Doc Posted December 3, 2011 Share Posted December 3, 2011 I went through the exact same thing...right up to accepting that big a loan. We still financed almost 100% (97%, actually)...but at half what the bank said we could afford. Really, I don't get what's so hard about saying "We can't afford it." Or even more, asking yourself "Should I really take at his word a guy who has a vested interest only in giving me as big a loan as possible, no matter what I can afford?" You really want to reform home lending, require that the mortgage officers and brokers receive most of their pay in bonuses or commission, in the form of mortgage securities backed by the mortgages they approve (junior rights, vested in 5 or 10 years). Then see how quickly subprimes go away. Amazing, isn't it? Link to comment Share on other sites More sharing options...
Recommended Posts