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As a Realtor for over 21 years, I was not in favor of these loans. It was only a matter of time before this mess happened. I advised my clients against these loans, and tried to work with more conservative lenders. When I voiced my comcerns about the impact of huge payment increases to the loan reps,I was told,"You just do your job, and we'll do ours". Since Mortgage reps make their money and move on, they have no continuing contact with their clients, and are not concerned with the future well being of the buyers.Now the entire economy has been effected and the taxpayers are on the hook again! I don't feel sorry for these banks, they knew exactly what thay were doing, and I think they should pay the price, not the poor taxpayer.
By Jean
