A LOT IS SAID ABOUT THESE "LAIR LOANS"...WHERE PEOPLE WITHOUT JOBS BORROWED LARGE AMOUNTS OF MONEY FOR HOMES THEY COULD NOT PAY FOR...
THE BLAME IS USUALLY PUT ON THE "LIAR"... BUT CONSIDER :
WHO GOT THE BIG CHECK AT THE CLOSING... THE SPECULATOR...OR THE "HOUSE FLIPPER"... ALL THE LIAR GOT WAS A DEBT HE COULDN'T PAY AND A HOUSE HE COULDN'T AFFORD...
A LOT OF THESE "LIARS" WERE PROBABLY PEOPLE WITH LIMITED RESOURCES WHO WANTED TO "GET IN ON" THE HOUSING BUBBLE... HOLD THE HOUSE FOR A COUPLE OF MONTHS OR A YEAR...SOME HOW MAKE THE PAYMENT..THEN FLIP IT FOR A 10% OR 20% PROFIT AS HAPPEN OFTEN DURING THE BUBBLE...
VERY FEW OF THESE LAIRS WERE PEOPLE WHO "WANTED TO LIVE IN THE HOUSE"...
THE BIG PROBLEM FOR THE HOUSE BUBBLE...WHICH WAS REALLY A PONZI SCHEME OR "CHAIN LETTER" AT THE END...WAS FINDING QUALIFIED PEOPLE TO "GET IN ON" THE GAME...
THUS ...BY DESIGN...IT WAS DECIDED TO OPEN THE MORTGAGE MARKET TO ANYONE WITH A PULSE...!!
I HAVE NO DOUBT THAT THE REAL ESTATE SPECULATORS WOULD HAVE SOLD HOUSES FOR MASSIVE PROFITS TO A HOMELESS PERSON...AND POCKETED THE CHECK ...THUS KEEPING THE "GREAT GAME" GOING...
SO WHO IS REALLY BEHIND THIS...WHO IS "AT FAULT...?"
THE HOMELESS SUCKER WHO BOUGHT THE HOUSE...?
OR THE SPECULATOR AND HOUSE FLIPPER WHO PICKED UP A BIG CHECK AT THE CLOSING...?
