Sunday, April 11, 2010
Second Mortgages Vex Borrowers
Banks are under increasing political pressure to write off or at least write down second-lien and other junior mortgages to prevent borrowers from loosing their homes and remove them from large debt. But banks are slow to give up such loans due to banks being afraid that they will never receive the total or even the partial amount of their money.
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This article really shows how the banking industry made mistakes with lending. They let people take out mortgages who would never be able to pay them back. Then, on top of that, they let the same people take out second mortgages.
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