They’re still missing the point.
For all this to happen you had to have a bunch of people at the bottom to whom you could sell the mortgages which in the agregate became the collateral for the bonds that the big investors and money boys could play with.
The low hanging fruit were the millions of illegals equal to the population of Ohio needing housing. Illegals and landlords for illegal dormitory houses were sucked up by slick marketeers just to get more mortage paper to feed the bond funds. Uneducated illegals couldn’t understand the fine points of teaser rates and landlords didn’t care because they planned to sell the house in a year or two when the balloon came due and the price had gone up $100,000.
The chickens came home to roost. Chalk another one up to the open borders cheap labor lobby.
And now Schumer and Bush want to give them amnesty for their mortgage payments.
Isn’t this a great country, hombre??
My tax money should not go to bail out people who bought spec houses.