Quote:
Originally Posted by Particle Man
It should have been like it used to be: the banks looked at your ability to repay what they loaned. They see too much risk, they don't give out the money. Foreclosure was the very last result because it causes more problems than it sloves.
This whole "everyone should own a house" and giving out money like fucking water AND consumers thinking they could charge everything and never have to pay it back contributed to the downfall. I've been saving for a house for almost a decade and am finally in a place where I'm ready to move - if I can't get a fucking loan because of greed on both sides I'm gonna be PISSED.
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Now is a great time ot buy, between intrest rates so low and propery values in the crapper.
I think most banks are back to being super cautios in giving out mortgages again.