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Politics : MITT ROMNEY
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To: sandintoes who wrote (1880)2/17/2008 11:24:40 AM
From: Augustus Gloop  Read Replies (1) of 5586
 
The majority (huge majority) lies with the banks. Many of those ARMS were used by banks as a tool to get people into loans they couldn't afford. The reasons the banks did this was because fed funds rates were 1 - 1.5% and they were charging 4-5%. They had a huge margin and decided to roll the dice on our dime. I say OUR DIME because if they were wrong a foreclosure cycle would begin that would impact OUR equity because home values would sink if a large percentage of homes went into foreclosure. Essentially their bad lending practices was like taking OUR EQUITY and placing it on margin and guess what - the roll of the dice came up snake eyes - we lose!
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