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Try peer to peer lending instead: http://news.ycombinator.com/item?id=841484 http://news.ycombinator.com/item?id=841484 Who trusts banks these days anyways? W

Try peer to peer lending instead: http://news.ycombinator.com/item?id=841484 http://news.ycombinator.com/item?id=841484 Who trusts banks these days anyways? When they go bankrupt you lose your home.

immad 17y ago
Will p2p lending work for mortgages? Do they have p2p loans configured towards mortgages? It would have to be pretty different to the normal unsecured loans
- onreact-com 17y ago
  Did you follow the link? It starts/ends with a story about a guy who bought a home with a p2p credit.
  - psranga 17y ago
    No, he didn't. "Brandon Frazier, 32, a public relations consultant, was aware of that when he borrowed $18,000 to cover expenses from buying a house in Southeast near RFK Stadium last year." The photo caption is misleading.
    - deleted 17y ago
      [deleted]
    - onreact-com 17y ago
      So what did he do with the 18k? Buy ice cream? You probably mean that he didn't finance the whole house with this money but this does not mean that you can't do it.
tptacek 17y ago
I'm confused. The bank that held my mortgage went bankrupt. Strangely enough, I still seem to have my house. Seriously, what are you talking about?
- onreact-com 17y ago
  Sorry, I don't want to explain the financial crisis to you but in short it was something like this: The financial system broke down, banks either went bankrupt or had to be rescued by tax payer money. As a result of the financial crisis many people lost their homes. Maybe that was too complex for you to understand the connection and you still trust your bank. That's OK for you, it's your choice. Still many people don't trust banks anymore with good reason.
  - deleted 17y ago
    [deleted]
  - ptomato 17y ago
    How idiotic can you be? "As a result of the financial crisis many people lost their homes." People lost their homes because they couldn't pay the mortgage. They couldn't pay the mortgage because they didn't have the money to pay the mortgage. The banks went bankrupt because they gave mortgages to too many people that couldn't pay them.
    - deleted 17y ago
      [deleted]
      - deleted 17y ago
        [deleted]
    - electromagnetic 17y ago
      Some people did get caught in the cross-fire, but that's because they bought into variable rate mortgages, which are just stupid. I don't have a variable rate on a credit card even though I never go into debt, so why would I want it on a $200,000 up-front debt?
    - anamax 17y ago
      While it's correct that a mortage note holder (bank, pension fund, etc) going bankrupt doesn't cause the folks on the other end of said note to lose their homes, renters can be forced out when the home owner defaults.

Try peer to peer lending instead: http://news.ycombinator.com/item?id=841484 http://news.ycombinator.com/item?id=841484 Who trusts banks these days anyways? When they go bankrupt you lose your home.

immad 17y ago

Will p2p lending work for mortgages? Do they have p2p loans configured towards mortgages? It would have to be pretty different to the normal unsecured loans

onreact-com 17y ago
Did you follow the link? It starts/ends with a story about a guy who bought a home with a p2p credit.
- psranga 17y ago
  No, he didn't. "Brandon Frazier, 32, a public relations consultant, was aware of that when he borrowed $18,000 to cover expenses from buying a house in Southeast near RFK Stadium last year." The photo caption is misleading.
  - deleted 17y ago
    [deleted]
  - onreact-com 17y ago
    So what did he do with the 18k? Buy ice cream? You probably mean that he didn't finance the whole house with this money but this does not mean that you can't do it.

tptacek 17y ago

I'm confused. The bank that held my mortgage went bankrupt. Strangely enough, I still seem to have my house. Seriously, what are you talking about?

onreact-com 17y ago
Sorry, I don't want to explain the financial crisis to you but in short it was something like this: The financial system broke down, banks either went bankrupt or had to be rescued by tax payer money. As a result of the financial crisis many people lost their homes. Maybe that was too complex for you to understand the connection and you still trust your bank. That's OK for you, it's your choice. Still many people don't trust banks anymore with good reason.
- deleted 17y ago
  [deleted]
- ptomato 17y ago
  How idiotic can you be? "As a result of the financial crisis many people lost their homes." People lost their homes because they couldn't pay the mortgage. They couldn't pay the mortgage because they didn't have the money to pay the mortgage. The banks went bankrupt because they gave mortgages to too many people that couldn't pay them.
  - deleted 17y ago
    [deleted]
    - deleted 17y ago
      [deleted]
  - electromagnetic 17y ago
    Some people did get caught in the cross-fire, but that's because they bought into variable rate mortgages, which are just stupid. I don't have a variable rate on a credit card even though I never go into debt, so why would I want it on a $200,000 up-front debt?
  - anamax 17y ago
    While it's correct that a mortage note holder (bank, pension fund, etc) going bankrupt doesn't cause the folks on the other end of said note to lose their homes, renters can be forced out when the home owner defaults.