Sorry- I have to disagree. "interest only" and ARMs arn't tools of Greenspan or the administration- they are the tools of greedy Real Estate agents and developers. Banks don't want bad paper- hell, they don't even want these houses-they can't sell 'em any mor ethan the owners could! Let's face it, the folks that made the money on these bogus mortages were the agents and brokers-as well as the home construction folks who put 'em up just as fast as they could. Yep, blue collar folks! As for Wall Street- their money isn't in residential homes- it's not even in Mortgages. If it's in property, it's in commercial. Most of their dough is in "thought" markets (R&D/ computer/medical) or in commodities- many of which you grow! Now- about forclosures- no one is losing the family farm out my way. It's all folks who bought in the last 2 years, couldn't afford it then and had nothing in it when they lost it. They are renting now, and that's what they should have been doing 2 years ago. They had poor credit then, and they have poorer credit now. Most of the foreclosures here are Hispanics who were working the construction boom and making damn good money. They were sold a dream by spanish speaking agents, bought a home with no money down and stupid terms, and (since they had no equity in it) left the house when the work dried up. What do they care about credit rating- they struggle just to provide legal documentation! In Manassas Va the "english as a Second Language" classes were reduced by 80% the day that the city stopped providing school services to undocumenteds- and the neighborhoods started emptying out as well. One of the highest foreclosure rates in the country, now. Check the legal section of the newspaper for any of the top 10 cities for foreclosures, and you'll see that the mortage bust is tied substantially to the immigration piece. Not a conspiracy theorist, but there it is!
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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