Subprime lending and the economy
Hear Dave's opinion on subprime lending.
Hear Dave talk with Neil Cavuto of Fox News about the world of subprime lending and its affect on the economy.
Transcription: We're not seeing a credit crunch on credit-worthy borrowers or big interest rate spikes. The bulk of these subprime loans are just loans that didn't need to be made in the first place. These aren't credit-worthy borrowers. These are a bunch of greedy bankers who are taking advantage of people who are down on their luck and behind on their bills and are charging outrageous interest rates, and it's come home to roost.
I'm always on the side of personal responsibility. It's not all on the lender. I don't, however, like these lenders and stock market geeks telling the average consumer that money hass dried up. It has NOT dried up for worthy borrowers. And they are the only ones who should have been in line in the first place.
The subprime market is a destructive mess, no doubt about it.