3 ms·
>People should be allowed to do, almost, whatever dumb things they want with their money. Are you saying that a bank should make irresponsible loans for people
by ratsmack 6y ago
>People should be allowed to do, almost, whatever dumb things they want with their money.
Are you saying that a bank should make irresponsible loans for people that make irresponsible decisions?
- formercoder 6y agoNo. The bank should maximize shareholder value and not do that, which is what is happening. But we should let anyone write a check and invest in a startup, or buy certain products considered unsavory by the masses.
- jklein11 6y agoI'm not convinced that taking out a HELOC now would be irresponsible in all cases. Let's say that you are 80% into your mortgage. You lost your job in March bc of COVID-19. Your next three mortgage payments are coming due in June and you still don't have an income. A HELOC would be a good way to push off a foreclosure. If you can't come up with those 4 months of mortgage payments you will be giving up the 60% equity you built up in your home.