Both lenders & borrowers have contributed to the mortgage mess

Tennessean
by KEVIN O'CONNELL

08/28/07

Homeownership used to be a privilege that was rewarded to those who had proven their commitment to money management, debt priorities and had managed to save money while doing these. Homeownership was considered the ‘American Dream.’ Then the mentality became that anyone who could dream could own a home. As we used to say, ‘fogging a mirror’ became the primary qualification for a lot of mortgage loans. No matter how irresponsible people had been with money or creditors, they could get mortgage financing. The approval decisions were justified by the fact that the borrowers were paying a higher interest rate. Now these borrowers are living up to their reputations. This is not a reflection of all lenders and how they do business. Some of today’s delinquent loans were made to people that should have gotten them...

http://tinyurl.com/2lp2ws


Informant: Thomas L. Knapp



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