01-20-2009, 07:52 AM
Wow, away for a few days and miss all the fun!
The problem is GREED, pure and simple. The American way is to see hwo quickly a buck can be made. Real estate agents: get those listings and make commissions as fast as possible, lenders: create those loans as fast as possble and turn the paper quickly. Home buyers: get the "look" of being "someone" cause I have this awesome house. City, county, state: grow fat on the "phantom" property tax windfall and pad your budgets. It goes on and on.
When I first started seeing the ads for "borrow up to 125% on your house/equity", I KNEW something was up.
Guess we will never learn...remember the 1987-88 and the "S&L' "crisis"? It was GREED then and it is GREED now....
The problem is GREED, pure and simple. The American way is to see hwo quickly a buck can be made. Real estate agents: get those listings and make commissions as fast as possible, lenders: create those loans as fast as possble and turn the paper quickly. Home buyers: get the "look" of being "someone" cause I have this awesome house. City, county, state: grow fat on the "phantom" property tax windfall and pad your budgets. It goes on and on.
When I first started seeing the ads for "borrow up to 125% on your house/equity", I KNEW something was up.
Guess we will never learn...remember the 1987-88 and the "S&L' "crisis"? It was GREED then and it is GREED now....
Puna: Our roosters crow first