Houses that were being sold for 365,000.00 went for 165,000.00 thats in Disney
2007-09-30 16:45:53 · 5 answers · asked by nsprdwmn 3 in Politics & Government ➔ Government
People are quick to blame others. I think there's plenty to go around.
During the Clinton years, lobbyists for the financial institutions got a bill passed into law allowing for interest rates of 30%.
During the early Bush (G.W.) years, those same lobbyists came back and pushed a bill tightening the restrictions for eligibility on filing bankruptcy.
Suddenly, the lending firms and finance institutions were giving out loans and credit cards at 0% interest. Reading the fine print, you find that if you miss just one payment, that interest rate immediately jumps to 30%. So, if you did a debt consolidation -- and then missed a payment...
It IS a buyer beware market. We need to be smart enough (and wise enough) to know that if it looks too good to be real...
2007-09-30 16:56:09 · answer #1 · answered by Doc 7 · 1⤊ 0⤋
I blame the banks and mortgage companies. When the real estate market was booming (especially out here in California), they were bending over backwards to get people into mortgaes they knew full well those people weren't qualified for, and they made a fortune from it. And now, when they've overbuilt again (just like they did in the early 90's) and the "interest only lock" period on all those mortgages starts to kick in, the forclosure rate has skyrocketed.
2007-09-30 23:53:09 · answer #2 · answered by CV59StormVet 5 · 2⤊ 0⤋
Warren Buffet said: A house is a liability!
2007-09-30 23:59:25 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Great! Those will make fine rentals. I love the Bush renter-ship society.
2007-09-30 23:50:14 · answer #4 · answered by Anonymous · 1⤊ 2⤋
Sucks for those people who bought a house they couldnt afford. Its not my problem these people live above their means.
2007-09-30 23:48:41 · answer #5 · answered by Anonymous · 2⤊ 1⤋