On Mon, 8 Sep 2014 18:53:21 GMT, "l not -l" > wrote:

>
> On 7-Sep-2014, sf > wrote:
>
> > On Sun, 7 Sep 2014 22:07:18 GMT, "l not -l" > wrote:
> >
> > >
> > > On 7-Sep-2014, Mayo > wrote:
> > >
> > > > On 9/7/2014 2:35 PM, l not -l wrote:
> > >
> > > The optimist in me wants to believe that the past several years of
> > > economic
> > > troubles have convinced people of means to live within them rather than
> > > beyond. The only actual evidence of this is the overall reduction in
> > > credit
> > > card debt.
> > >
> > > The realist in me says this is a temporary situation that the majority
> > > of
> > > reasonably well-off are just as stupid as ever and will soon go back to
> > > racking up tremendous debt in the pursuit of "happiness through owning
> > > more
> > > and bigger things". The evidence of this is the strong sales of
> > > McMansions,
> > > luxury trucks (vs those used for actual work) and SUVs.
> >
> > You sound like someone who had McMansion envy when it was going like
> > gangbusters. Were you so rich and judgmental that you were immune to
> > the stories about predatory lenders who manipulated facts so they
> > could tell buyers they would come out ahead of the curve?
>
> While I am in the demographic that could afford such housing, I chose (and
> continue to choose) to live more modestly. IMany of my peers who "invested"
> in such housing are now in apartments or in foreclosure while I continue to
> own my modest 3 bedroom ranch home and have adequate investment/savings to
> live in a comfortable manner. Predatory lending does not explain the whole
> problem; in my opinion predatory lenders require a borrower that is either,
> desperate or foolish.

No. It doesn't. Chase lowered mortgage rates by half a percent a
full year before the government told lenders they had to renegotiate
with their borrowers. Their borrowers said great and took it. What
happened was Chase had locked them into the high rates they were
paying with no hope or renegotiating down the 3% rate they were
offering everyone else. That is predatory lending.
>
>
> > I think you're an okay guy because you are introspective enough to
> > imply that you F'd up and you aren't trying to play the victim - I
> > like that kind of honesty.
> I think I'm an okay guy too - at least we can agree on something. However,
> I haven't "F'd up". I chose to invest in a diverse portfolio of mutual
> funds rather than a larger home than I needed. I know the difference
> between "need" and "want" and have the discipline to attend to needs rather
> than satisfying the whims of want.

I sincerely doubt you do. It sounds to me like you're an older person
who already owned a home and had a substantial retirement portfolio.
We floated through the housing mess unscathed too, but we also chose
not to blame the victims.


--
Avoid cutting yourself when slicing vegetables by getting someone else to hold them.