Quote:
Originally Posted by Peaches
Yeah, let's not blame the people who were buying houses with zero down, interest only loans, adjustable rates because they just KNEW they'd be making more money by the time the rates went up, etc. 
I have what is considered a "subprime" mortgage because it's a no-doc. But I actually READ what I was signing and put down 20% and knew that it was smarter to get a fixed rate now than to guess on what the rate would go up to later. |
I don't completely disagree with that. Like I said. Most of the people that I knew were uneducated about the whole process. And were tempted to take those types of loans in a market that was skyrocketing. They thought they would never be able to own a house if they didn't try then. I researched for months before I bought my house, and I had the finances and credit rating.
Some of the lenders that I spoke to were just incredible cons, and scammers. They still tried to give me bad loans and tried to dress them up to look good.
One even got fired for actually giving me less on a refi than I was promised in the loan, and tried to explain it away with a convoluted explaination of fee's and credits from my previous lender. Never ansered my calls, and avoided me till I found his supervisor. Bottom line, He lost his job and I recieved a check for the remainder from the lender. New century<--- Scammers.