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You don’t need to live in the “ghetto parts” to be seduced by a long-term loan that has easy terms up front. The subprime mortgage crisis was built on respecta
by sethg 14y ago
You don’t need to live in the “ghetto parts” to be seduced by a long-term loan that has easy terms up front.
The subprime mortgage crisis was built on respectable hard-working middle-class families that were persuaded to take on debt like this for their own homes.
- lmm 14y agoReally? I was under the impression it was largely those with little or no income. Have you got a breakdown to link to? Not saying you're wrong, genuinely curious.
- sethg 14y agohttp://seekingalpha.com/article/49701-subprime-mortgages-crossing-income-and-credit-strata http://seekingalpha.com/article/49701-subprime-mortgages-cro... It doesn’t have exact numbers, but the tl;dr is that people from every income bracket were taking out subprime mortgages, including middle- and upper-class people who could qualify for prime mortgages but wanted to borrow even more.