Its not a political thing.Theres plenty of blame to go around for both political parties,lenders,borrowers,mortgage brokers,etc.
I know a guy that makes $35,000 a year.With practically nothing down,he bought a $150,000 house with a ARM.Now that the payment has doubled he cant make the payment.Duh!
There were two fools here.The buyer for buying it and the lender for making the loan.Of course the lender sold it to Fannie Mae or Freddie Mac.They bought it without even looking it over and now they are stuck with it and millions of other worthless loans.Lots have just walked off and left homes they couldnt afford.Houses got way overvalued.
Not everyone deserves to own a home until they can afford it.If you make $50,000 a year,then a $150,000 home that you can put 20% down free and clear is the most that you can afford.
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