6 Comments so far

1. Gail March 15th, 2007 6:56 pm

   “I have high hopes that predatory lending could become the moral values issue of 2008. In the meantime, let’s keep in mind who the real casualties are.”

   Anya, the real causalties are not just the victims of this predatory lending, it is the taxpayers who will foot the bill for these loans-in-default that Freddie-Mac so kindly purchased from these predatory lenders.

   Yes, let’s keep in mind who the real casualties are…..for the most part, it’s not going to be the majority of lenders or borrowers, it’s going to be the taxpayers, just like is was for the Savings and Loan Scandal.

2. enat March 15th, 2007 10:45 pm

   All that and they want the homebuyer to be the one to pay THEIR “mortgage insurance” in case you default. I’m sure all those “subprime” borrowers were paying the “PMI” to the tune of an additional $150/month or so! How can they ask the borrower to pay THEIR insurance? And how dare they whine now when they had this insurance paid for by the same people they knew were going to default? When I found out I’d have to pay that to buy a house, I said forget it. If I could afford that I could have afforded to save money and make a bigger down payment. The whole industry is corrupt and bent only on benefiting and protecting itself.

3. emily March 17th, 2007 8:34 am

   “I’m sure all those “subprime” borrowers were paying the “PMI” to the tune of an additional $150/month or so!”

   Actually, the Subprime lenders rarely require PMI which is one of the lures into their programs. But I think the real problem that we have is the “It’s Not MY Fault!” mentality that permeates our society these days. From diet pill commericals that tell you its not your fault if you’re overweight to “credit repair” commercials telling you your low credit score isn’t your fault; now we are seeing it with mortgages. Every one of those people who obtained the mortgage they now can’t afford signed numerous disclosures at the time of application and then again at the settlement table that precisely outlined the changes and when they would occur. If borrowers choose to sign something without reading it fully, then whose fault is that? Is it the lender’s? The broker’s? No, its the fault of the people who signed up for a mortgage knowing full well they couldn’t afford it. While I agree that the industry is sleazy (having worked in it for more years than I care to admit and no I don’t make gobs of $$$ either, I just barely scrape along and don’t even make enough to honestly qualify for a home loan of my own) I really think that the American people need to be held responsible for their actions. Oh wait, our very own president isn’t required to be, so why should we, right? Sad, isn’t it…..

4. bnrutozocawe December 11th, 2007 11:38 pm

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5. bncosaxahyki December 12th, 2007 9:49 am

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6. bnxurypirake January 1st, 2008 7:12 am

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