Posted On: July 7, 2008, 1:16 pm CDT

Posted By: Dawn

These aren't people who had no jobs and bought a McMansion. These are people who tried to lower payments on existing loans. I could have papered the entire state of Texas, Ca, and Florida with all the 'offers' I received in the mail. Plus all the phone calls?

There are a lot of elderly people who refinanced what little they had left in their mortgage to a 'lower payment' that ballooned up in a year. PLUS an early payment penalty that made it impossible for them to refinance.

People who qualified for standared loans were bascially pushed into these subprime because it paid the brokers better. The brokers told these buyers that these loans were all that was available to them.

These people were convinced by an expert (who should be held accountable) that this was the best move for them.

You're an expert. If you talked a homeowner into cancelling an HO policy to move them to a more expensive policy that paid less benefits because your commission was higher, who's E&O insurance would be paying out?

Not everyone caught in an ARM is an $8 an hour worker trying to buy a $500K home.