That’s exactly what I’m saying NRA Forever 🫡🇺🇸🍆. Subprime mortgages created an illusion of affordability, but they often contained hidden fees. In addition to the adjustable rate, subprime borrowers had other added costs—sometimes even the principal increased over time.
Subprime loans were three times more common in low-income neighborhoods. Predatory lenders used unfair or discriminatory practices to convince borrowers to take on mortgages they couldn’t afford. Often, minorities were targeted: According to data from the Home Mortgage Disclosure Act, Latinos, and African Americans were 2.8 times more likely to be offered a subprime loan than were whites. Ohio’s Assistant Attorney General, Jeffrey Loeser, described how predatory lenders would even go door to door selling subprime loans to consumers who didn’t understand them.
Lenders used this easy opportunity to secure a bag and then were shocked that the people they approved (who shouldn’t have been approved) couldn’t pay it back.
Challenge4Ufloyd OP t1_je05a5s wrote
Reply to comment by NRA-4-EVER in 08 crash part 2? by Challenge4Ufloyd
That’s exactly what I’m saying NRA Forever 🫡🇺🇸🍆. Subprime mortgages created an illusion of affordability, but they often contained hidden fees. In addition to the adjustable rate, subprime borrowers had other added costs—sometimes even the principal increased over time.
Subprime loans were three times more common in low-income neighborhoods. Predatory lenders used unfair or discriminatory practices to convince borrowers to take on mortgages they couldn’t afford. Often, minorities were targeted: According to data from the Home Mortgage Disclosure Act, Latinos, and African Americans were 2.8 times more likely to be offered a subprime loan than were whites. Ohio’s Assistant Attorney General, Jeffrey Loeser, described how predatory lenders would even go door to door selling subprime loans to consumers who didn’t understand them.
Lenders used this easy opportunity to secure a bag and then were shocked that the people they approved (who shouldn’t have been approved) couldn’t pay it back.