To predict is Racist!!
This morning a US Senate committee is grilling Federal Money Regulators as to why they didn't see the Sub-Prime Mortgage problem coming.
Note: I don't think they called the fiasco an Issue.
Hey, just because many of the borrowers didn't have Social Security Numbers, didn't have Credit Histories (of any kind) or proof they are in the US legally doesn't automatically imply they are a Bad Credit Risk.
No more risk than assuming they are likely Illegal Aliens that have no respect to Law and will probably split from the property when the ARM explodes, leaving the place a horrendous mess.
Note: I don't think they called the fiasco an Issue.
Hey, just because many of the borrowers didn't have Social Security Numbers, didn't have Credit Histories (of any kind) or proof they are in the US legally doesn't automatically imply they are a Bad Credit Risk.
No more risk than assuming they are likely Illegal Aliens that have no respect to Law and will probably split from the property when the ARM explodes, leaving the place a horrendous mess.
posted by Localfella at 11:08 AM
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