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View Diary: Closely-Watched Court Decision Breaks Bad for Wall St. Has A Day of Reckoning Arrived? (154 comments)

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  •  Telling People They Can Afford the Loan (0+ / 0-)

    Lots of people who borrowed were told by the lender they could afford to pay back the loan. Usually they were told they wouldn't have to pay the adjustable rate when it jacked up, because they'd flip the property long before then. Especially people who bought multiple properties, which was the case especially in the worst states: Florida, Nevada, California.

    I don't know why you're so certain that fraud was so insiginifcant in frequency. And it's surely a far worse fraud to defraud a nonprofessional, inexperienced, uneducated (who are less able to afford interest), unorganized borrower than to defraud another bank that is dedicated to measuring risk and evaluating all the costs surrounding the business.

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Thu Feb 07, 2013 at 05:47:12 AM PST

    [ Parent ]

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