Duh?!?!
So the Mortgage Bankers Association said today that at least one out of every seven subprime borrowers are overdue on their payments. DUH!?!?!
For those of you that care but don’t know, subprime borrowers are people that have really bad credit… and somehow managed to get a mortgage.
So basically, a lender goes out of his way to lend hundreds of thousands of dollars to someone with a proven track record for not making their payments on time and somehow expected them to suddenly manage to pay their bills every month? And even after their payments went up higher and higher? How fucking stupid are you?
Although I put most of the blame for this whole mess on the irresponsible subprime borrowers who are too fucking dense to learn that if it sounds too good to be true, you’re going to get screwed.
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