Quote:
Originally Posted by whell
The brilliant bankers are not flooding the market with foreclosures. Folks who got into mortgages that were way north of their ability to pay them flooded the market with foreclosures.
Glad to hear your housing market is showing signs of life though. Here in Detroit, the market has totally flat-lined.
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Some years ago I read a book called, "....and the wolf finally came." about the decline of the U.S. steel industry. In it the author asked a former top executive from U.S. Steel if he blamed the unions for the collapse. His brief response was; "On every contract, there are two signatories................"
I tend to believe this applies here too. Back in the late '90s-early '00s I flipped a couple homes. I recall real estate agents pushing me hard to buy homes that were
waaaaaaay over my budget and mortgage officers claiming they could "make it work" with "creative financing".
To lay the mortgage crisis solely at the feet of the borrower is not entirely correct, IMO. The professionals should have known better. But, in those days they were after the quick buck, future be damned, and that was obvious. Heck, I'll even admit that that was MY mindset, at the time.
Dave