04-08-2008, 12:15 PM
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Senior Club Cobra Member
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Join Date: Dec 2001
Location: Shasta Lake,
CA
Cobra Make, Engine:
Posts: 26,619
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Not Ranked
I saw something on the news that kind of surprised me. All this time I thought that to get a loan to buy a house or anything big, they checked to see that you could pay for it. Now I hear on the news that the loan institutions are going to start checking peoples incomes to be sure they can make the payments before they lend them money. Maybe I didn't understand what they were trying to say, but it seems strange to me that any loan institution would have lent out huge amounts of money without some kind of background check on the person borrowing it. Now they have a situation in Redding that is turning bad quickly. The houses that have been foreclosed on are turning into dumps as homeless and dopers break in and live in them. The neighbors are complaining and the Redding city council says they can't afford to send a code enforcement person out to get those people out and it would cost to much to notify the corporations that foreclosed on these houses and make them clean up the mess. What did I miss in this? 
Ron  |
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