2007-03-26 08:10:24 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Oh please! GIve me a break! YOu know full well that most of those people "first time buyers" really had not clue what they were doing. They trusted the "professionals". If the lending industry disclosed the commisions like they do not real estate at least people would have some idea of where the loan agent was coming from.
2007-03-26 08:29:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Wall Street put up the money and bought these loans. Without them, these "sub prime" lenders wouldn't exist. I work for a major lender (not specifically subprime but we offer those loans as well). Congress will make a scapegoat out of them. What about the realtors and brokers who put borrowers into homes they couldn't afford.
A home is your home. It's not an investment. If you have a low credit score and no money in the bank you probably shouldn't buy a home. You're one pay check away from foreclosure.
2007-03-26 15:44:51 · answer #2 · answered by Richard S. 3 · 0⤊ 0⤋
Shady borrowers? The lenders were the ones stupid enough to lend money to these people. If you make bad loans, you go under- that is what we are seeing.
2007-03-26 11:30:04 · answer #3 · answered by Cardinal Rule 3 · 0⤊ 0⤋
Blaming the borrower does not excuse the fact that there were lenders willing to egg them on into taking the deal. Takes two to tango...
2007-03-26 09:40:30 · answer #4 · answered by CMass Stan 6 · 0⤊ 0⤋