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San Diego example of Freddie Mac's work
"Wah, Wah! I lied about my income on my loan application and now I must face the consequences. Wah! Wah! Had I not lied on my loan application, I would still be able to make payments on this condo loan, no matter what its market price might be." --Heather McGuire This is a very one-sided article, where you portray the debt owner (she's not a home owner, since she has no equity, just a loan owner) as the victim. Those of us that have been kept out of the housing market for the past 7 years are the real victims. Liars like Ms. Heather Mcguire lied their way to a loan, bid up home prices beyond the reach of those of us who refused to lie on our loan applications. They should have never been allowed to bid on something they couldn't afford, but they lied and were allowed to. We are forced to wait around until this bubble deflates to proper price to rent ratios and price to income ratios. Now these liars get loan modifications to allow them to stay in the homes they lied their way into, while those of us who were prudent, fiscally responsible, are left to wait even longer until they end up defaulting on their modifications 5 years from now when the 2% teaser rate they're being given expires. Government-peddled Loan Modifications = today's subprime/Alt-a Liar Loans.— August 6, 2010 10:06 a.m.