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>Also blame borrowers defaulting. Forgive my ignorance, but wasn't the subprime crisis so scandalous precisely because bankers were recklessly pushing mortgage
by omginternets 7y ago
>Also blame borrowers defaulting.
Forgive my ignorance, but wasn't the subprime crisis so scandalous precisely because bankers were recklessly pushing mortgages on people who couldn't pay?
- Merrill 7y agoNINJA mortgages. No Income, No Job, or Assets. There is actually a good business in providing mortgages to people who have income, jobs or assets, but who can't/won't provide documentation because of their legal status or the nature of their job/assets. They are actually good credit risks because they don't want any of the attention caused by debt collection and/or bankruptcy proceedings. But some mortgage brokers took it way to far to people who simply did not have those things.
- omginternets 7y agoSo short answer, yes? Or am I missing some nuance in your explanation.