Who are “these people who took out second mortgages during the subprime lending housing bubble between 2004 and 2008 that they believed were written off”? My bank wouldnt of loaned me money under those circumstances. How do these low credit butt wipes get ahead of me in the line?
“It was the easiest thing I’ve ever applied for,” McDonough told NPR. “I just filled out paperwork and submitted it and I was approved.”
I told 3 friends here to apply and get the damn house on a mortgage. Where are they now? Bitching about life’s unfairness and still paying rent!
Shukin and a jivin! Gotta keep those moves movin!
They are the people who caused the subprime mortgage crisis. All that other propaganda from the Left and the Right was nonsense. The crisis wasn't caused by "predatory lending" or the "CRA." It was caused by the borrowers themselves.
In the early 2000's, when the Fed lowered the interest rate, home prices shot up, buyers overpaid for their homes, and many homeowners took out second mortgages. Everyone (except Peter Schiff) believed the property values would keep rising. Mortgage companies didn't care. They wanted to sell as many mortgages as possible so they could bundle them up and sell them off. Then, the bubble burst.
I didn't know some borrowers had their second mortgages forgiven. Why did some people lose their homes, but others had their debt forgiven? And, I guess, some mortgages weren't forgiven but sold off to an investor who waited 17 years to start collecting? In 2020, when the Fed lowered the interest rate, home prices shot up again. So, now these "zombie mortgage" holders are cashing in, 17 years later...
“Who are “these people who took out second mortgages during the subprime lending housing bubble between 2004 and 2008 that they believed were written off”? My bank wouldnt of loaned me money under those circumstances. How do these low credit butt wipes get ahead of me in the line?”
I remember during that time government was pushing programs and funds to help people with their mortgages. A co-worker of mine qualified for a reduction in her interest rate which reduced her monthly payment greatly.
Banks were sending letter agreeing to reductions to people who didn’t even need them. At the same time my lowly paid co-worker was struggling, a professor told me she received a letter out of the blue saying her loan qualified for a lower interest rate and her payment had been reduced by $200 per month.
I remember the ads non-stop on talk radio talking of government programs that would reduce your mortgage, cancel second mortgages, etc.