John Adams once said in court, “Facts are stubborn things.”
If you can’t afford a house, you shouldn’t buy one.
Simple as that.
Apparently, there are a lot of people in America who cannot count.
Good on Charley.
How 'bout not showing us the victims? I don't care about any victims of anything. I'm so tired of hearing about this victim or that victim. F'em all.
ML/NJ
From what I can tell the banks were giving out loans they HOPED people would not be able to pay.
They were counting on housing prices rising and rising. Then if they could forclose a year or two later, they could the house for 20% profit, pocket the down payment and the payments made.
They thought they held all the cards, and broke the law by making these loans. What they din’t count on was crashing the market.
The victims will be the clueless homeowners who try to sell their homes only to find out their mortgage was securitized, the note was destroyed or lost, and title was clouded. When the prospective buyer is denied title insurance because former owner’s note can’t be found, then you, the clueless seller, might feel somewhat victimized as your home’s value has become obliterated.
The problem is the MERS corporation has hopelessly muddled clear title on millions of properties. Honest homeowners are going to get screwed as well. Imagine paying off your house, and not being able to get a clear title because of the frauds perpetuated by the banksters just to avoid having to pay title transfer fees.