I Believe McNAMEE 110%

[slappy's son]

the problem is the cost of living, especially in the northeast, is so outrageous that young professionals (20-30yearolds) have no alternative then to go into some type of debt to ever get ahead and buy a house etc.

Well then you DON'T but a friggin house! DUHH! Rent for 10 years until you can afford one! I agree with several other posts... it's the morons who took the ARM in the 1st place when there were NICE fixed-rate mortages out there at the same time. I got a "15-year" 4.75% rate. If you have to take an ARM lower than that, gambling that they won't rise (which they ALL do), then you're a friggin moron and are too friggin stupid to own a house anyway! These people DESERVE to lose their friggin house! Then everyone cries and blames it on the bank or the government. I have absolutely NO compassion for these idiots what-so-ever. They could have gotten a 5% mortgage and kept their house forever, but instead, they gambled and lost! Too friggin bad.

[robby_morini]

Well then you DON'T but a friggin house! DUHH! Rent for 10 years until you can afford one! I agree with several other posts... it's the morons who took the ARM in the 1st place when there were NICE fixed-rate mortages out there at the same time. I got a "15-year" 4.75% rate. If you have to take an ARM lower than that, gambling that they won't rise (which they ALL do), then you're a friggin moron and are too friggin stupid to own a house anyway! These people DESERVE to lose their friggin house! Then everyone cries and blames it on the bank or the government. I have absolutely NO compassion for these idiots what-so-ever. They could have gotten a 5% mortgage and kept their house forever, but instead, they gambled and lost! Too friggin bad.

I really don't know what to say, except congratulations on being smarter than most of the population.

The problem is the only way bank's could qualify many of these people was to put them in lower rate ARM's. I blame the banks for setting these people up to fail. We haven't seen the worst of the sub prime problems. The banks are now paying the price as most of their stocks have tanked, resulting in lay offs of tellers and low-mid management staff.

These consumers trusted their banker's advice. No one won. The majority of these consumers are hard working, honorable individuals. They were sold a bill of goods by aggressive bankers who were trying to maintain the production levels they were used to when rates were lower. They also loosened their underwriting criteria.

By the way, I am a commercial lender for a mid-size southeastern bank so I have knowledge of this topic. If you should ever run into financial difficulties, I hope your bank will work with you.

Continued success!

[ULikeApples]

Well then you DON'T but a friggin house! DUHH! Rent for 10 years until you can afford one! I agree with several other posts... it's the morons who took the ARM in the 1st place when there were NICE fixed-rate mortages out there at the same time. I got a "15-year" 4.75% rate. If you have to take an ARM lower than that, gambling that they won't rise (which they ALL do), then you're a friggin moron and are too friggin stupid to own a house anyway! These people DESERVE to lose their friggin house! Then everyone cries and blames it on the bank or the government. I have absolutely NO compassion for these idiots what-so-ever. They could have gotten a 5% mortgage and kept their house forever, but instead, they gambled and lost! Too friggin bad.

I couldn't agree more. On the local news there was a story today about Hillary Clinton talking in Columbus and how she had 3 families there that were "victims of unscrupulous lenders." I literally walked back into the living room from my kitchen to rewind that to make sure I heard it right. I guess some folks don't expect people to have any responsibility for their own actions.

But, more towards the topic, there can't really be any doubt that Roger did the stuff and lied about it yesterday.

[jordanrules23]

Thats cuz the country is full of retards that are in credit card debt over their head, and all these dumb ass 5 and 10 year arm mortages are coming to life on people.

Ya, the gov't should help, but it's not their fault its happening to people. So, if they want to take some time to make sure a billion dollar industry (pro sports) is being ran correctly and slightly clean, I'm fine with that.

you see this is a great post.....Most ppl think the exact opposite...

[jordanrules23]

It's not just ARM loans that got people into trouble. Mortgage companies loaning money to people that had bad credit. Mortgage companies getting houses appraised for more value than they were worth to get the people into the homes etc.

Most houses are loaned out way more than their value, and then ppl re-fi and then they're screwed and can never get even

[jordanrules23]

Exactly....all you Americans have to pay with your taxes for this trash...like who gives up a fuck about steriods in baseball....what a bunch of garbage...focus on the REAL problems your country faces....I feel sorry for you guys....

its still better than living in Canada

[jordanrules23]

I couldn't agree more. On the local news there was a story today about Hillary Clinton talking in Columbus and how she had 3 families there that were "victims of unscrupulous lenders." I literally walked back into the living room from my kitchen to rewind that to make sure I heard it right. I guess some folks don't expect people to have any responsibility for their own actions.

But, more towards the topic, there can't really be any doubt that Roger did the stuff and lied about it yesterday.

everyone wants to be a "victim"..its getting old

[BettorsChat]

Most houses are loaned out way more than their value, and then ppl re-fi and then they're screwed and can never get even

Really? Because that's never happened to me or anyone that I know of and Washington Mutual is in trouble for making sure homes appraised for more so they could get people into them.

[molta02]

Well then you DON'T but a friggin house! DUHH! Rent for 10 years until you can afford one! I agree with several other posts... it's the morons who took the ARM in the 1st place when there were NICE fixed-rate mortages out there at the same time. I got a "15-year" 4.75% rate. If you have to take an ARM lower than that, gambling that they won't rise (which they ALL do), then you're a friggin moron and are too friggin stupid to own a house anyway! These people DESERVE to lose their friggin house! Then everyone cries and blames it on the bank or the government. I have absolutely NO compassion for these idiots what-so-ever. They could have gotten a 5% mortgage and kept their house forever, but instead, they gambled and lost! Too friggin bad.

so lets see, pay rent on something you will never own or have any equity in, or try to buy a house for relatively the same payment.

and you call other people morons.

[molta02]

the bottom line is that most americans should be appalled and embarassed by their government right now. worrying about baseball players doing steriods 10 years ago when there was no testing, and now this piece of shit Specter trying to bring up a hearing on whether or not the patriots taped games when the league already punished them.

what a fuking joke. after watching the clemens hearing the other day, i was EMBARASSED to be a republican. it was frightening to think that these people are in charge of our country.

[molta02]

Like apolous said send them to a different school. There are really good schools out there that don't cost $25k a year.

what- community college?

[aplous]

I got a 1st rate hotel management degree at Kansas State...cost WAAAAAAAY less than 25k a year.

[flarendep1]

Tuition at my kids college:

Scranton University ---- $38,000 yr
High Point College NC ---- $30,000 yr
Loyola MD --------------- $45,000 yr

Thats 113 k /yr, after academic,financial aid,etc. = 80 k /yr Some of this is put into a student loan they have taking out. We expect them to get jobs and pay some of this off, its not a free party ride!

This is just my own example, you guys with kids, start saving!!

"In state" universities can get you down to 10-18 k/yr per child. Community college is Ok for 2 yrs then transfer but my kids are good students and this was their choice. You only go thru it once I wanted them to make their own choices.

[flarendep1]

I agree with Molta,

Buy a house if you can at all afford it and do not rent. This way you gain equity over the years, in my case it has helped pay off these college costs. Do not drive exotic cars, bad investment - buy the house and drive a piece of crap like I do!!! 2000 Honda Accord (245k miles on it now, still runs great) actaully, its not a piece of crap!

[Three Jack]

Tuition at my kids college:

Scranton University ---- $38,000 yr
High Point College NC ---- $30,000 yr
Loyola MD --------------- $45,000 yr

, ...I just lost my dinner.

I think I need to talk to the wife...this whole having kids idea may not be such a good one after all....