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What Caused the Financial Meltdown?
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<blockquote data-quote="mountaingoat" data-source="post: 402565" data-attributes="member: 1250"><p>...and as a financial counselor, I counseled one fellow who came over with a $2400 mortgage payment per month, and he was bringing home $1400 a month from working at WalMart. I figured that there's no way that a bank would lend money to this fellow seeing this ratio. After some inquiry, I found out that he was originally a teacher earning $40,000/year. </p><p></p><p>Still. It didn't add up. How could any bank lend someone with a gross income of $40,000 a housing payment of $28,800 per year. That's well over 50% of his gross pay, not to mention his take-home pay. That's predatory lending at it's worst.</p></blockquote><p></p>
[QUOTE="mountaingoat, post: 402565, member: 1250"] ...and as a financial counselor, I counseled one fellow who came over with a $2400 mortgage payment per month, and he was bringing home $1400 a month from working at WalMart. I figured that there's no way that a bank would lend money to this fellow seeing this ratio. After some inquiry, I found out that he was originally a teacher earning $40,000/year. Still. It didn't add up. How could any bank lend someone with a gross income of $40,000 a housing payment of $28,800 per year. That's well over 50% of his gross pay, not to mention his take-home pay. That's predatory lending at it's worst. [/QUOTE]
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