02-18-2009, 06:32 PM
One of the big problems with "bad mortgages" given to people who wouldn't have qualified for sounds ones is that they were additionally lead to believe they did qualify for a "good mortgage."
And so they sign. And then the terms come due in some undesirable way and the payments double or triple. Ooops.
As a nation we now have a choice.
A) Sit and spin endlessly about how every mortgage holder "should have known" they didn't really qualify, and therefore don't deserve help etc. Meanwhile, the global economy is in the tank, partly as a result of what happened in the U.S. housing market.
B ) Clean up the mess and make sure it doesn't happen again.
And so they sign. And then the terms come due in some undesirable way and the payments double or triple. Ooops.
As a nation we now have a choice.
A) Sit and spin endlessly about how every mortgage holder "should have known" they didn't really qualify, and therefore don't deserve help etc. Meanwhile, the global economy is in the tank, partly as a result of what happened in the U.S. housing market.
B ) Clean up the mess and make sure it doesn't happen again.