Lying For a Very Cushy Living
There are three significant sides to this story; those who will take the hit for bad loans, those who will lose everything they worked decades to build and those who got fat.
I just love the self-serving talk about the sub-prime mortgage market and the huge losses that are about to fall out of that debacle. For anyone who’s late to the party, sub-prime relates to the quality of the applicant, not the mortgage rate. Sub-prime, baby, as in
No credit history
No money in the bank for a cushion
No down payment
No bother to verify employment
No hope, no future, no way they’re going to repay
There are three significant sides to this story; those who will take the hit for bad loans, those who will lose everything they worked decades to build and those who got fat.
In the first category, I have very little sympathy for anyone along the food-chain of the lenders. They took advantage of the housing bubble and a proliferation of mortgage packaging entities that were new to everyone and so complicated as…