The chickens have come home to roost

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Because many of these lenders couldn't care less. Many of them would make the loan, bundle them, and sell them to another servicer. Then, in many cases after that, those 2nd servicers would repackage them as securities and sell them to investors with shoddy rights upon foreclosure (e.g. A judge in OK recently ruled that the securitization pool did not actually attach to the foreclosed properties).

So, in short, many of those original lenders were not left holding the bag!

Why don't you just call it what it really is, a Ponzi scheme! :blink:
True enough, funny how those warnings are always in fine print.

Do you know what else is funny. Countless studies have been done (and I am sorry I do not have a link) that have shown that people reading contracts are more likely to skip over boldfaced, capped language as compared to standard font text. I wonder if they are more likely to read fine print as opposed to the bold faced print?
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I have absolutely ZERO, Nada, sympathy for the credit card companies (Banks) or the Idiots who live beyond their means and spend like there is no tomorrow. what pisses me TFO is that as usual another Government bailout (Tax payer, you and me) will be left holding the bag.

SAN FRANCISCO — Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.

Many economists expect delinquencies and defaults to rise further after the holiday shopping season.

Economists also cite America's long-standing attitude that debt — even high-interest credit card debt — is not a big deal.

"The desires of consumers to want, want, want, spend, spend, spend — it's the fabric of our nation,",2933,318132,00.html
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