09-24-2008, 03:26 PM
Well, there's irresponsible, as in bought a McMansion on a McDonald's salary and an unsustainably low interest rate. Of course, behind every foolish buyer is a mortgage guy, who said, "Sure, you can afford it!" Of course, he sold the loan before the ink was dry.
Then there's "got a new job in a new city and bought a house in a hot real estate market which then cooled and now the house is worth less than the mortgage" Of course, behind this scene is a real estate agent who said "Oh, this market looks like it will stay hot for years. And I have a mortgage guy who can cut you a sweet deal." Both guys cashed their checks before the ink was dry.
Or, give $700 billion to the corporations who bought these stupid loans and REALLY should have known better.
Who gets the money?
Then there's "got a new job in a new city and bought a house in a hot real estate market which then cooled and now the house is worth less than the mortgage" Of course, behind this scene is a real estate agent who said "Oh, this market looks like it will stay hot for years. And I have a mortgage guy who can cut you a sweet deal." Both guys cashed their checks before the ink was dry.
Or, give $700 billion to the corporations who bought these stupid loans and REALLY should have known better.
Who gets the money?