Reply #19: I benefited from their criminal activity [View All]

[HughMoran]

...so I know they were bending the rules to get the loans. I didn't realize until this blew-up how widespread the "get the borrower a loan at any cost" greediness was. In my case, they would refinance me with a no points, no closing cost loan at a slightly higher than market rate. They, of course, made their money by selling the higher interest rate loan (so they were just a broker.) Anyway, I was upside-down(!) in my loan at the time and yet they were able to get me an appraisal that was 2x what my home's value was at the time! They paid off the appraiser! In my case, I was a lower risk with a lower interest rate and I would never even consider an ARM, so it was all good.

I did not realize that many of these current foreclosures are on REFI'S! I got a call-a-day from the "get rid of your credit debt" people, but I had no idea that those were the real sleaze balls selling people on ARMs to make the folded in debt not give them a larger payment (or so the duped people thought.) These people make me sick and it is 100% Bushco's fault for never considering regulating ANY industry in ANY way. Bushco is very much to blame for allowing this to happen, thus the "blame the victims" mentality is in full swing at this time. Makes me sick :puke:

What makes me even more sick were the plants here promoting the "blame the victim" attitude right here on DU!! :puke: