This is what happens when greedy mortgage lenders take advantage of uneducated immigrants who don’t make nearly enough money to afford a house loan.

I know, I used to work for a lender. If anyone cares, look up WMC Mortgage Corp. They’re currently the target of a half dozen different lawsuits, including fraud. They laid me off about a year and a half before they went under. I can only imagine how much money their dumb cunt of a CEO walked off with when her company imploded.

And yes, I’m allowed to call her that. I had to suffer through monthly pep talks she hosted, plus I actually had to deal with her in person twice. She struck me as the exploitative type.

Anyway, while I worked for WMC I saw them deliberately target people who didn’t need a refinance, couldn’t afford a home loan, or just didn’t plain deserve credit of any type get the most outrageous mortgages you can think of.

Credit score near 500? No worries.

You’re a lawnmower and you make $3000 per month? Not a problem.

Oh, you only say you make $3000 per month, but you can’t prove it. That’s ok too. We’ll forge some income documents for you.

So we wind up giving this person 100% financing with a rate that’s a steal. Too bad the fine print says the rate will shoot up so high they’ll be forced to refinance in three years. But who reads the fine print anyway? He can’t read english and his broker doesn’t tell him about it.

Meanwhile, the broker is getting 3% of the value of the loan, not including standard broker fees, which typically amount to several thousand dollars, and the sales rep for the lender is getting a hefty commission.

And everyone sleeps well at night.

You have no idea how many of these loans I saw come across my desk. By the time they laid me off I was wise, but the year before when they hired me I was completely naive to the system.

In a typical month, my sales team closed several of these deals. The company was closing thousands of them, all over the country.

If you want to know why the economy sucks, blame the system that allowed companies like the one I worked for to operate, and blame the people who were exploiting the common people who had no idea how the system worked.

Yeah that 3k figure is an intentional exaggeration. L.A. gardeners don’t make that much, and even if they did, it wouldn’t be enough to buy a home with.

My point was to illustrate that income figures for borrowers were often falsified. I’m assuming you guys got that point.

That’s because it has one of the slowest housing markets in the union. Nobody wants to live there, and they’re right for not.