"Billy Burpelson" wrote in message
...
Benny Hill wrote:

Gee it couldn't be predatory lending practices by all
these mortgage institutions for the last 5-10 years that are
now coming home to roost be the problem, could it ??

Well, it could be...but don't forget this country's policy of borrowing
to the hilt and running up a *record* debt, thus devaluing the dollar.

And it may even relate to this Administration giving free rein to Big
Business and its -repealing- of some of the financial regulations that
were enacted after/because of the 1929 fiasco. You are obviously without
a clue as to just how far in bed this Administration is with Big Business.

Giving an APR 100,000$ or more loan to someone
with a family of 3-4 on a 35,000$/ yr.income isnt a very
smart idea.

No it isn't very smart at all, but don't forget the crooks that wrote
these mortgages. Unfortunately, its been repeated tens of thousands of
times for morons that think they should own a McMansion. A couple of
months ago, the Wall Street Journal had a front page article about about
a Californian female housekeeper (changing beds at the Holiday Inn?)
that grossed $24,000 a year and signed for and received a mortgage for
$734,000!!!!!!!!

Do you blame the 'happy homeowner'? The crook that knowingly wrote the
mortgage? The lack of (or repealing of) Federal legislation that would
have protected against this disaster?

Much of this fiasco has come from sub prime lenders which are not
covered by any federal supervision, they represent about 2/3's of the
market. This is not a "new phenomenon, I went to my financial consultant
close to 3 years ago now wanting to get in on the real estate market. His
reply was stay away from it, its going to come to a crunch soon. So analysts
knew this was coming as much as 3 years ago.