Nancy “will Bush Bash for cash” Pelosi claims its Bush’s failed policies that have lead to this financial mortgage crisis we find ourselves in today. Is it the “failed policies” or greed that led to this crisis?
Thanks to these “failed policies” we’re American Homeowner’s today. We failed to qualify for a home twice during the Clinton administration. We bought our first house in 2002. We sold that house and bought our current house in 2006. We’re one of those “no money down” borrowers that are being bashed in the news. The news seems to not realize that not ALL “no money down” homebuyers messed up.
For BOTH houses our lender pre-qualified us for $50,000 more house than we were shopping for. It was nice to have that flexibility but it would’ve been irresponsible to spend that money. Our priority was a house our family could live in and our ability to make our monthly mortgage payment. Combined we’ve now been homebuyers for 6 years and we’ve never missed a payment because we didn’t get greedy and “overbuy” a house we couldn’t afford.
It’s not the “policies” that have failed. It’s human nature that has failed. Greed on both the lender and the borrowers’ side has lead to this crisis. Both Congress and the President should’ve paid attention to what was going on and either warned us or put a stop to it. But, ultimately it was the lenders dangling the giant carrot and the borrowers biting off more than they could chew that lead us to where we are today.
Polls are mixed as to whose blame it is. Regardless of whether the industry is “regulated” or “de-regulated” it ultimately comes down to two things. The lenders authorized the loans and the borrowers signed on the bottom line.
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