Quote:
Originally Posted by classicman
That wasn't the fault of the ARM was it?
And no one forced people to sign for them... they just WANTED it.
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Once upon a time, bankers determined if you could afford the loan. It was called risk analysis. ARMs were always available. And almost nobody could afford them - once risk analysis was performed.
To corrupt that system for higher profits, responsibility was removed. Home owners told they afford homes because risk analysis was subverted to maximize profits. ARMs never existed (except in extreme exceptions) when the system was doing risk analysis.
Blaming the victim is political spin. Risk analysis was intentionally subverted so that elite financial greed could be rewarded. Once the political spin is stripped away, ARMs were dumped on unsuspecting consumers to only enrich the financial elite. It’s just not that difficult to understand once a political agenda is removed.