WTF
(citizenfreepress.com)
Comments (23)
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This has 08 written all over it when the major banks shoved a bunch of sub prime loans in with good ones. It failed then. It'll fail again. This wreaks of desperation.
Worse. They KNOW they are done and are just trying to get one last round of suckers before the game is over.
Oh yes. There was a major rat in there.
Lawsuits will be epic on this. It's called discrimination. I remember something like this a long time ago in NY Harlem district. They were taken out to hang.
Sick.... preying on people. It's just sick. Watching people get approved then losing their homes a couple years later to a short sale. I left the business after that. It affected my sleep watching shit like that happen.
What wreaks of desperation is single fund etf’s. Those are for passing the debt from hedge funds to retail. Good old basket swaps
u/#bait
I knew a family that bought a house under a federal program (Hispanic) where they paid 0 down and a MUCH lower payment that would gradually rise for the first 5 years. They even got to select a property for the home to be build on. (Acreage) If I recall right the payment was 600 dollars. They made two payments and quit. They actually lived there for two years without making another payment.
The reason I knew about it was they asked me to do some repairs. They destroyed that house. One of the kids accidentally drove through the the garage wall into the kitchen and they had it boarded up. Every square inch of carpet was stained with something gross like food or juice or gum. Doors were broken and hanging. Holes in the drywall. House was filthy.
Makes me wonder what it would have looked like if they had made them invest a large down payment.
This was back in 2002 or 2003.
Did you see in the article that besides no down payment, no closing costs, they were also waving the private mortgage insurance (required when putting less than 20% down) and also NOT LOOKING AT CREDIT SCORES.
WTAF?
These buyers won't be concerned with price, and will pay whatever price is asked, won't they? This will cause a skyrocketing price surge for lousy properties. Now, since they neither saved for nor anticipated buying a house they cannot afford, they will also have no money to maintain such a home (blockbusting and trashing of the homes will ensue) and with no skin in the game will stay in the home NOT MAKING PAYMENTS and will overstay in the home for free until forced out.
Sounds like these lenders simply want to earn yield points on new loans, ethics be damned!
To echo a popular chant from Occupy Wall Street, "Bank of America; bad for America."
I wish I was an attorney right now. Let the orwell games begin.
Even several years ago, I was saying there will be tons of work for attorneys.
This will lead to mortgage forgiveness. Muh minorities didnt comprehend what they were getting into with the gimmies so they need more gimmies.
Gimmie gimmie gimmie. Gimmie some more.
Yes, please make a post on this concept
So only white people will own nothing and be happy
No, whites will still own shit, it's just that whites are the only ones paying for it. Everyone else's will be freeeeee
They do put the reeee in freeeeee
Didn't that happen in the 90s? All of the predatory loans?
I am sorry, but that is the name of the game.
Hope the government doesn’t think we will bail banks out yet again!
First off it's 100% discriminatory and they will be sued over it, second it 100% falls under the purview of predatory lending. This has to be a joke because nobody can be this fucking stupid.