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Originally Posted by pgardn
Banks made bad loans.
And banks also made scandalous loans.
The way they hid the rates from many people
was obscene. I think the loan officers were ex-
car dealers.
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The banks are not the only ones to blame here. People need to understand what they can afford and they are not entitled to anything. When I was working as a paralegal in real estate (I'm now in corporate bankruptcy...makes you feel all warm and fuzzy about the economy doesn't it?) I processed significantly more files that had no money down than files that had money down. It's absurd how many people stressed the $1,200 they had to bring for closing costs yet they thought buying a house was the right idea for them?