Quote:
Originally Posted by will76
You get way to detailed for most GFY'ers to follow, most banks flipped it to fanny mae, freddie mac who serviced the loans and took the debt. Regardless of the exact details, at the end of the day the bank is taking the loss if the house sold for less than purchase price minus money collected from the idiot bought it..
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and at the end of the day the bank is making a profit if it is sold for more, plus what they collected from debtor.
what it boils down to is .. if the guy bought a house he could not afford and he is a fool then the bank lent money to someone who couldn't pay and they are equally the fool. The bank will certainly try and make as much money as they can and lose as little as they can, so why blame debtor for doing the same.
The big difference is .. the bank loaned you money on expectation you pay , you bought the house on expectation your job would pay .. the economy went to shit and you lost your house , the bank lost nothing because the gov bailed them out.. You feel a bit pissed because the banks who make billions got helped out because the economy went to shit , you didn't get helped out at all.