Maybe a handful of borrowers truly didn’t understand what they were getting into but the majority of borrowers had a good idea that this was not your usual type of financing and that there could be a risk. Most people that took these loans were told that when the introductory period was up they could just refinance and keep doing so until they finally unload the home onto some other sucker. I know this to be a fact because I argued with a few workmates about this and they were so certain that housing will always go up so they would be fine.
I just can’t bring myself to feel sorry for any of them.
I keep imagining how every time someone I know bought one of these over priced homes and acted as though they were brilliant investors. Now that the poop has hit the fan they want to cry foul and say they were duped… please.
Buyers face it, your investing strategy was not brilliant and now you have to pony up so deal with it.
