“For many, the financial trouble will be traceable to a mortgage they should never have been given.”
Wrong!
No one holds a gun to your head when taking out a mortgage. Buyer Beware also applies to someone taking on a mortgage. It’s called being RESPONSIBLE. Again, irresponsibility is not a “race” issue - anyone can be irresponsible.
They were accused of “redlining” and racism for declining to lend to marginal borrowers.
You took the words right out of my mouth. Some of these people just got free housing for a while. Not only that, the tax payer is, most likely, going to bail them out of this one....just watch.
You’re correct in that people *should* be responsible. However anyone should have been able to predict this outcome with the *creative* financing that has been available. Unfortunately it will have repercussions for the rest of us.
susie
“No one holds a gun to your head when taking out a mortgage.”
No kidding. We were approved for twice the house we bought. There was no way I was getting in that deep. Sure enough, I got laid off a couple years later. We were able to make it on my wife’s meager salary until the new business got going. Had we spent the whole amount we were approved, well, I don’t like to think about that.