Quote:
Originally Posted by sierraAZ
You may very well be correct in many cases, but then I'd like to know the reason they approve people for a lot more than what they can comfortably afford.
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sieraaAZ: This is exactly what I am talking about. Of course, nobody puts a gun to your head to take these loans....but perhaps so many people wouldn't be in trouble right now if they would have never been allowed to give out such high loans in the first place.
As I said, people in high cost of living areas got desperate after awhile just watching that market climb up up up....unfortunately now we are going to watch it all fall.
nic529...I think we are from the same state, so you understand how crazy the bubble got here. I believe it is going to continue to fall throughout 2009, if not longer.
The reason I posted this is to kind of get a grasp of what went wrong from all angles....it's not just the people who took risky ARM loans who got in trouble because of the bubble.
It's frustrating that they are only addressing the ARM issue and not the rest of it.