|
Authored by: OpenSourceFTW on Sunday, January 06 2013 @ 02:20 AM EST |
Basically, people were gullible and unwisely signed on for loans that started
with low patents, then jacked up towards the back half of the deal. Only partial
blame.
Much more of the blame is on the mortgage companies, who preyed on this
eagerness to buy that bigger house, and issued these bad loans.
And then when stuff started collapsing, everyone went down with it. People
couldn't pay the higher rates, so they defaulted. Turned into a domino effect
and brought the whole economy down.
I have complete sympathy for the people who got taken in (I can totally see how
easy it would be to fall for it), but in the end, they were unwise. However, I'm
not going to beat someone who got nailed over the head with this.
In the end, the mortgage companies were also foolish, because they got hurt
badly in the end.
Funny (sad actually) thing was that I sorta predicted something like this. In
California, house prices were going up and up and up. I said what goes up must
come down, but people said that wouldn't happen. Well, it did, sadly.[ Reply to This | Parent | # ]
|
|
|
|
|