leswp1
New member
Re: The 112th Congress: Debt ceiling edition
Is this the part where we ask you why you hate America?
Dear Parise - there were so many factors that contributed to housing collapse alone that they nearly render the government's participation moot. You like so many toadies forget to mention large inflows of foreign funds during this time frame, the bursting of the United States housing bubble, the increase in loan incentives that encouraged borrowers (whom never should have bought in the first place) to believe they would be able to quickly refinance at more favorable terms later on, automated underwriting practices which didn't adequately analyze the ability of borrowers to repay, the inability of buyers to make their mortgage payments (due primarily to adjustable-rate mortgages resetting, borrowers overextending to mortgages more than 4x their annual income, the jobs market, predatory lending, and speculation), overbuilding during the boom period, risky mortgage products, self-regulating by banks, high personal and corporate debt levels (Americans were saving less than ever before in hour history during this time period and household debt skyrocketed), financial products that distributed and perhaps concealed the risk of mortgage default, bad monetary and housing policies, international trade imbalances, and inadequate government regulation. Facts are lenders made loans that they knew borrowers could not afford. Never mind Wall Street's involvement on the financial side.
Is this the part where we ask you why you hate America?