Goomba wrote:

> blake murphy wrote:
> foreclosures
> > have skyrocketed. yep, it's all in our heads...
> >
> > blake
>
> What *exactly* did Bush have to do with mortgages again? The way I see
> it half the people having mortgage problems were people who overbought
> assuming they were going to make a killing when they flipped the house.
> Housing prices readjusted (look at California who led that trend) in
> many areas because they were just insanely overpriced. There were also
> certainly mortgage lenders who got sloppy and allowed unqualified people
> buy more home they couldn't afford which I can find fault with. Yet
> somehow I don't see how Bush (or Clinton before) as being responsible?


Yep...

You had people with dodgy credit, no down payment, no income verification
getting mortgages, and many of them didn't even bother to read the "fine
print"...

I think the old adage, "If it sounds too good to be true..." applies here...

As I've mentioned before, the media creates a big hysteria about this, and
it rolls on and on...despite the fact that 95+ % of all mortgages are
current. Back during the real estate bubble I was thinking, "Yeah, what'll
happen when this housing mania bursts? You simply can't continue having
record home sales month after month, year after year...".


--
Best
Greg