(no subject)
May. 14th, 2009 09:59 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
People who've talked to me about the economic crisis have probably heard my take on home-buyers who bit off more house than they could chew. To wit: Think of your high school class; try to imagine how many of them understood compound interest at the time; recall how many years have passed since the tenth grade. Morally you can say whatever high-minded things you like about signing a contract and responsibility and blah blah blah, but on a practical level, expecting the median American to understand home financing to the point of being able to think critically about loan offers is just a losing proposition. If you don't want people to leave the thinking to the experts, you're gonna have to ditch the ideal of homeownership for the common man.
So: I think my attitude is about as sympathetic to the mortgage-screwed as you can get. And even still, there are people out there, apparently, who make me wonder: What on earth were you thinking?
So: I think my attitude is about as sympathetic to the mortgage-screwed as you can get. And even still, there are people out there, apparently, who make me wonder: What on earth were you thinking?
(no subject)
Date: 2009-05-16 01:19 am (UTC)(no subject)
Date: 2009-05-16 11:59 am (UTC)Seriously, I do think part of his problem is his choice of where to live and work. Affordable housing around here isn't actually around here.
(no subject)
Date: 2009-05-16 12:28 pm (UTC)ok, maybe not, but he should have done at least the basic math to realize how much he could afford and still have money to feed/clothe 3 dependents.
i can't help but wonder what his wife was doing out west when she was a stay-at-home mom with 2 kids... who paid for her expenses out there, before she moved to DC? being a stay-at-home mom is a full time job, but it sure doesn't pay well, unless you can sign up for a $4000/month in alimony and child support, and the guy actually pays up.
(no subject)
Date: 2009-05-16 07:14 pm (UTC)