subprime my arse... if someone is stupid enough to sign for something like that, they probably voted obummer in. What I think is funny is all of the people that took out a second mortgage when the house prices went up and realized that they cannot walk away from the second mortgage when they foreclose on a house.
My buddy did a variable rate loan in VA and I thought he was nuts. Heck if you want to talk about going after the poor with no credit... look at aaron's rent to own. They had an add going yesterday stating that you can add a gaming system to any tv for only 9 a week. that comes out to $468 a year, and they probably have to do it for 3 years to pay it off.
Try telling that to all of the construction company owners either bankrupt or on the verge of it because of the subprime mortgage lending tactics. I know plenty of hard working honest people that were affected by this cronyism implemented by the very Gov that was supposed to protect them from this type of thing.
Not everything is cut and dry. Just look at the last great depression. Was that the fault of every person affected by it?
Those people were idiots for signing that but the banks were being strong armed by the Gov to lower their standards for these low income people. That is pure evil socialist liberalism in action.
I think the government had hired a consultant to help with that. The problem was the consultant owned several car lots right outside of military bases... E-1's and above approved!!! 45% interest on the beautiful Chevy Chevette.
Speaking of which I actually saw a Chevette driving up the road the other day.. whats next a pinto?