35/3143 - THAT'S NOT ONE-TENTH; IT'S ONE PERCENT! (CORRECTED!)
AND MOST OF THEM ARE SUBPRIME AND ALT-A LOANS TO PEOPLE WITH BAD CREDIT.
HMMMM..... THE BANKS WHO MADE THE LOANS AND THE PEOPLE WHO BUILT THEM AND THE AGENTS WHO SOLD THEM AND THE PEOPLE WHO BOUGHT THEM OUGHT TO BE THE ONES PICKING UP THE PIECES.
NOT YOU AND ME.
South Florida is one of the main areas due to the fraud perpetuated, primarily due to the immigrant community which took loans knowing full well they could not affort them, with incentive teaser rates or ballon type mortgages.
ReplyDeleteThat's ONE percent. Not one tenth percent.
ReplyDeletePeace be with you
ReplyDeleteThat would be fine, except the Federal Government made the rules about who got the loans - not the banks.
ReplyDeleteThe Federal Government came up with the plan to bundle the bad loans up.
The Federal Government used its regulatory function to force banks to write bad lonas.
The Federal Government dictated that the "securitized" bad loans should be "marked to market" as the real estate bubble, which resulted to a large extent because of irresponsible bad lending practices forced on bankers by government, exploded.
The Federal Government decided it knew all about the mortgage business; it thinks it knows all about the health care business and all about the auto manufacturing business.
The Federal Government now knows all about the energy industry.
The Federal Government now knows all about the climate.
What we need to do is STOP THE FEDERAL GOVERNMENT; not banks.
Where I live, there were 7 to 15 non related people per house, ninja loans, sub prime seconds, http://online.wsj.com/article/SB123111072368352309.html (mostly men who worked for landscape subcontractors or bricklayers-roofers-framers,concrete for new housing construction sites, hitting Walmart in their f150 every Saturday, pumping cash into our local economy, but also sending a good deal of it home, but along comes the high gas prices and housing slowdown after the Dems took power in 2006, and half of the residents of the houses split back to Juarez, and Chihuahua, and eventually the note holder, head of houshold, etc., they split too, and those houses sit empty, and trashed. Love your blog, McGoo. -Billy
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