want bigger government?

[cleanhouse]

Originally Posted by FinkieMcGee

Man, I wish a bunch of poor minorities brought down the economic system and bankrupted a bunch of rich elites, but that is, sadly, not the case.

So when that family who had an income of $60,000, bought a $500,000 home, missed their mortgage payments that was all the rich elite's fault?

Accountability at its finest!

[boiseguy]

Originally Posted by plannine

Well, I look in my neighborhood at the foreclosed homes (previous purchase price and current reduced price):
$450000 (200,000)
$700000 (500,000)
$950,000 (650,000)
$1,260,000 (750,000)

Then I look in the city where CRA may have helped:
$15,000 (8500)
$40,000 (25000)
$54000 (26000)
$61000 (41000)


I don't think CRA brought down the financial system.
Their own greed did, with help from the working middle class
who felt they too deserved it all, and could afford it,
as they were being told from the financial industry.

EXACTLY... people were told they can qualify for a house that they couldn't really afford, and the safegard was that housing prices were going up.. because they always have...
Everyone had role in what happened, but those at the top were the ones that started it with creative financing terms, where it seemed they were offering a lending hand to the little guy, where in the end they stuck them in the back with a knife.. Fact of the matter is they never figured their whole scheme would cause so many foreclosures and mishaps, they just figured they'd get rich come collection time... it certainly didn't happen..
People shouldn't have bought a house they couldn't afford... I totally agree, but when the finance companies can get you into a house with a payment comparable to your rent.. it was very misleading...
Bottom line is who's money is who's and who is ultimately responsible.. It's hard to feel sorry for the bank, because they are the experts, AND it was all happening with their money, they should have been more worried about who they're lending their money too...

[plannine]

Originally Posted by thefinalsay

sorry, but easy credit and worthless individuals had a lot to do with it.

Easy credit (to the middle class) - YES
CRA (to the lesser class) - NO

[Tank1906]

Originally Posted by stiffnecked

Americans in general are too stupid to figure things out for ourselves

True..

[BigJon3475]

We still have GSE's... What's the failure rate of those?

Sell those off to the private sector like Indymac and be done with them. Until then the tax payer is on the hook if anything goes wrong with them.

[thefinalsay]

Originally Posted by FinkieMcGee

Man, I wish a bunch of poor minorities brought down the economic system and bankrupted a bunch of rich elites, but that is, sadly, not the case.

yes, careless lending played a large role in this as well.

[BigJon3475]

They're going to tax, regulate and indebt the nation into another 30 years of conservative rule. That's just how it happens. Hopefully it will still be around after this ideologue.