RichardfromHB

Mortgages and Lending In The Subprime Meltdown [Housing Tracker]

There is a reason that they call it predatory lending. A whole bunch of unregulated mortgage brokers who know how to work the system to make their points and fees on a public that trusts them too much and is not sophisticated enough to even evaluate the terms of the deal, much less know what they said in their applications. Then Fall St. sells the notes and derrived instruments back and forth and maes more pionts and fees. After the teaser rate period and the ARM resets, defaults are rampant and the house of cards comes tumbling down. Fall St. has no moral superiority to the screwed homeowner who will never own another house. They become the permanent lumpendevelopment of America while Fall St. is well taken care of by Congress who have been well financed by Fall St. for years. Just hope that the sleeping giant is not awakened by the sudden downward spiral of the working class' economic position.