Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (422536)	10/5/2008 2:00:52 PM
From: combjelly	Read Replies (1) \| Respond to of 1575955

"He did he said SP lending was a good idea helping people buy a home who previously couldn't afford to." That isn't what he said. You left out the "at first" part. Which indicates that he no longer thought it was the case. Likely, he actually said that in the part of his speech that was cut out. Besides, the subprime mortgages are just the latest manifestation of the problem. What kicked it all off was when the ARMs got adjusted upwards by a lot. That put a lot of people in a bind and caused the housing market to drop like a rock. That, combined with climbing unemployment over the past 9 months caused the subprimes to crater. Since those borrowers were the first to be unemployed and were unable to sell their houses to avoid foreclosure.