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Housing Bubble Caused by Greedy Capitalists?
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<blockquote data-quote="Up In Smoke" data-source="post: 5302143" data-attributes="member: 79702"><p>Not true. There are loan to debt and debt to income standards the banks and mortgage companies must abide by. I believe the home mortgage can be no more than 29% of the borrowers combined income. I also believe that a mortgage plus combined secure and unsecured debt can be more than 41% of the borrowers combined income. Part of the reason for the housing crash was these standards were lifted in response to the 911 attacks and banks took full advantage.</p></blockquote><p></p>
[QUOTE="Up In Smoke, post: 5302143, member: 79702"] Not true. There are loan to debt and debt to income standards the banks and mortgage companies must abide by. I believe the home mortgage can be no more than 29% of the borrowers combined income. I also believe that a mortgage plus combined secure and unsecured debt can be more than 41% of the borrowers combined income. Part of the reason for the housing crash was these standards were lifted in response to the 911 attacks and banks took full advantage. [/QUOTE]
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