Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives

On May 14, 9:21 pm, James Dale Guckert <RichGan...@[EMAIL PROTECTED]
> wrote:
> In article <03LWj.5665$hv2.4...@[EMAIL PROTECTED]
>,
>
>  "Patriot" <liber...@[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

 nice overview, and quite correct. the blame the little guy crowd is
either ignorant, or stupid. probably both. the applicants were
encouraged to do what they did, by the mortgage brokers and banks. the
little guys only wanted to own a home. speculators smelled easy money.