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Old 04-28-2010, 12:00 AM
 
Location: San Jose, CA
7,688 posts, read 26,842,520 times
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Originally Posted by sonarrat View Post
There are similarities.. both were caused in part by insufficient regulation, as well as imprudent lending by inexperienced and often fraudulent parties which were dealing with untested lending products. Once all is said and done, both will go down as very long, protracted and messy financial meltdowns. We may even see a new class of mortgage providers take the forefront, much in the same way S&Ls had their market share eroded by companies like Countrywide, Amerisave, and New Century.
I was right about this, but I wasn't expecting that "new class of mortgage providers" to be the Federal government.
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Old 04-28-2010, 05:29 AM
 
12,869 posts, read 13,685,772 times
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Originally Posted by sonarrat View Post
I was right about this, but I wasn't expecting that "new class of mortgage providers" to be the Federal government.
i guess you underestimated the ability of the government to play the extend and pretend game. i happen to agree with mr. tough money love:

The idiots in our government are at it again. They refuse to acknowledge that the fastest route from a deflating real estate bubble to a normal market is to actually let the bubble deflate. Instead, they insist on throwing taxpayer money into one mortgage “rescue” program after another.
NOT ONE OF THESE MORTGAGE RESCUE PROGRAMS HAS WORKED.
How can Mr. ToughMoneyLove make this bold statement?

First, the experts are predicting 4.5 million foreclosures this year. There were 2.8 million foreclosures in 2009. The billions thrown at the foreclosure problem in 2008 and 2009 have bought us …… 60% more foreclosures!
http://toughmoneylove.com/2010/03/26...homeowner-aid/

i would suggest that is a serious waste of taxpayer money.
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