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I heard that on Saturday. Greed and dishonesty know no bounds, not to mention being awfully short sighted! These are business models are are designed to be short lived with the early adopters being rewarded and the others taking their chances.
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You can tell that people don't understand it because they're not as angry as they should be. White collar crime pays.
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Sunday's Cleveland Plain Dealer did a good article on it. The article opened with lines like this: "There was a crime wave in Cleveland. Millions of dollars were stolen. Thousands of families were robbed. Here's how it happened".
And it named the main mortgage companies that were behind it. One hopes these company's officers get the full-up Enron treatment.
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As soon as I heard "It's going up with no end in sight!!1!!lol" in the media I knew it was over.
That was exactly the same thing they said in the middle of the dot-com boom in the late 1990s.
And I suspect similar things were said in 1929...
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It was greed on all levels.
Were the home owners completely innocent? I don't think so. Like the guy in the podcast that was given a $500,000 loan. No matter what a shyster mortgage broker says; he could not afford a house that expensive on his income.
We have got to do our best to live within our means.
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[quote MacArtist]We have got to do our best to live within our means.
That's positively un-American!
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>>No matter what a shyster mortgage broker says; he could not afford a house that expensive on his income.
Ug....yes, but...
It is the responsibility of lending institutions to ensure that their loans are sound.
They have a much much higher burden of responsibility. They are professionals.
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wait wait wait....
you realize that mortgage companies were PROFITING off of bad loans? right?
