Dimitri wrote:
> "Nancy Young" > wrote in message
> . ..
>> Kswck wrote:
>>
>>> Read the fine print-does Balloon Mortgage mean anything to you
>>> idiots? So someone spending more money on a home than they can
>>> afford-can't be their fault-it's Bush's fault.
>>
>> There is plenty of blame to go around, from the majority of the
>> buyers to the lenders who knew they'd just bundle the paper and
>> sell it up the line, what did they care if people defaulted?
>> The whole mess reeks. Some people got rich.

> A lot of people got RICH very RICH! the loan initiation fees and
> commissions were simply outrageous - "Sure we'll refi your property
> it will only be another 50 k in loan fees - what do you care the
> appreciation of your property will cover that and more!

It's difficult for me to believe how many people in real estate and
investment careers had no idea that values could go down.
They've only seen it go up all their lives.

> What the
> hell - you're going to move in a few years anyway." think of all the
> profit you're going to make. After all property always appreciates.
>
> Great job school, system! I wonder how many were/are university grads?

These poor younger people, more than ever they must understand
their finances and I don't think anyone's teaching them in school.
Instead they get to college greeted by credit card companies, sign
here! You'll get a free pen set!

nancy