Gotta have the right sales pitch!

Two Mexican illegals sitting at on ramps ...opposite sides of the same freeway.
One's sign says: "Homeless with wife and 4 kids. Can you please help?
End of the day he has collected about $60.00


Other guys sign reads: I only need $50 more to return to Mexico!
He needed a bigger suitcase for all the cash!

A fool and his money are my best friends.

One of my pet peeves is people doing things because of greed or just plain stupidity, and then blaming someone else for it later.
Just like those who borrowed money for a house with some ridiculous mortgage that they can't pay off and then blaming the morthgage company for it.
They were stupid enough to sign the papers on a bad mortgage, it is their fault. Not the mortgage company, them. they did it. they were stupid and or greedy.
We are all responsible for what we do, even if society trys to tell us otherwise.

I agree, except when the mortgage brokers altered the applicant's numbers (without their knowledge) to keep their production high.

Legion, more details?
Are you talking about pumping up the stated income or something like that so the people can get a loan they normally wouldn't qualify for?

Read my very first post on the "More Bad RE News" thread two years ago...

It was about how some unscrupulous brokers would get mortage applications, alter the numbers for people they knew would not qualify, then give them the loans. When you sign the papers, you don't see your application again, you just know that you have been approved.

Those people saw the details of the loan before they signed the papers, correct?
The interest rate, the amount borrowed, the amount they would have to pay back?

How they qualified is totally and completely irrelevent.

What matters is, they borrowed money and agreed to pay it back at a certain rate with interest, and they can't afford to keep their end of the bargain.
They should have known they couldn't afford it. they should have known the adjustable rate would adjust.
It was their fault, not the guy who got them the loan.
Sometimes bad things happen, like losing a job or getting a divorce or whatever. when the unforseen happens and causes someone to lose a house, I can sympathize. But to lose a house simply because they agreed to a mortage they couldn't afford? shame on them.

maybe I should go buy a new ferrari. when my wife gets all mad at me I can say it wasn't my fault, the sales guy shouldn't have sold it to me ;)