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Thread: The U.S. Housing Crisis: Where are home loans underwater?
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Old 09-02-2013, 07:50 AM
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Originally Posted by donb9006 View Post
It IS greed Gracie, the banks knew they could make money ORIGINATING and then selling mortgages to investors. With the government they have in their pocket, they expanded the pool of homeowners to cover just about anyone. Remember the NINJA loans? (No Income No Job or Assets) "Their" government guaranteed the mortgages giving them a AAA rating and relieving the banks from responsibility for them. The government (Fed) is now spending $45 billion every month buying the worthless mortgages from the banks at 100 cents on the dollar. The banks win and "we" lose. The appearance of stupidity and ineptitude are just that...appearances. They KNOW what they're doing...oh how they know what they're doing...
You do not see this mess caused by people who should not have been granted loans? Not in ANY WAY? The government who allowed these loans to happen by GIVING people the down payment? The misplaced do gooders who voted for this?
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