What it all boils down to...
Home buyers who really couldn't afford to buy are losing their homes. Sounds about right.
Banks who lend money to underqualified homebuyers are paying the price after those people default on their loans. Seriously... they didn't see this coming?
Democratic leaders pushed for decades to lift restrictions on lending practices and expand Fannie/Freddie guidelines to make it appear safer for the banks to make bad loans... all in the name of the socialist mantra: "Everyone should be able to afford a home." while at the same time, the Upper Management (Raines in particular) was fixing the numbers to increase their bonuses. The same Democratic leaders that allowed this under Clinton and by filibustering Republican attempts to install controls (Senate Bill S.190 for example) are now pointing the finger at the Republican party for the current problems... Ummm.. right. That dog don't hunt.
A market that panics one day will bounce back the next if the only reason for the drop was panic and wild speculation, not actual market conditions. The sky is not falling, Chicken Little.
Banks who lend money to underqualified homebuyers are paying the price after those people default on their loans. Seriously... they didn't see this coming?
Democratic leaders pushed for decades to lift restrictions on lending practices and expand Fannie/Freddie guidelines to make it appear safer for the banks to make bad loans... all in the name of the socialist mantra: "Everyone should be able to afford a home." while at the same time, the Upper Management (Raines in particular) was fixing the numbers to increase their bonuses. The same Democratic leaders that allowed this under Clinton and by filibustering Republican attempts to install controls (Senate Bill S.190 for example) are now pointing the finger at the Republican party for the current problems... Ummm.. right. That dog don't hunt.
A market that panics one day will bounce back the next if the only reason for the drop was panic and wild speculation, not actual market conditions. The sky is not falling, Chicken Little.