WASHINGTON (Reuters) - Shirley Burnell, a community activist from Oakland, California, has been trying to get her subprime loan restructured since 2007.
She never missed a payment, but the adjustable rate mortgage she got in 2004 shot up to a monthly payment she could no longer afford.
The first thing I want to know is who held the gun to her head in 2004 and made her sign on to a mortgage she obviously couldn't afford in the first place.
Nobody was more stupid than I about home loans when we bought our first house on an adjustable rate mortgage over 25 years ago, but we knew enough to ask what the worst case scenerio on house payments could be. Before we signed we knew our income could survive that scenario; which of course happened within about 18 months. I have no sympathy for these people who signed up for more than they could afford.
