Phil Again wrote:
{Snip}

Victor:

The problem with your rant, which was a fine rant BTW, is some facts.

From where I am located geographically, the problem was not a few
minority mortgages, but a lot of jumbo mortgages for McMansions a long
way out into the Ex-urban areas. Yes, every city has its wealthy with
their huge homes. But 7000 sq ft homes with 14 ft high entrance ways
being built by the dozens on a several dozen 'tracts'? And building
these McMansions with a 50 minute drive (one way) to work.

Plus, ordinary homes that were built for $45,000 USD for labor and
material added to the cost of the land, were re-mortgaged and re-
mortgaged to the limit of the housing bubble and the owners paying off
Credit Card debt and going on vacations with the excess money; A $65,000
original home purchase price becomes a $250,000.00 mortgage.

And now add downsizing, loss of manufacturing jobs, and just plain
unemployment, and BINGO there goes the ability to pay the JUMBO
mortgage.

Please re-read your post, Victor, what you wrote was basically, hard
working blue collar workers should never have any hope of owning a home
in USA, because there is too much risk of them losing their jobs to
foreign workers at a lower pay. The same to most small business owners
since statistically speaking 3 out 5 small business fail within a few
years.

You should be forced to watch the movie "It's a Wonderful Life" 10 times
in a single month.

Phil

do a google on Victor, very interesting.