Causes of Crime

[ZeroJunk]

Originally Posted by BeamOn

The very same people that defaulted on their loans, can they qualify today. No. Then why? If you will answer that without any deflection, we can have a rational discussion on the mortgage bubble, who caused it and what it led to.

For years people complained because they could not get a loan. And, then they complained because they could.

Anyway, there was a government push over decades including the Bush administration for everybody to be able to own their own home.

Mortgage backed securities, Freddie & Fannie , collateralized debt obligations, credit default swaps etc. were created to finance all of this because traditional methods simply would not work on this scale.

And, yes a bubble was crated.

Plenty of blame to go around, but Joad complaining about bankers because people of his type defaulted on loans they had committed to pay for is some more of that mindless BS he usually comes up with.

Like, I'm not going to make payments on this house anymore but I am going to just keep it anyway.