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Originally Posted by Eric Engel Yes, but the mortgage industry knew the outcome...in fact they encouraged it.
When a loan officer was training my wife, he told her, "You have to hold on to the leads when you make a sale. You call them back in another year or two. By that time, they will have run up all the debt on their CCs again, and you run through the same routine." |
Sure they encourage it. That's what marketers, copywriters and salespeople do.
And I'll say it again... the people that bought these mortgages were-- and let's not mince words here-- greedy. They wanted "something for nothing". Instead of getting a house they could afford they wanted to "keep up with the Jones". And if the "Keeping up with the Jones" mentality wasn't enough they figured they could escape their mess by relying on the price of real estate continuing to skyrocket. And the mortgage companies were there to "prime the pump".
Hell it's no different than most information marketers. They'll sell stuff to whomever no matter if the recipient is down to their last buck and will never use the product-- no one cares, as long as the person has room on their credit card. Heck you folks in the copier business could care less if you're selling a copier to a business that has been "in the red" for three years. As long as they can make that monthly lease payment-- everything is golden.
That's how sales, marketing and copywriting work. The person "buying" is the one that has to know when to tap the brakes.