They simply expected the collateral to be worth as much as the loan. Then politicians imposed forclosure mortoriums and coercive cramdowns and all the rest of it, stealing the collateral.
Go on defending the mainstreet deadbeats. Populists wouldn't know capitalism if it bit them - oh right, it did, and they hated it and whined and called for the government to come beat up their creditors for them.
Deadbeats and whiners make me sick...
posted on 04/28/2010 7:43:40 PM PDT
They simply expected the collateral to be worth as much as the loan.
In some cases, lenders provided their own appraisers, who signed off on values far above what anyone would be willing to actually pay.
posted on 04/29/2010 3:28:50 PM PDT
(Barry Soetoro == Bravo Sierra)
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