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by bsanr2
2146 days ago
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Does... interest stop being a factor? They gave an x-year loan for $1000 at x% APR (was it subprime?). Also, penalties. Collections can go after you for the full amount. They buy it from the bank for the original $1000+. Or, the loan hasn't defaulted yet. The bank suspects it will. They load it into a bundle, get it highly-rated, sell the bundle. They make a profit. A whole bunch of other people get hosed. >Clearly the banks don't have an interest in selling fraudulent loans This is the wrong decade to be making that statement. |
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