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<blockquote data-quote="TheBullLady" data-source="post: 583465" data-attributes="member: 173"><p>That's about right bandit! And when they bundled up all these "secondary paper" mortgages and sold them to a bunch of sucker investors, it looked so easy! Now the lenders got their money with all the fees up front, and sold them off before they could determine if the borrower could pay or not.</p><p></p><p>Don't get me started.. as most know I'm in the RE business, so I've seen it all firsthand. Something else that heavily impacted this whole mess.. is NO DOWN loans! When a borrower virtually has no equity or money to risk losing, what do they care if the get foreclosed on? It's amazing how many jobs a person will get in order to not lose a house / car / whatever when they actually risk losing money. </p><p></p><p>And I'm curious.. why would you feel guilty if you don't give them everything they ask for? That pretty much teaches them that the rest of their life they'll GET whatever they want without doing anything for it... does it not? I rarely got what I asked for, and pretty much didn't ask because I knew what the answer would be! But it sure gave me a good work ethic! Now if I want something, I know I have to make sacrifices and / or work for it! It gives it a whole lot more value that way as well.</p></blockquote><p></p>
[QUOTE="TheBullLady, post: 583465, member: 173"] That's about right bandit! And when they bundled up all these "secondary paper" mortgages and sold them to a bunch of sucker investors, it looked so easy! Now the lenders got their money with all the fees up front, and sold them off before they could determine if the borrower could pay or not. Don't get me started.. as most know I'm in the RE business, so I've seen it all firsthand. Something else that heavily impacted this whole mess.. is NO DOWN loans! When a borrower virtually has no equity or money to risk losing, what do they care if the get foreclosed on? It's amazing how many jobs a person will get in order to not lose a house / car / whatever when they actually risk losing money. And I'm curious.. why would you feel guilty if you don't give them everything they ask for? That pretty much teaches them that the rest of their life they'll GET whatever they want without doing anything for it... does it not? I rarely got what I asked for, and pretty much didn't ask because I knew what the answer would be! But it sure gave me a good work ethic! Now if I want something, I know I have to make sacrifices and / or work for it! It gives it a whole lot more value that way as well. [/QUOTE]
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