I really doubt it. I think most of them know exactly what they were doing. They were putting it on easy credit just like everything else.
I believe they were told and blissfully chose to ignore the negative side of the equation thinking like many, that in two or three years they’d just refi into a new loan and continue.
It’s the perfect little consumer fantasy. They get the big house, they get the free spending cash, they get a nice low payment and they just keep churning the wheel.
