consumerist.com— Ameriquest, the lender the epitomized everything that was f*cked up about the subprime mortgage meltdown, is dead. R.I.P., douchebags!
Sep 11, 2007View in Crawl 4
That is a strawman. No one was getting loans for 200k when they could only afford 60k. The problem was there are many scenarios here. People who could afford the 200k but had bad credit history were given a shot at a house (but with higher interest rates and other fees). Other times, a family who could afford 150k were coerced into 200k loans. There was also a problem with deliberate fraud against these people (like switching the papers on them). You all like to talk about personal responsibility, and I agree, we cannot let people who lied in their applications go without any sort of punishments. But what about accepting responsibility as a company? Are you trying to tell me that these companies, who deliberately went after less educated people, or deliberately committed fraud should not be held accountable?
In order for the bank to to change the rate after 2 years, it would have to have been in the contract. The banks are in business to make money, not to make sure you get a good deal. You ALWAYS go in with the mentality that they are trying to screw you. You scrutinize every sentence, you have your lawyer explain every clause. Your about to sign 30 years of your life and roughly $500,000 dollars ( average) on the dotted line.It's YOUR responsibility to make sure your getting a good deal.
cranqSep 11, 2007
Ben Stein disagrees with you Dex. His reasoning makes more sense to me than your pointless flame.<a class="user" href="http://finance.yahoo.com/expert/article/yourlife/26744">http://finance.yahoo.com/expert/article/yourlife/26744</a>
deabyssSep 11, 2007
That is a strawman. No one was getting loans for 200k when they could only afford 60k. The problem was there are many scenarios here. People who could afford the 200k but had bad credit history were given a shot at a house (but with higher interest rates and other fees). Other times, a family who could afford 150k were coerced into 200k loans. There was also a problem with deliberate fraud against these people (like switching the papers on them). You all like to talk about personal responsibility, and I agree, we cannot let people who lied in their applications go without any sort of punishments. But what about accepting responsibility as a company? Are you trying to tell me that these companies, who deliberately went after less educated people, or deliberately committed fraud should not be held accountable?
zykoSep 12, 2007
Corporate bankruptcy means the executives have milked the company dry.
nick111Sep 12, 2007
This account has been closed by the user
drmangrumSep 12, 2007
In order for the bank to to change the rate after 2 years, it would have to have been in the contract. The banks are in business to make money, not to make sure you get a good deal. You ALWAYS go in with the mentality that they are trying to screw you. You scrutinize every sentence, you have your lawyer explain every clause. Your about to sign 30 years of your life and roughly $500,000 dollars ( average) on the dotted line.It's YOUR responsibility to make sure your getting a good deal.
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