Quote:
Originally Posted by Azure
When you're telling a family that has a combined income of $40,000/year that they can afford the $1.5million dollar home over on the rich side of town, how many of them actually bother to read the fine print?
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Can you provide citations to show that this actually happened? Obviously many people (poor and middle class alike) were buying homes beyond their means during the housing bubble, but I think your example is more than slightly hyperbolic. Even the greediest, most short-sighted subprime lender is not going to give a $1.5M mortgage to a family with a $40k household income.