09-21-2008, 08:04 PM
|
|
CC Member
|
|
|
Join Date: Feb 2008
Location: Jacksonville,
FL
Cobra Make, Engine: Kirkham #570 w Shelby FE
Posts: 1,009
|
|
Not Ranked
While the value of the houses was too high the big problem was the morgage companies writing loans to people they knew would default.
Over the last ten years I saw this happen to a few people I knew, had nothing to do with the value of the house itself, they simply were in over their head. Every time I asked myself the same question "How the heck did you get qualified for a morgage that big?", when I saw the house I asked myself "you paid how much for this?".
Was a time when you stood a slim chance in he!! of buying a home that was more than two ~ three times your annual income. Not to mention a good credit history.
When I saw 7yr car loans pop up a couple years ago...  |
Hybrid Mode
