re: #193 robdouth

Yeah but it’s not a zero-sum game. Certain parts of the economy can be booming right along and other parts can be sucking donkey nuts. You can’t blame one industry for making record profits for another industries failures. The housing industry is no one’s fault but the consumers who were willing to pay for a commodity they thought would continue to go up forever, and for Bush and congress at the time for trying to make it way too easy for people to get into houses under the misguided idea of the “culture of ownership.” People acted like it was a right to own a home, whereas my wife and I lived in apartments while she finished her pharmacy schooling and even then waited until we had enough in the bank to cover us if something should go wrong, and enough to put a decent downpayment.

0 down on a house is not a good idea, because people then treat it like a rental and just walk away, killing everyone else’s property values in the process.

The zero down or high risk loans were sold to high risk buyers. It was making billions for the financial institutions. They knew very well what they were selling and it was not the buyers fault if it didn’t work out in the end. It was the financial institutions that created and sold this scam to feed their own greed.