Arizona's New Immigration Law

[joethiesmanfan]

Originally Posted by JoeRedskin

I have seen the same thing said but more from an allegation that predatory lenders/mortgage brokers were taking advantage of "unsophisticated" purchasers. Not sure if that is the same thing you are referring to. Undoubtedly, many of these unscrupulous brokers made promises of easy money to people who wanted to believe in "pie-in-the-sky" investmets and targeted low-income individuals. Plenty of fault to go around on that scenario.

Now comes the same simple question. Why would the banks approve and back thes predatory mortgage brokers. Mortgage brokers can't make the mortgage the bank does. Banks made it clear there was money to make and lot's of it for helping them put warm bodies in these houses. By blaming the mortgage brokers you are blaming the banks. The mortgage brokers got rich from the sub primte loans they are not at fault at all. The bank has to approve the loan. They were paid a hefty fee to reduce that inventory. They were helping the banks try to avoid the inevitable.