Comments on: April Fools…..not. http://onlycritter.wordpress.com/2008/04/01/april-foolsnot/ Just another WordPress.com weblog Thu, 16 Jul 2009 16:36:16 +0000 http://wordpress.com/ hourly 1 By: El Capitan Davis http://onlycritter.wordpress.com/2008/04/01/april-foolsnot/#comment-11 El Capitan Davis Tue, 01 Apr 2008 14:49:03 +0000 http://onlycritter.wordpress.com/?p=7#comment-11 Oh now you've done it. You've hit a subject near and dear to my heart. I mean I've taught personal finance and helped people get out of these very situations. You're right about the current housing and credit market "crisis". The talk of bailouts is nothing more than election year politics. Why? First of all, there is no credit market crisis. Ask anybody who filed bankruptcy in the last year how many offers for new credit they've gotten since and it'll probably be in the hundreds. The banks sent out 1.6 billion card offers nationwide last year. Thats rights BILLION. The banks have even figured out how to make money even if you do default. Don't believe it, watch the documentary Maxed Out. Fact is, this is a correction needed on both sides of the equation. The greedy banks and the folks who thought "oh I can afford the payments so I must be able to afford the item." Now, don't misunderstand me. If the banks misrepresented the loans to the borrower, then yes those borrowers should get some sort of assistance but not in a government hand out. Instead it should be judicial and regulatory penalties against the bank itself for perpetrating the fraud. Any other situation, I'm sorry but you made your bed and your choices are limited. 1. Bust your hump to get out the situation by working 2 or more jobs to get caught up and putting the thing up for sale or 2. Pack your crap and prepare to go for the worst ride of your life No-one could have possibly thought a mortgage payment at 25% or greater of their net pay was sustainable. That's just pure stupidity. I'm not trying to be a jerk, but the truth hurts and the only assistance there is in personal finance is your own. That's why they call it PERSONAL FINANCE. Fixing the situation isn't easy but rarely is anything worth completing ever easy. I especially don't want the government getting involved when they can't even balance their own books. Oh now you’ve done it. You’ve hit a subject near and dear to my heart. I mean I’ve taught personal finance and helped people get out of these very situations. You’re right about the current housing and credit market “crisis”. The talk of bailouts is nothing more than election year politics. Why? First of all, there is no credit market crisis. Ask anybody who filed bankruptcy in the last year how many offers for new credit they’ve gotten since and it’ll probably be in the hundreds. The banks sent out 1.6 billion card offers nationwide last year. Thats rights BILLION. The banks have even figured out how to make money even if you do default. Don’t believe it, watch the documentary Maxed Out. Fact is, this is a correction needed on both sides of the equation. The greedy banks and the folks who thought “oh I can afford the payments so I must be able to afford the item.” Now, don’t misunderstand me. If the banks misrepresented the loans to the borrower, then yes those borrowers should get some sort of assistance but not in a government hand out. Instead it should be judicial and regulatory penalties against the bank itself for perpetrating the fraud. Any other situation, I’m sorry but you made your bed and your choices are limited. 1. Bust your hump to get out the situation by working 2 or more jobs to get caught up and putting the thing up for sale or 2. Pack your crap and prepare to go for the worst ride of your life

No-one could have possibly thought a mortgage payment at 25% or greater of their net pay was sustainable. That’s just pure stupidity.

I’m not trying to be a jerk, but the truth hurts and the only assistance there is in personal finance is your own. That’s why they call it PERSONAL FINANCE. Fixing the situation isn’t easy but rarely is anything worth completing ever easy. I especially don’t want the government getting involved when they can’t even balance their own books.

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