What a bunch of crap. We owned a business during the recession and saw our income plunge in half...we paid all of out bills and contractors before we ate. Our credit scores were never below 800 and we are proud to have earned those scores. We know people who walked from their mortgages in 2008 not because they couldn’t afford the payment, but because the house wasn’t worth what they owed on it. Today they’re crying the blues because the market came all the way back plus the same home is worth 25% more.
I also think that anyone who has been on public assistance should have it documented on their credit report.
Many people without scruples let their mortgages default only because on paper they were “under water” and even though, employment wise and income wise they had no other cause to do that. They bought their homes to “trade up” and thinking before too many years they’d be able to do so again. They merely did not have the scruples to wait through the real estate cycles until prices came back around again. Many got away with it with too little negative affect to their credit standing.
I wouldn’t say “everyone”
on public assistance. I
worked for 45 years, only
to become 100% disabled.
I’ve had to eat some
humble pie, and the wife
and I are barely keeping
our heads above living in
the street. Sadly, there
are those who abuse these
programs, and give my wife
and I (and those like us),
the proverbial black eye.
P.S. My credit score was
800 before I got hurt...
The reason is that we did what you did - took care of debts and obligations, then didn't ever overextend ourselves and never had any sort of default.
They are setting people up to be victims of their own stupidity like the "banks gotta lend money to deadbeats who can't pay because to not do so is racist and mean spirited" did. Then expect the taxpayers to pay for it - again.