Quote:
Originally Posted by strupgolf
If the house was donated, why would a bank loan money to the owners? Some very stupid bankers out there. This should be good.
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They loaned the money because there was 100% equity. However, even so, the lender should have only loaned out what the borrow had the capacity to pay back (i.e., income or cash in the bank).
I'm sure it was fun while it lasted. When you don't earn what you have, people have a tendency to let things like this happen - easy come, easy go.
I just hope the news media doesn't try and make me feel sorry for these guys.