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<p>[QUOTE="Clawcoins, post: 3348805, member: 77814"]Yup, the mortgage industry was rife of shenanigans back then.</p><p><br /></p><p>In addition to highly leveraged mortgages, those high flying mortgage companies started selling "Interest Only" mortgages pushing certain demographics ppl to those mortgages. Talk about lack of sustainability.</p><p><a href="https://www.usatoday.com/story/money/personalfinance/2015/07/24/credit-dotcom-interest-only-mortgages/30168323/" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.usatoday.com/story/money/personalfinance/2015/07/24/credit-dotcom-interest-only-mortgages/30168323/" rel="nofollow">https://www.usatoday.com/story/money/personalfinance/2015/07/24/credit-dotcom-interest-only-mortgages/30168323/</a></p><p><br /></p><p>Oddly, unlike the above article, I know some ppl that have interest only loans today, from just a few years ago. So they are selling those to not only the rich, but also the ppl that should be renting instead of buying (if you want to call it that). If you miss/late for a payment you are now upside down on the loan without even paying any principal .. and you hope the property valuation goes up.</p><p><br /></p><p>The mortgage industry loves to use future income potential in their calculations as they expand their business to drive revenue no matter the risk. It's up to the consumer to be educated and willing or not-willing to go for these types of debt capitalization.[/QUOTE]</p><p><br /></p>
[QUOTE="Clawcoins, post: 3348805, member: 77814"]Yup, the mortgage industry was rife of shenanigans back then. In addition to highly leveraged mortgages, those high flying mortgage companies started selling "Interest Only" mortgages pushing certain demographics ppl to those mortgages. Talk about lack of sustainability. [url]https://www.usatoday.com/story/money/personalfinance/2015/07/24/credit-dotcom-interest-only-mortgages/30168323/[/url] Oddly, unlike the above article, I know some ppl that have interest only loans today, from just a few years ago. So they are selling those to not only the rich, but also the ppl that should be renting instead of buying (if you want to call it that). If you miss/late for a payment you are now upside down on the loan without even paying any principal .. and you hope the property valuation goes up. The mortgage industry loves to use future income potential in their calculations as they expand their business to drive revenue no matter the risk. It's up to the consumer to be educated and willing or not-willing to go for these types of debt capitalization.[/QUOTE]
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