[BiggieLittle]

I’m familiar with the real estate markets in both Las Vegas and the Tampa area as well as NY. The foreclosures are not confined to “redlined” areas. The majority are in middle class and wealthy areas.Google “Lake Las Vegas”. It’s a wealthy enclave with six figure and over price tags on homes that’s slowly turning into a ghost town.
You really believe that the foreclosures are occurring in the poor part of town only? You got to be kidding. In fact you have to know that’s not true.

[M-cubed]

My point was..once the government, thru Fanny and Freddie, started backing the loans...the banks had no incentive to refuse or evaluate risk...

With no risk to the bank, any warm body was qualified and welcomed...EASY MONEY for the banks

[M-cubed]

Psssst...You that are so hip on the real estate market...

Janet Tavakoli Explains How Banks Converted US Housing Into “Fraud As A Business Model”

http://www.zerohedge.com/article/janet-tavakoli-explains-how-banks-converted-us-housing-fraud-business-model