2.09.2009

"I got a mortgage I couldn't afford and it's ALL YOUR FAULT"

This story on NBCNewYork.com about at-risk homeowners on the brink of foreclosure storming the wealthy neighborhoods that house mortgage company CEO's is one of those that make you scratch your head.

On the one hand, you're probably like me in that you're middle class, you work for your wages, and you hate the fatcat CEO's raking in our tax dollars as bonuses for literally destroying our economy. So you probably would love nothing more than to take a hammer to a broomstick and get it all splintery, bend the fatcats over, and then shove it exactly where you were hoping I wouldn't suggest you'd shove it.

On the other... No one held a gun to these poor stupid people and made them take a mortgage they couldn't afford.

Now, I'm a HUGE advocate for lendee's rights - when someone blatantly targets races or genders or youth and offers them credit they can't afford by LYING about the terms and never disclosing the massive balloon payments that come with such a loan, that's loan sharking, and that's wrong. Evil. Terrible. The people who do this should be hanged without trial.

But mortgages don't work like that. They just don't. A mortgage is usually over one hundred thousand dollars. It's usually 30 years of liability. And it ALWAYS comes with paperwork explaining just what the fuck that all means. And when you get greedy and live outside your means, that doesn't make you a bad person - it just makes you stupid as hell. And stupid people deserve what they get. Of course, there are people who have been laid off and are at risk, or people whose entire businesses dried up and are at risk... And those people I feel for, because my mother was one of those when I was a child. It's a hard fucking life, and not only wouldn't I wish it on anyone, but I will actively help those who I know who are facing that situation.

But this article doesn't focus on those folks. It focuses on the 50-year-ARM crowd who, in all liklihood, bought a home they couldn't afford because they figured that it could do nothing but appreciate in value, and they could "flip this house" in 2 years and 11 months - one month shy of the balloon mortgage inflating.

Like I said, I hate the CEOs and bank men who are liberally stealing from our tax dollars and make a habit of raping the middle class to keep themselves upper class... But this? This is not a fight I support. You dumbasses who took out mortgages you couldn't afford deserve what you get.