Actually, ones with under water mortgages have no one to blame but themselves. But those days are gone as the article states
-Geaux
That's incorrect.
Many of the loan agents actually lied to get their clients loans.
One of the things that the new regulations put an end to was that practice.
Which has you folks up in arms..
- Only a dumbass lets a loan officer convince them they have more money than they do.
-Geaux
Well no.
Most of these applications were submitted without perusal by the client.
Additionally "balloon payments" where not fully explained.
This is part of the reason why getting rid of Glass Steagall was a terrible idea.
But no conservative wants to see that come back. Fact is, they are fighting the Volcker Rule as well.