G
Glenda B
Guest
...deregulation of the subprimes?
The mortgage crisis is not a matter of "not being responsible" for debt, or "taking on too much debt."
You are not allowing facts to enter the debate, you are simply swallowing propaganda.
Fact #1) The mortgage industry has made billions upon billions of dollars in extraordinarily high interest rates off of people with less than stellar credit. THAT is called "predatory lending" and it is unethical.
2) Mortgage industry had absolutely no problem whatsoever selling to people with less than stellar credit for the past 30 years or so - again, they made BILLIONS off of it.
3) Employees at these subprime mortgage agencies are TRAINED to mislead, omit facts, pooh-pooh any questions from the borrowers. "Oh, it's standard... just sign here.
4) You can say "they should have read it before they signed it all day long till the cows come home", but it is a FACT that the average Joe glances over long, tedious, detailed documents which are intentionally written in "LEGALESE"
..which most people do not understand. And if you sit there and tell me that YOU have read every sentence of every document you ever signed, you are a liar.
5) Hindsight is 20/20. It's easy for you to look back NOW and say what somebody SHOULD have done. But when a person is sitting at the desk of the mortgage broker, he/she is fully expecting the INDUSTRY PROFESSIONAL to be there to help, to assist, to edcucate. That's their job, right?
NOW we can look back and say that the borrower should have done this or that, but at the time the loans were being signed, John Doe had NO REASON TO THINK he was getting screwed.
The mortgage crisis is not a matter of "not being responsible" for debt, or "taking on too much debt."
You are not allowing facts to enter the debate, you are simply swallowing propaganda.
Fact #1) The mortgage industry has made billions upon billions of dollars in extraordinarily high interest rates off of people with less than stellar credit. THAT is called "predatory lending" and it is unethical.
2) Mortgage industry had absolutely no problem whatsoever selling to people with less than stellar credit for the past 30 years or so - again, they made BILLIONS off of it.
3) Employees at these subprime mortgage agencies are TRAINED to mislead, omit facts, pooh-pooh any questions from the borrowers. "Oh, it's standard... just sign here.
4) You can say "they should have read it before they signed it all day long till the cows come home", but it is a FACT that the average Joe glances over long, tedious, detailed documents which are intentionally written in "LEGALESE"
..which most people do not understand. And if you sit there and tell me that YOU have read every sentence of every document you ever signed, you are a liar.
5) Hindsight is 20/20. It's easy for you to look back NOW and say what somebody SHOULD have done. But when a person is sitting at the desk of the mortgage broker, he/she is fully expecting the INDUSTRY PROFESSIONAL to be there to help, to assist, to edcucate. That's their job, right?
NOW we can look back and say that the borrower should have done this or that, but at the time the loans were being signed, John Doe had NO REASON TO THINK he was getting screwed.