The Residential Real Estate Post-Crash Index-Moderated Message Board

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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated

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To: Pogeu Mahone who wrote (4976)	2/6/2011 10:18:45 PM
From: Smiling Bob	Read Replies (2) of 119362

That's exactly it. The banks knew just what was going on and didn't give a sh!t They knew the risks and consequences of pushing these loans and were more than happy to take the money upfront and stick the homeowner and shareholder and MBS holder and taxpayer with the bill. Didn't matter who, because the bonuses were coming. Borrowers certainly confided in the "professional" lenders who were steering the borrowers. If there was any doubt in the borrowers mind about the viability of the loan, I'm sure the lender/broker was trained to address and assuage. They were loan salespeople first and foremost. Additionally, I believe in matters of ambiguity, contract law favors the layperson over the professional, who is expected to be knowledgeable.

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