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The blame is alrerady being placed on the lenders.
If they made sub-prime loans, they are predatory. If they didn't make the loans, they are racist and discriminatory.
Bottom line - if you have a low credit score, bankruptcies, or a history of late payments and write-offs, there is a reason that your interest rate is going to be higher than someone with a stable employment and credit history. You are obviously much more likely to default on your loan. And with the ARM, the bank is betting that rates will be higher sooner, and you are betting that they will stay low. With rates at historic lows, guess which way the trend line is almost certain to work?
Why is this a shock, and people seem to think that the USG should bail them out of their bad decisions and risk factor?
Young people, look at this as an object lesson of what happens to people with a bad credit history and gullibility/lack of SA, as well as the desire to live beyond their means.
TR
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"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat." - President Theodore Roosevelt, 1910
De Oppresso Liber 01/20/2025
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