wah-I didn't do my homework and bought a defective house-bail me out government!!!!

[Flyndaran]

You would think that when purchasing something that will take upwards of 30 years for the average person to pay off, they would use a fine tooth comb studying every aspect of it.

I watched a show on all those housing loans, and one woman that defaulted multiple times said that it was their fault for not knowing that should could never afford them.

The sense of entitlement and the idea that someone will take care of their best interests has gotten out of hand here in the U.S.
And this comes from a guy that gets Social Security... after they ever send me the damn paperwork. It's been over three months now. But I digress.

[Stormraven]

I've worked in the mortgage industry for a number of years. You would, indeed, think that they'd study it with a fine tooth comb. You'd be wrong.

My first job was Loan Servicing - basically, in my area, making sure that the loan was working right, according to the loan documents, and that we weren't over or under charging the customer.

I had bona fide lawyers who didn't know what they'd signed. I mean, you'd think that a lawyer would understand the necessity of understanding what they'd signed, but nope. Doctors, too.

I can understand and sympathise with the average people - reading mortgages/deeds puts me to sleep, too - but if your job entails such a clear understanding of contracts, how the hell could you fail to read the documents?

[protege]

I once worked in the audit department at a small bank. Some of the loans that people either got, or tried to take out were...interesting. Most were made to people that could actually afford to pay them back. Others...weren't.

One that stuck out, was some idiot in a trailer, who tried to get a loan to buy a 1979 Ford "show truck" and actually came in and bitched when his loan was turned down. Sorry asshole, but the bank doesn't care if you want a "show truck" and can't afford to repay the loan. GTFO.

Then there was the couple who wanted to buy a double-wide trailer...but didn't yet have any land to put the thing on. How the hell did they expect that to work If I remember right, they were told that when they could get the land, the dwelling shouldn't be a problem. Provided, that they could afford it.

I hope nobody thinks that I'm bashing people who live in trailers. But, while working in that department, I saw that they made up the vast *majority* of stupid loan requests like that.

[Flyndaran]

...
I hope nobody thinks that I'm bashing people who live in trailers. But, while working in that department, I saw that they made up the vast *majority* of stupid loan requests like that.

I don't, because I believe that stupid people with houses already got their impossible to pay back loan.