So an expert that you rely on tells you you can afford a loan and the fault lies with the borrower? I understand Cavet Emptor *sp* but now you guys are being ridiculous. In order to never rely on an expert you have to be an expert on everything.
Want your car fixed? Become a Auto Mechanic before getting it fixed.
Want your computer fixed? Become a computer tech before taking it to Geek Squad...
And if you dont become an expert, its all your fault for whatever happens to you?
YOU ARE MISSING THE POINT.
The loan agent tells the borrower how much money they need to make to get6 the loan through underwriting.....that is not advice...it is information..
The borrower then makes the consious decision to either lie about his income or tell the truth.
With the NINJA loans, many opted to lie.
But common sense should tell you...
"if you need to lie to get the loan, then maybe it is not a good idea to take the loan"
You see, people did not use common sense...they simply assumed they will somehow make it work.
Yup. common sense is MIA today, big time.