Quote:
Originally Posted by Boomer
The big and important difference now is that buyers have to actually qualify for mortgages.
I could see that mess coming when all that was going on. I am not an economist. It was so obvious.
Money was too damned cheap and easy. Mortgage brokers were allowed to run amok with drive-by appraisals and stated assets loans. Then came the derivatives. That whole ugly mess was the result of pure unrestrained greed — all around.
Boomer
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I remember derivatives and the "GENIUS" that gave his blessing. Something always seemed wrong about the concept.