Discussion on So Many Foreclosures, So Little Logic

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46268

http://ml-implode.com/viewnews.....Logic.html

Posted: Sun Jul 05, 2009 5:33 pm

HINDSIGHT IS SOOOOOOOOOOOO 20-20

for the last three years EVEN ON THIS BOARD by the uninformed - foreclosures WAS JUST A SCUMMY BORROWER PROBLEM. It was only subprime FAILING the media and some screamed - bad loans that were written for bad people, PERIOD. GET RID OF SUBPRIME COMPANIES AND THE PROBLEM WILL BE RESOLVED.

They couldn't have been more WRONG. Everyone got it wrong - the entire Congress - the regulators - THE WORLD MEDIA - people in our industry, etc., SO Of course BLAME Bush Rolling Eyes

now today when the carnage of over 2 years now visable, IT IS A DEVALUATION OF COLLATERAL AND SECURITIZATION PROBLEM.

The government and everyone just didn't understand that all that credit was given

BASED ON ONE LITTLE PIECE OF COLLATERAL AND THERE WAS NO PUNISHMENT FOR WALKAWAYS.

It is JUST HISTORY REPEATING ITSELF

LIKE ONE BIG PART OF THE FIRST DEPRESSION - a big problem was the stocks were sold LIKE MORTGAGE LOANS Rolling Eyes

put pennies down AND WE WILL LOAN YOU THE REST.

There can be no fix until it all falls WHERE THE REAL VALUE IS, very very painful.