customer. I remember trying to get an auto loan ten years ago or so. That company told me there was no way I was qualifying for that loan. I miss those days, when the system told me that I shouldn't be trying to do what I was trying to do. That should be what FICO does and not try to dictate what interest rate I get because I might be high-risk.

That is why the companies should be held accountable, they are choosing to use FICO  to make money and not as a true gauge of the customers present situation.

It does suck that people are losing there homes.  I just don't understand what people were thinking when they got adjustable rate mortgages.  Think about it rates were at or near all time lows, even if peoples houses did appreciate and they were able to refinance, the odds were that there mortgage was going to be higher which means they probably weren't going to be able to afford there homes with the new mortgage anyway.  I used to close real estate and I can not tell you how many people I say buying $300 and $400 thousand dollar houses with interest only payments, when I told them how much there house payment was going to be when they had to start making principal & interest payments they said "hopefully we can sell or our mortgage broker will refinance us" to which I always replied "you know rates are only going to go up" but it never seemed to register, I think because people were so affixated on obtaining a nicer house than they thought they could have ever had.

So while it is unfortunate, there is plenty of blame to go around and while there are some people who may need to get bailed out, I have a hard time feeling sorry for someone who bought a home for $700,000 and now can not afford the payments, however I do feel sorry for the person who paid $70,000 for there home and now can not afford the payments, those are the people who need help.  I just wish people would stop and think before they make poor choices, you wouldn't run your car into a brick wall at 100 mph because you know there are consequences.  It just seems that people were really mis informed by mortgage brokers who a week before they became mortgage brokers were selling used cars or people did sit down and think it through.  Good luck to all that this is affecting, just remember if you can hold on long enough values will come back or at least they have every other time in our country.