Quote:
Originally Posted by t walgamuth
The housing bubble and collapse was caused by greedy people who decieved the rest of us and it has hurt everybody but the super wealthy of course have suffered less.
Around here there were homes built and sold to people who were lifelong renters for much less than the rental price for a comparable home. They were building homes for less than local builders could buy the materials for and it included the lot.
I never could figure how they were making any money at all. I always figured they must have been making it on the mortgages somehow.
Turns out they were, apparently.
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Its not quite that simple:
Greedy people---YES!!!
Greedy managers of financial institutions who wanted to earn bonuses.
Greedy potential buyers who failed to meet traditional standards for borrowing.
Corrupt politicians who strong-armed banks into making those loans under threat ---all for crass political gains.
Yes--greed all around; not just on the part of the lenders.