Quote:
Originally Posted by merrylander
People got into these mortgages for exactly the reasons Dave noted, the mortgage brokers and bankers convinced them that when the ARM came due the propery would have so risen in value that they could simply remortgage into a 30 year fixed.
.
|
not only that, they falsified the income, work history, anything they needed to to qualify the applicant, most times without the applicant even knowing
this was done with the banks being aware but closing their eyes to it
not one is in jail though