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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: DebtBomb who wrote (81487)	5/4/2007 1:13:23 PM
From: kathtoo	Read Replies (1) \| Respond to of 110194

And it could get worse than that. People that bought foreclosed condos in Anchorage, AK in the late 80's thought they were getting a deal when they bought a condo at 40% below its peak assessed value only to find out that the slide downward wasn't over. Eventually the tax assessments on condo's up there would fall to 60% of their peak assessed value. The greedy lenders, that thought that they were protected with mortgage insurance on the top 20% of the loan, got hammered. And rightfully so. They overbuilt the market and their lending standards were too lax.