photo credit: abejorro34

The mortgage industry has been slow to say the least. Banks have simply not been lending to the middle class. Now it seems as though they are at least taking a second look at it. The question becomes will we get ourselves in trouble again if we lend people money who shouldnt be borrowing, which is what happened the first time around.

Mortgage lenders were giving people money without much, if any, proof of income and credit history. They were also doling out adjustable rate mortgages like it was candy. People were so happy to be getting a home they didnt look very far into the future.

At the moment we are in the most conservative lending time in about twenty years. This may actually be a good thing. Many people were lying about their income and getting themselves into trouble, the banks were letting it happen, and the government encouraged it. Maybe its time we all take some responsibility and make sure we can afford what we buy.

I know its not a popular thing to say, its easier to blame the banks, Wall Street, fat cats, and maybe even the government. But can we take personal responsibility? Can we admit it was us that signed the paper work and took on a loan we knew we couldnt afford?

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Posted in Education And Training, Giving Back, Buyer Resources, GenX GenY

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