The mortgage "crisis"

[parishht]

Interesting what this guy says in 1999
I think this is the section that FERM is talking about.


"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

[macojoe]

And after all this mess some fool just gave me a mortgage in July!! Will they ever learn??

[chumbucket]

Originally Posted by macojoe

And after all this mess some fool just gave me a mortgage in July!! Will they ever learn??

I know. Ain't that a hoot?

[LESTERUS]

I come from a comunist country (cuba) i don't believe more control of government is the answer to any problem, and furthermore, i believe everybody should have the same opportunities, but not the same things, only what you can earn with the opportunities given to you.
Those who knowinly bougth properties beyond their means, shoul suffer the consecuences and pay the price.

[chumbucket]

You're absolutely right there LESTERUS. You want something nice? Work for it! You want something a little bit nicer? Work a little harder for it!
We are not teaching the younger generations anything about personal responsibility.