Quote:
Originally Posted by woj
of course idiots who bought houses they can't afford are 100% innocent in all this... no matter how the facts are spun, at the end of the day, they were the ones that signed their name on the dotted line agreeing to pay $XXXX per month and they were the ones that breached the contract by not paying later...
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I'm pretty sure someone representing the banks also had to sign their name on a dotted line. It goes both ways and that mess was certainly just as much the bankers fault as it was people over buying.
The difference in the two signatures was one of the parties was a paid professional that represented a company that was required by law to do it's due diligence prior to offering up loans guaranteed by the federal govt.
I was in the market for a house during the lead up to the housing crash and I can tell you for certain that the mortgage brokers did everything possible to try and up size the mortgage I was looking for.