Quote:
Originally Posted by MetaMan
I know how the slump happened. But the terms on some of these sub prime loans seems absolutely insane. It was nothing short of loan sharking.
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a while back I read that somewhere near 40% of the houses that are bing foreclosed on were second home and investments homes. This means the people bought the homes with no care what the contract said because they were intending to either renovate them and flip them for a profit or just sit on them for a year or two and resell them for a profit. The problem was these people didn't realize how difficult that can be.