[Liz]

......how'come borrowers encumbered by subprime loans didn't have traditional mortgages in the first place?....

Good question, LB.

Banks gave out sub-prime loans like they were aqua fresca ....if the applicant could breathe and make an X, no questions asked....not about jobs, residency, citizenship, ability to pay.

Nada.

Illegals flipped houses to family members at higher and higher prices, duping banks over and over, each family member making a bundle. Then the last illegal mtge holder absconded to Mexico--leaving taxpayers holding the bailout bag.

[LomanBill]

[Illegals flipped houses to family members at higher and higher prices, duping banks over and over, each family member making a bundle. Then the last illegal mtge holder absconded to Mexico--leaving taxpayers holding the bailout bag. ]

Yep. With a little help from their Progressively PROUD (got Log Cabin?) Sponsors...

 

The Proud Pirates of the American Dream.

[stephenjohnbanker]

” Banks gave out sub-prime loans like they were aqua fresca ....if the applicant could breathe and make an X, no questions asked....not about jobs, residency, citizenship, ability to pay. “

N I N J A loans......” no income, no job applicants “