Quote:
Originally Posted by AladainAF  I'm confused by your quote. It IS the fault of the family for getting a loan they couldn't afford. |
The higher risks loans have a legitimate purpose for certain families with bad credit who may still be good risks. I'm only excusing blame from those specific people.
Like I said, the failure rate on those loans (and the investments the banks packaged and sold) was actually below average for years so that's great. The system was working beautifully. You get your loan, fix your credit, refinance, and everything is roses. As the housing market inflated, the number of these loans increased, and the failure rate shot up, the previously good risks are getting fucked right along side the total morons and that just isn't right.
