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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Skywatcher who wrote (63559)10/9/2006 11:12:38 AM
From: John VosillaRead Replies (1) of 306849
 
<<Kathy Dick, deputy U.S. comptroller for credit and market risk, said interest-only loans and option ARMs originally were for a minority of savvy, well-off people whose income was variable — the self-employed and those who worked on commission or were paid intermittently.

"Now they're used to get someone into a home without a real analysis of their ability to pay," Dick said. "Lenders are qualifying people for homes they can't afford. We felt that wasn't consistent with prudent lending principles.">>

I can't help but wonder if this was a huge miss by the regulators the past three years or a deliberate attempt by our leaders to inflate our economy? The ridiculous 1% option ARM's and IO should never have been allowed to go mainstream but only followed zero percent financing on auto loans and zero percent for six months on credit cards already in place...
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