Replies to post #605488 on Zeev's Turnips Patch-No Politics (ZEEV)

[Taxmantoo]

Because they wanted a house. There were four kinds of buyers taking lousy mortgages:

1. Optimists who "knew" their situations would improve and they could either quickly repay the mortgage or refinance it with a better one.

2. Bums who never intended to pay the mortgage.

3. Speculators who "knew" that no matter how expensive the mortgage was, the capital gain on the house would exceed the interest and fees.

4. Ignorant fools who would sign anything, as long as it bought them that house that society had been denying them all these years.