On 1/16/2010 10:36 AM, Keith Nuttle wrote:

Under this program described in 1999 when Clinton was President, I sold
a house. While I was able to purchase my next house with an interest
rate of about 5.4%, the person who bought my house finally got a loan
for over 11%. She was a beautician, he was unemployed, they had an 85%
debt to income ratio. With minimal income their monthly payment was
twice what I was paying.

The outcome of this type of financial deals was obvious when we sold the
house in 2000. We should be thanking the people at AGI, Fannie May, and
others for being able to keep the lid on this disaster for as long as
they did. They deserve every penny they got.

Instead, thank both your congressmen and the bankers who bought and paid
for them. This is provably by design, and not accidental in the least
.... can you say "home equity loan"?:

http://www.pbs.org/wgbh/pages/frontl...ditcards/view/

My Christmas present this year from my youngest daughter was that she
would sit down with me and watch this, along with my commentary, and
with her full undivided attention.

In return, I couldn't think of a better gift I could give her than for
her to understand what most most of the ill educated fools in this
country can't seem to grasp.

--
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Last update: 10/22/08
KarlC@ (the obvious)