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Politics : MITT ROMNEY -- Ignore unavailable to you. Want to Upgrade?

To: sandintoes who wrote (1880)	2/17/2008 10:59:54 AM
From: Oral Roberts	Read Replies (2) \| Respond to of 5586

Your points are valid but I still lay the majority of the blame on the lenders. Their job is to make good loans and to protect the banks position. They didn't do so and now are whining for a bail out. To be honest I don't feel sorry for either side but I think the blame scale tips to the one giving the bad loan IMO.

To: sandintoes who wrote (1880)	2/17/2008 11:24:40 AM
From: Augustus Gloop	Read Replies (1) \| Respond to 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!