could be people who have lost jobs. I live in a state where Bank of America took over MBNA and many many good paying jobs were lost with not much severence. So, in essence those people were making enough money and now they are not and with everyone else job searching, it is tough. The funny thing is that most of them decided to try IGA, which has now failed as well and are not in good shape.
Although I do strongly agree about the ARM loans, I think the trouble is coming from people who have lost good-paying jobs and have had to accept lesser pay but then the house won't sell or if it does then not for enough to pay off the loan.
It's sad really on both sides of that coin. |
I do agree with you, but I think some - of the problem (a small percent)
