“I’m a contractor and one of my customers is s person that buys houses at FHA and FMHa auctions. The condition of these houses when the people leave are very telling about the mind set of people that are given everything. These houses have excrement on the walls, holes in the walls and doors, these houses are disgusting.”
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Perhaps these people are “venting” their frustrations at being unable to make the increased payments on their ARMs, balloon payments or similar “creative financing” that got them hooked on easy “First-Time Homebuyer” mortgage plans “custom-made” to fit them.
I do not believe FMha or FHA loans are ARMs.
I’m probably reading into what you have written, but it sounds like you feel the people losing their houses are being victimized. I have an ARM, I knew the risks before I signed the contract. I liked the terms for getting into the loan, if I get in trouble with this loan, it is my fault and I ned to find a way to pay my debt.
If a bank does not perform due diligence on people they are lending to or they loan 125% of the value of a property, they deserve to suffer the consequences. These are gambles by lenders and borrowers, it is not the tax payers or responsible home owner’s responsibility to bail them out.
Or, maybe they are the spoiled rotten children from doofus parents who expect the world to bend to their will and cannot accept the fact that they really are not the center of the universe and it is really not “about them” like their loser parents told them it was!