Quote:
Originally Posted by Veronica
Mortgage companies are not in the business of foreclosing. They lose money everytime unless there is about 40% equity in the house. This rarely if ever happens. Most people owe 80 to 100% of the value of their homes. That being said there is more blame on the lender side to be sure for this mess. They relaxed the guidelines too much and Wallstreet was eager for the business.
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If they are stupid enough to give money away they deserve to lose it. I think it so funny that these "businesses" would give people loans/credit cards who cannot afford the payments on the high limits and then cry when they are not paid.
Also they can legally attach to anyone who was put down as a reference and claim that person owes them. This is their solution, to extort money from family and friends rather than eat their stupidity. It is not the desperate person's fault for taking the risk in hopes of being able to pay, it is the moron that put the carrot out and then gets their hand bitten.