Mortgage Credit Crisis.

The real problem with the entire "credit crisis" is that the people getting the mortgages aren't doing their homework. Just because someone will lend you the money doesn't mean you should take it! If I make $50k can I afford a $300k house? No no! Folks should do more of their own research using tools like http://www.calculatemortgages.org to figure out how much things are actually going to cost them before jumping in with both feet and no thought!

I think individuals blaming the situation on the mortgage companies is misguided. They're in business to loan money. It's the individuals that got into mortgages they knew they couldn't afford (or should have known!) that are the real problem.

I totally agree!! :)

Chain of Blame (http://digitsy.com/us/item/B001E10Z5E): How Wall Street Caused the Mortgage and Credit Crisis by
Paul Muolo.This book described the instruments clearly--and gives the reader a great sense of what was fundamentally wrong with the whole process

I agree, we all need to be more responsible about spending money and getting credit!

Inventing reckless mortgage programs is nothing short of irresponsible. Instead of pointing fingers, someone needs to look into the mirror.

I dont think that Mortgage companies are solely to be blamed, in fact the borrowers are equally responsible for the same.

Well there is no doubt we should all be responsible for our own financial decisions. However there are still some people out there thinking only of themselves when writing a mortgage. I read an article that the IRS believes there are over 160,000 cases of fraud with the first time home buyer tax credit.

The best advice i can give is for people to get a Good Faith Estimate (GFE) at the beginning of the mortgage process and just before closing. All costs have to be disclosed by law and if you do not understand every line item on the GFE, ask lot's of questions.

Mortgage Closing Cost (http://www.first-time-home-buyer-solutions.com/mortgage-closing-cost.html)

Regards,

Jeff Ragan

I think we should save money and don't face that kind of situation here are lot's of tips and free advice which can help us to save money, if you are not earning still you can save you in this crises time save electricity, gas, etc. if you doing this then you can see the comparison of your expenses in the end of the month.

Thanks
Jennifer Maben
Payday Loans (http://www.firstchoiceloan.co.uk/payday_loans.html)