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WHERE does it state that people used welfare checks??

To buy a house. THAT is not the majority of people who bought homes. It was people who spent their money poorly, racked up debt, spent their money and credit on whatever they wanted.

I want a link!!!!

 
Anonymous

Asked by Anonymous at 11:30 AM on Feb. 23, 2009 in Politics & Current Events

This question is closed.
Answers (19)
  • I dont think they can use welfare checks as a means to get a loan. I do know that many people took out loans thinking the market would continue to go up, so they bought something maybe thinking in time they could sell or refinance it to pay debts off. Lets say Mary got a job in a new town, she buys a home 30 minutes from work, its a 3bdrm 2 bth nothing special and she buys it a bit more then what she can afford. She assumes she will get a raise to help pay for the house, and commute to work. Mary instead gets laid off, gets on unemployment, and is now offered a job 45 min further from work and gas is higher. Mary is now living beyond her means and the house is in foreclosure. Thats the more typical situation. Mary should have gotten a 2 bdrm aot and saved instead.
    gemgem

    Answer by gemgem at 11:41 AM on Feb. 23, 2009

  • I know people who make 50-60 grand a year had 2 morgages on a pice of shit house, spent the insurance check to fix their roof on junk, then bailed on both loans when they decided that the house was too small.

    They moved into a bigger one to rent. Yeah-they weren't on welfare, plenty of money, poor spending.
    Anonymous

    Answer by Anonymous at 11:31 AM on Feb. 23, 2009

  • It's just an exaggeration to point out the people were purchasing homes they COULD NOT afford. If they were welfare recipients or just low income earners - they still couldn't afford the house. I remember watching on one of those 20/20 shows and they were showing an older single woman who earned minimum wage buying a 4 bedroom house. And then she was all shocked when she couldn't really make the payments and wanted people to feel sorry for her because she was losing "her home." Greed pure greed. People think they "deserve" the American dream rather than they have the right to WORK FOR the American Dream. And lets face facts - not everyone is going to get that dream. Not everyone is smart enough, hard working enough, good enough. Might not be pc, but it's the truth.

    Anonymous

    Answer by Anonymous at 11:37 AM on Feb. 23, 2009

  • Well, then don't blame people on welfare.

    Blame the stupid people out their that didn't read the contracts, blame the banks, not the poor.

    It is not a matter of pc-its a matter of blaming people who didn't do it.
    Anonymous

    Answer by Anonymous at 11:39 AM on Feb. 23, 2009

  • It was mainly the poor that had mortgages they could not afford. When banks were told they HAD TO provide mortgages to people that they previously would not have qualified.
    Anonymous

    Answer by Anonymous at 11:41 AM on Feb. 23, 2009

  • Gemgem, I completely agree with your example. We didn't buy a house bc there is no telling where we were going to be in a couple years. No one can predict that everything is going to be great financially down the road.

    Most people wanted more than they can afford, and that is their fault.
    Anonymous

    Answer by Anonymous at 11:43 AM on Feb. 23, 2009

  • People have a tendancy to live WAY beyond their means, then expect sympathy and bail out money, this goes with ALL economic classes
    Zakysmommy

    Answer by Zakysmommy at 11:51 AM on Feb. 23, 2009

  • You can get a loan with child support or SSI/D income. It's part of the screening process, and most banks will turn you down if the kids are going to turn 18 before the loan is paid off, but if someone looks long enough or goes through one of those lending tree sites, they'll find someone willing to do a no money down interest only loan(or they would, 2 years ago).
    NotPanicking

    Answer by NotPanicking at 11:51 AM on Feb. 23, 2009

  • You can get a loan with child support or SSI/D income

    Who cares? There are many people who get child support and make good money. Also, SSI/D can be given for different reasons.

    Whats your point?
    Anonymous

    Answer by Anonymous at 11:57 AM on Feb. 23, 2009

  • Ok small words

    You could get a loan with no job
    NotPanicking

    Answer by NotPanicking at 12:00 PM on Feb. 23, 2009