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View Diary: 77 million Americans have debts in collection (53 comments)

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  •  No surprise on the mortage default rate (4+ / 0-)

    When I bought my house, the bank tried very hard to get me to take on a lot more loan than I was comfortable doing.  I kept telling them no thank you.  I went the construction loan approach which involved the full, traditional, underwriting process, but had I bought an existing home I was told that all I would have had to do is: show a drivers license for ID and sign ONE piece of paper stating that I believed I could afford the payments.  

    Of course today, they all claim that it is the fault of the government and those "Damned Librul Demon-rats" who demanded banks GIVE loans to those who couldn't pay them back.

    If you ask me, the banks are up to their eyeballs in responsibility for this mess and I agree with the reports that say that they should be required to take a proverbial haircut in correcting this problem.

    "It's not surveillance, it's data collection to keep you safe"

    by blackhand on Tue Jul 29, 2014 at 11:14:37 AM PDT

    [ Parent ]

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