re: #440 Aceofwhat?

Oh. I thought most of these deals were built on the explicit assumption that the borrower could afford the payment. How naive of me…

I’ve shared this more than once here, I know quite a few folks in the real estate, mortgage and appraisal biz. These people were huge during the bubble, selling homes to everyone and anyone, making it up as they went along. I still wait for an investigation into the mortgage broker business, they did everything possible to get that commission. And got quite wealthy doing it. One of my friends quit because he was sick of seeing people getting new docs in front of their faces at the last minute that they didn’t understand etc.

There are many aspects to the problem, but this is one I had hoped would be looked into more.