Banks, too. Banks should be required to close if they make such ridiculous loans on these properties.
exactly. and unbder no circumstances should taxpayers have to bail out a bank that made these ridiculous loans (but we will of course).
Exactly. Hubby and I went through a very reputable S&L.
That S&L doesn’t give loans to just anyone.
That S&L is still strong.
If banks down loan enough subprime loans (ie social justice crap), then they get a low CRA rating (community reinvestment act). With a low CRA rating the bank is then pretty much labeled as a racist bank and expansion across interstate is thwarted via the US Congress.
If The government had stayed totally out of it no one would have ever bought a home with less than 20% down and less than 30% of net income to pay mortgage, taxes and insurance.
Crucify anyone that reneges on a mortgage or any other loan!
Wrong.
The banks did their due diligence and made the loan to people who could afford the payments in these cases. These are not “sub prime” loans.
These people are simply walking away because THEY made a gamble that didn’t work out in their favor and are unwilling to bear the burden of THEIR choices.
It is immoral.