blisterchicken

Greed Kills and Other Observations

So are you using your above points as an alternative to the 700 Billion bail out? Or are you using these points as a point to move forward from.

If the latter is the case I disagree with one specific point. That is the No tax money should be involved. I say that because it is absolutely disgusting that the same companies who foreclosed on families because they wouldn't renegotiate their loans with people in strife were the ones who were bailed out. Makes no sense at all.

Granted, some of these loans should have never been written. 550 credit scores getting stated income stated asset loans? How risky was that? It was all short sighted greed game. Bust these poeple over the head for 4-8 points on a $150K property without a care if they could actually afford it. Craziness.

Then we have the pay-option ARM. Yikes! That to me is the single most destructive laon out there. But the profits were huge! How could a loan officer resist?