Is anyone else hacked off at the greed of banks who've lent money to those who can't repay and are now causing economic meltdown????

[MrsMar]

all caused by greedy people cashing in when the housing market is good, and then freaking out when it's unstable

I know the markets usually recover, but what if they don't? Do we all have to take a hit because of someone else's greed?

It seems to be the 'extra'borrowuing that will get people into trouble.The holidays cars new kitchens etc all 'paid'for by the equity in the house but we all forget that adds to monthly payments It is not FREE money but the banks have been pretty liberal in recent years.I think they are about to tighten up

I have said to DP that over the last 4-5 years i have noticed that people are living better.........better cars/holidays/home improvements.........with the housing market rocketting during these years and so much equity in properties people are soaking up this equity and spending it on things that maybe they wouldnt/shouldnt spend it on.

I said to him at the time, this is so gonna end in tears. In years gone by the banks would shake their heads and say nope, you cant have the money - they were responsible, if not a little harsh. Now they cant seem to throw the money at you enough, with the small print at the bottom, your home is at risk if you cant keep up repayments!!!!

I predict in the next few years, there are going to be a considerable amount of people lose their homes as they have seen the equity available in thier property and spent it. There doesnt seem to be any more living within your means, it is greed, wanting the best car, best holiday, etc etc. I feel sorry that some people dont understand that.

It is so tempting as the banks promote this idea that it is your money and go on spend it is the attitude.It is supposed to be a home but is being sold as a cash point that is always full!Prices and interst rates can go up or down but we have all forgotten that!I have also never known so many people with such new cars fancy holidays etc and wages haven't risen that much!But the disaster with property in the US will make banks more cautious and they may tighten their lending criteria.I think we will see big changes in teh next 18 months I have been renovating houses and selling them since 97 and for the first time ever agents are saying things are about to turn

Excellent analogy, noddy, 'a cash point that is always full'.