Posted 1 year ago on Dec. 7, 2011, 6:29 p.m. EST by darkhound
This content is user submitted and not an official statement
Kid signs $150k student loan contract, and freely chooses a liberal arts degree. Kid parties and does weed for 4 years. Upon graduation, Kid is surprised his history/psychology/English degree is useless. Even more surprised that he has to pay back the loan. Kid protests, somehow blaming the "rich."
Parent sees other parent buy McMansion, so Parent wants one too. Parent puts down 0% to 5% down on a jumbo loan, leveraging up 20x plus. Parent does no research and doesn't read the mortgage contract, but signs anyway, speculating at the top of the market. Speculation on the McMansion goes bad; Parent breaches his contract. Parent protests, somehow blaming the "bank."