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Politics : Formerly About Advanced Micro Devices

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To: bentway who wrote (350850)	9/17/2007 8:03:54 PM
From: tejek	Read Replies (1) of 1578933

First of all, he made that speech in early 2004........before lenders began to play fast and furious with mortgage lending practices. Secondly, its not the standard ARMS that are the problem but rather the fanciful variations that lenders came up with to keep the housing boom going. Like a really low monthly payment in the first and second years of a loan, using a rate well below the going interest rate for ARMS in order to allow a borrower with a meager income and/or poor credit rating to qualify. Typically, by the end of the second year, these loans were resetting with payments jumping up as much a thousand dollars in one month. I doubt Greenspan would have approved. Thirdly, in the last two years of the boom, people were getting into houses with no money down. I don't think Greenspan would have approved of that concept as well. I have a number of years of real estate experience.....in all kinds of real estate.....and I have never seen such crazy moves before on such a wide scale. Someone must have put drugs into the water that these lenders were drinking.

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