abo0ut a year ago, i was shopping around for rates and ended up talking to a loan broker who flat out told me to do an ARM and said it was no big deal that real estate always went up, and in a couple of years I could refi out of the loan into a new one… he acted like it was no big deal, and everyone was doing it.
when he told me how much loan I qualified for, I gasped and said there was NO way I could afford that much loan, and that my income wouldn’t support it. he said i could go “stated income” and just put down “whatever i wanted” for my income…
i didn’t walk.. I RAN. but there a lot of people out there who don’t know any better, are ignorant, or maybe justl iked what they heard and went along wih the program.
herd mentality. everyone was doing it, they did it..
now they pay for it. but my poitn is there are PLENTY of people out there who were profiting of screwing people and they were all too happy to sign people up for loans that would lead to foreclosure….
