Quote:
Originally Posted by ZeroJunk
To make your notion of all this work the borrowers had to either borrow money that they knew they could not pay back, or not be intelligent enough to know what they were committing to.
I don't think the latter was the case at all. I started to buy a trailer park about that time, partly because it joins one of my properties. But hell, you could buy a house for the combined cost of water, rent, etc. So, it was only about half full and I thought why would anybody move here.
So, you buy a house for whatever your apartment rent is or less and live there some unknown period of time. Maybe eventually you had to move out. But, what did you lose besides the trouble.
I think these people knew exactly what they are doing.
There is such a thing as taking responsibility for your actions, although there is no such thing to the left.
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You really think the folks who wrote these contracts did so in terse plain language and explained them in detail so that they were clearly understood? And that the contracts would be resold, sometimes more than once, bundled into "traunches" and sold as "investments" to the unsuspecting marks for the sellers to make a killing off the insider loopholes?
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