Quote:
Originally Posted by Mac_Attack
I didn't know the dems had the majority for all those years. Whatever, both parties are to blame and we the tax payers are going to pay. Maybe the pubs can succeed with their plan. Billy Mac  |
Well it all really begain back in the 90's when Clinton called for a mandate (spelling) to make getting a home loan much easier. Their were other things put in place in the 90's which was passed by congress (both parties) to help people obtain loans. It all started rolling in the late 90's these people started getting their loans and in a couple of years had trouble paying their house payment. At the time the housing market was taking off so the people had an easy out by selling their homes instaed of forcloser which is now happening in a soft market. This strong housing market masked the problem because it was so easy for people in trouble to sell their home and even make a profit. Now the market is soft and the people in trouble cannot sell their homes and the banks & mortgage co's are taking the hit. More took place but this was the root of the problem.
Also remember back years ago when the only way most people lost their home was because they lost their job or had a family emergency. Today people are loosing their home and still have the same income as they had when they purchased the home a few years back. Allot also took these interest only type loans and took the money they saved and purchased cars and new toys which they are making payments on and the money should have been saved to pay their loans. Plenty of blame to go around.