I've been meaning to post a detail rant (it's my blog and I can rant since nobody pays attention anyway) about a Predatory Lending offer that I received (my revenge for them sending them to me), and I probably will still do so but this is growing beyond a simple ripoff. Entire economies are teetering because of the foreclosure rate and I had no idea until it started to happen (I'm no economist, I just get pissed off when I see people being ripped off.)
Here's one ref:
and a better one:
Because these lendors got home buyers to go for a loan they simply could not afford when the rates went up, the default rate has gone way up. Easy to see but a lot of that debt got repackaged and resold around the globe. I guess that's one way to share the pain but it's likely to have an effect on the perceived value of any US obligation. Ok that's an overstatement, but it's quite a lesson on how one's own selfish/selfserving actions can cause real harm to a whole lot of others.
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