n_s_r – It’s not about logic it’s about the law and economic survival.
That’s not what I’m chafing about. It’s the mindset, that the banks took the risk. Sorry, the borrower took the risk. The borrower got an ARM, the borrower needs to plan for the reset. Instead, you’re saying the bank has to devine the future and say “sorry Mr. Borrower, in 3 years we think rates will be different today and we don’t see your plan for accomodating the worst case scenario”.
Can you imagine the bloody screams of injustice as all mini-trumps couldn’t qualify for a loan?
IMHO, everybody is going to piss and moan about the “unfair!” banks wanting 20% down and still charging 10% interest. Newsflash, they will have to because the mindset of the borrowers is “if the bank gives me the money, the bank is certifying it’s a good thing to do and if it goes south, I just stick it to the bank”.
