“if he knew his situation why did he even consider taking the loan?”
That’s how I feel-—the sob stories about those who were “tricked” into buying houses they couldn’t afford also bothered me.
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Playing devil’s advocate - at one time you could not get a mortgage or loan unless the bank believed you could pay it back. Sure, a shady salesperson could make you a “deal,” but if you didn’t have the credit or income the bank would turn you down flat. People who are honest about their income who get approved for a loan naturally think if the bank thinks they can pay it back, the bank knows best. It really is buyer beware. The bank, through a stringent approval process used to be an extra layer between zealous salespeople and dumb consumers. No more.
“That’s how I feel-—the sob stories about those who were “tricked” into buying houses they couldn’t afford also bothered me.”
They are like the ones that didn’t know cigarettes could kill them.
and these are the same people who if the bank didn’t give them a loan would claim they were being redlined, or unfairly discriminated against.
commie libtards make it so the bank can’t win. don’t make the loan you’re racist. make the loan and you’ve trapped the poor shmuck b/c you’re racist / hate poor folks. commie mantra is banks always wrong, person always victim.
and if you read my posts i am not a friend of big banks and bailouts / bailins for them with their assinine derivatives schemes.