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Originally Posted by Art Burtt
I seem to remember a mortgage was supposed to be no more than one weeks salary and you needed a minimum of 10 % down plus a clean credit history to get a mortgage. Are mortgage "brokers" on commision? Maybe this added to the mess. No way should the government ie. "us" bail out these people!
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Commission, big time! Huge money has been made by mortgage brokers in the prior to the last year or so - huge. I had one buy a house I sold in AZ around 3 years ago - has payments were close to $8,000 per month plus homeowners insurance and property tax (reasonably low in AZ) - anyway - even he in now between a rock and a hard place - he basically purchased it with no down, borrowing equity from another property and his income stream has gone south. He's got a wife and two cars, a corvette, and a boat. The good life, but the chickens are coming home to roost and they are huge, mad chickens.