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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (81120)	10/10/2011 12:58:01 PM
From: Ilaine	1 Recommendation Read Replies (1) \| Respond to of 217574

>> It's reasonable to blame politicians who demanded [apparently though I haven't checked myself] that loans be made to people with extra melanin. But the politicians who demanded the bad loans be made are not in trouble from the Occupy Wall Street people. There is truth to the allegation that the federal government pressured lenders to make more loans to people who had historically been unable to get them, perhaps because of the color of their skin. But nobody told the lenders to get rid of underwriting standards and make stupid loans. That they did on their own. Have you read "The Big Short" yet? If not, you really should. MIchael Lewis lays it on the line and tells it exactly as it was. amazon.com Most of the stupid loans I see were made to white, middle-class financially illiterate people who only looked at the monthly payment, and could not see that interest-only negative-amortization loans were toxic. When I point out to them what they really did to themselves, they ask "why would I do that?" Excellent question. Real answer, for many, they were hoping to flip. The flippers have all but been wiped out by now. Now it's the ones who want, desperately, to save their homes that are going under. I spend more than half my work week trying to help people get out of toxic loans through loan modification. And I see first hand that many can barely read. For many English is a second language. The ones who are native born are not well educated. I see a lot of people who really are illiterate, really cannot read. It's easy to take advantage of people like that. It's like taking candy from a baby.