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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (287841)	10/30/2010 11:00:09 AM
From: Hoa Hao	Read Replies (1) \| Respond to of 306849

While for some that may be true, it's not the whole story. No Doc, No Asset, No Income Verification, or liar loans for purchase money or cash out refies have been around since the early 90's and probably before. I know several people who started down that road waaay back then and cashed out the house for stock speculation or life style enhancement. I gave them the loans and warned them of the possible negatives. That was in the early 90's. They continued to use the house as an ATM machine long after I passed from the scene.They are barely hanging on now. Don't let your attachment to either of the legacy parties blind you to the fact that everybody involved has varying degrees of responsibility. The problem was building for a long time.