View Mobile Site
 

Ask the Expert

Signal Photos

 

Show no pity for those who gambled and lost

Posted: June 14, 2008 3:00 p.m.
Updated: August 15, 2008 5:03 a.m.
 
Why do we not hear about all of those who were speculators who purchased homes with the purpose of turning them around in two years to make a huge profit?

They became obvious in new tracts when, after two years of ownership, their homes were up for sale.

They didn't think much about the terms of sale, only that they could bounce them in two years before the interest rates changed and they had to show ownership for two years.

Realtors were very much involved with this flipping of property. Greed for sure. And for those who were trying to make a bunch on the real-estate market, I just can't feel sorry as they were gambling and lost.

Sadly, we cannot find out how many of these homes were "spec-homes."

It was, as they say, a bubble that could only handle so much, and we are now seeing the consequences.

I do not blame those who offered the loans. If I want to lease a car and I am not informed, it is ultimately my fault for not informing myself.

If I get a credit card that offers a special rate for a specific time, it is my fault for not informing myself when the interest rate goes up.

I do believe that credit providers rely on ignorance. So if you/we are ignorant of the practices of credit-granters, than who do we blame?

As far as I know, when we pay for a parking ticket we don't get a break for ignorance of the law.

When it comes to investing your money, you must know what the heck you are doing. As I said: Sadly, you cannot rely on those who want you to invest. So if you want to gamble and you think it is too good to be true, then remember all of the people who invested in stocks and bonds with great dividends and have lost their shirts.

Look to secure investments like CDs, savings accounts or money market accounts. Maybe there is no huge reward, but they are secure and usually insured.

Just don't ask the taxpayers to bail you out because you went out on a limb. I, for one, only feel sympathy for those left homeless because of an act of nature.

Comments

Commenting not available.
Commenting is not available.

 
 

Powered By
Morris Technology
Please wait ...