Alpha1
NAVY
- Jun 3, 2007
- 1,719
- 193
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The mortgage brokers were selling mortgages to people who could not afford it when the adjustable rate goes up....they TOLD these people that when the adjustable rate goes up, they could refinance in to a conventional mortgage.
I heard mortgage brokers at least 10 TIMES on the show house hunters on hgtv tell this to young white couples that were buying their first home the last 3 years....talking the home owners in to going in to the adjustable rate mortgage or a baloon morgage for the first few years of their ownership.
New home buyers HAD TRUST IN THEIR BANKS AND BROKERS, that the mortgage companies would NOT lend to people that they knew would fail.
If thats what yu heard on HGTV you need your TV fixed...spin the Gramm crap all you want...it will not change the facts of this present problem...
Your left wing blogs will not give you the truth, you should be wise to that by now....
This present problem can be laid at the feet of those that almost broke their necks getting to the TV cameras to deny culpability....the Democrats....
Racist banks ? bullshit...any bank that questioned the borrower about their income or ability to pay a mortgage, or buying a property in slum land that was worth nothing to begin with was labeled racist....that wasn't the doing of cons....