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Originally Posted by Sightseek
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?
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No one said they are.
But either are all of the people that got mortages through Banks.
Some Banks and Mortage companies clearly used deceptive practices.
And you clearly know this if you have been following the debacle.
BTW. Why did you process loans when it was clear people
had reservations about the closing costs (ie would have trouble
making the payments)?
There have been an abundance of loan officers that quit or
blew the whistle on their employer when they noticed the type
of loans going down.
Greedy folks living beyond their means on both sides of this story.