On Sep 24, 6:08*pm, "DGDevin" wrote:
Phil Again wrote:
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.

In addition a third of the homes now in foreclosure were bought as
investment properties by people who never intended to live in them, they
were going to rent them or sell them for a profit. *Or so they thought.
They were among the first to walk away from mortgages they couldn't pay.

Even if there was a significant amount of truth in the original poster's
rant (which seems unlikely), it remains that financial institutions bundled
bad loans with good ones and sold them to each other with high ratings. *Now
they're all shocked and horrified to learn that was a bad idea. *Lehman
Bros. made a four billion dollar profit last year, paid their top monkey a
twenty-two million dollar bonus--now they're kaput thanks to their own greed
and incompetence. *And we're supposed to blame this on leftist polticians?
Pfffft, get real.

The blame lies solely on those who were minding the store...the
Republicans.

The same ones who want $700 billion dollars given to them in a week
with no accountability.

Time for a change...a BIG change in the White House.

TMT