tag:blogger.com,1999:blog-6022241666945681777.post6516428051832869001..comments2024-01-02T04:37:12.836-08:00Comments on Economic Despair: The foreclosure timebombEconomic Despairhttp://www.blogger.com/profile/15834343361456412739noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6022241666945681777.post-41825758718659879832007-05-10T03:11:00.000-07:002007-05-10T03:11:00.000-07:00This is a mess that didn't have to happen and unfo...This is a mess that didn't have to happen and unfortunately it will only get worse before it gets better. The real problem is people now a days want much more than they can really afford and as long as their are lenders and brokers that will enable them, it will continue to happen. Why would anyone sign a ARM and not plan to sell the house before the adjustment kicks in? It would seem like a no brainer to me.Jonhttps://www.blogger.com/profile/14222621259629327592noreply@blogger.comtag:blogger.com,1999:blog-6022241666945681777.post-15803924783573953202007-05-09T09:32:00.000-07:002007-05-09T09:32:00.000-07:00Bloomberg is doing a pretty good job of kicking as...Bloomberg is doing a pretty good job of kicking asses the last 2 to 3 months.<BR/><BR/>What I would like to see is some more comprehensive case study-like reports from these guys the would explain How Could Anyone Get Into This Mess? We have heads of households with MBAs, heads of companies who signed the dotted line of these mortgages. Did they not know? Who helped convince them? The Realtor? The loan officer/mortgage broker? <BR/><BR/>Until we understand the chronology of events better, we can't get a grip on it. All we know from media reports today is that "nice people were destroyed". <BR/><BR/>Well, ok, but how does that just happen? <BR/><BR/>The truth is more complicated.<BR/><BR/>Nice people, yes. But they were also ignorant, financially incompetent and greedy. They were led in by unscrupulous realtors that told them "everything would be alright" and "you can just refinance". No one bothered to ask critical questions about what they were doing and why.Markus Areliushttps://www.blogger.com/profile/17399016153724723846noreply@blogger.com