Quote:
Originally Posted by Bobb
Will get people that can afford a $50,000 house and will get them a mortgage for $100,000 or $200,000 that they can't afford to repay and then we will take a bunch of those and bundle them and call them investment grade and sell them to any bank etc as an investment.
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i'm not sure how all the selling mortgages to the bank part works, but notice how there is very little mention of people's personal responsibility?
if you can't afford a $200,000 house ...... DON'T BUY ONE!
if you can't afford the monthly payment for a 30-yr fixed loan ...... DON'T GET AN ADJUSTABLE RATE MORTGAGE!
i thank the idiots living larger than they can afford.
we were offered to borrow up to $400,000 when we applied for a mortgage when looking for our next house. guess what? we're not going to mortgage even 1/3 of that. even crazier, i have actually SAVED a lot of money towards a nice down payment. amazing!
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Alan
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