Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives echo Custer, indians, what indians?

In article <03LWj.5665$hv2.4396@[EMAIL PROTECTED]
>,
 "Patriot" <liberals@[EMAIL PROTECTED]
> wrote:

> Dumb ****ing idiots shouldn't have bought a home that they couldn't
afford.
> 
> Now that's common sense!

"Common sense" at the time undermined your premise, "Patriot."  Common 
sense also said quite loudly at the time that if you take a low-interest 
(at the time) loan on a house that EVERYONE is telling you is only going 
to become worth more than your purchase price (income!)--and quickly at 
that... and EVERYONE is telling you that you can refinance the loan 
(reduced liability!) before the reset kicks in so you can continue to 
repay the mortgage... and EVERYONE felt safe assuming that the equity in 
the home would always exceed the loan itself... then there was not much 
reason to believe that you cannot afford a home with a tiny down 
payment, no do***entation of income, and an adjustable rate.  Meanwhile 
there was no reason not to take out a low-interest (at the time) HELOC 
and use that money to buy BSC shares on margin (more income!).  
Meanwhile the lenders KNEW they could then break up the loan into neat 
little packages and sell them to other financial institutions who didn't 
care about the fundamentals because the financial market was just peachy.

Cluster****: The American Way!
-- 
James Guckert / Rich Gannon / Whore for Bush