Monday, August 23, 2010
Real Estate Boom-Time Won't Be Returning Anytime Soon
They didn't create the mess. That's the lie the right wing has perpetrated. The banks and mortgage companies created the mess with the greed is good mantra. Nobody can borrow unless someone lends. Nobody can get interest only loans unless someone offers it. Nobody can get no document loans, unless someone offers it.
The bankers offered these voodoo loans because they didn't take personal responsibility in ensuring the person was going to pay. They didn't care because they flipped the loan and made money. Those in the stock market made money by shorting the loans. It was a game of chess. The homeowners were merely pawns.
About Financial Crisis
Read the Article at HuffingtonPost