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Ouch - subprime mortgage foreclosures in a dope image
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[QUOTE]Originally posted by 2stangs69-91: [QB] [QUOTE]Originally posted by Jdub07: [qb] [QUOTE]Originally posted by 2stangs69-91: [qb] There is more than just ignorance going on. Just look at the massive numbers of Bank owned homes. Yes some is ignorance some was fraud. It is all bad. How in the world do all these people get approved for loans then bail 5 years later? Most have the same jobs they had when they applied. We haven't even started talking about the seconds people took out when the market was still climbing.. [/qb][/QUOTE]In answer to your question on how they were approved for loans 5 years ago is simple. Banks were taking people word on what they made per year. They weren't doing the full blown backround checks they are today...there wasn't time. Also in the rush as you said many people got fooled, taken and ripped off. Very sad for many families. [/qb][/QUOTE]I disagree I did a refi. 5 years ago and I still had to turn in all my tax returns for the last 2 years, check stubs, and credit reports. I didn't fall for the whole subprime thing I did the 30 year fixed. I do agree that some of the blame is on the borrower.. But look what happened to the market,look at all the forclosures of houses? It was all brought on by the subprime scam. Yes some people made out ok but just look at the graph in the first post. It was all fueled by greed. You can't tell me the lenders were not just sitting there rubing there hands to gether waiting for the subprime timelines to run out. OOPs look what happened now they are saying they are victoms lol. like I said before it is a messed up deal..I guess I am more cautious then others I saw this day comming a mile away. [/QB][/QUOTE]
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