The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Schnullie who wrote (172921)	12/22/2008 12:39:51 AM
From: tejek	Read Replies (1) of 306849

In any event, I think this is tantamount to the devil-made-me-do-it theory: "Sure, I lied about my income on my application, then bought 7 houses against an income of $12,000, borrowed against them for vacation money, flipped two of them for $200,000 profit........but I couldn't help it! Bush had put so much freaking money there that I couldn't even keep track of it." I suppose that I hate Bush with as much passion as most of the rest of the world but let's face it - Bush's home ownership agenda was largely pushed on him by the Democratic Black Caucus. Many of the rules that real estate people follow were pretty much abandoned under Bush. I am talking about credit worthiness, coming up with clean appraisals, pushing people in mortgages they ultimately could not afford, no down payments, etc. That stuff went on before Bush but not any where near the magnitude as under Bush. I think the lenders, the mortgage brokers, the real estate agents et al knew no one was watching......that Bush was promoting is laissez-faire book. That's why I am ready to blame him. I was amazed to find out how much shady real estate deals were done in the past 8 years.

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