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Consumer Advice

PoindexterOglethorpe

(27,711 posts)

8. That says it all .

Reply to no_hypocrisy (Reply #5)

Fri Oct 26, 2018, 10:08 PM

Oct 2018

Before the crash lots of banks were routinely giving loans well in excess of the property value. They were also giving loans to people who had no demonstrable ability to repay them.

While I think the banks and mortgage companies should bear the lion's share of the blame, the borrowers also should have been paying attention to what was being loaned and so on.

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Highlight:

Why would a big bank like Wells Fargo [View all] no_hypocrisy Oct 2018 OP

when was the loan originated? lapfog_1 Oct 2018 #1

2008 just before "The Crash" no_hypocrisy Oct 2018 #5

That says it all . PoindexterOglethorpe Oct 2018 #8

yup... hence the question... and that's the explanation. lapfog_1 Oct 2018 #9

Did she once pee on a bed in Moscow? Only explanation I can think of. dameatball Oct 2018 #2

Appraised value and assessed value can be very different unblock Oct 2018 #3

Did someone involved get a commission based on the amount of the loan? n/t PoliticAverse Oct 2018 #4

Don't know. Only have the actual document. no_hypocrisy Oct 2018 #6

The assessed value has nothing to do with current market. Socal31 Oct 2018 #7

OK, for those of you who make a good argument about assessed and market values no_hypocrisy Oct 2018 #10