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<blockquote data-quote="The Other Side" data-source="post: 909274" data-attributes="member: 17969"><p>TRP,</p><p></p><p>I think we can agree that MILLIONS of people bought homes that they couldnt pay for. It was really easy. You get a realtor with a buddy in the mortage writing business, an appraiser who will give whatever price is asked, a lender who wont check anything and presto..... a new homeowner.</p><p></p><p>Here is so cal, i deliver to a very affluent neighborhood. At one time in 2007, homes were at 1 million dollars. They were selling faster than they could be built. It was easy, just take a 10 year interest only loan at 3500 a month and before the tenth year, you could sell it for 1.8 to 2.0 million.</p><p></p><p>That was the selling points of the realtors. APPRECIATION RATES. They were double digits for 5 years. How could they lose?</p><p></p><p>Like any investment, there are risks, but when it came to the housing bubble, everyone from the realtor to congress ignored the warning signs. BUSH called for more homes, more buyers, lower standards.</p><p></p><p>When it was that easy, why would people NOT buy?</p><p></p><p>Everyone gambled. Everyone took advantage instead of looking forward. GREED took hold. Nobody was exempt from greed.</p><p></p><p>I see people all day long who are moving out with the Marshall standing there. Its a sad site, but the system made it that easy. </p><p></p><p>The real problem today isnt how it got started, but how to fix it? As I said, the worst isnt over yet. There is plenty more hurt to come. I heard Romney recently talking about the housing crisis and his idea of fixing it was to give people jobs.</p><p></p><p>Thats ridiculous. That isnt the problem. Giving people jobs isnt going to make a mortgage that went from 2500 a month to 5000 a month. </p><p></p><p>What is needed, is to rewrite all loans to their current values and adjust interest rates. Those people with jobs who bought a home at 979K and now the home is worth 500K will make payments on that home if its lowered from the ridiculous price that it was valued at when purchased.</p><p></p><p>Everyone knew the homes were overpriced from the jump, but nobody cared as long as all the pockets were getting greased.</p><p></p><p>Peace</p></blockquote><p></p>
[QUOTE="The Other Side, post: 909274, member: 17969"] TRP, I think we can agree that MILLIONS of people bought homes that they couldnt pay for. It was really easy. You get a realtor with a buddy in the mortage writing business, an appraiser who will give whatever price is asked, a lender who wont check anything and presto..... a new homeowner. Here is so cal, i deliver to a very affluent neighborhood. At one time in 2007, homes were at 1 million dollars. They were selling faster than they could be built. It was easy, just take a 10 year interest only loan at 3500 a month and before the tenth year, you could sell it for 1.8 to 2.0 million. That was the selling points of the realtors. APPRECIATION RATES. They were double digits for 5 years. How could they lose? Like any investment, there are risks, but when it came to the housing bubble, everyone from the realtor to congress ignored the warning signs. BUSH called for more homes, more buyers, lower standards. When it was that easy, why would people NOT buy? Everyone gambled. Everyone took advantage instead of looking forward. GREED took hold. Nobody was exempt from greed. I see people all day long who are moving out with the Marshall standing there. Its a sad site, but the system made it that easy. The real problem today isnt how it got started, but how to fix it? As I said, the worst isnt over yet. There is plenty more hurt to come. I heard Romney recently talking about the housing crisis and his idea of fixing it was to give people jobs. Thats ridiculous. That isnt the problem. Giving people jobs isnt going to make a mortgage that went from 2500 a month to 5000 a month. What is needed, is to rewrite all loans to their current values and adjust interest rates. Those people with jobs who bought a home at 979K and now the home is worth 500K will make payments on that home if its lowered from the ridiculous price that it was valued at when purchased. Everyone knew the homes were overpriced from the jump, but nobody cared as long as all the pockets were getting greased. Peace [/QUOTE]
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