The Real John McCain

[Anonymous]

He feels your pain:

[Anonymous]

I have little sympathy for Ms. Gillis. She is obese, talking about making choices of putting dinner on the table. Come on. She did not have to buy a house. She is one factor that has caused this mess. McCain does not have to apologize for having money. BTW, I am an Obama supporter.

[Anonymous]

What many people overlook or forget is that the mortgage brokers were less than straight forward and the borrowers did not do their own due diligence. The brokers got their commission whether the borrower paid their mortgages or not. They just needed to get the contracts thru the door. There were no qualifications needed or rules to follow for the broker.

The brokers drew up contracts with adjustable rates that ballooned after the one or two year teaser rate. In many cases, this was not communicated to the borrower before signing. Also, it's not just poor borrowers who defaulted but also those who refinanced their existing long-term home or investment property. They used the money to start a business, remodel their kitchen, whatever. When the initial lower rates reset from 4% to 15%, they could no longer make the payments and consequently defaulted.

Yes, there need to be laws to require brokers to communicate at least the basics of the contracts that they have drawn up for the borrower to sign.

[Anonymous]

Anonymous wrote:I have little sympathy for Ms. Gillis. She is obese, talking about making choices of putting dinner on the table. Come on. She did not have to buy a house. She is one factor that has caused this mess. McCain does not have to apologize for having money. BTW, I am an Obama supporter.

What does being obese have to do with it?
If you want her to take responsibility for buying a house she couldn't afford -- fine. But I don't get what her weight has to do with it.

[Anonymous]

If you sign a contract without having read it, oh well. No soup for you! I feel no pity for the inept borrowers. Please stop trying to create victim-status for them. Also, I feel no pity for the lenders that got hooked on the opiate of the sub-prime, especially now. Work it out with the borrower on an individual basis. Get them into a fixed rate that allows you to break even, at least, and allows them to do the honorable thing and pay off the debt they owe. This doesn't have to be a crisis.