[kittymyrib]

Of course, Mazilo and the Dem class-baiters were responsible for the sub-prime fiasco. Mortgage lenders weren’t checking to see if borrowers even had a job, for crying out loud.
Today Bank of America announced it was negotiating to take over Countrywide. Let’s hope the “Opportunity Bank” doesn’t have the same screwy philosophy that bankrupted Countrywide.

[traditional1]

"Mortgage lenders weren’t checking to see if borrowers even had a job"

Nor were they even worried if the borrowers were even LEGAL CITIZENS OF THE U.S.A.

[xcullen]

He received an award at a conference I was at in 2006. He basically said the same thing then and I rolled my eyes. A friend of mine is a reputable mortgage banker and he helped a guy get a 5.50% interest only loan fixed for 10 years. 6 months in Countrywide refinanced him at 2.675% but with negative amortization (the principal went up each month as 2.675% was only a portion of the real interest rate). This guys just got foreclosed. Scummy.

[org.whodat]

Mortgage lenders weren’t checking to see if borrowers even had a job, for crying out loud.

Bttt,

Morgage lender running around yelling don't blame me, so called real estate agents running around yelling don't blame me, real estate appraisers running around yelling don't blame me.

It's sickening! Blame the buyer, they know more about the market than we do! It's sick!