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#1481
I worked in the Mortgage Industry up until the early 90's and when all this started I knew these sub prime mortgages were headed for nothing but trouble.
Lender's were doing what we called then a breath test....If the borrower came in for a loan and there was mist on the mirror, from them breathing, he qualified for a loan.
Then our leader's thought it would be nice for EVERYONE to have a home, whether or not they qualified or could afford one.
So, here we are, in one huge mess of BK's and Foreclosures and wondering how we go there. Duh!