Quote:
Originally Posted by xoxoxoBruce
2- Greedy lenders talking people into predatory mortgages they didn't understand.
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When we bought our house 11 years ago, our lender kept telling us (maybe 2-3 times) that with our credit, we really could borrow more money than we were asking for and that we could have more house. My wife and I both worked at the time. We were DINKs. But we knew that kids would probably be in the future and we wanted to be able to afford a house on just one income. So we politely declined the extra money on the table each time it was offered. Looking back, I realize the guy writing up the loan probably got a fee based on the size of the loan and he wanted to make the largest fee possible. He was supposedly working for us, but probably got paid more if he could talk us into a bigger loan. Stupid system.