re: #550 FemNaziBitch

How much of this was bad loans to people who didn’t qualify —that ended-up losing their homes around 2008?

People were pushed to purchase and refinance at ridiculous terms. I know, we refinanced and it was insane what they were willing to give us. If someone hasn’t worked in the finance industry, they may not really understand what they are signing.

re: #560 Justanotherhuman

That, along with people who are “underwater” on their loans/house value or have no real equity, depleted savings used to catch up, jobs that offered no increases, loss of the kinds of jobs that used to offer a modicum of security and decent pay, like mfg, education debt, consumer debt—there are many factors that enter into this. Twenty years ago, I had a good job, a nice house, new car. Today, I rent, have a used car, but no debt, and can squeeze a penny until Lincoln squeals because I’m exeedingly frugal and don’t “impulse” buy anything. Everything is planned, but I’ve learned to do this over a lifetime, although I was taught from a very early age that shelter, utilities and food come first—everything else is “gravy” and must be saved for, or put off.

It’s very sad to see people think they’re realizing a dream, only to find out soon enough that it was a pile of shit.

I assume you’ve both read this. There was predatory lending to black people from the moment they had enough $ to buy.

theatlantic.com