Greed, on everybody's part. I blame Greenspan for a lot of this mess. He pimped for Wall Street, lowering interest rates so low that everybody went out for a mortgage, and banks, for being so greedy they give 100% mortgages to people who owe thousands a month.
It's insane. You shouldn't get a loan unless you have collateral. Period. And variable rate mortgages? A disaster waiting to happen. Wonder if my emails from years still exist somewhere where I groused about the idiocy of it all...
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Date: 2008-09-25 11:06 am (UTC)It's insane. You shouldn't get a loan unless you have collateral. Period. And variable rate mortgages? A disaster waiting to happen. Wonder if my emails from years still exist somewhere where I groused about the idiocy of it all...