What could go wrong? /sarcasm of course
Our fiat, unbacked currency, and a Federal Reserve that can create money and debt at will, and manipulate interest rates - are the blood, oxygen and steroids for the growth of the political, corrupt, insider progressive nanny state.
this will destroy the USA.
Because everyone deserves to own a home, even those who can’t afford them.
Despite past lessons, considering who typically gets subprime loans, how many are ARMs? Might explain the Fed’s inaction on rates.
And I know a lot of idiots that believed that, like the only reason the internet bubble popped was because a republican was elected president.
Shrinking (shrunken) job market, anti-job policies, lies and damned lies about unemployment - all part and parcel of the most transparent (ha) and most lying administration in American history - Barack Hussein Obama.
You can bet it’s going to crash. If they can keep the lies going until the next person gets in. I’m surprised their lies have so many fooled. It will be a very rude awakening to most Americans when this beast pops up again. 2008/2009 will seem somewhat mild by comparison.
this is one of the most profitable large-scale theft rackets ever invented...and it will continue to occur, over and over again...because it is so profitable..
1. certain politicians buy votes this way, while getting huge payoff bribes
2. banks make money doing the loans (and now assume zero risk since the government takes on all the risk of these imprudent loans....... separating risk from reward is a time-honored prescription for economic disaster.....)
3. ultimately, the working people of America pay all of the above (political bribes, bank loan processing fee profits, and the defaulted mortgages themselves).
4. wait a couple years from the last crash (payoff day) and REPEAT above sequence....
this will continue until we clean up the system and clean out the crooked politicians who are getting rich off it
Guaranteed by the government??
More like guaranteed by the tax payer.
Seems liks a Yogi Berra quote is needed here.
Buyers are paying 50 to 60 cents on the dollar for mortgage notes right now, even for well-seasoned notes. That’s absurd. They can all go stuff it up their bungholes.