All foreclosure stories aren't the same.....some deserve sympathy, some deserve blame....?

...Want to bail out this case?
"Earlier this week, ACORN activists broke into a foreclosed home in Baltimore. With a mob cheering and camera crew taping, Baltimore ACORN leader Louis Beverly busted a padlock and jimmied the door open at 315 South Ellwood Ave. The home once belonged to restaurant worker Donna Hanks, who assailed her evil bank for raising her mortgage by $300 and leaving her on the street. "This is our house now," Beverly declared with Hanks by his side at the break-in.

What ACORN didn't tell you: Hanks' house was sold in June 2008 for $192,000. She bought the two-story home in the summer of 2001 for $87,000. At some point during the next five years, she refinanced the original home loan for $270,000. Where did all that money go? (Hint: Think house-sized ATM.)" See http://michellemalkin.com/2009/02/25/no-鈥?/a>All foreclosure stories aren't the same.....some deserve sympathy, some deserve blame....?
Before the bubble broke...I was amazed at the market being so corrupt ( as well as the brokers and bankers who were allowing it to happen) It all came down to GREED. People buying property they could not afford to own under normal circumstances, and the brokers who encouraged it...along with the lending institutions who sanctioned it.

I so discouraged buyers ( first time especially) from going weith the Max the bank would lend. The bank does not care whatever else you need in your life, besides a Mortgage playment. ecouraged them to make a list of all the things they need and or want in their lives on a monthly basis and then leave the mortgage payment for last, to see what they could TRULY afford to pay for. This method was a real wake up call to most buyers..not only do they have the basic needs, but might like a vaction, new car, furniture for that new house.. but more importantly an emergency fund ... the bank could care less about these things.
Some listened.. some didn't.. but at least I could sleep at night .

The financial world saw a generation coming up who were accustomed to getting what they want NOW and took great advantage of it.

I am sorry to see peoples dreams killed ( weather they were realistic or not) and families displaced....but hope the dangling carrot lesson was a lesson learned.

Ah yes then along comes groups like "Acorn" to turn it into a political statement. Nuff said....
companies created this problem, as well as unqualified home owners. While owning your own property is part of the American Dream, it is not something that everyone can have, and not something everyone should have. The mortgage companies are most to blame by not performint due dilligence on the mortgages they underwrote. They were after the fast easy cash, rather than actually qualifying the people who took out the mortgages. No one has a right to own more property than they can afford. And mortgage companies have a responsibility to make certain borrowers understand what they are getting into, not just do a rubber stamp approval process. Additionally, the concept of interest only loans and ARM should be made illegal. That way people know what they are getting themselves into, and they know what their finacial responsibilities are.

As for the people above, they should be charged and prosecuted for burglarey, vandalism and trespassing if they are illegally in the property of someone else.All foreclosure stories aren't the same.....some deserve sympathy, some deserve blame....?
Thanks for the example.

An example of the fallacy of "argument by anecdote". It鈥檚 a big world. You can always find at least one example of people doing some screwy thing. One anecdote proves nothing.

From another angle, the real criminals are the mortgage brokers that lent out $270,000 on a $87,000 collateral. They knew better, but went ahead and took their profits off the front end and the heck with everybody else.

Also there's no such thing as a "ACORN activist".