“And what about this: “The people on Wall Street broke this country, and they did it one lousy mortgage at a time. It happened more than three years ago, and there has been no real accountability, and there has been no real effort to fix it.”
Well, Wall St didn’t force these broke people to buy houses that they could not afford.
I watched soooooo many ‘first time home-buyers” TV shows where the would be buyer detailed the crazy mortgages that they “qualified” for. Train wrecks. Interest only, 80/20, 0% down, seller pays closing, on and on. Then they were all like, “Well, I guess I’ll have to cut back on dining out and shoe shopping to afford this, but I guess I’ll give it a try.”
My first home the mortgage was the same as the rent I had been accustomed to paying. I had a down payment. I paid my own closing. I never lost my home, nor even had trouble making payments.
No, Barney Frank (Fannie and Freddie) and the buyers were responsible - not Wall St.
You bring up all the reasons I chose to rent the last six years. And was able to give a landlord 30 days notice and move halfway across the country at the drop of a hat. ;-p
Five years ago, I never met anyone who had lost their home to foreclosure. Now I know, literally, dozens of people who have either stopped paying and just squat in their home, or walked away. I wonder if they called the Great Depression the “Great Depression” when it was happening? I’m thinking that as the “Great War” was changed to “WWI” when WWII came along, if maybe the Great Depression may be renamed to “World Depression I”.
And as with the war analogy, the second one was much worse and more all-encompassing.
Well, Wall St didn’t force these broke people to buy houses that they could not afford.
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And nobody MADE Wall Street to make toxic MBS and CDS’s that ARE killing the banking system. And the tax evasion MERS that has messed up titles to homes all across this country.
Why do you suppose Europe banking is slowly being NATIONALIZED now? Our mortgages are doing that, really?
Wake up Freepers, things aren’t so simple anymore.