Cant Forget
Can You Gamble a Mortgage?
As it is obviously clear, we know that we are in the middle of a huge financial crisis and the main culprit for this is the banks. Over the last five years banks were giving mortgages to families and individuals that just could not afford them and missing payments. This has all led to the demise of the banks and businesses that were relying on them failing too.
I have always had a motto that if you cannot afford something then you should not buy it, why are people getting out huge mortgages that they cannot afford the repayment for? I mean lending huge amounts of money. So this is ultimatley why banks need to sit down and think about who they give their cash too.
I have noted down a few situations where the banks should not be giving money too.
1) Folks that are on very minimal wages, what the banks do tend to turn a blind eye to is the fact that people have a massive amount of outgoings on a monthly basis. They have travel costs, food costs, bills and much more that have to be taken into account. So even a person that is earning around 25k, should not be borrowing huge amounts of money.
2) What amount of times have they been in their jobs? There are a lot of people that hate working and end up getting fired from every job. These people then make up their minds to look for a job after a year and as soon as they find one they think they are rich and rush out to get a mortgage and other financial commitments. And to be honest no one tells them different, the bank just hands it over and the tax payer's end up suffering in the long run.
3) A very important aspect that the banks should look at is the lifestyle of every individual. How many times have gambling addicts got given a mortgage and car and then blow there monthly repayments on playing online poker or roulette. Addicts can not control themselves, so lending them money is a very bad idea.
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Nas – Can’t Forget About You (featuring Chrisette Michelle)
