blame Bush.
Seriously, I am not happy about rates going up but none of us want to see a replay of the Nixon-Ford-Carter years when adjustable mortgages were at 12% and inflation was out of control.
Maybe it's time to convert to cash. Gold is tempting, but most commodities are also overpriced these days.
Actually, the DOJ knows more about what happened that they are willing to say. They are hard at work investigating. Mortgage lenders made major money. Local mortgage brokers controlled by the mob made lots of money. Real estate is a great way to launder illegal profits and drug money. Nobody even looks twice at real estate loans. Appraisers were getting rich through bribes. Fannie Mae and Freddie Mac had much to do with it. Mortgage bonds sold on Wall Street had everything to do with it. Derivatives sold through the Big Boys that control the flow of capital into and out of the U.S. The Big Boys make money on every transaction. Buying and selling in up and down markets.
One of these days, people will start to wise up. But not in my life time. "Greed is good," Gordon Gecko. It was not Bush's fault.