bubspeed wrote:
Wint wrote:
If only more loan officers had been so discerning.
If only Real Estate Agents would have been so discerning too!
Ours somehow found out that we were qualified for $150k more then the house we wanted and kept trying to "upsell" us into a massive house and an even bigger mortgage payment. I hope she rots in hell.
But you didn't do it! If you had, you would be to blame, in some part.
Ultimately, the reason the loan officer, the agent, and everyone were able to do this was that these highly risky mortgages were re-packaged and sold. And people bought them - upon the tacit recommendation of credit checking agencies who stamped them with high ratings.
The 60 minuets piece on this is basically correct and I think very easy to understand.
Although there is less of it, there is still a lot of money out there which moved from the stock market to the housing market and is now into oil. My 2 cent prediction is that oil will crash and a lot of this money will run back to the stock market. If you follow it with your money, you will always be screwed.
Edited, Jul 16th 2008 11:17am by yossarian