Quote:
Originally Posted by Hack&Lube
I still don't get the straw buyers bailing on the houses, how can you be talked into taking a mortage in your name that you can't afford? Do they bail when they realize they've been had?
I had assumed from that article that everybody scratched each other's backs and that's how this is maintained. You can't have poor immigrants defaulting on mortages left and right without someone going to the police, etc. and this thing exposed way earlier than 2006.
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I guess if you don't care for your credit rating and someone offers you $10K to put your name down, might as well do it. Thats the only way I see it, otherwise it doesn't make sense.