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06-27-2008, 06:31 AM
#12
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You realize not everybody understand how mortgages and million varities of such work...
C'mon Mark....yes, some people are dumb but they were mislead on so many levels.
If you are driving by down the street, offering speakers from the trunk, who is more guilty, person buying it or the one selling it?
If you are driving by down the street, offering speakers from the trunk, who is more guilty, person buying it or the one selling it?
06-27-2008, 07:42 AM
#16
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meh, we coudl argue this for 3 days. Whatever it is, it sucks for people and the industry.
I'm not saying borrowers are innocent, but yu cannot blame one party only, although whole mess had to stem from somewhere....I say it was the lenders/brokers. Bankers screwed everybody, as usual.
06-27-2008, 01:55 PM
#17
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Thats just the tip of it though... You cant blame brokers for selling what they are asked to sell...
thats like saying welcome to autobahn, but you cant drive on the track...
06-27-2008, 05:29 PM
#19
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you are missing the real problem....
it isnt the brokers fault that the loans that came due for a rate change couldnt be refinanced anymore... This is the gamble. people took a 3 year arm at 6% or less to save money from the get go, then when they went to refi after that 3 year mark, there were no investors to buy these loans any longer... Brokers give a few informed options that the bank provides, then the customer picks the loan based on that info... GUESS WHAT... They alway pick the lowest payment... This is not the brokers fault at all. Sure there were a few bad apples out there, but no more than in any other industry, no matter what it is. Now the government is making it even harder for the people worst hit by this by delaying the loan process with BS classes in cook county... Blagoyabitch, and Madigan are nuts if they think they are helping anything at all...
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