Two questions: One, were these illegal immigrants? And two, are we really to assume these lending companies just lost their minds and lent to anyone with a heartbeat?
I meant did the loan companies lend to just anyone without being under pressure to do so?
It wasn’t only ‘losing their minds.’ Some of the no-doc loans were given to people who had enough of a down payment to make the deal worthwhile. I don’t know why so many people talk about no-docs as if they were only given to illegal immigrants.
That is certainly what this article intimates! They made a loan to a jailbird the day he got out and a $500,000 loan to a McDonald’s worker who made $35,000 a year......
Yes, I’d say anything with a heartbeat.
They didn’t loose their minds. They were always going to sell the paper they issued. They weren’t dumb enough to hold it.