Quote:
Originally Posted by Munchkin03
I know why, but shouldn't as much documentation be required? It goes to show that if you didn't have to put any work into getting a mortgage--not saving $$, not maintaining a good credit score, not even giving any proof that you have a job--what's keeping you from walking away? In the case of these people, nothing.
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Bankers screwed up. They knew they were selling the mortgages and they were lazy/sloppy and were all about making the deal. I agree that people should have known better, but the guy in the suit telling you how wonderful it'll all be and how amazingly affordable this is for you, even on your limited income can be awfully convincing. I've read and worked with mortgages, they're really confusing to people who don't have that kind of experience and there are tricks that can be used to confuse even more, just like with sleazy car dealers who base the cost of your car on how much they think you can afford.
However, unlike the car dealers, the banks knew that by the time your ARM became unaffordable, they wouldn't own the loan anymore and it would be out of their hands. Dealerships wanted you to keep paying.
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