Jose: You"re right, as far as you go, but you stop too soon. Corrupt loan people couldn"t sell bad loans to Banks THAT HELD THEM-but the Banks re-sold them, to Wall St Houses, who "packaged" them and re-sold "slices" to end-buyers, who wanted the income stream from the mtgs. The usual requirements (down pmt, good job etc) were relaxed/ignored because everyone was getting huge commissions up front, and the risk was on the end-user. Appraisers (who didn"t get paid until loan sold)inflated values; rating agencies (paid by the Wall St Houses) gave the "slices" AAA ratings, guaranteeing them (but failing to keeep adequate reserves). The Wall St Houses created the instruments to sell to the "market"-the final buyers-assuring them everything was AAA when some of their own people were saying the paper was junk and collapse was coming. No, you"re not being foreclosed, and, yes, stupid people bought houses they couldn"t afford, as well as being lied to and defrauded outright, and if illegals leave, it"s a pure gain. But the people who were supposed to oversee Wall St, to avoid another 1929--the Fed, the SEC, etc etc--all either cheered everyone on (Yay, the economy"s booming!!) or looked the other way until the bubble popped. Now the dollar is trash (as you can see at the gas station, or when you buy parts) and guess who"s going to be stuck with the final bill. Email me.
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Today's Featured Article - A Question for Dads This recent topic from the Tractor Talk discussion board is being highlighted because it is an awesome display of the caliber of individuals that have made this site their own. The young person asking questions received positive feedback and advice from total strangers who "told it like it is" with the care many reserve for their own kids. The advice is timeless... so although it isn't necessarily antique tractor related, it will be prominently displayed in our archives to honor those who have the courage to ask and those who have the courage to respond in an honest, positive manner.
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