17 mortage lenders have imploded since Dec. 2006, with more on the critical list. Maybe making high risk subprime loans wasn’t the best of all strategies after all, especially in a place like Orange County CA where 17% of the jobs are real estate related and the collateral damage could be severe.
But, as always, it’s the poor and most defenseless who get hurt the most, like when they lose their homes because of predatory lending practices. Yeah sure pal, sign here, it’s a triple back flip balloon negative amortization adjustable rate mortage with a lemon twist. Just $500 a month… (Twenty four months later) …What’s that you say, your mortgage is now $3300 a month, well yeah, see that little print there, you signed it, and that’s what you owe…