I just got back from the USA.
Watched an interview with Lou Dobbs(best journo in the US) regarding a woman who had an gross income of 38K per year and was approved for a home loan, guess how much..
700k
she bought the house and now is getting evicted because she cannot make her interest repayments.
Who is at fault here.
The mortgage broker told her during the loan process that she can make repayments easily.
No regulations.
Sharks crippling people.
they dont give a toss, receive the commission from the loan and run to the bank.
regards
australia killing its economy by rates rises, page-12
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