Jane

What Happens When Builders Fail [Housing Tracker]

At least 4 yrs ago I could see this mess was going to happen and I was not alone. I think it's time the experts started paying attention to what's really going on out there instead of thinking they're insulated from it. Housing bubble blogs, consumer sites, some economists, and many others, all pointed out the bubble was unsustainable and not a good thing. Too many people thought of houses as 'investments' that never went down in value. There was a lot of push from the real estate industry and our own government to buy a house. Toxic loans were praised as "increasing homeownership" with no thought to the FACT many of these buyers could not afford it, and/or were flippers. Mortgage fraud was going on and still is. Without the industry complying with the sham, it could not have reached these proportions, and the industry created the toxic loan products, pushed them, approved them, and sold them as 'investments.' The FBI found two yrs ago that 80% of the fraud was being done by the industry. This industry shot itself in the foot. For anyone in the know to claim this wasn't predicted, wasn't predictable, is ludicrous. Even ordinary people with no special training saw this coming.