Is anything going to stop this run away train? What is funny is that the Mortgage Brokers and L.Os are being blamed for this financial mess. I would equate this to a car salesman selling a car and then getting blamed when the drunk driver hits a tree and kills himself in said car. WTF? Customers called in and knew what they wanted, THE LOWEST RATE. This was always an ARM product. If you quoted a fixed rate they would close with the lowest quote which would be an ARM elsewhere. Supply and demand concept. How is this the sales persons responsibility?
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