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Pastimes : Where the GIT's are going -- Ignore unavailable to you. Want to Upgrade?

To: Ken Adams who wrote (159468)	2/19/2008 3:34:33 AM
From: KLP	Respond to of 225578

The problem really is because the banks were so stupid to loan out money for people with NO downpayment, and who bought a bigger house than they could afford because of that, then the market heads south....so the person can't pay for the house that he put nothing down on in the first place.....The banks have dried up the credit they were lending out....too much bundling, without knowing what was in the packages, and not having availability of insurance for al the problems the bundling caused.... So construction is becoming stuck....