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JP Morgan
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<blockquote data-quote="mikebrsa" data-source="post: 350371" data-attributes="member: 641"><p>As a person who has been in real estate and mortgage field for 16yrs and specializing in foreclosure and distressed property i think this whole deal is a bunch of BS. Jp Morgan, B of A, and all other large banks just did what the govt' wanted them to do. Clinton wanted to make it possible for everyone to afford the American dream and made the banks loosen their lending practices, this was great for banks, realtors, mortgage brokers and consumers in the beginning. Everyone wanted to live in a big house that was above their means so they bought with Adjustabke rate mortgages with teaser rates for the first few years hoping their incomes would increase. Well when the adjustments came along and people couldnt afford their keeping up with the jones houses they stopped paying and this was happening in the masses first with the subprime borrowers then later with the prime borrowers. It basically comes down to the borrowers getting more then they could afford and blaming everyone but themselves.</p></blockquote><p></p>
[QUOTE="mikebrsa, post: 350371, member: 641"] As a person who has been in real estate and mortgage field for 16yrs and specializing in foreclosure and distressed property i think this whole deal is a bunch of BS. Jp Morgan, B of A, and all other large banks just did what the govt' wanted them to do. Clinton wanted to make it possible for everyone to afford the American dream and made the banks loosen their lending practices, this was great for banks, realtors, mortgage brokers and consumers in the beginning. Everyone wanted to live in a big house that was above their means so they bought with Adjustabke rate mortgages with teaser rates for the first few years hoping their incomes would increase. Well when the adjustments came along and people couldnt afford their keeping up with the jones houses they stopped paying and this was happening in the masses first with the subprime borrowers then later with the prime borrowers. It basically comes down to the borrowers getting more then they could afford and blaming everyone but themselves. [/QUOTE]
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