ArnoldCountry

Fast and Easy Fannie

Its kind of funny when people look at blame... everyone seems to forget the golden rule... "he who has the gold rules". The banks had the gold... they were driving this ship.

Fast and Easy Fannie

qualifiedbuyer... more truth to what you say then people realize. If the government were to truly step up and say that the banks did a poor job of making these loans available and tell the public that it makes no sense to keep paying on these awful loans that will take them 10 years to recover from anyway (their houses are still going down in value, when it hits bottom it will stay there for a while and when it increases it will be slow, hence the 10 years). If they were to say the best thing is to give the keys to the lender, the prices would plummet even more, even though that is what is best for the consumer with those bad loans. So, welcome to being snookered by your government! Add onto that the fact that FNMA/FHLMC will punish you for 3-5 years if you dare try to walk away (ahem, isnt FNMA/FHLMC really owned and sponsored by we the people), the ones really giving those consumer the screwing is the good ole USA.

Fast and Easy Fannie

But you forgot the most important part... "you mean those consumers were lying when they said they could afford those loans?" Right... dangle a beautiful big home in front of them and give them a payment on an pay option arm they can afford and they will sign anywhere! These guys would make Houdini proud.