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Brown Cafe UPS Forum
UPS Union Issues
Central States going broke---
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<blockquote data-quote="Up In Smoke" data-source="post: 4719600" data-attributes="member: 79702"><p>The banks were acting within the guidelines set by the government. After 9/11, in response to the economic downturn, the Federal Government deregulated much of the banking industry. Loosened were debt to loan and loan to value ratios. Many banks sold these loans to previously under qualified borrowers and the rest is history. Teaser 3, 5 and 7 year balloon loans enticed borrowers to buy more than what they could afford. When these notes came due and the values couldn't support a new loan, the properties went into default. The banks were bailed out because the government realized they were also to blame.</p></blockquote><p></p>
[QUOTE="Up In Smoke, post: 4719600, member: 79702"] The banks were acting within the guidelines set by the government. After 9/11, in response to the economic downturn, the Federal Government deregulated much of the banking industry. Loosened were debt to loan and loan to value ratios. Many banks sold these loans to previously under qualified borrowers and the rest is history. Teaser 3, 5 and 7 year balloon loans enticed borrowers to buy more than what they could afford. When these notes came due and the values couldn't support a new loan, the properties went into default. The banks were bailed out because the government realized they were also to blame. [/QUOTE]
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