thedozer

You Can't Handle The Truth

If the outcome is SO grim, then the entire world will cease to operate. Good, they invested here, took risk and will share the pain.

Stick to principles you believe in! Problem is, YOU and I allowed THIS gov. to create Fannie and Freddie.... They removed risk in these loans by guarantee thereby giving the banks the green light to make easy money!

I'm SO frustrated... here we go:

1. Fed/greenspan cuts rates to spark artificial demand of housing
2. Gov. fannie/freddie guarantee loans.. REMOVES RISK
3. Banks got nothing to lose! Gov. on hook... loan it!
4. Congress wants poor and minorities in houses...loosen restrictions
5. Loans guaranteed so get creative 7yr ARMS
6. introduction of 'newly' financeable people in market
7. supply flat... price skyrockets
8. all is good for 5-6 years...
9. all idiots buying too much house does so...
10 You are reading this post