Comments on: I pay my mortgage. Where’s my reward? http://www.knightlinesmtg.com/i-pay-my-mortgage-wheres-my-reward We Make Your Dream Reality Fri, 16 Apr 2010 00:33:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: admin http://www.knightlinesmtg.com/i-pay-my-mortgage-wheres-my-reward/comment-page-1#comment-17 admin Sat, 21 Feb 2009 03:50:43 +0000 http://knightlinesmtg.com/blogs/?p=237#comment-17 John, Honestly, I would never do the BK thing or close my business. I have worked too hard to get where I am to let it go that easily. It is just amazing though that should I do that, the government will step up and help me out for failing, when it is unwilling to reward those of us that are doing what we can to bring the economy back. And yes, I agree with you in that putting the blame on mortgage brokers is not the way to go. But I must also disagree in that it is solely the mortgage lender's fault. It is a combination of all parties that are to blame. The consumer for not educating themselves. The brokers and lenders for educating the borrowers. The brokers for not having a fiduciary responsibility to the borrowers to protect them when they knew it was not in their best interest. The lenders for their lax guidelines. There are many issues surrounding the housing and mortgage industries, but they all stem from one thing... GREED!!! Everybody got greedy. And despite Gordon Gecko's monologue greed is not good. Thanks for the comment and look forward to future ones. Jason John,
Honestly, I would never do the BK thing or close my business. I have worked too hard to get where I am to let it go that easily. It is just amazing though that should I do that, the government will step up and help me out for failing, when it is unwilling to reward those of us that are doing what we can to bring the economy back.
And yes, I agree with you in that putting the blame on mortgage brokers is not the way to go. But I must also disagree in that it is solely the mortgage lender’s fault. It is a combination of all parties that are to blame. The consumer for not educating themselves. The brokers and lenders for educating the borrowers. The brokers for not having a fiduciary responsibility to the borrowers to protect them when they knew it was not in their best interest. The lenders for their lax guidelines. There are many issues surrounding the housing and mortgage industries, but they all stem from one thing… GREED!!! Everybody got greedy. And despite Gordon Gecko’s monologue greed is not good.
Thanks for the comment and look forward to future ones.
Jason

]]> By: johnjakobs http://www.knightlinesmtg.com/i-pay-my-mortgage-wheres-my-reward/comment-page-1#comment-16 johnjakobs Sat, 21 Feb 2009 03:35:04 +0000 http://knightlinesmtg.com/blogs/?p=237#comment-16 Jason I understand and identify with your feelings. I have to say though that I would never just give up my business and just stop paying my bills to save some mortgage principal. Anyone with any Financial Literacy would realize the cost of Bankruptcy and resulting rates for future credit would far outweigh the benefit of having a judge write down my mortgage. The majority of the people in the foreclosure position are there because they didn't know better or took unrealistic risk. If we can use my taxes to bailout the Banks that lent that money (which I was totally against, and the Car manufacturers with their union workers getting the equivilant of $69 per hour when you compute their benefits into their salaries then we can afford a few million for the working slob who got hosed! Don't get me wrong I think everyone should take their lumps and let the chips fall where they may. The Banks, Car Manufacturers and Homeowner alike. The problem there is the powers that be would lose control and that they will not let happen. So, if we can afford to bail out millionaires and their corporations, we can look out for the working man too. As for all those Banking folk pointing there fingers at the Mortgage Brokers remember their are 3 fingers pointing back at you. Brokers didn't set the guidelines or approve the loans. Their job was to gather the information the Banks asked for which they did. To try and place blame on them is almost as bad as the bailout of these corporations who have created this whole scenario of default. JohnJakobs, Jason

I understand and identify with your feelings. I have to say though that I would never just give up my business and just stop paying my bills to save some mortgage principal. Anyone with any Financial Literacy would realize the cost of Bankruptcy and resulting rates for future credit would far outweigh the benefit of having a judge write down my mortgage.
The majority of the people in the foreclosure position are there because they didn’t know better or took unrealistic risk. If we can use my taxes to bailout the Banks that lent that money (which I was totally against, and the Car manufacturers with their union workers getting the equivilant of $69 per hour when you compute their benefits into their salaries then we can afford a few million for the working slob who got hosed!
Don’t get me wrong I think everyone should take their lumps and let the chips fall where they may. The Banks, Car Manufacturers and Homeowner alike. The problem there is the powers that be would lose control and that they will not let happen. So, if we can afford to bail out millionaires and their corporations, we can look out for the working man too.
As for all those Banking folk pointing there fingers at the Mortgage Brokers remember their are 3 fingers pointing back at you. Brokers didn’t set the guidelines or approve the loans. Their job was to gather the information the Banks asked for which they did. To try and place blame on them is almost as bad as the bailout of these corporations who have created this whole scenario of default.
JohnJakobs,

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