Mean old blogger make baby maddy waddy . whaaaa whaaaa whaaaa

You can tell from his comment “Predatory lenders? Puhlease. Who forces anyone to sign on the doted line? Chipr Chirp..”

This is a kid who has never carried a mortgage because if he had he would know that there are two parties involved in “signing on the dotted line”, the borrower and the lender. Both are equally responsible for the life of the loan. Greedy mortgage brokers were passing $300K+ loans to people with a household incomes of under $50K per year which is why the banks had to borrow money from the Chinese and the fed had to keep cutting rates.

Predatory lenders ???? Puhlease Ace, you need to go buy a copy of “Economics for Dummies”.

My wife and I both have Masters degrees and we were making a combined income of over $140K per year. We never used credit cards, we bought a reasonably priced home and paid off our mortgage early in ten years. We never bought a new car, always choosing to buy a 1-2 year old used car. We never lived beyond our means and we were saving so we could enjoy early retirement in our 50’s.

That was all fine until our eight year old daughter was diagnosed three years ago with a dysgerminoma which is a very rare and agressive brain tumor. No expense was spared and my wife was forced to quit her job (and lose her pension in the process) to shuttle our daughter to Cedars-Sinai Medical Center in Los Angeles for the best care money could buy. After a year of treatment, including numerous surgeries and chemotherapy, our health insurance provider dropped us and our savings were tapped. We were forced to apply for credit but none of the major lenders wanted to extend us a reasonable line of credit du to the fact our credit scores were weak because we had never established a history of using credit. Reluctantly, we were forced to take two mortgages on our home and accept several high interest rate credit cards to cover medical expenses.

Our beloved daughter passed away in her sleep in July 27th 2006 and we were left with over $300K in debt. We blame nobody for our situation and we are working to pay off the debt in a timely manner but now our dreams of early retirement and our precious daughter are only a memory.

Let this be a lesson to you my friend, a lesson that you probably will never understand unless it happens to you and I wouldn;t even wish it on somebody as condescending as you are.

FYI, a predatory lender is a lender who aggressively *SOLICITS* consumers with poor credit scores and offers them minimal lines of credit (usually less than $500) *knowing* the chances are that the consumer will eventually default. Guess what Ace, the lender then spends several months using a collection agency trying to collect the debt and by the time that period is over, the $500 the consumer defaulted on has all of a sudden jumped to $1500+ because of over-limit and non-payment fees.

In the end, the lender taps the FDIC to cover what was initially less than a $500 line of credit and they put a claim in for their inflated losses, plus agency fees and other fees which ends up being a $2000-$3000 bite out of the American taxpayer’s pockets to insure these predatory loans.

Ever wonder why people with bad credit get card offers from companies like HSBC and Capital One on a daily basis but people with good credit rarely ever get offers in the mail ??? Doh !! Credit card companies don’t make money on people who pay their accounts in full at the end of the month, why ? It’s something called “interest”. Maybe you need to look that one up also.

Pull your head out of your anus for long enough to do your research before you spew your conservative Republican BS.

Who was it that forced lenders to make funds available to those unqualified for a regular loan? Who now cries about those ‘unable’ to repay these loans? Hint: The same people.

I forgot. It’s all the ‘big corporations’ fault’. What a ridiculous non-answer for everything you think is wrong with America. How about putting the blame where it lies? Blame the people who took out loans they could not afford.

Someone irresponsibly buys a car or house they cannot afford and you blame the lender, the government and anyone but the person responsible.

Typical. Boo freakin’ Hoo.