"It's easy to say they're at fault, should have read the fine print and so on - yes, indeed they should have. The article states their Realtor gave assurances they trusted about rate changes and of course they wanted to believe that.
However, such ridiculously easy to obtain mortgage funding is only a step away from loan sharking IMHO, do the loan companies truly believe borrowers like this can repay over the long term ? No, but they don't care, they'll just sell the note anyway.
Despite the slogans, can Realtors be trusted or are they too just in it for their own gain ? Recognising of course that the Realtor most often acts for the seller.
Most first time buyers don't know much, I know I didn't, but back when I bought my first you had to have a down payment and meet seemingly firm tests about income etc to qualify, that is all out of the window these days.
Stories like this couple's will be very common quite soon, more's the pity."
You are either extremely intelligent, or you are in the profession, and are aware of the tremendous profits mortgage companies have been making........often at the expense of the unaware, unsavvy buyer.
Well I'm not in the profession :)