Is it the banks fault for all the foreclosure's?My aunt bought a building for $350,000 about 3 years ago when she fail behind i her payments the bank was not willing to work with her instead they foreclosed and now the building sold for $25,000 they took a bigger lost in the long run so why is that? |
i feel for your aunt but we seem to be putting al the blame on the banks and don't get me wrong they are at fault. The thing is we know what we can afford and it is not just the day to day bills but the unexpected - I know my husband and I are looking at house in that price range - we can just afford it but what if an unexpected bill arises - then we will be in trouble, even things like new tires for the car etc. In Canada and the US people don't seem to take out mortgage protection in case of sickness, loss of job etc in the UK most folk do. I know I have used it in the past due to extended sick leave.
Banks are at fault for not advising people of these things, but we also have brains in our own heads - where banks annoy me is when they increase credit card limits even though you tell them not to.
the main thing that is annoying me is the bonuses these folk are getting even though they made a loss - and then the bosses have the cheek to say it is so the people stay in their job and do not go to their competitors - if their competitors are stupid enough to hire them then let them - who hires a poor resulting employee - THEREFORE NO BONUS. companies are paying off not hiring - they shoudl be thankful that company is even keeping them on the mistakes they have made not only to their company but to the Country if not the World.
So it's the Bank's fault that your Aunt was living beyond her means? Great logic there. You say they took a bigger hit, but how far back should they let people fall. They likely considered her a big risk by that point and figured at least this way they would get SOME money.
YES , It was all that good old American GREED. We all allowed our City, State, and Federal Governments to over tax, over-price, over-load our economy. Now China owns half, and Bush just had to piss off Russia before he left office.Who are you rooting for. It matters not we'll all be wearing RED. We must thank our Republicans.
Where's my bailout. The bankers got billions and still they foreclose. So exactly why did we agree to bail them out. I'm not seeing how it helped.As for there losses they didn't. They ruin our finances as a country send the entire world into a recession. And use our bail out money for bonuses.
