IMO, this all stems from the reaction to the failed loans with balloon payments that are now coming due, that many are defaulting on.
If that’s off base, take me to task for it.
What this causes me to do though, is get quite angry at the supposed experts who thought this was going to fly in the first place. What a bunch of idiot sticks.
i was talking with mortgage types in the fall. they were saying then, that the lenders were making the requirements extremely high.. holding back loans that were good risk... the net result being that homes would sit longer on the market, freakin the sellers, causing a drop in prices... etc
part of me thinks it’s a bit too conveniently timed.. and i wonder if the clinton political machine is driving to create the ‘sky is falling’ scenario in order to unseat the incumbent party.
dems have shown numerous times they don’t care how many get hurt in their quest for power.
The damned losuy part of it all is that so many aquaintences of mine are living in 3,500 sf McMansions that they could ill-afford, while others live within thier means.
It won’t take India long to realize that they were buying up wothless securities hand over fist, never knowing that they would be paying for a huge house and Hummer for another bleach blonde bimbo and her husband, the Starbucks manager. The mortagae lenders have really pulled a fast one, this time.
When the grim reaper loan servicers come calling, the pity mongers (Dems)will cry out for mercy on my overextended compadres and help them out of thier bind by using my taxes...
I guess that makes me the dumbass.
and calling them idiot sticks is be, well, extremely nice. I was beeee-octhing about this new move in the lending / housing sector in 2004.