Quote:
Originally Posted by t walgamuth
I fail to see how folks wanting to own a home is greedy.
And I fail to see any evidence of politicians forcing lendors to loan.
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Geez! Have you looked?
Addition:
I can't remember ANYONE EVER so much as implying that the desire to own a home is greedy.
Tom, where were you about 6 or 7 years ago when Dodd/Fwank passed their mortgage bill and got the sucker of all time, GW Bush to buy in on it? I specifically remember terminology from all three of them claiming that everyone has a "right to a mortgage." It was easy to take from that, their meaning that it didn't matter whether or not people could PAY the mortgage or not.
THEN once Dodd/Fwank set that in place, the lenders started pushing baloon and other types of mortgage instruments that would give the mortgagee a year or two of low payments. There were people ignorant or inexperienced enough to sign these mortgages without reading the fine print to learn that the payment was going to increase at a later date beyond what they could afford. The lenders then bundled and sold these mortgages onto other institutions. Ever hear the term "toxic assets?"
Were Dodd and Fwank "forcing" lenders to loan? Of course not, but they did put in place what enabled one of the nastiest legal scams in US financial history.