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Yet More Fallout From Subprime Scandal: Victimized Borrowers Without Recourse
Every time I hear someone blame the borrowers in this subprime scandal, I have to chuckle a little. I have no doubt that some borrowers were, in fact, less than diligent in their “due diligence” — some, no doubt, even went so far as to become bad actors themselves.
But I do remain convinced that’s not the main story to tell in this mess. Case in point: this article from CNNMoney that asserts “More troubled borrowers getting left behind.” These borrowers were misled by brokers and other players, and when they try to renegotiate now, they’re facing failure in large numbers.
Where’s the help for these borrowers? Most can only save their homes through filing bankruptcy. Appropriate legislation is now more important than ever.
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