May 2007 Weddings
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
The Mortgage Crisis
I was watching Dateline on Sunday and Chris Hansen did a special about the mortgage crisis. SO:
Who do you think is to blame? The lenders, the underwriters, the brokers, the people who applied for loans?
Why?
Did you apply for a loan in the past three years? (Any type of loan).
Would you lie on a loan application to get more money?
If you realized that the broker had lied on your application, what would you do?
Re: The Mortgage Crisis
Who do you think is to blame? The lenders, the underwriters, the brokers, the people who applied for loans? I think it's a combination of all the above (in some instances).
Why? Apparently a lot of brokers and lenders lied on mortgage applications (saying people made more money than they did). Also, borrowers lied wanting to get more money and not thinking of the consequences. The underwriters ignored things they shouldn't have. Lenders also didn't look at the risk/reward to realize that they were taking more risks than they should.
Did you apply for a loan in the past three years? (Any type of loan). Yes - I bought a car and financed through Ford and we bought a new house (I also have one other home loan that I got almost four years ago).
Would you lie on a loan application to get more money? No way. Too risky and not worth it. Plus I like to think that I am an honest person.
If you realized that the broker had lied on your application, what would you do? First I would confront the broker, then I would end my relationship with said broker and find a new one. I would also report the broker to the Better Business Bureau and any bank that I knew worked with said broker.
Sorry, my knowledge of this is pretty limited since we aren't homeowners and even if we could afford to be, won't consider buying right now since everything is on shaky ground. (We'd get a loan through a bank, and right now I wouldn't trust such a huge loan with any bank until things look up a bit more.)
We have not applied for any type of loans in the past 3 years.
I was watching Dateline on Sunday and Chris Hansen did a special about the mortgage crisis. SO:
Who do you think is to blame? The lenders, the underwriters, the brokers, the people who applied for loans? I think it's a combination, there is blame on everyone
Why? The borrowers should have educated themselves better, if you applied for more then you could afford or agreed to some insane intrest rate without understanding the implications you're at fault and the same for the lenders, knowing someone can't afford something and offering products that were going to increase the payments they couldn't afford is wrong.
Did you apply for a loan in the past three years? (Any type of loan). Yup, personal loan, car loan, and now a morgage loan
Would you lie on a loan application to get more money? nope, I know what I can and can not afford, why put myself in that situation.
If you realized that the broker had lied on your application, what would you do? I would not use their services.
Who do you think is to blame? The lenders, the underwriters, the brokers, the people who applied for loans? I think it's a combination of both. But ultimately, I think adults should be responsible for their own actions. Brokers can tell me that I can afford a million dollar home, does that mean that I am going to go out and buy a million dollar home? No, because I know better and will buy what I am comfortable with.
Why?
Did you apply for a loan in the past three years? (Any type of loan). Yes, a car loan about 1.5 yrs ago (before the car industry went down the drain) and a home loan about a year ago.
Would you lie on a loan application to get more money? No, erverything is verified anyways.
If you realized that the broker had lied on your application, what would you do? Have it corrected
Who do you think is to blame? The lenders, the underwriters, the brokers, the people who applied for loans? I really think everyone is to blame. Like Jen said, everyone should be responsible for their own actions. No way would I take out a loan for an amount I knew I couldn't afford just because someone tells me I can afford it/qualified for it.
Why?
Did you apply for a loan in the past three years? (Any type of loan). Yes 2 car loans
Would you lie on a loan application to get more money? No
If you realized that the broker had lied on your application, what would you do? I would have it corrected