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in Subprime California Loans Resetting in 1 Year.
There is something to be said about creative marketing and the influence it has had on this credit bubble. Yes, it is one thing to go after the Federal Reserve, Wall Street, greedy speculators, or unscrupulous lenders since we tend to associate a sense of responsibility with them in creating this credit bubble. Yet not much has been examined about those that played on the psychological strings of the public and enticed them with dreams of golden brick roads and endless sunshine. The advertising behind the credit bubble has been amazing in its subtlety and deep in misguided financial advice. Let us take for example a current ad that has a woman talking about a Pay Option ARM mortgage.
The ad plays along this script:
“With my flexible mortgage, I have the option to pay what I can, when I can. I can pay:
we haven't had a DrHB thread in a while.....
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