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Old December 1st, 2007, 08:13 AM   #9
DuffMan
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It is a little frustrating.

I remember "back in the day" when getting a mortgage was a fairly big deal: having to "meet the ratios", prove (in writing) that you had the down payment - cash - in hand and that it wasn't borrowed (i.e. a series of bank statements over time), etc...

Then I see one day, over-the-phone mortgages where "credit history doesn't matter". Interest-only loans, ARMs during times of record low interest rates, etc...

I too feel bad for folks truly caught by the economy. However, I have no tolerance for financially overextended 25 year-olds who tried to swing a $350K mortgage they had no business getting and (in a rational world) never would've qualified for who expect me (the taxpayer) to bail them out and keep them whole.
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