Quote:
Originally Posted by jojajn
Wells Fargo gave subprime loans to people who would have qualified for a fixed loan. They confused the buyer with fine print, legal, terms buried in the contract.
The Wells Fargo Watch
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That's exactly why there should have been no bailouts.
Lenders like this should be allowed to suffer the consequences of their actions. If someone gave a mortgage to an unemployed drug addict like is claimed in your article, let that lender lose out.
The housing bubble was going to burst, everyone knew that. They were building poorly constructed houses with the cheapest possible illegal labor like madmen, there is a serious glut of housing now. Houses that should never have been built.
There is absolutely no need for taxpayers to now be forced to pay for the shack that was sold to the unemployed drug addict or anyone else who should never have bought a home.