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Reply #22: Two things [View All]

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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
DangerDave921 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-04-07 01:38 PM
Response to Reply #21
22. Two things
One, it's not the poor that was the focus of all these loans. Of course some were poor, but many were middle-class to upper middle-class who borrowed more than they could afford.

Two, if you take the gamble on an ARM, you have to be prepared for the adjustment to a higher rate. Simple as that.

And a third thing: If the lenders were being deceptive at all, or dishonest, then they should be punished. But they can't be held accountable just because a borrower didn't understand what an ARM was, or borrowed more than they should have, or who just happened to buy when the market was really high.

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