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I got a mortgage. I had to sign a vast pile of paperwork. There was one person in the room who had done it before, and it wasn't me. The idea that this was all
by jfengel 2y ago
I got a mortgage. I had to sign a vast pile of paperwork. There was one person in the room who had done it before, and it wasn't me.
The idea that this was all about devious consumers taking advantage of poor innocent banks is laughable.
- NickC25 2y agoSeriously. The narrative that the banks had no incentive to be intelligent about who they lent money to is absolutely true because good credit bad credit no credit, the banks didn't care - the bank's money was backed by the Feds, and that was it. The banks got their cut, and made off like bandits. They knew what was going on.
- K0balt 2y agoIn many cases it wasn’t backed at all, they then bundled those garbage loans up with backed ones and sold them as solid investments out the door as fast as possible. It was fraud, plain and simple.